Irish Financial Services Regulatory Authority

The Irish Financial Services Regulatory Authority (the Financial Regulator) was established on 1 May 2003. It is responsible for the regulation of all financial services firms in Ireland.

Many of the Board Members of the Financial Regulator are individuals drawn from the Irish Central Bank. Several also have commercial backgrounds. Biographical information on the members and executives is below.

People

Brian Patterson Chairman (2003 – May 2008): Brian Patterson is a former chair of the Irish Times Trust and a Director of Vodafone Ireland, the Ogilvy Group and Wilson Hartnell Public Relations. Patterson worked at Guinness before becoming Director General of the Irish Management Institute in 1982. Later he joined the luxury lifestyle group Waterford Wedgwood plc and was appointed Chief Executive. He retired from the Board of Waterford Wedgwood in 2004.

Martin Moloney Secretary (2003 – present): Moloney is Secretary of the Financial Regulator as well as head of the Markets Supervision department. He previously headed up the Legal and Finance department. Prior to joining the Financial Regulator he held positions in the Competition Authority, the Department of Finance, the Department of Justice, Bank of Ireland and Barclays Bank.

Liam O’Reilly Chief Executive (2003 – 2006): After his departure from the Financial Regulator, O’Reilly was appointed a director of Merrill Lynch International Bank, chairman of the Chartered Accountants Regulatory Board, and a non-executive director of Irish Life & Permanent plc.

Patrick Neary, Chief Executive (2006 – 2009), Prudential Director (2003 – 2006): Neary joined the Irish Central Bank in 1971 and rose to the position of head of securities and exchanges supervision before he left in 2003 to join the Financial Regulator. Neary announced his retirement in January 2009 after it was claimed that his staff knew in January 2008 that the chairman of Anglo Irish Bank Seán Fitzpatrick had been transferring loans of up to €87 million off the bank's book to conceal them from shareholders.

Mary O’Dea, Acting Chief Executive (February 2009 - January 2010), Consumer Director (2003 – 2009): Mary O’Dea was the first Consumer Director of the Irish Financial Services Regulatory Authority. Prior to her position at the Financial Regulator, O’Dea was Head of the Central Bank of Ireland’s Regulatory Enforcement and Development Department. Her position as Acting Chief Executive at the Financial Regulator was replaced in January 2010 by Matthew Elderfield, who "will become the Head of Financial Supervision in a restructured Central Bank". says the government press release.

Alan Ashe, Appointed Member (May 2003 – present): Before joining the Financial Regulator Ashe was managing director of Standard Life Assurance Co. prior to which he worked at TSB. He was also a director of Stella Life Assurance and Business Solutions Ltd.

Alan Gray, Appointed Member (December 2006 – present): Alan Gray is Managing Partner of the Economic consulting firm Indecon International Economic Consulting Group. He is Chairman of the Board of Directors of London Economics and has previously served on the Board of a number of commercial companies including the Irish and European Boards of Canada Life.

Friedhelm Danz, Company Chairman (2003-2007): Danz was appointed to the Financial Regulator having worked at Board of the Central Bank since 1996.

Gerard Danaher, Appointed Member (May 2003 – present): Danaher is the Authority's senior counsel.

John Dunne, Appointed Member (May 2003 – present): Dunne is chairman of IDA Ireland and the former Director General of the Irish Business and Employers Confederation (IBEC).

Jim Farrell, Appointed Member (2003 – 2007), Chairman (May 2007 – present): Farrell joined the Authority of the Financial Regulator in 2003 and was appointed chairman in May 2007. He is a former head of Citibank in Dublin and a director of the National Treasury Management Agency.

Deirdre Purcell, Appointed Member (May 2003 – present): Deirdre Purcell is a Journalist and a member of the Council of the Credit Institutions’ Ombudsman.

Dermot Quigley, Appointed Member (May 2003 – present): Dermot Quigley is a former Chairman of the Revenue Commissioners.

Contact

Address:

PO Box 9138

College Green

Dublin 2

Website:

http://www.financialregulator.ie

This article is part of the Revolving Door project of Spinwatch.

Resources

• Central Bank & Financial Services Authority of Ireland, Consumer Director Appointed, Press Release 28 January 2003.
• CLRG, Company Law for the 21st Century, 'Report on General Scheme of Companies Consolidation and Reform Bill 2007', p.5, accessed 31 March 2010.
• Department of Finance (Ireland), 'Appointment of Mr Alan Gray as a Director of the Central Bank and Financial Services Authority of Ireland and as a member of Irish Financial Services Regulatory Authority,' Press Release 02 January 2007, accessed 31 March 2010.
• Financial Regulator, The Authority, accessed 30 March 2010.</ref>
• IDA Ireland, Annual Report 2004, accessed 31 March 2010.
• Independent (Ireland), "In brief: New director at IL&P is appointed," 03 September 2008, accessed 31 March 2010.
• Independent (Ireland), "Members of the Authority," 22 December 2008, accessed 31 March 2010.
• Irish Press Releases, New Chief Executive - Financial Regulator, 04 January 2010, accessed 30 March 2010.
• Irish Times, Patrick Neary to step down as regulator," 01 January 2009, accessed 31 March 2010.
• Mulligan, John, "after the fallout ::: Newsmaker Patrick Neary, Financial Regulator As the banking sector changes forever, the chief regulator knows his toughest work is still to come," Independent (Ireland), 20 September 2008, accessed 31 March 2010.
• Progressive-Economy, "IFSRA: The financial regulator which failed," 02 January 2010, accessed 30 March 2010.
• Ross, Shane, "Alan Ashe," Independent (Ireland), 15 October 2006, accessed 31 March 2010.