Belfast Telegraph

Muldoon resigns from Central Bank

A banking and insurance expert widely tipped to be the next financial regulator has resigned from the Central Bank.

Fiona Muldoon, director of credit institutions and insurance supervision, will leave her role as director of cedit institutions and insurance supervision at the authority next May.

"I joined the Central Bank of Ireland on my return to Ireland, at a time of great challenge for the financial services industry and for the country," she said.

"It has been a privilege to work with so many others on the pressing economic and regulatory issues of the day. I hope I have made a meaningful contribution towards resolving some of those challenges and to the bank during my time here."

Ms Muldoon joined the Central Bank in August 2011.

Publicly she may well be best remembered for a swingeing attack on the main banks last year where she compared them to troublesome teenagers.

In an address to the Irish Bankers' Federation she levelled a few home truths at senior managers warning them they were in denial about the extent of the mortgage crisis.

The announcement of her departure coincided with a report that shows more than half the solutions now being offered by banks for people in mortgage arrears involves owners giving up their homes.

The latest review of the banks' attempt to clean up their books shows 55% of the latest tranche of offers are for repossession or voluntary surrender.

Some 99,189 borrowers are three months behind in repayments, other Central Bank figures showed yesterday.

Central Bank governor Patrick Honohan said Ms Muldoon had brought great leadership and practical knowledge of financial services to her role.

"She has made a significant contribution to the development and implementation of our prudential regulatory strategy in the banking, insurance and credit union sectors," he said.

The Central Bank said it had made 25,910 proposals of repossession or voluntary surrender in the six months to the end of September.

Another 21,177 mortgages have been put forward for restructuring.

The Central Bank said all banks - Allied Irish Banks, Bank of Ireland, Permanent tsb, Ulster Bank, ACC Bank and KBC Bank - reported sufficient proposed solutions to meet targets.

At the end of September the lenders reported they had issued proposals to 43% of mortgage accounts in arrears against a target of 30%.

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