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Matthew Elderfield to step down in 6 months


ruserious

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Jan 3, 2011
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29,597
Has waved 100k bonus. Admirable.
 

johnfás

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Feb 22, 2007
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2,727
Statement - Matthew Elderfield

9 April 2013

The Central Bank of Ireland is today announcing that Matthew Elderfield will step down from the position of Deputy Governor in six months’ time. He plans to return to the United Kingdom to pursue other interests.

Central Bank Governor, Patrick Honohan said: “Matthew accepted the role of financial regulator at a key moment in the history of the State. 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 said: “It has been a great privilege to be a public servant in Ireland in such challenging times. But after some six years away, it is time to return home to London. 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. 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 has advised the Commission of the Central Bank that he has waived his €100,000 bonus entitlement at the end of his contract of employment.

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

Mr Elderfield commenced his role at the Central Bank of Ireland in January 2010. He was previously the CEO of the Bermuda Monetary Authority from June 2007.
 

sic transit

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Jan 30, 2008
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25,579
He's done a very good job in the post and it's a pity he's off. Odd to have that sentiment about a banker. :D
 

Aindriu

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Jun 28, 2007
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8,702
Bang goes an efficient regulator. No doubt we will have a gombeen Irishman to replace him.
 

kkkkkkkkkk

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May 2, 2011
Messages
1,641
He must be getting out before the Quinn lawyers get stuck into the detail
of why Quinn's Insurance company was taken from him.

Remember this is the quy who was earning over 1 million in some island
and then came to take a 300k job in Ireland, funny hah!

The Insurance industry in the UK is safe again.
Its hard to break up the monopolys
 
Last edited:

cyberianpan

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Jan 18, 2006
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www.google.com
With John Moran gone to Finance and Jonathan McMahon departed to the Promontory Group this means Honohan is the only member of the top team left who has dealt with the banking crisis.

I sincerely hope that they get a quality replacement, preferably from outside Ireland again.

cYp
 

ShoutingIsLeadership

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Jan 17, 2011
Messages
50,459
Bye, bye, Matthew Elderfield; hello 6 month break for banks?

Has Matthew Elderfield just become a lame-duck Regulator? Although he is Deputy Governor, he is undoubtedly the main man when it comes to banking regulation, with Patrick Honohan more of a figurehead.

Does this give the banks an excuse to drag the mortgage mess out for another 6-12 months?

In fairness to Elderfield, he is waiving his end of contract bonus (why he has one, I am not sure); his CV is looking good now for his next job.

Recently, Mr Peter Oakes resigned his position as Director of Enforcement; what does this do for banking regulation in Ireland? Just who is in charge?


The Central Bank of Ireland is today announcing that Matthew Elderfield will step down from the position of Deputy Governor in six months’ time. He plans to return to the United Kingdom to pursue other interests.

Central Bank Governor, Patrick Honohan said: “Matthew accepted the role of financial regulator at a key moment in the history of the State. 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 said: “It has been a great privilege to be a public servant in Ireland in such challenging times. But after some six years away, it is time to return home to London. 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. 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 has advised the Commission of the Central Bank that he has waived his €100,000 bonus entitlement at the end of his contract of employment.

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

Mr Elderfield commenced his role at the Central Bank of Ireland in January 2010. He was previously the CEO of the Bermuda Monetary Authority from June 2007.
Central Bank of Ireland - Statement - Matthew Elderfield


EDIT to include: http://www.rte.ie/news/business/2013/0409/380493-elderfield-to-leave-central-bank-in-six-months/
 
Last edited:

Mysterion

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Feb 4, 2011
Messages
174
Wonder who will replace him...

Will Enda do a Bertie and appoint a "friend"...
 

Mysterion

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Feb 4, 2011
Messages
174
It's a very interesting one, and I suspect they will have to go foreign again.
I certainly hope they can get someone from the "outside"...

Though John Morans (DoF) dalliance with a couple of Billionaire brothers from the UK might hinder an outside appointment...

The old boys club, network, boarding school buddies here would probably appoint Seanie Fitz!..

How about Reggie Middleton, Constantin Grudgiev or...

Eddie Hobbs... Sorry can't hold back the laughter... :lol:
 

ShoutingIsLeadership

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50,459
I certainly hope they can get someone from the "outside"...

Though John Morans (DoF) dalliance with a couple of Billionaire brothers from the UK might hinder an outside appointment...

The old boys club, network, boarding school buddies here would probably appoint Seanie Fitz!..

How about Reggie Middleton, Constantin Grudgiev or...

Eddie Hobbs... Sorry can't hold back the laughter... :lol:
It'll be hard to find anyone in Ireland who hasn't been publicly critical of the banks, which is what leads me to think they'll go foreign again.
 

Sense 0f Wonder

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Mar 8, 2012
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2,508
I wonder was his appointment part of the loan arrangement with the UK? They gave us a considerable sum of money a few years ago, so it would be natural for them to want one of their own in Ireland overseeing affairs and with a close eye on the action.

If that is true, and in light of his resignation can we assume that the UK is now satisfied that their interests have been protected? In other words, is his mission here over? (If, of course that was his mission.)

I know Ireland has a severe talent shortage due to lack of population and poor educators, BUT I question the wisdom of getting foreigners in to take on roles that are so key to the national interest.
 

westie12

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Jun 23, 2008
Messages
858
I certainly hope they can get someone from the "outside"...

Though John Morans (DoF) dalliance with a couple of Billionaire brothers from the UK might hinder an outside appointment...

The old boys club, network, boarding school buddies here would probably appoint Seanie Fitz!..

How about Reggie Middleton, Constantin Grudgiev or...

Eddie Hobbs... Sorry can't hold back the laughter... :lol:
How about Dan O"Brien or Jim "soft landing"Power?
 

ShoutingIsLeadership

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Joined
Jan 17, 2011
Messages
50,459
I wonder was his appointment part of the loan arrangement with the UK? They gave us a considerable sum of money a few years ago, so it would be natural for them to want one of their own in Ireland overseeing affairs.

If that is true, and in light of his resignation can we assume that the UK is now satisfied that their interests have been protected? In other words, is his mission here over? (If, of course that was his mission.)

I know Ireland has a severe talent shortage due to lack of population and poor educators, BUT I question the wisdom of getting foreigners in to take on roles that are so key to the national interest.
That's exactly why we NEED a foreigner!
 

paulp

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Joined
May 5, 2007
Messages
7,324
He must be getting out before the Quinn lawyers get stuck into the detail
of why Quinn's Insurance company was taken from him.

Remember this is the quy who was earning over 1 million in some island
and then came to take a 300k job in Ireland, funny hah!
It's not uncommon for people to go to places like Bermuda for a few years and get paid substantially 'over the odds'.
Most people don't want to stay there indefinitely so then move home for substantially lower pay.
 
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