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| Ireland Appoints New Financial Supervision Head At Central Bank |
by Phillip Morton, Investors Offshore.com
Wednesday, October 21, 2009
Ireland has chosen Matthew Elderfield, Chief Executive of the Bermuda Monetary
Authority (BMA), to head financial supervision at the new Central Bank of Ireland,
established following several banking scandals which surfaced in early 2009.
With extensive experience of the role from his employment at the both the BMA
and the UK Financial Services Authority, Elderfield will assume his new role from January 2010.
In a statement, the Irish Minister for Finance, Brian Lenihan, welcomed the
announcement. “The appointment of Mr Elderfield, particularly given his
extensive international regulatory experience, is a key step in the restructuring
of financial services regulation in Ireland,” he said.
The Irish government announced in June that it would reform the regulatory
structure for financial regulation under the establishment of a new Central
Bank of Ireland, chaired by Governor Patrick Honohan, with responsibility
for both the supervision of individual firms and the stability of the financial
system generally. Come January, Elderfield will be responsible for the regulatory
and supervisory functions and objectives of the Central Bank of Ireland.
Meanwhile, the BMA Board of Directors announced
on October 19 that Jeremy Cox, currently Deputy Chief Executive Officer of the
BMA, would succeed Elderfield.
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