The Irish Central Bank official responsible for supervising banking and insurance is to step down, the bank said yesterday, the latest in a series of high-profile resignations at the institution.
Credit institutions and insurance supervision director Fiona Muldoon will step down in May, following similar recent announcements by financial regulator Matthew Elderfield, chief economist Lars Frissel and director of enforcement Peter Oakes.
The resignation comes as the Central Bank completes an assessment of the balance sheets of the main banks, a requirement under the country’s EU/IMF bailout and an exercise in which Muldoon has played a significant role.
“A lot of people have come in and naturally some will stay longer than others. We have strength in depth and are confident we can deliver on our mandate,” Central Bank Governor Patrick Honohan told reporters. “I would like to thank her for her service and wish her well in the future.”
Muldoon joined the bank in Aug 2011, having previously worked for global insurer XL Group and was part of a number of external appointments after Ireland’s financial crash, which showed up an alarming lack of regulation in the country.
Muldoon made a name for herself among local media after berating the country’s banks last year, accusing them of paying lip service over their bad mortgages problem.
She also helped the Central Bank to spearhead a push to make lenders find sustainable solutions for mortgage holders and said earlier on Friday that the country’s banks had met their initial targets.
Muldoon’s resignation comes shortly after Britain’s largest general insurer RSA announced it was probing claims of irregularities and accounting issues at its Irish unit.
She would not comment on her future plans.
© Irish Examiner Ltd. All rights reserved