Matthew Elderfield to step down from the position of Deputy Governor of the Central Bank

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.

The Central Bank of Ireland today said 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, the financial regulator said.

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.