Wednesday 17 October 2018

Outsiders to get key regulatory positions

Thomas Molloy

THE Central Bank will begin hiring a raft of outside experts within days to fill senior positions, the bank said yesterday.

The bank is looking for three new assistant director generals to beef up enforcement capability, focus on a financial sector and ensure Ireland plays an active role in the international debate on financial regulation. The bank is already searching for an assistant director general for financial institutions supervision and recently appointed insider Con Horan as a special adviser to the new head of financial supervision, Matthew Elderfield.

All five will report to Mr Elderfield who takes up his post next month. That's two more people than originally planned when the bank first announced plans to reform structures.

Finance Minister Brian Lenihan broke with tradition by appointing Trinity College academic Patrick Honohan as governor of the bank rather than a senior civil servant.

Risk-based

The bank has since moved to appoint other outsiders to key posts as part of a plan to create a powerful and independent regulator for the banking system whose collapse brought the economy to its knees and destroyed Ireland's reputation overseas.

"These are very important posts in the new financial regulatory structure at the Central Bank," Mr Honohan said. "While our regulatory approach will emphasise risk-based supervision and an open, but challenging, dialogue with regulated firms, it must be underpinned with a strong enforcement capability." The bank said a panel of external and part-time risk advisers with experience of the financial services industry would be formed in the New Year.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business