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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