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.
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.
Cyril Roux was appointed to the position of Deputy Governor (Financial Regulation) on 1 October 2013. Prior to taking up this role, he served as First Deputy Secretary General of the French resolution and supervisory authority (ACPR) since the Authority was created in March 2010. He also served as a board member of the ANC, the French accounting standard setting authority.
Prior to joining the ACPR, Cyril Roux was the Deputy Secretary General of the French insurance supervisory authority (ACAM), and spent 10 years at AXA in a variety of posts.
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 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.
John Coyle was appointed as Director of Resolution and Corporate Affairs in September 2014.
A career banker, John joined the Central Bank from Standard Bank Isle of Man Limited, where he served as Chief Executive Officer from 2005. John is a Fellow of the Chartered Institute of Bankers in Scotland and a Chartered Director. He holds an MBA from Bangor University and a Masters of Science degree from the University of Strathclyde.
Sharon Donnery was appointed Director of Credit Institutions on 25 March 2014. From February 2013 to August 2014, Sharon held the statutory position of Registrar of Credit Unions. 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 chaired the European Banking Authority’s Sub-Group on Consumer Protection following its establishment in early 2011 until 2013. She is also the former 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
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 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.
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 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 inspections. 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 led 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) in London. Subsequently she obtained a Barrister-at-Law degree from Kings Inns in Dublin and a Diploma in Applied Finance Law.
Bernard Sheridan was appointed Director of Consumer Protection in May 2010 and is responsible for the Consumer Directorate covering Banking, Insurance, Investment and Policy, and Retail Intermediaries and Payment Institutions. The directorate is responsible for developing the Consumer Protection Framework and for monitoring compliance with conduct of business requirements by retail firms and the development of consumer protection codes. It is also responsible for the supervision and authorisation of retail intermediaries and payment institutions.
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.
Gabriel Fagan was appointed Chief Economist in October 2014. He previously worked in the European Central Bank, where he held a number of key roles, most recently as Senior Advisor in the Directorate-General Research since 2011. He also previously headed up the Monetary Policy Research and Econometric Modelling Divisions. Prior to joining the ECB, he was Head of the Monetary Strategy Section at the European Monetary Institute and an economist at the Committee of Governors in Basel. Between 1985 and 1992, he was an economist at the Central Bank of Ireland, responsible for monitoring and forecasting the Irish economy. He has also been an economics lecturer in Frankfurt University and Trinity College Dublin.
Gabriel holds degrees in economics from University College Dublin and Trinity College Dublin.
Anne Marie McKiernan was appointed to the statutory position of Registrar of Credit Unions in the Central Bank in September 2014, with responsibility for the regulation and supervision of the credit union sector in Ireland. Anne Marie joined the Central Bank in 1994 as an Economist and has held a number of senior positions in the Bank, including Head of Risk, where she was responsible for risk management of the Bank’s investment portfolios, collateralised lending, balance sheet management and non-financial risk. Anne Marie has represented the Bank on committees of the European Central Bank, European Banking Authority and European Commission.
Anne Marie holds a BA in Mathematics and Economics and an MA in Financial Economics from University College Dublin.