Sunday 25 February 2018

Senior Central Bank official steps down

Donal O'Donovan

Donal O'Donovan

The Central Bank has suffered the latest senior resignation of an official hired after the financial crisis.

The director of enforcement, Peter Oakes, will step down to "pursue other interests," according to a statement from the Bank.

The Australia-born lawyer has resigned after just two years at the Central Bank, where he was in charge of effectively creating a team to enforce rules for banks, stockbrokers and other regulated institution.

Mr Oakes' term has included a fine of almost €2m imposed on Ulster Bank for failing to keep enough money in reserve to meet banking regulations.

The most high-profile action taken under his watch was the closure of Bloxham Stockbrokers last year, also for regulatory breaches.

The latest resignation at the Central Bank follows last year's resignation by Jonathan McMahon, the former director of credit institutions who also stepped down to pursue other opportunities.

"I believe that we have taken important steps to demonstrate that the bank will pursue a range of enforcement actions to make good on its statutory obligations and its high level goals, helping ensure its reputation as a credible regulator and enforcer," Mr Oakes said yesterday.

"Having had the privilege of working for the bank over the past number of years, I believe the time is right for me to pursue other interests knowing that our enforcement strategy shall continue successfully," he added.

The Punt: Page 41

Irish Independent

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