Central Bank's Moran in Finance move to advise on key sector's debts
THE Central Bank's head of wholesale bank supervision John Moran has been temporarily transferred to the Department of Finance to advise on shrinking the balance sheets of debt-laden lenders.
A former executive with Zurich Financial Services AG's capital markets and Zurich Bank units, Mr Moran joined the Central Bank in July. Among his functions was to lead a review on how Irish banks, heavily reliant on central bank funding, would be deleveraged, the bank said.
Mr Moran will help the Department of Finance "deal with the bank restructuring agenda and various associated issues", according to an internal memo circulated in the ministry this week. A ministry spokesman verified the memo.
Mr Moran's move "is a signal that the Government is looking to put a strong focus on coordinating various arms of the State, from the department to the National Treasury Management Agency and the Central Bank, to dealing with the banking problems," said Frank O'Dwyer, chief executive officer of the Irish Association of Investment Managers. It is the first key appointment since Michael Noonan was named Finance Minister. (Bloomberg)