Following the passing of the Central Bank and Financial Services Authority of Ireland Act 2003, the Central Bank of Ireland was re-structured and re-named as the Central Bank and Financial Services Authority of Ireland. Under this Act the supervision of all financial institutions operating in Ireland was consolidated under an autonomous body - the Irish Financial Services Regulatory Authority (IFSRA) - which was established within the Central Bank. The 2003 Act also created the position of Chief Executive Officer of the IFSRA.
Since the financial crisis a whole series of reforms have been introduced to underpin a more effective and efficient financial regulatory regime. The Central Bank Reform Act 2010 gave effect to significant structural changes in the operation of financial regulation in Ireland which, inter alia, provided for the dissolution of the IFSRA and the abolition of the post of Chief Executive of the Regulatory Authority. The Central Bank is now a single fully-integrated structure with a unitary board, the Central Bank Commission. The 2010 Act created two statutory posts, a Head of Financial Regulation and a Head of Central Banking.
The current Head of Financial Regulation, or Deputy Governor (Financial Regulation), is Cyril Roux. Mr Roux was appointed as Deputy Governor (Financial Regulation) of the Central Bank of Ireland in October 2013. He is responsible for all regulatory activities in the Central Bank including prudential, conduct of business and markets supervision of financial services companies in Ireland. He is one of three executive members of the Central Bank Commission and is a member of the Supervisory Board of the Single Supervisory Mechanism (SSM).
Prior to joining the Central Bank, he was First Deputy Secretary General of the French resolution and supervisory authority (ACPR) where he oversaw the prudential supervision of half of the credit institutions, including specialised mortgage lenders and foreign banks, the prudential supervision of most of the insurance and reinsurance sector, international affairs and accounting. Prior to joining the ACPR, he was the Deputy Secretary General of the French insurance supervisory authority (ACAM). He also spent 10 years at AXA Insurance in a variety of posts.
He holds a PhD in Economics from Harvard University. He is a graduate of Ecole Polytechnique (France) and a member of the French Institute of Actuaries. He earned a bachelor's degree in Literature, summa cum laude, from the University of Paris - Sorbonne.
Prior to Mr Roux, the position of Deputy Governor Financial Regulation was held by Matthew Elderfield.
Prior to taking up his position at the Central Bank of Ireland, Mr Elderfield was Chief Executive of the Bermuda Monetary Authority (BMA) from 2007-2009, with responsibility for supervision of all financial services companies in Bermuda, including the third largest global reinsurance centre.
Prior to joining the BMA, he spent eight years at the UK Financial Services Authority (FSA) as a Head of Department in a variety of posts, responsible for exchange and clearing house supervision, for secondary markets and listing policy and for banking supervision.
Before joining the FSA, he established the European operations of the International Swaps and Derivatives Association (ISDA) and held posts at the London Investment Banking Association, the British Bankers Association and a Washington-DC based consultancy firm.
In March 2011, he was appointed as an Adjunct Professor at University College Cork.
He graduated from Cambridge University in 1988 with a Masters degree in International Relations, and earned a Bachelors degree in Foreign Service, cum laude, from the School of Foreign Service, Georgetown University in 1987.
Prior to Mr Elderfield, the position of Chief Executive of the Financial Regulator was held by Patrick Neary.
Mr Neary was appointed to the position of Chief Executive of the Financial Regulator in February 2006. Prior to this, he held the position of Prudential Director of the Financial Regulator from 2003. In this role his responsibilities included the protection of consumers' deposits, funds and policies.
He is a fellow of the Chartered Association of Certified Accountants (FCCA). He was previously Head of Securities and Exchanges Supervision and Deputy Head of Banking Supervision in the Central Bank of Ireland. He began his career in 1971.
Prior to Mr Neary, Liam O'Reilly was the first person appointed to the post of Chief Executive of the Financial Regulator in 2002. Mr O'Reilly had been Assistant Director General of the Central Bank of Ireland since 1998, with responsibility for all of the Central Bank's financial supervision functions.
Outside of this supervisory role, he had previously held the positions of Manager of the Central Bank's Financial Control & Settlements Department, Markets Department and International Relations Department. He was a member of the ECB Banking Supervision Committee, the EU Banking Advisory Committee, the Committee of European Securities Regulators and the International Organisation for Securities Commissioners. He holds a M.Sc. in Economics and Statistics and a Ph.D. in Econometrics from Trinity College Dublin.