Who is in charge of the Central Bank?

The Central Bank of Ireland is managed  by the Central Bank Commission as determined by the Central Bank Reform Act 2010.  This commission is made up of the following

the “Governor”, (7 year term).
the “Head of Financial Regulation”,
the “Head of Central Banking”,
the “Secretary General of the Department of Finance”
5 others who are appointed by the Minister of Finance.(these appointees must have relevant knowledge banking, accountancy, financial regulations, financial services, economics, law or social policy, consumer interests, corporate governance)

The “Governor” is appointed by the President of Ireland, who is advised by the Government on this selection.

The “Head of Central Banking” and the “Head of Financial Regulation” are appointed by the Central Bank Commission but must have approval from the Minister of Finance. These “Heads” are accountable to the “Governor” and their responsibilities are assigned by the Central Bank Commission based on a proposal from the “Governor”.

The current governor is Mr Patrick Honohan, the Head of Financial Regulation is Matthew Elderfield, the Head of Central Banking is Stefan Gerlach. The Secretary General of the Department of Finance is Mr John Moran, the five appointees are Alan Ahearne (term 4 years), Blanaid Clarke (term 3 years), John Fitzgerald (term 5 years), Des Geraghty (term 4 years) and Michael Soden 9term 4 years).

Leave a Comment

Awesome! You've decided to leave a comment. Please keep in mind that comments are moderated.