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By Quentin Fottrell and Paul Hannon Of DOW JONES NEWSWIRES
The Central Bank of Ireland said Monday that Matthew Elderfield, currently chief executive of the Bermuda Monetary Authority, will be the bank's new head of financial supervision from January 2010.
The appointment forms part of a government revamp of Irish banking regulations following the near-collapse of the country's banking sector. The revamp will include the creation of an integrated regulatory institution within the Irish central bank.
Prior to his appointment as BMA chief executive in 2007, Elderfield, a U.K. citizen, spent eight years at the U.K.'s Financial Services Authority.
As head of the BMA, which is responsible for supervising Bermuda's financial markets, Elderfield introduced a stress-test based capital requirement for the Bermuda banking system and implemented improvements to the solvency framework for commercial insurance companies there, the Irish central bank said.
Finance Minister Brian Lenihan cited Elderfield's "extensive international regulatory experience" and said the appointment is "a key step in the restructuring of financial services regulation in Ireland."
Central Bank of Ireland Governor Patrick Honohan, who took over that role last month, said: "He has extensive experience of financial supervision and he has qualities that are ideally suited to this very challenging role."
Honohan's appointment was a significant break with tradition since the post of governor usually goes to the senior civil servant at the ministry of finance. Honohan was an academic economist and former World Bank official.
The turmoil in the global financial system led to Ireland's government nationalizing one bank, and taking equity stakes in two others, while buying up to EUR77 billion in property loans through the forthcoming National Asset Management Agency or "bad bank."
Central Bank Web site: www.centralbank.ie
-By Quentin Fottrell, Dow Jones Newswires; +353-1-676-2189; quentin.fottrell@dowjones.com
(END) Dow Jones Newswires
10-19-09 1221ET
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