Regulator’s new boss is a surprise choice

THE Financial Regulator has named Patrick Neary as its new chief executive.

Mr Neary, who is currently the Regulator’s prudential director, will replace Liam O’Reilly when the latter steps down next February.

The appointment of Mr Neary is a surprise, as the Regulator’s consumer director, Mary O’Dea, was considered favourite for the post. She is the public face of the Regulator’s office and has driven through the introduction of a tough new consumer protection code.

Brian Patterson, chairman of the Financial Regulator, said Mr Neary was ideally suited to the job.

“We had a very impressive field of top class candidates for this post, from both Ireland and abroad, and Pat was the unanimous choice,” said Mr Patterson.

Mr Neary (53) joined the Central Bank in 1971 and rose to become its deputy head of banking before joining the Financial Regulator’s office. As prudential director he is currently responsible for the protection of consumers’ deposits, funds and policies.

Mr Neary, from Ballyragget, Co Kilkenny, is married and has three sons.