Financial regulator Cyril Roux to leave the Central Bank

Central Bank deputy governor and head of financial regulation Cyril Roux is to step down from the role in September to take up a new position in the private sector.

Mr Roux, who has responsibility for all regulatory activities at the Central Bank, succeeded Englishman Mathew Elderfield to the role in April 2013. It is understood he is expected to return to Paris where he is to take up a role in the insurance sector. The Central Bank refused to comment on Mr Roux's next move.

The Central Bank is to begin the process of appointing a replacement for Mr Roux shortly.

Minister for Finance Michael Noonan was among those to thank Mr Roux for his service with the Central Bank.

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"Mr Roux has been to the fore in driving significant changes in the financial regulatory landscape during his term at the Central Bank of Ireland and has contributed to the overhaul of regulation, supervision and resolution regimes," Mr Noonan said.

“Mr Roux was instrumental in delivering the wholesale changes introduced under the Single Supervisory Mechanism and the regulations on Banking Capital Requirements. He was also instrumental in reshaping the regulatory environment for the insurance sector brought about by the EU Solvency II reforms,” he added.

French treasury

Prior to joining the Central Bank, Mr Roux was first deputy secretary general of the ACPR from its creation in March 2010. Before this, he was deputy secretary general of the French insurance supervisory authority, which was merged into the ACPR. He also spent 10 years at insurer AXA and three years working for the French treasury.

Central Bank of Ireland Governor Philip Lane said Mr Roux's departure would be met with gratitude and regret.

“Under his leadership, the Bank launched its biggest programme ever of consumer redress, the mortgage tracker review currently underway, and brought to inquiry its most extensive enforcement case,” Mr Lane said, also noting his role in delivering the changes introduced under the Single Supervisory Mechanism.

“Together with his invaluable contributions to our Macro-Prudential and Financial Stability mandates, and to the running of the Bank as a whole, Cyril Roux has led Financial Regulation in Ireland with great strength and distinction and leaves a secure legacy,” he added.

Mr Roux said he would be leaving the bank “with a heavy heart”.

"Over the past few years, our macro-prudential rules, the roll-out of incisive onsite inspections, our strengthened codes and regulations, and increased analytical ability have helped secure the Bank's place among the leading regulators in Europe, " he said.