The Central Bank Commission

The Central Bank Commission was established by the Central Bank Reform Act 2010 and is responsible for ensuring that the statutory functions of the Central Bank are properly discharged. It consists of the Governor and two Deputy Governors of the Central Bank, the Secretary General of the Department of Finance, and six members appointed by the Minister for Finance. Click on the images of the members below to read a short biography. You can also read more about the Commission, its role, Code of Ethics, committees and minutes.

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

Gabriel Makhlouf

Governor*

Read full bio

Sharon Donnery

Deputy Governor, Financial Regulation*

Read full bio

Vasileios Madouros

Secretary of the Central Bank

Neil Whoriskey is Head of the Internal Governance Division of the Central Bank.

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 Central Bank; ensuring that the Central Bank's financial regulation and central banking functions are coordinated and integrated; and ensuring that the statutory powers and functions conferred on the Central 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 Central Bank. In the interests of the efficient and effective management of the Central Bank and the exercise of its powers and functions, the exercise of most of the Central 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 four committees (Audit Committee, Major Projects Committee, Remuneration Committee, and Risk Committee), monitors and reviews the performance of management members in exercising these functions and powers and examines the Central Bank's internal controls. In addition, where operational matters are brought before the Commission for decision, the Commission ensures that the Central 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 Central 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 Central Bank to achieve its statutory functions and it reviews the Bank's performance in relation to this strategy.