Governor of the Central Bank
The tenth Governor of the Central Bank of Ireland, Patrick Honohan, was appointed on 26 September 2009. Before his appointment as Governor, he was Professor of International Financial Economics and Development at Trinity College Dublin from 2007. Prior to this, he spent almost a decade at the World Bank where he was Senior Advisor on financial sector policy. He was previously Research Professor with the Economic and Social Research Institute, Dublin (1990-98), Economic Advisor to Taoiseach Garret Fitzgerald (1981-82 and 1984-86) and he spent several years as an economist at the Central Bank of Ireland (1976-81 and 1984-86), and at the International Monetary Fund (1971-73). A graduate of University College Dublin, he received his Ph.D. in Economics from the London School of Economics in 1978. He has taught Economics at the LSE and at the University of California-San Diego, the Australian National University and University College Dublin, as well as at Trinity College. In recent years, his research has mainly focused on monetary and financial sector policy.
The appointment of the Governor of the Central Bank of Ireland is made by the President for a seven year term.
The Governor is supported by the Deputy Governor (Financial Regulation), Deputy Governor (Central Banking), the Chief Operations Officer, nine directors and the Registrar of Credit Unions.
Deputy Governor (Financial Regulation)
Matthew Elderfield was appointed to the position of the Deputy Governor (Financial Regulation) in January 2010. Prior to taking up this role, he was Chief Executive of the Bermuda Monetary Authority (BMA) from 2007-2009. 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, Matthew Elderfield 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, the Institute for Strategy Development.
Deputy Governor (Central Banking)
Stefan Gerlach was appointed Deputy Governor (Central Banking) in September, 2011. Prior to joining the Bank, he served as Professor of Monetary Economics and Managing Director of the Institute for Monetary and Financial Stability at the University of Frankfurt, as CEPR Research Fellow and a Fellow of the CFS. He has served as Head of Secretariat to the Committee on the Global Financial System at the Bank for International Settlements (BIS), as Executive Director (Research) at the Hong Kong Monetary Authority and Director of the Hong Kong Institute for Monetary Research. Before joining the Hong Kong Monetary Authority, he was a staff economist at the BIS.
Chief Operations Officer
Gerry Quinn was appointed Chief Operations Officer in March 2011. In this role he has responsibility for HR, IT, Corporate Services (Procurement, Facilities etc.) Regulatory Transactions and for Currency Issue and Currency Production. He joined the Central Bank of Ireland as Chief Information Officer in May 2010. Gerry joined the Central Bank from the telecommunications sector where he spent the previous seven years as Chief Information Officer/IT Director of one of Ireland’s largest companies. Gerry has over 25 years management experience gained in the public and private sectors. He has previously held a number of non-executive director positions and has an MSc Management (Organisational Behaviour) from Trinity College.
Patrick Brady, Director of Policy and Risk
Patrick Brady was appointed Director of Policy and Risk in March 2010. The Directorate is split into four divisions. Three of these divisions cover prudential banking, insurance and markets policy, governance, auditing and accounting policy, and the wider EU and international policy agenda. The fourth division, Risk, is responsible for the continuing design and build of our regulatory model, PRISM, supporting supervisory divisions and analysing emerging trends across financial sectors. Prior to his appointment, Patrick was Head of Insurance Supervision at the Financial Regulator from May 2006. He is a former Chairman of the CEIOPS Insurance Groups Supervision Committee and Chairman of the Joint Committee on Financial Conglomerates (JCFC) and currently serves on the Advisory Technical Committee of the European Systemic Risk Board.
Patrick joined the Banking Supervision Department of the Central Bank from the European Commission in November 2000. Previously, he spent 20 years in the Revenue Commissioners and the Department of Finance. He holds a BA in Public Administration from the Institute of Public Administration and an MSc in Executive Leadership from the University of Ulster.
Lars Frisell, Director of Economics and Chief Economist
Lars Frisell is Director of Economics and Chief Economist.
He joined the Central Bank in June 2012 from the Swedish Financial Supervisory Authority where he held the position of Chief Economist since 2009. In that role he was responsible for establishing a new economics department, leading the authority’s policy work and macro-prudential analysis and supporting operational departments in supervisory activities. Prior to this, he held a number of roles at the Swedish Central Bank – the Riksbank - including that of Deputy Head of the Financial Stability Department and Head of the Macroprudential and Financial Markets Division. He has also worked in research roles at the Riksbank, European Central Bank and Wissenschaftszentrum Berlin für Sozialforschung.
A native of Sweden, Lars holds a PhD in Economics from the Stockholm School of Economics, an M.Sc in Mathematical Methods from Northwestern University, Illinois, an M.Sc in Business and Economics from the Stockholm School of Economics and a Major in International Business from HEC de Paris.
Liz Joyce, Director of Human Resources
Liz Joyce joined the Central Bank from Pioneer Investments where she held a number of human resources roles. She was previously the Human Resources Director at Greenstar and at Diageo, where she held roles including Human Resources Director of United Beverages and Human Resources Business Partner for Global Functions. Prior to this, she worked in human resources with Concern Worldwide for 10 years, ultimately as Human Resources Director.
Liz holds a BA degree in psychology from University College Galway and an MBS in Human Resources Strategies from Dublin City University. She has completed diplomas in business, finance and coaching and is a Fellow of the Chartered Institute of Personnel and Development.
Maurice McGuire, Director of Financial Operations
Maurice McGuire was appointed Director of Financial Operations in October 2011 and is responsible for the Financial Markets and Payments and Securities Settlement divisions. Maurice previously served as Director of Economic Services and Financial Stability from November 2009 until May 2012. He joined the Central Bank in 1989 as an economist focusing mainly on forecasting and modelling the Irish economy, subsequently transferring to the monetary policy and international relations area.
Previously Maurice held a position in the Central Statistics Office where his responsibilities included running the Labour Force Survey and the Quarterly National Household Survey, the main measure of employment and unemployment in the State. Before this, he studied economics, history and mathematics at University College Dublin.
Paul Molumby, Director of Currency and Corporate Services
Paul Molumby was appointed Director of Currency and Corporate Services in August 2012 and is responsible for the Currency Production, Currency Issue, and Corporate Services divisions. He previously served as Head of Payment and Securities Settlements Division from July 2010 to July 2012.
Prior to joining the Central Bank, Paul was a senior manager with Ulster Bank Group where he held roles in information technology, payments, change management and mortgage operations. Before this, he was Head of Information Technology at the NTMA, having joined from ICC Bank where he was Systems Development Manager. Paul commenced his career with Aer Lingus and he holds a Bachelor of Commerce degree from University College Dublin.
Fiona Muldoon, Director of Credit Institutions and Insurance Supervision
Ms Muldoon is Director, Credit Institutions and Insurance Supervision with the Central Bank of Ireland. She has overall responsibility for the prudential supervision of all banks, credit unions and insurance undertakings in Ireland. She joined the Central Bank of Ireland in August 2011. Ms Muldoon has 25 years’ experience in the financial services industry and worked for 17 of those years variously in Dublin, London and Bermuda in progressively senior financial and general management positions at the global insurer, and NYSE-listed, XL Group. When she left XL in 2010 she held the post of Senior Vice President, Group Treasurer. On her return to Ireland and prior to joining the Central Bank she was briefly Chief Financial Officer of Canada Life Ireland and Canada Life Europe. She started her financial services career in Chase Bank. She trained as an Accountant with Touche Ross.
Ms Muldoon has a BA in Philosophy and English from University College Dublin and is a Fellow of the Institute of Chartered Accountants in Ireland.
Gareth Murphy, Director of Markets
Gareth Murphy is responsible for the supervision and regulation of Irish securities markets including the funds, stockbroking and investment management industries. He is a member of the Board of Supervisors of the European Securities and Markets Authority. Prior to joining the Central Bank Gareth was a Senior advisor at the Bank of England. He previously held roles at JP Morgan Chase in London and was co-head of the European Equity Flow Derivatives desk. Prior to this, Gareth was a strategist at Long Term Capital Management and a partner at Castlegrove Capital Management in London.
Gareth graduated from University College Dublin with a BA in Mathematics and Economics. He holds a Diploma in Mathematical Statistics from the University of Cambridge and an MSc in Economics and Finance from the University of Warwick.
Derville Rowland, Director of Enforcement
Derville Rowland was appointed Director of Enforcement in April 2013 and is responsible for the activities of the Enforcement Directorate which includes investigations and enforcement of issues relating to prudential, conduct of business, consumer protection, securities regulations, fitness and probity, enforcement policy, refusal and revocations of authorisations and specialist Anti-Money Laundering/Counter-Terrorist Financing supervisory insepctions. Derville joined the Central Bank in 2004 to set up the Administrative Sanctions Procedure and was appointed Head of Enforcement 1 in 2010. Prior to this, Derville worked for ACCA as Regulatory Counsel, where she lead Disciplinary and Admissions and Licensing cases, and gained extensive experience whilst practising as a barrister in London and the South Eastern Circuit. Derville completed a Bachelor of Law Degree and barrister's training (Inns of Court School of Law) on London. Subsequently she obtained a Barrister-at-Law degree from Kings Inns in Dublin and a Diploma in Applied Finance Law.
Bernard Sheridan, Director of Consumer Protection
Bernard Sheridan was appointed Director of Consumer Protection in May 2010 and is responsible for the Consumer Directorate covering Banking and Policy, and Insurance, Investment and Intermediaries. The directorate is responsible for developing the Consumer Protection Framework and for monitoring compliance with conduct of business requirements by retail firms. It is also responsible for the supervision and authorisation of retail intermediaries.
Bernard joined the Central Bank in 1985 and has held a range of senior positions including head of domestic credit institutions, consumer protection codes and consumer information. He previously held the role of Chief Operations Officer of the Investor Compensation Company Limited (ICCL). Bernard holds a BComm from University College Dublin and an MSc in Investment and Treasury from Dublin City University.
Sharon Donnery, Registrar of Credit Unions
Sharon Donnery was appointed Registrar of Credit Unions in February 2013 and is responsible for the regulation and supervision of the credit union sector. Sharon joined the Central Bank in 1996 as an Economist and has held a range of senior positions including Head of Consumer Information and Head of Consumer Protection. Sharon has represented the Central Bank on committees of the European Banking Authority, the European Central Bank and the European Commission. She has chaired the European Banking Authority’s Sub-Group on Consumer Protection since its establishment in early 2011. She is also the vice-chair of the European Banking Authority’s Standing Committee on Consumer Protection and Financial Innovation.
Sharon holds a BA in Economics and Politics and an MA in Economics from University College Dublin.