independent

Friday 18 April 2014

Central Bank exodus a concern

TO lose one senior regulator could be said to be unfortunate, but now that the Central Bank has lost three it seems something is amiss.

Yesterday Peter Oakes, pictured, announced he was stepping down from the post of director of enforcement.

He said he had decided – after two years of setting up the new enforcement function at the Central Bank – that he wished to pursue other interests.

Just before Christmas, credit union registrar James O'Brien decided to decamp from Dame Street and head to the Middle East. This was despite him being in the middle of the biggest ever shake-up the credit union sector has seen.

Last April it was the turn of Jonathan McMahon, the director of credit institutions at the Central Bank, to bail out.

Mr McMahon oversaw the stress tests of the banks in 2011 and worked closely with the troika of the European Central Bank, the European Commission and the International Monetary Fund on plans to resolve the banking crisis.

He also worked on the deleveraging plan for the banks, the reform of the regulatory system and the introduction of the new Central Bank Act, and on the enhanced supervision of the credit union sector.

These departures of senior staff are a real problem for deputy Central Bank governor Matthew Elderfield.

One wonders who the next senior regulator will be to head for pastures new.

Irish Independent

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