Who is the new financial regulator Cyril Roux?
Published 21/08/2013 | 12:47
THE new financial regulator is Cyril Roux –a 10-year AXA insurance executive who more recently spent three years at the French treasury.
Up until now, Mr Roux was the First Deputy Secretary General of the French prudential supervisory authority for banks and insurance companies (ACPR) since the authority was created in March 2010.
Prior to joining ACPR, he was the Deputy Secretary General of the French insurance supervisory authority (ACAM) which merged into ACPR.
Mr Roux peplaces Matthew Elderfield at the beginning of next month and he will also be deputy governor at the Central Bank.
He enters the Irish market at a time when challenges abound like the growing mortgage crisis with the banks facing new stress tests next year.
These tests, the first in three years, will determine whether the State needs to top up the €64bn bailout.
However, the fact that Mr Roux is a foreigner should be considered a bonus as he will have no legacy issues in a country with a small tightly knit banking community.