THE head of the Bermuda Monetary Authority (BMA) has been appointed as the new financial regulator by the Central Bank, in a move that is expected to herald a shake-up in the regulation of the financial system.
Englishman Matthew Elderfield is set to take up his position as the new head of financial supervision in January.
Mr Elderfield will be responsible for all regulatory activities at the Central Bank.
He replaces Mary O'Dea who has been acting CEO of the financial regulator since February of this year when Pat Neary stood down.
The appointment has been welcomed by Finance Minister Brian Lenihan, who earlier this year said the Government intends bringing forward legislation to establish a single fully integrated regulatory institution within the Central Bank.
Mr Elderfield has been the chief executive of the Bermuda Monetary Authority since July 2007. The BMA has a staff of 151 and it supervises an insurance industry with $442bn in assets and $124bn in gross written premium, and a banking sector with $23bn in assets.
BMA is the integrated regulator of the financial services sector in Bermuda and supervises all segments of the financial market there.
Before Mr Elderfield worked in Bermuda, he spent eight years at the UK Financial Services Authority as a head of department in a variety of posts, including bank supervision.
He also set up the European operations of the International Swaps and Derivatives Association and held posts at the London Investment Banking Association, the British Bankers' Association and a US-based consultancy firm.
Minister Lenihan said: "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."
A British citizen, Mr Elderfield graduated from Cambridge in 1988 and lists his interests as cycling and music. He is a Leeds United fan.