The Central Bank announces the departure of Cyril Roux, Deputy Governor, Financial Regulation

The Central Bank today (February 28) announces the departure of Cyril Roux, Deputy Governor (Financial Regulation) who will leave the Central Bank of Ireland in April to join the private sector in September 2017.

Central Bank of Ireland Governor Philip Lane said: "The departure of Cyril Roux will be met with gratitude and regret. He drove critical reforms of the way we conduct financial regulation in Ireland, including our successful integration in the Single Supervisory Mechanism of banking supervision in the Eurozone, and the transformation of our insurance supervisory approach in line with the introduction of Solvency II. Under his leadership, the Bank launched its biggest programme ever of consumer redress, the mortgage tracker review currently underway, and brought to inquiry its most extensive enforcement case. Together with his invaluable contributions to our Macro-Prudential and Financial Stability mandates, and to the running of the Bank as a whole, Cyril Roux has led Financial Regulation in Ireland with great strength and distinction and leaves a secure legacy. We wish him the very best for the future."

Deputy Governor Cyril Roux said: "It has been an exceptional experience to lead Financial Regulation in Ireland and to be part of the executive leadership of the Bank. The unstinting support of the Bank's Commission, Governor Honohan and Governor Lane have enabled me and my colleagues to continue the work commenced at the beginning of the decade to reform our financial regulation in order for the Bank to discharge ever more fully its mandate to protect consumers and contribute to financial stability. Over the past few years, our macro-prudential rules, the roll-out of incisive onsite inspections, our strengthened codes and regulations, and increased analytical ability have helped secure the Bank's place among the leading regulators in Europe. I will leave the Bank with a heavy heart, yet did not want to pass on the opportunity to return to the private sector in the very best of terms.  The Bank is a strong institution where highly dedicated and qualified staff work every day in the public interest, and I will sorely miss them."

Cyril Roux started his position of Deputy Governor (Financial Regulation) on October 1, 2013. The process for the recruitment of his successor will be announced in due course.