The Central Bank Commission 

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. Commission committees include the Audit Committee, Risk Committee and the Budget and Remuneration Committee.

The Commission comprises the following members (* denotes ex officio members):

Governor of the Central Bank*

Philip R. Lane is the 11th Governor of the Central Bank of Ireland, taking office on 26 November 2015.  Prior to his appointment, he was on the academic staff at Trinity College Dublin and he remains affiliated with the university as Whately Professor of Political Economy (on leave).  Philip has chaired the Advisory Scientific Committee of the European Systemic Risk Board and was Director of the International Macroeconomics and Finance Programme at the Centre for Economic Policy Research (CEPR).  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. In September 2016 he was appointed as chair of the ESRB High-Level Task Force on Safe Assets.

A graduate of Trinity College Dublin, he received his PhD in Economics from Harvard University in 1995 and was Assistant Professor of Economics and International Affairs at Columbia University (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.

The appointment of the Governor of the Central Bank of Ireland is made by the President for a seven year term.

Deputy Governor (Central Banking)*

Sharon Donnery was appointed Deputy Governor (Central Banking) on the 1 March 2016.  She is an ex officio member of the Central Bank Commission and the Governor's Alternate on the Governing Council of the European Central Bank (ECB).  Sharon previously served as the Bank’s Alternate Member of the Supervisory Board of the Single Supervisory Mechanism (SSM).  She is the Chair of the ECB’s High Level Group on Non-Performing Loans (NPLs) and was also appointed Chair of the ECB Budget Committee (BuCom) in December 2016.

Sharon joined the Bank in 1996 as an Economist in the Monetary Policy Division and has held a range of senior positions as head of division.  From February 2013 to August 2014, she held the statutory position of Registrar of Credit Unions and from April 2014 to May 2016 was Director of Credit Institutions.  She was also vice-chair of the EBA'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.

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.

Secretary General of the Department of Finance*

Derek Moran is Secretary General of the Department of Finance and is responsible for economic, budgetary and fiscal, banking and financial service policy matters and oversight of Ireland's investments in and support for covered banks.  He has previously been the Assistant Secretary General with responsibility for Fiscal Policy Division, Budget and Economic Division and led on tax policy issues between 2006 and 2014. He is currently a member of the Central Bank Commission, the board of the National Treasury Management Agency, the Civil Service Management Board and is a Council member of the Foundation for Fiscal Studies.  He has previously served on the National Economic and Social Council, National Statistics Board and the EU’s Economic Policy and Tax Policy Committees.

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 Director of the Whitaker Institute for Innovation and Societal Change at the National University of Ireland, Galway.  Alan is also Professor of Economics in the J.E. Cairnes School of Business and Economics. He is Chairman of the ESRI and Department of Finance Joint Research Programme on the Macro-economy and Taxation. He has served as adviser to the IMF, as research fellow at Bruegel, and as economic adviser to Ireland’s former Minister for Finance Brian Lenihan. Before joining NUIG, he was Senior Economist at the Federal Reserve Board in Washington, DC. He has taught economics at Carnegie Mellon University, the University of Virginia, University College Dublin, Dublin City University and the University of Limerick. Alan 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

Patricia Byron has worked as a senior executive in the Insurance and related financial services sector over many years. She was the first CEO of the Personal Injuries Assessment Board (PIAB), an independent State body, established in 2004 to reform a costly personal injury claims environment. As Chairperson of the Motor Insurers Bureau of Ireland she led a reform programme, focusing on business transformation and effectiveness.

As Chairperson of the Association of Chief Executives of State Bodies, she became actively involved in a number of cross-cutting public sector reform initiatives. Since leaving the PIAB in 2015, she led a Strategic Review programme at Chartered Surveyors Ireland. In addition to her role on the Central Bank Commission she currently serves as an independent non-executive Director for the Centre for Effective Services and ComReg.

Ms Byron is a graduate of UCD, a Chartered Insurer and the first female President of the Insurance Institute.

Ms. Byron was appointed to the Commission on 1 January 2014 for a 5 year term.

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.


Read Commission minutes, from 2014 to present

Code of Ethics for Members of the Central Bank Commission

The Code of Ethics for Members of the Central Bank Commission was approved at the Commission meeting in 27 May 2016.  It is effective from 1 June 2016.

Committees of the Commission

Audit Committee

  • Patricia Byron (Chair)
  • Blanaid Clarke
  • John FitzGerald

Risk Committee

  • Michael Soden (Chair)
  • Des Geraghty
  • Alan Ahearne
  • Sharon Donnery  
  • Cyril Roux  

Budget and Remuneration Committee

  • Alan Ahearne(Chair)
  • Blanaid Clarke
  • Sharon Donnery 
  • Cyril Roux