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New Central Bank deputy governor Derville Rowland will not sit on the board

Ms Rowland will also remain on slightly lower pay than her two peers

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The Central Bank’s Derville Rowland is deputy governor for consumer and investor protection. Photo: Colin O'Riordan

The Central Bank’s Derville Rowland is deputy governor for consumer and investor protection. Photo: Colin O'Riordan

The Central Bank’s Derville Rowland is deputy governor for consumer and investor protection. Photo: Colin O'Riordan

New Central Bank deputy governor Derville Rowland will not be taking a seat on the institution’s board alongside the other two deputy governors despite having equivalent organisational responsibilities.

Ms Rowland, who was added as a third deputy governor on Monday in a senior management reshuffle at the bank, will also remain on slightly lower pay than her two peers, reflecting their status as ex-officio members of the Central Bank Commission.

Her new job title of deputy governor for consumer and investor protection has now replaced her former designation as director general of financial conduct, according to a statement from the Central Bank.

While Ms Rowland has been elevated to the same level of titular seniority as long-time deputy governor Sharon Donnery and new acting deputy governor Mark Cassidy, the number of ex-officio seats on the Commission is determined by statute and is not at the discretion of the bank.

According to the Central Bank Reform Act 2010, the governor of the Central Bank and two deputies occupy those statutory roles, alongside the secretary general of the Department of Finance, and at least six independent members appointed by the Finance Minister.

The restructuring of management roles and responsibilities at the Central Bank was instigated by the departure of deputy governor of prudential regulation Ed Sibley to a private sector job in EY Ireland’s financial services division.

Ms Rowland had taken charge of his areas of responsibility at the bank, according to the most recent Central Bank organisational chart, which shows her at the same level as Ms Donnery and chief transformation officer Gerry Quinn.

Ms Donnery, who previously was deputy governor of central banking, is now moving across to Mr Sibley’s former role, now renamed deputy governor of financial regulation.

Mr Cassidy is acting up as deputy governor for monetary and financial stability, essentially the position Ms Donnery is vacating, pending an open competition for a permanent appointment.

According to the bank’s annual report, each deputy governor received €255,006 in salary last year. Ms Rowland’s pay was not disclosed but the Commission approved a salary for her of more than €243,000 for 2020.

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