Bank managers to face scrutiny under tough standards

AN in-depth analysis of the suitability of key managers in Irish banks to remain in their jobs is to begin in September and is to be overseen by the Central Bank’s head of financial regulation, Matthew Elderfield.

And those deemed unsuitable will have to quit before January 1 next or be forced out under tough new fitness and probity standards being brought in by the Central Bank.

Mr Elderfield said that once the new powers are in place they will be able to act both as gatekeepers for new hires and in the removal of others from their posts.