Central Bank deputy: We have built a strong financial regulator

The deputy governor of the Central Bank of Ireland has said that he feels that Ireland has "a strong regulator" of the banks.

Matthew Elderfield, who took up his role following Ireland’s banking meltdown and economic collapse, is to leave his post in six months having served just over three and a half years in the job.

The regulator, who was being paid more than €300,000 a year, has waived a €100,000 bonus entitlement due at the end of his contract.

“Matthew accepted the role of financial regulator at a key moment in the history of the state,” governor Patrick Honohan said.

“With energy, commitment and integrity he has managed the necessary transformation in our approach to the stabilisation, regulation and supervision of financial institutions.

“He has contributed enormously to the organisational effectiveness of the Central Bank. Although it was always evident to me that we were very likely to have Matthew with us for only a few years, it is sad that this period is now drawing to a close.

“We will miss him greatly, though the institutional structures he has built and the work practices he has inculcated will endure as his lasting legacy.”

Mr Elderfield plans to return to London to pursue other interests, the Central Bank said.

He said it was a great privilege to do the job in such challenging times.

“With the help of a fantastic team at the Central Bank, I feel we have built a strong regulator and set Ireland on a path to financial stability,” he said.

“I am very grateful for all the support I have had during my time here and will remain a friend of Ireland for years to come.”

Mr Elderfield will step away with immediate effect from involvement in supervisory and other issues if and where a conflict could be perceived.