Central Bank appoints new deputy governor

The Central Bank of Ireland has today announced the appointment of Stefan Gerlach as deputy governor.

Mr Gerlach, currently professor of monetary economics and managing director of the Institute for Monetary Policy and Financial Stability at the University of Frankfurt, will take up his new position on September 1, 2011.

He is one of two deputy governors in the Central Bank and will be responsible for central banking functions. Matthew Elderfield is deputy governor with responsibility for financial regulation.

Mr Gerlach succeeds Tony Grimes who is retiring, having served most recently as director general, and then deputy governor, since 2007.

Announcing the appointment today, Central Bank governor Patrick Honohan, said: "I am delighted to welcome Stefan Gerlach to the Central Bank of Ireland.

"He brings exceptional skills to the role. His experience across the monetary and economic spectrum and the qualities he has developed over his career are perfectly suited to the new role he is taking on, at what remains a very challenging time."

Mr Gerlach, who was born in Sweden, has been Professor of Monetary Economics at the University of Frankfurt since 2007.

Prior to that he worked with the Bank of International Settlements in Basel, most recently as head of secretariat of the committee on the Global Financial System. He has also served as chief economist at the Hong Kong Monetary Authority.

Mr Honohan also wished Mr Grimes well on his retirement.

"The Central Bank has benefited enormously from his input over the years, no more so than in recent times," he said.