The Central Bank Commission was established by the Central Bank Reform Act 2010 and is reponsible for ensuring that the statutory functions of the Bank are properly discharged. Further information about its role is available here. The Commission comprises the following members (* denotes ex officio members):
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 1982-84), 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.
Deputy Governor (Financial Regulation)*
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.
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.
Secretary General of the Department of Finance*
Derek Moran is Secretary General of the Department of Finance having previously been the Assistant Secretary General with responsibility for Fiscal Policy Division. He is chairman of the Tax Strategy Group and a Council Member of the Foundation for Fiscal Studies. He has served on the National Economic and Social Council, National Statistics Board and the EU’s Economic Policy and Tax Policy Committees.
Professor Philip Lane
Philip R. Lane is Whately Professor of Political Economy at Trinity College Dublin. He is Chair of the Advisory Scientific Committee of the European Systemic Risk Board; he is an ex-officio member of the General Board and steering committee of the ESRB. He is also Director of the International Macroeconomics and Finance Programme at the Centre for Economic Policy Research (CEPR).
He received his PhD in Economics from Harvard in 1995 and was Assistant Professor of Economics and International Affairs at Columbia University during 1995-1997 before returning to Dublin.
His research interests include financial globalisation, macroeconomics of exchange rates and capital flows, macroeconomic policy design and European monetary integration. His work has been published in the American Economic Review, Review of Economics and Statistics, Journal of Economic Perspectives, Journal of International Economics, NBER Macroeconomics Annual and many other journals.
In 2001, he was the inaugural recipient of the German Bernacer Award in Monetary Economics for outstanding contributions to European monetary economics; in 2010, he was co-recipient of the Bhagwati Prize from the Journal of International Economics. He has also acted as an academic consultant for the European Central Bank, European Commission, International Monetary Fund, World Bank, OECD, Asian Development Bank and a number of national central banks. He is also a member of the Royal Irish Academy.
He was appointed a member of the Commission on 21 October 2015. It was announced by the Minister for Finance that the Government will advise that the President appoints Professor Lane as the next Governor of the Central Bank, when Patrick Honohan retires, in November 2015.
Mr John FitzGerald
John FitzGerald is a former Research Professor with the Economic and Social Research Institute in Dublin working on macro-economic and energy policy. He has published widely in these fields. He is a past President of the Irish Economic Association and of the EUROFRAME group of European economic research institutes. He is a former member of the National Economic and Social Council, of the Northern Ireland Authority for Energy Regulation and of the EU "Group for Economic Analysis" advising the President of the EU Commission.
He studied at University College Dublin and he holds masters degrees in both History and Economics. He began his career in the Department of Finance in 1972 and he moved to the Economic and Social Research Institute in 1984 until his retirement from there on 24 October 2014.
He was re-appointed to the Commission on 1 October 2015 for a second term of 5 years.
Mr Michael Soden
Michael Soden was CEO of Bank of Ireland from 2001 to 2004.
Prior to returning to Ireland to take up this post he spent more than 30 years with several major international financial institutions, primarily involved in all aspects of capital markets. In that time he served on the Executive Committee of National Australia Bank with responsibility for Global Wholesale Banking and latterly for Global Retail Banking. He also was responsible for the development of Security Pacific Bank’s international capital markets activities.
He spent the early part of his career with Citibank/Citicorp Investment Bank, Canada. Since his retirement in 2004 he has become a commentator on the international banking crisis. He is the author of ‘Open Dissent – An Uncompromising View of the Crisis’, published in 2010.
He was re-appointed to the Commission on 1 October 2014 for a second term of 5 years.
Mr Des Geraghty
Des Geraghty is a former politician and trade union leader. He was president of SIPTU from 1999 to 2004.
He was appointed to the European Parliament in 1992 for the Dublin constituency. He was a member of the Committee on Economic and Monetary Affairs and Industrial Policy in the European Parliament. He is a former member of the RTÉ Authority, the Board of FÁS, the National Competitiveness Council, the Affordable Homes Partnership and the National Economic and Social Council and a former Chair of Poetry Ireland.
He has published several books including a memoir of folk singer Luke Kelly.
He was re-appointed to the Commission on 1 October 2014 for a second term of 5 years.
Professor Blanaid Clarke
Blanaid holds the McCann Fitzgerald Chair in Corporate Law at Trinity College Dublin. Her research interests include corporate governance, financial services law, securities law and takeover law and she has published extensively in these areas.
Blanaid works with the Irish Takeover Panel and is a member of the European Securities and Markets Authority Takeover Bids Network. She was a founding member of the Institute of Directors’ Centre for Corporate Governance at University College Dublin and a member of the European Commission’s Reflection Group on the Future of EU Company Law.
Professor Clarke was re-appointed to the Commission on 1 October 2013 for a second term of five years.
Dr Alan Ahearne
Professor Alan Ahearne is Head of Economics at the National University of Ireland, Galway. He is currently External Advisor to the Strategy, Practice and Review Department of the International Monetary Fund. He has held an appointment since 2005 as a non-resident Research Fellow at Bruegel, the influential Brussels-based economics think tank. He was Special Advisor to Ireland’s Minister for Finance from March 2009 to March 2011. Before joining NUIG, he was Senior Economist at the Federal Reserve Board in Washington, DC. He has taught economics at Carnegie Mellon University, University College Dublin, Dublin City University and the University of Limerick. He began his professional career with Coopers & Lybrand and also worked for Bank of Ireland Group Treasury. His areas of expertise are macroeconomics and international finance and his research has been published in leading international journals. He holds a Ph.D. in economics from Carnegie Mellon University.
Alan Ahearne was re-appointed to the Commission on 8 March 2015 for a second term of five years.
Patricia Byron is the Director General of the Society of Chartered Surveyors Ireland (SCSI). The SCSI is the largest professional body for the property, construction and land sectors in Ireland and works in partnership with RICS in the public interest; setting and maintaining the highest standards of competence and integrity among the profession and providing impartial, authoritative advice on key issues for business, society and governments worldwide.
Prior to this, Ms Byron was the Chief Executive Officer of the Injuries Board, an independent State body established in 2004 to reform a costly personal injuries claims model that had led to excessive insurance premiums for consumers and businesses in Ireland. During her time at the injuries board, she was also involved in the development and implementation of a number of public sector reform initiatives.
Ms Byron has worked in the insurance sector for a major part of her career. She is a graduate of University College Dublin, a Chartered Insurer, a former Chairperson of the Motor Insurers Bureau of Ireland and was the first female president of the Insurance Institute of Dublin. She has served on the Board of the Institute of Public Administration and is a past Chairperson of the Association of Chief Executives of State Agencies.
Ms Byron will serve a term of five years.
Secretary of the Bank
Mr Neil Whoriskey
Neil Whoriskey is Head of the General Secretariat Division of the Central Bank of Ireland.
Role of the Commission
The Central Bank Commission (the Commission) has the following statutory functions: management and control of the affairs and activities of the Bank; ensuring that the Bank’s financial regulation and central banking functions are coordinated and integrated; and ensuring that the statutory powers and functions conferred on the Bank are properly exercised and discharged. In addition, the Commission has adopted its own terms of reference, which sets out how it can best deliver on those responsibilities.
The Central Bank Act 1942 (as amended) provides that any of the statutory functions may be delegated by the Commission to the Governor, a Deputy Governor or an employee of the Bank. In the interests of the efficient and effective management of the Bank and the exercise of its powers and functions, the exercise of most of the Bank’s statutory functions and powers are delegated to the management members of the Commission. Where functions are so delegated, the responsibility and accountability for the performance of these functions lies with that management member. However, the Commission, often through its three committees (Audit Committee, Budget & Remuneration Committee, and Risk Committee), monitors and reviews the performance of management members in exercising these functions and powers and examines the Bank's internal controls. In addition, where operational matters are brought before the Commission for decision, the Commission ensures that the Bank is acting in an appropriate manner consistent with its statutory functions and powers.
The Commission engages with management members on issues of strategic importance to the Bank (other than ESCB functions) and advises, supports and constructively challenges them as appropriate. It also contributes to the formulation of a strategy to allow the Bank to achieve its statutory functions and it reviews the Bank's performance in relation to this strategy.
During 2011 and early 2012, the Commission carried out a review of its own effectiveness to ensure that the statutory powers and functions conferred on it are properly exercised and discharged and to measure the effectiveness of the Commission against its objectives. The findings and recommendations arising from the review were considered by the Commission in early 2012.
Code of Conduct for Members of the Central Bank Commission
The Code of Conduct for Members of the Central Bank Commission was approved at the Commission meeting in October 2012. It is effective from 1 January 2013.
Committees of the Commission
- Patricia Byron (Chair)
- Blanaid Clarke
- John FitzGerald
- Michael Soden (Chair)
- Des Geraghty
- Alan Ahearne
- Stefan Gerlach
- Cyril Roux
Budget and Remuneration Committee
- Alan Ahearne(Chair)
- Blanaid Clarke
- Stefan Gerlach
- Cyril Roux