Following a number of developments documented recently in the media, we are beginning to see how the new Central Bank of Ireland Commission will be structured and most of the key executive appointments have also been announced.

The new framework will replace the current structures of the Central Bank and the Financial Regulator and will be responsible for both the supervision of individual firms and the stability of the financial system generally. 

Two top-level posts will be established within the Commission, namely, the Financial Supervision Directorate (Matthew Elderfield), who will report to the Commission on regulatory and supervisory functions, and the Central Bank Directorate (Tony Grimes), who will report to the Commission on the performance of the central banking functions.

The role of prudential director of the Financial Regulator will be divided into six Assistant Director General roles: special advisor to the head of financial supervision (Con Horan); enforcement (tba); financial institutions supervision (Jonathan McMahon), markets (tba), consumer protection (Bernard Sheridan) and policy and risk (Pat Brady).  All Assistant Director Generals will report to the Director General of the Financial Supervision Directorate.

It is also worth noting that Ireland’s new Financial Services Ombudsman has been announced.  Mr Bill Prasifka, formerly the Chairman of the Competition Authority, has been appointed to replace Joe Meade who retired in January.