Tuesday 6 December 2016

Sharon Donnery appointed as new Deputy Governor of Central Bank

Published 28/01/2016 | 02:30

Registrar of Credit Unions, Sharon Donnery. Photo: Jason Clarke
Registrar of Credit Unions, Sharon Donnery. Photo: Jason Clarke

Sharon Donnery, a 20-year veteran of the Central Bank, has been named as the regulator's new Deputy Governor.

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She is the first woman in the bank's history to be appointed to the role, and will take up her post in March.

Ms Donnery, currently the director of credit institutions, will be one of two deputy governors at the regulator alongside Cyril Roux.

She replaces Stefan Gerlach who left in December.

Ms Donnery will be responsible for central banking functions, including economics, financial operations and resolution and corporate affairs.

Governor Philip Lane said Ms Donnery's breadth of experience at the Bank in regulation and central banking, combined with her European experience, "will serve her well as Deputy Governor".

Ms Donnery joined the Central Bank in 1996 and had been director of credit institutions since March 2014.

She is the bank's alternate member of the Supervisory Board of the Single Supervisory Mechanism (SSM) and also is the chair of the ECB SSM High Level Group on Non-performing Loans (NPLs). From February 2013 to August 2014, she held the statutory position of Registrar of Credit Unions.

She has held a range of senior positions at the Central Bank including Head of Consumer Information and Head of Consumer Protection. Ms Donnery holds a BA in Economics and Politics and an MA in Economics from UCD.

Yesterday, Professor Lane told the European Financial Forum conference in Dublin that banks must adjust to the new post-crisis regulatory environment.

The Governor said the European financial system currently faces myriad cyclical and structural challenges. "Some relate to global forces, such as demographic trends, the growing share of emerging economies in the international distribution of output and wealth and the thirst for so-called safe assets such as high quality sovereign bonds," Prof Lane said.

"At a European level, the legacy effects of the financial crisis and the European sovereign debt crisis mean that many sectors are focused on the repair of over-leveraged balance sheets, while there is an open debate about the likely duration of the current environment in which both policy rates and long-term interest rates are at historically low levels.

"At the same time, financial institutions must adjust to the new post-crisis regulatory environment, which requires shifts in conduct in addition to a more restrictive approach to balance sheet management."

Prof Lane highlighted the need for more non-bank funding in Europe. He added that the construction of a banking union in the Eurozone was critically important.

"Such a banking union has great potential to deliver enhanced financial, fiscal and macroeconomic stability in Europe," Prof Lane said.

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