Central Bank of Ireland Directors on the Move - Changes to Directorates & Supervisory Operating Model (1 January 2025)

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​Central Bank of Ireland Directors on the Move

Three 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:

• Colm Kincaid becomes Director of Enforcement. Colm was previously Director of Consumer Protection.
• Seána Cunningham becomes Director of Insurance. Seána was previously Director of Enforcement & AML Supervision*
• Gerry Cross, becomes Director of Capital Markets & Funds. Gerry was previously Director of Financial Regulation, Policy & Risk.
• Domhnall Cullinan becomes Director of Banking & Payments. Domhnall was previously Director of Insurance.
• Patricia Dunne becomes Director of Horizontal Supervision*. Patricia was previously Director of Securities & Markets Supervision.
• Adrian Varley becomes Director of Supervisory Risk, Analytics & Data*.  Adrian was previously Director of Prudential Analysis & Inspections.

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* 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:
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• the removal/disbanding of the standalone Consumer Protection Directorate. 
• creating three directorates responsible for sectoral supervision; a Banking & Payments Directorate (Domnhall Cullinan), an Insurance Directorate (Seána Cunningham) and a Capital Markets & Funds Directorate (Gerry Cross). All three directorates will have integrated teams responsible for all elements of our mandate and supervising risks as they relate to the sector. The work of the disbanded Consumer Protection Directorate means that the Central Bank will now supervise for consumer protection and investor interests at a sectoral and an individual firm level.
• creating a Horizontal Supervision Directorate (Patricia Dunne) to work in partnership with the sectoral supervisory teams on a system-wide and thematic basis.  This Directorate will provide specialist input on key cross-sectoral risks such as conduct, behaviour and culture, anti-money laundering and terrorist financing, financial resilience, operational resilience and technology risks.
• creating will also be a Supervisory Risk, Analytics and Data Directorate.  This looks to be a re-working of the former Prudential Analysis & Inspections Directorate.  The Director (Adrian Varley) assumes responsibilities for the new directorate.
• creating a Policy and International Directorate.  This looks to be a reworking of the former Financial Regulation - Policy & Risk Directorate).  The Director role is currently vacant (as at 1 January 2025).

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:

• Consumer Protection and AML Supervision have not disappeared.  They have been embedded into relevant sectoral teams across the Central Bank of Ireland's functions.
• while the name 'Credit Unions' is no longer shows in the name of the Banking & Payments Directorate, there is no change to its activities or prominence with the new operating model.
• there is no identification about where the new Fitness and Probity Unit will sit within the Central Bank.  This new unit was announced on 19 December 2024 
• Governance & Operational Resilience Resilience moves to the Horizontal Supervision Directorate from the former Prudential Analysis & Inspections Directorate
• Supervisory Risk & Horizontal moves to the Horizontal Supervision Directorate from the former Financial Regulation - Policy & Risk Directorate.
• 'Enforcement Investigations' is renamed 'Regulatory Investigations' and 'Enforcement Activity' is now replaced by Enforcement Market Abuse & Oversight.
• dropping of word 'Supervision' from the names of the Banking & Payments and Insurance Directorates.

Sources / Further reading:

1. Great to read the news that Mary-Elizabeth McMunn currently Director of Banking, Payments and Credit Unions at the Central Bank of Ireland has been appointed, effective 1 January 2025, as Deputy Governor Financial Regulation at the Central Bank (11 December 2024) - https://www.linkedin.com/posts/peteroakes_deputy-governor-financial-regulation-appointment-activity-7272670698152636417-LyRg?utm_source=share&utm_medium=member_desktop
2. Deputy Governor Financial Regulation Appointment (11 December 2024) - https://www.centralbank.ie/news/article/deputy-governor-financial-regulation-appointment-press-release
3. Transforming Regulation and Supervision - https://www.centralbank.ie/regulation/transforming-regulation-and-supervision
4. Central Bank establishes dedicated Fitness and Probity Unit (19 December 2024) - https://complireg.com/blogs--insights/central-bank-of-ireland-establishes-dedicated-fitness-and-probity-unit
5. Central Bank decision to disband consumer protection unit fuels fears customers will be weakened (7 September 2024) - https://www.independent.ie/business/personal-finance/central-bank-decision-to-disband-consumer-protection-unit-fuels-fears-customers-will-be-weakened/a964031703.html 
6. Central Bank of Ireland: Firms will hear ‘one consistent voice’ following model change (18 November 2024) - https://www.businesspost.ie/news/central-bank-of-ireland-firms-will-hear-one-consistent-voice-following-model-change/