Elderfield to step down and waive €100,000 bonus

Financial regulator planning to leave post in six months and return to UK to pursue other interests

Matthew Elderfield, financial regulator and deputy governor of the Central Bank. Photograph: Eric Luke /The Irish Times

Matthew Elderfield, financial regulator and deputy governor of the Central Bank. Photograph: Eric Luke /The Irish Times

Tue, Apr 9, 2013, 14:04

Central Bank deputy governor Matthew Elderfield is to step down from the role to pursue other interests in the UK.

In a statement today, the Central Bank said Mr Elderfield would be stepping down as deputy governor in six months time.

Mr Elderfield, who is also the financial regulator, has waived his €100,000 bonus entitlement at the end of his contract of employment.

Central Bank governor Patrick Honohan said Mr Elderfield had 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.”

Minister for Finance Michael Noonan stated: “I would like to thank Matthew Elderfield for his work as deputy governor financial regulation, and wish him every success in his future career.

“He took up this post at a period of great financial instability in Ireland and has played a key role in greatly enhancing the regulatory environment and bringing stability to the Irish financial system.

“There is no doubt that Mr Elderfield’s skill, expertise and experience will be a loss to the Central Bank of Ireland, but he is leaving at a time when normality is returning to the financial system and the Central Bank is suitably prepared to deal with his departure in six months’ time.”

Mr Elderfield took up his role at the Central Bank in January 2010. He was previously chief executive of the Bermuda Monetary Authority from June 2007.