Belfast Telegraph

Tuesday 22 July 2014

Roux appointed to Central Bank role

French financial expert Cyril Roux has been appointed the new deputy governor of the Central Bank of Ireland

A French financial expert has been appointed the new deputy governor of the Central Bank of Ireland.

Cyril Roux will replace Matthew Elderfield, who took up his role in 2009 following Ireland's banking meltdown and economic collapse.

Mr Roux, who currently monitors the activities of banks and insurance companies in France, will be responsible for all regulatory activities at the Central Bank from October 1.

"I'm honoured by this appointment and very aware that restoring the Irish economy to full health requires effective financial supervision," he said.

"I'm looking forward to joining the Central Bank with that purpose in mind and to take up where Matthew Elderfield is leaving off."

Mr Roux has been the first deputy secretary general of the French prudential supervisory authority for banks and insurance companies since its creation in March 2010.

He was previously the deputy secretary general of the French insurance supervisory authority (ACAM), spent 10 years at AXA in a variety of posts, and was in the French treasury for three years.

Governor Patrick Honohan said he was pleased to welcome his new colleague.

"His very extensive relevant experience and skills are particularly suited to this challenging role," he said.

"I look forward to working with him, along with the rest of the regulatory team, as we continue to develop the financial regulatory system in Ireland."

Finance Minister Michael Noonan is also said to have welcomed the appointment.

Mr Elderfield announced in April that he planned to leave his position in six months to return to London.

The regulator, who was being paid more than 300,000 euro a year, waived a 100,000 euro bonus entitlement due at the end of his contract.

Mr Noonan said the new appointment comes at an important juncture in the process of comprehensively restructuring Ireland's regulatory landscape, including giving more r egulatory powers for the Central Bank.

"I would like to wish Mr Roux every success in his new role and I look forward to engaging with him on the challenging work ahead," said Mr Noonan.

"His broad international regulatory experience will be an important asset in the continuation of the task of rebuilding Ireland's regulatory framework.

The minister also paid tribute to Mr Elderfield, who he wished success in the future.

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