Another Central Bank director exits Dame Street

Patrick Brady, the director of risk and policy at the Central Bank of Ireland, has resigned in the latest senior exit from the bank. The Central Bank said he would remain with the bank until December 31st, 2014, and the process to find his replacement would begin "shortly".

Central Bank governor Patrick Honohan said: "We are sorry to be losing Patrick Brady as director of policy and risk and as a member of the senior leadership team later this year.

“Patrick joined the Central Bank in 2000, and has been a key member of the Central Bank senior management team for the last four years. His contributions have been highly valued by me and the rest of the management team. We would like to wish him well in his future endeavours.”

Mr Brady was appointed by Mr Honohan as director or risk and policy in 2010 as part of a shake-up at the top of the bank after the financial crisis.

Regulatory approach

Soon after his appointment Mr Brady said there would be a “paradigm shift” in the regulatory approach of the Central Bank, and a degree of intrusiveness and assertiveness that was “sadly lacking” in the past.

Mr Brady is the latest prominent figure to leave the bank of the team assembled to guide Ireland out of the financial crisis. Others to leave include Matthew Elderfield, the former financial regulator, and Fiona Muldoon, the Central Bank's director of credit institutions and insurance.

Chief economist Lars Frissell, Peter Oakes, head of enforcement and financial crime, and Shane O'Neill, head of the covered banks division in the Central Bank's banking supervision department, have also departed among others.

The Central Bank has hired internal and external candidates to replace them. The most recent senior appointment was Gabriel Fagan as chief economist.