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Linkedin Post:  Central Bank of Ireland Directors on the MoveThree weeks ago our Peter Oakes posted the news that Mary-Elizabeth McMunn (formerly Director of Banking, Payments and Credit Unions) at the Central Bank of Ireland was appointed, effective 1 January 2025, as Deputy Governor Financial Regulation at the Central Bank. This followed news that now former Deputy Governor, Sharon Donnery, had accepted appointment by the European Central Bank to be its representative of the Supervisory Board. Over the past few weeks various bits and pieces of news about other moves within the Central Bank executive team has dripped into the media. As at the start of January 2025 we now have official confirmation of those movements. These are:
* See below for details of changes to Directorates Changes to Central Bank of Ireland Directorates As part of its changes to its supervisory approach while keeping a risk-based supervisory model approach, the Central Bank of Ireland has adopted a new operating structure to include seven directorates, which will report into the existing Deputy Governors for Financial Regulation and Consumer and Investor Protection:
New look and feel of the Central Bank of Ireland's Financial Regulation and Consumer & Investor Protection Deputy Governor Functions In addition to the points raised above arising from the changes to the operating structure at the Central Bank of Ireland, it is worth noting/amplifying that:
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 Repeat of News Release:
The Central Bank of Ireland has today (Thursday 19 December 2024) announced the establishment of a dedicated Fitness and Probity Unit. The fitness and probity regime is a critical element of financial regulation; protecting the public interest by ensuring that people who work in key positions in a financial firm are competent and capable, honest, ethical and of integrity and financially sound. Since 2020 the Central Bank of Ireland has approved appointments to more than 11,000 roles under the regime. Speaking today, Governor of the Central Bank of Ireland Gabriel Makhlouf said: “The Enria report, published in July 2024, identified several key areas for improvement in our operation of the fitness and probity regime. We accepted the findings of the report and have used them as a basis for implementing reforms to enhance the regime’s overall effectiveness. We also committed to implementing the reforms as early as possible and before end 2024. “Today’s announcement of the establishment of our new dedicated Fitness and Probity Unit within the Bank is a key element of this programme of reform. “However, we recognise that this is only a first step towards delivering a fitness and probity gatekeeping process aligned with the spirit and approach of the report. As such, work will continue in implementing and delivering a regime which supports supervisory judgement, while delivering robust, fair and transparent processes. “The new unit will be staffed from within our existing complement by experienced regulators from across the Bank." “Our strategic plan committed to transforming our approach to regulation and supervision – this process is ongoing and our new operating structure, including the dedicated fitness and probity team, will be in place from the start of the new year.” Source: https://www.centralbank.ie/news/article/central-bank-establishes-dedicated-fitness-and-probity-unit |
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