Tuesday 25 July 2017

Central Bank recruits three directors

Mary O'Dea
Mary O'Dea

Sean Duffy

THE Central Bank has made three senior management appointments - including Mary O'Dea, who was a senior official at the Bank before the Crash but has worked in the US since 2011.

The Central Bank has said on a number of occasions that it has struggled to attract and retain qualified staff to work in regulation, an area that could come under increased pressure if UK firms shift operations here as a result of Brexit.

In a statement yesterday, the Central Bank said Michael Hodson will take up the position of director of asset management supervision from January 1.

He has previously headed a number of divisions within the Central Bank and is currently head of Investment Firms and Funds Services Division.

In his previous role as a stockbroker, Mr Hodson was a founding shareholder of Merrion Capital.

Ms O'Dea has been appointed to the role of director of securities and markets supervision, but will not take up her role until September of next year.

She is currently Ireland's representative at the World Bank where she is a senior policy advisor on Europe and Central Asia at the Washington-based institution.

Before moving to the US, she was acting Financial Regulator for a year - from January 2009 to January 2010 - following the retirement of Patrick Neary.

She had previously been the bank's head of Consumer Protection, and admitted at the Banking Inquiry that mortgage rules which were introduced in 2007 came too late to stop the inflation of the property bubble.

Gráinne McEvoy, who is head of securities and markets supervision, will act as interim director of securities and markets supervision until Ms O'Dea takes up the role.

Maurice McGuire has been appointed as director of financial stability and will begin in the job in July of 2017.

Mr McGuire is currently the Bank's director of financial operations.

He has held a number of senior roles at the Bank including in monetary policy and international relations.

"We are pleased to announce these senior appointments to key positions," said the Central Bank Governor Phillip Lane in a statement.

"Together these directors bring a wealth of national and international experience in regulation and central banking to these portfolios and we look forward to working with them deliver our mandate in markets supervision and financial stability."

Mr Lane also indicated that the interim director of corporate affairs and resolution, John Coyle, is not seeking a long-term appointment but is expected to remain in the post for the first half of 2017.

The Bank is seeking a permanent candidate for the role.

Irish Independent

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