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Matthew Elderfield steps down as Financial Regulator

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Matthew Elderfield.

Matthew Elderfield.

Matthew Elderfield.

FINANCIAL Regulator Matthew Elderfield is stepping down from his post, it has been announced.

He will leave the Central Bank in six months time.

 

A statement said he is to go to the United Kingdom to pursue “other interests.”

 

Mr Elderfield took up his role as deputy governor for financial regulation in January 2010.

 

Central Bank Governor, Patrick Honohan said Mr Elderfield has accepted the role of financial regulator at a key moment in the history of the State.

 

“With energy, commitment and integrity he has managed the necessary transformation in our approach to the stabilisation, regulation and supervision of financial institutions,” Mr Honohan said.

 

“He has contributed enormously to the organisational effectiveness of the Central Bank.

 

“Although it was always evident to me that we were very likely to have Matthew with us for only a few years, it is sad that this period is now drawing to a close.

 

Mr Elderfield said it had been a great privilege to have been a public servant in Ireland at such a challenging time.

 

“But after some six years away, it is time to return home to London,” he said.

 

“With the help of a fantastic team at the Central Bank, I feel we have built a strong regulator and set Ireland on a path to financial stability. I am very grateful for all the support I have had during my time here and will remain a friend of Ireland for years to come.”

 

Mr Elderfield has advised the Commission of the Central Bank that he has waived his €100,000 bonus entitlement at the end of his contract of employment.

He will step away with immediate effect from involvement in supervisory and other issues “if and where a conflict could be perceived”, a Central Bank statement said.

Mr Elderfield succeeded former Financial Regulator Patrick Neary who resigned in January 2009

He left office after a damning report into his handling of secret loans to directors at scandal-hit Anglo Irish Bank.

The report heavily criticised the failure of regulatory staff to take action over the hiding of the directors' loans.

But even before the loans controversy at Anglo Irish erupted, Mr Neary had been repeatedly called on to resign because of what was seen as his failure to rein in the huge exposure of Irish banks to property loans.

Prior to taking up his role, Mr Elderfield was Chief Executive of the Bermuda Monetary Authority (BMA) from 2007-2009.

Before this, he spent eight years at the UK Financial Services Authority (FSA) as a Head of Department in a variety of posts, responsible for exchange and clearing house supervision, for secondary markets and listing policy and for banking supervision

Mr Elderfield’s appointment was announced in October 2009. The then Finance Minister, the late Brian Lenihan said the move was a “key step in the restructuring of financial services regulation in Ireland.”

 

Online Editors