Business Irish

Tuesday 2 September 2014

Elderfield confirms new Lloyds job as director of compliance

Donal O'Donovan

Published 01/05/2013 | 05:00

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THE Financial Regulator Matthew Elderfield has confirmed that he will join London-based Lloyds Banking Group in October as its director of conduct and compliance.

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Earlier this month Mr Elderfield announced his resignation as deputy governor of the Central Bank and financial regulator, sparking speculation of an imminent move to the private sector.

He is stepping down in the third year of a five-year contract and is currently working out a six-month notice period.

Lloyds Bank confirmed yesterday that Mr Elderfield will join the bank in October, at the end of the notice period.

In London, he will develop the group's conduct strategy and oversee all compliance and conduct risk activities.

Mr Elderfield was recruited from Bermuda in 2010 as part of Central Bank Governor Patrick Honohan's clean sweep following the financial crash.

Mr Elderfield is the latest of a number of people, originally hired around the same time, to have left the bank – including his former deputy Jonathan McMahon and the former head of enforcement Peter Oakes.

As part of his contract, Mr Elderfield was entitled to a €100,000 performance-linked bonus at the end of his first three years in office.

It was awarded in full last year but Mr Elderfield waived the payment. The bonus was in addition to his salary of €340,000 a year.

He was the only official in the Central Bank whose contract included provision for a bonus.

Yesterday Lloyds Group said its total holding of Irish mortgages, property loans and other assets stands at €13.5bn, up slightly from a year ago because of swings in the value of the euro against sterling.

Shares in Lloyds rose sharply yesterday after it reported that the bank's underlying profit trebled to the equivalent of €1.7bn in the first three months of the year thanks to cost cutting, improved margins, and a declining losses on older loans.

The bank is partially owned by British taxpayers following a financial rescue, but on course to be fully privatised over the coming two years.

Irish Independent

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