Matthew Elderfield
Matthew Elderfield | |
---|---|
Born | 12 January 1966 |
Nationality | British |
Occupation(s) | Head of Financial Regulation, Central Bank of Ireland. |
Known for | Financial Regulation |
Matthew Elderfield (born 12 January 1966) was Deputy Governor and Head of Financial Regulation at the Central Bank of Ireland, a position sometimes referred to colloquial in Ireland as the Financial Regulator between January 2010 and October 2013. He is also the former chief executive of the Bermuda Monetary Authority (BMA).
Education
Elderfield graduated from
He was at asked at a parliamentary committee "In regard to baseline qualifications, if your staff is regulating the financial sector, should it not be the case where they should have the bare minimum required in the market as well, a qualified financial adviser status, or they've gone through certain industry exams. It's obviously important to have." But Mr Elderfield disagreed: "I don't agree with that. But I think I'm conflicted because I've never taken a professional exam in my life."[2]
Career
Elderfield was chief executive of the Bermuda Monetary Authority (BMA, the financial services sector in Bermuda) from July 2007. During his two years as head of the financial regulator in Bermuda, Elderfield introduced reforms to strengthen the island's reputation for international insurance, banking and fund management. He strengthened regulation in Bermuda by significantly increasing staff numbers, expanding the BMA's learning and development programme, and introducing a scoring system for management.[3]
Prior to joining the BMA, Elderfield spent eight years at the UK Financial Services Authority (FSA) as a head of a number of departments responsible for exchange and clearing-house supervision of secondary markets, listing policy and for banking supervision. He was the official responsible for supervising Northern Rock in the months before the collapsed bank applied for its first bailout.[4] He represented the FSA on the Basel Accord Implementation Group and chaired the FSA panel responsible for economic capital model review.[1]
Before joining the FSA, Elderfield established the European operation of the
Elderfield earned an annual salary of €340,000 a year at the Central Bank of Ireland compared to a salary of $730,000 (€533,000) in Bermuda[5] and was said to be at his desk from 7.30am to 7pm on weekdays while working a half-day on Sundays.[6]
Appointment as financial regulator in Ireland
Elderfield was appointed in October 2009 by the Governor of the Central Bank,
Notable decisions made
Capital requirements for banks
Following the transfer of loans to NAMA at the end of March 2010, the regulator's office announced under the Government's guarantee scheme must now meet a core equity ratio of 8 per cent by the end of 2010. This is to ensure that they can withstand future losses.[13]
Appointment of administrator to Quinn Insurance
On 30 March 2010, following an application by the Financial Regulator's office, the High Court appointed joint provisional administrators to Quinn Insurance Limited, part of the
Personal
He is a British citizen and is married. His interests are cycling,
References
- ^ a b c "Appointments:Matthew Elderfield, Central Bank". businessandleadership.com. 20 October 2009. Archived from the original on 18 April 2010. Retrieved 19 April 2010.
- ^ Quinlan, Ronald (16 May 2010). "Financial watchdog reveals his lack of a specialist qualification". Irish Independent.
- ^ Simon Carswell (24 October 2009). "Financial watchdog's impeccable pedigree". The Irish Times. Retrieved 19 April 2010.
- ^ Noonan, Laura (8 June 2010). "Regulator helped supervise Northern Rock before bailout". Irish Independent.
- ^ Simon Carswell (19 March 2010). "Unenviable task in taming the banks". The Irish Times. Retrieved 19 April 2010.
- ^ http://www.independent.ie/opinion/analysis/old-practices-at-central-bank-are-holding-back-new-ireland-2634785.html>
- ^ "Neary to retire as Regulator". RTÉ. 9 January 2009. Retrieved 20 April 2010.
- ^ Charlie Weston (20 October 2009). "Central Bank appoints Englishman to top job". Irish Independent. Retrieved 21 October 2010.
- ^ "New Chief Executive". Financial Regulator. 4 January 2010. Archived from the original on 1 January 2011. Retrieved 19 April 2010.
- ^ "Bank watchdog pledges tough approach". RTÉ. 11 March 2010. Retrieved 19 April 2010.
- ^ "Has Matthew Elderfield restored the credibility of the Financial Regulator's office?". The Irish Times. Retrieved 19 April 2010.
- ^ "Regulator lacking top-level graduates". Irish Independent. 18 April 2010.
- ^ Eoin Burke-Kennedy (30 March 2010). "Irish banks may require up to €32 billion to cover losses". The Irish Times. Retrieved 19 April 2010.
- ^ "Statement on Quinn Insurance". Financial Regulator. 30 March 2010. Archived from the original on 18 June 2012. Retrieved 19 April 2010.
- ^ Maeve Sheehan (4 April 2010). "Industry captain's ill-fated voyage on the sinking ship". Irish Independent. Retrieved 19 April 2010.
- Quinn Group. 12 April 2010. Archived from the originalon 19 September 2010. Retrieved 19 April 2010.
- ^ Ciara O'Brien (15 April 2010). "Quinn to 'accept administration'". The Irish Times. Retrieved 19 April 2010.
- ^ Emmet Oliver (15 April 2010). "Watchdog tells Quinn: Show me the money". Irish Independent. Retrieved 19 April 2010.
- ^ "Profile". Irish Independent. 6 January 2011.