Bermuda regulator appointed as Central Bank supervision chief

Matthew Elderfield has been appointed as head of financial supervision in the new Central Bank of Ireland, it was announced today.

Matthew Elderfield has been appointed as head of financial supervision in the new Central Bank of Ireland, it was announced today.

Elderfield, currently the chief executive officer of the Bermuda Monetary Authority (BMA), will be responsible for all regulatory activities in the Central Bank.

He will take up his new position in January 2010.

The appointment has been welcomed by the Minister for Finance, who earlier this year announced that the Government intends to bring forward legislation to establish a single fully integrated regulatory institution within the Central Bank of Ireland.

Announcing the appointment today, Central Bank governor, Patrick Honohan said: “I am delighted to welcome Matthew Elderfield to the Central Bank. He has very extensive experience of financial supervision and he has the qualities that are ideally suited to this very challenging role.

“We look forward to working with him as we re-shape the financial regulatory system in Ireland.”

Governor Honohan thanked Mary O’Dea who has been acting chief executive of the Financial Regulator since February of this year.

“Mary has brought the Financial Regulator through a very difficult time and has introduced significant changes to supervision which will be built on in the coming period.”

Matthew Elderfield has been chief executive of the BMA since July 2007. The BMA is the integrated regulator of the financial services sector in Bermuda and supervises all segments of the Bermuda financial markets.

Prior to joining the BMA, Mr Elderfield spent eight years at the UK Financial Services Authority (FSA) as a Head of Department in a variety of posts, responsible for exchange and clearing house supervision, for secondary markets and listing policy and for banking supervision.

In this latter role, he represented the FSA on the Basel Accord Implementation Group and chaired the FSA panel responsible for economic capital model review.

Speaking about his appointment to the Central Bank, Mr Elderfield said: "I am very much looking forward to joining the Central Bank and to working with my new colleagues and our stakeholders on the challenges facing the financial regulatory system in Ireland."

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