Financial Regulator

The Financial Regulator (Irish: Rialtóir Airgeadais), officially the Irish Financial Services Regulatory Authority, was the single regulator of all financial institutions in Ireland from May 2003 until October 2010 and was a "constituent part" of the Central Bank of Ireland. It was re-unified with the Central Bank of Ireland on 1 October 2010 and its board structure was replaced by a new Central Bank of Ireland Commission.

Matthew Elderfield, formerly head of the Bermuda Monetary Authority, led the organisation from January 2010 until it was disestablished in November 2010. The previous chief executive officer was Patrick Neary, who retired early over the handling of the regulator's investigation into the €87 million in secret directors' loans at Anglo Irish Bank. The incumbent before that, had companies he is a director of, fined a total of €3.35 million by his previous employers the Financial Regulator, for risk control and reporting failures.

Read more about Financial RegulatorHistory, Developments That Led To Its Disestablishment, Controversy

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Anglo Irish Bank Hidden Loans Controversy - Current Revelations - Review
... The Financial Regulator, on the recommendation of the Irish Finance Minister, ordered an "urgent review" of directors' loans at Anglo Irish Bank, saying it has a "very serious view" of the issue ... Irish Minister for Social and Family Affairs Mary Hanafin said the Financial Regulator had "serious questions" to answer over its supposed lack of knowledge of ...
QUINN Group - Financial Uncertainty in Early 2010
... On 30 March 2010, following an application by Ireland's Financial Regulator, the High Court appointed joint provisional administrators to Quinn Insurance Limited ... guarantees of €1.2bn to cover Quinn Group’s debts, prompting the regulator to seek the appointment of provisional administrators in the High Court ... According to the Financial Times, a number of UK based Insurance companies had warned regulators over a number of years that they believed Quinn Insurance's ...
Irish Property Bubble - The Crash in 2009
... were The Construction Industry Federation blamed part-time builders for the bubble The Financial Services Consultative Consumer Panel, which was tasked with monitoring the performance of the Central Bank of ... It also criticised the "deficient" response of the regulator to threats to consumers, including the property bubble ... Former Taoiseach, Bertie Ahern said his decision in 2001 to create the Financial Regulator was one of the main reasons for the collapse of the Irish banking ...
Financial Regulator - Controversy
... The Financial Regulator was warned by the German regulator, BaFin, as early as 2004 that Sachsen LB's troubled Irish subsidiaries were involved in highly risky and under-scrutin ... Despite the warning, in 2007 the Regulator approved another Sachsen investment vehicle and two months later the stable of off-balance sheet companies ... The same year the Regulator was criticised for publishing a report, which it was said, read a bit like a promotional brochure for the money lending industry ...
Anglo Irish Bank Hidden Loans Controversy - Resignations - Financial Regulator
... Following reports of a communication breakdown at the office of the Financial Services Regulatory Authority, the Financial Regulator Patrick Neary on 9 January 2009 announced his decision to retire as of 31 ... a strengthening of powers within the organisation and saying that confidence in Irish financial services had been eroded by events of the previous six months ... Financial observers indicated that a replacement for Neary might have to be located in the United States or in Britain ...

Famous quotes containing the word financial:

    For the merchant, even honesty is a financial speculation.
    Charles Baudelaire (1821–1867)