Central Bank names new Risk Advisers Panel staff

THE Central Bank has made the first appointments to its new Risk Advisers Panel – the vehicle announced earlier this year to assess risk management standards at the main banks.

Financial industry experts Michael Burke, Aidan Cassells and Liam Manahan are the first three names on the panel and Financial Regulator Matthew Elderfield has said that further appointments will be announced in due course.

“The first members of our Risk Advisers Panel bring a great deal of practical industry experience to the organisation, which will be invaluable in working with supervisors to address the risks in supervised entities,” he added.

Mr Burke originally joined the Central Bank in 1971 and went on to serve as group finance director with NCB Group and as an international supervisor with the IMF. He currently serves on the supervisory board of Latvian bank Parex.

The recently retired Mr Cassells has worked in the insurance industry for nearly 40 years, a career which included a spell as chief executive of the Irish InsuranceFederation and seniorpositions with Axa Insurance – including a leading role in the establishment of its new investment business, Axa Financial.

Mr Manahan has spent most of his career with the Bank of Ireland group – most notably its assets management division – and has served as chair of the Irish Funds Industry Association (IFIA).

Two other appointments were announced yesterday, with Peter Oakes coming into the organisation as assistant director general for enforcement, and Gareth Murphy taking up the role of assistant director general for markets and supervision.

The Central Bank said last week, as part of its wide-reaching blueprint for a more effective supervisory regime, that its overall staff levels could grow by 350 in the next two years, saying that its resources were previously “far below what was required”.

It plans to recruit 150 staff this year, boosting total numbers to 1,300, with scope for another 150-200 to come on board over the next two years.

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