Mr Neary is currently the Prudential Director of the Financial Regulator. He will take up the position of Chief Executive on 1 February 2006 when Liam O’Reilly retires from the post.

He was appointed to the position of Prudential Director of the Financial Regulator in 2003, and his responsibilities included the protection of consumers’ deposits, funds and policies. Prior to that, Mr Neary was Head of Securities and Exchanges Supervision and Deputy Head of Banking Supervision in the Central Bank, where he began his career in 1971. He is a fellow of the Chartered Association of Certified Accountants (FCCA).

“We are delighted to announce the appointment of Patrick Neary to this crucial post. He has extensive experience across the full range of the financial regulatory spectrum. As a member of our top management team he has played a central role in the shape and direction the Financial Regulator has taken since its establishment in 2003”, announced IFSRA chairman, Brian Patterson, continuing:

“Pat is ideally suited to take the Financial Regulator through the next phase of its development.”

He added: “We had a very impressive field of top class candidates for this post from both Ireland and abroad and Pat was the unanimous choice of the selection panel.”

The selection panel comprised non-executive members of the Authority and international regulatory expert, Kaarlo Jännäri, Director General of the Finnish Financial Supervision Authority.