Central Bank promotes Madouros to become a deputy governor

The Central Bank of Ireland has named its director of financial stability, Greek native Vasileios Madouros, as one of its three deputy governors.

Mr Madouros, who joined the Irish authority almost four years ago, will become deputy governor in charge of monetary and financial stability, at a time when Irish households are dealing with inflation running at a decades-high rate of about 9 per cent and the domestic economy is slowing.

The appointment means that he will also be governor Gabriel Makhlouf’s alternate at the European Central Bank governing council, which began hiking interest rates in recent months for the first time in more than a decade.

Mr Madouros “brings a wealth of experience in macroeconomics, financial stability and central banking to the role and he fully encompasses the open and inclusive culture and values of the Central Bank of Ireland”, Mr Makhlouf said.

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Bank of England

The executive joined the Central Bank in early 2019 from the Bank of England, where he had been head of macro-financial risks and played a key role in the development of a stress-testing regime for UK banks.

Mr Madouros holds a bachelor of science degree in economics from the University of Warwick and a master’s in economics from Birbeck College, University of London.

In his new role, effective from the start of next month, the deputy governor will also “provide and shape advice to the governor on a broad range of economic, monetary policy, financial stability, statistical, operational and portfolio management issues, chairing a number of the Central Bank’s committees, including the economic policy and research committee, which oversees all research on economic and financial regulation issues”, the Central Bank said.

The other two deputy directors are Sharon Donnery, who is responsible for financial regulation, and Derville Rowland, head of consumer and investor protection.

In its latest quarterly bulletin, the Central Bank last week cut its 2023 forecast for modified domestic demand – a key gauge of the domestic economy – by almost half to 2.3 per cent as it raised its inflation outlook given financial markets are now pricing in an extended period of high gas prices. It also lowered its 2024 projection, marginally, to 3.3 per cent.

Central Bank officials also said that “there is the potential” that the domestic economy could slip into a technical recession, which is defined as two consecutive quarters of contraction, in the near term.