The Central Bank has appointed Cyril Roux as the country's new financial regulator.

Mr Roux currently holds a senior position with the French prudential supervisory authority for banks and insurance companies.

The bank said today he will be responsible for all regulatory activities at the Central Bank and will take up his position on October 1st.

He replaces outgoing regulator Matthew Elderfield, who is taking up a new job at Lloyds Banking Group.

Mr Roux has been appointed on five-year contract with an annual salary of €310,000, which is what his predecessor would have earned in the wake of the recent Haddington Road agreement on public sector pay.

Central Bank governor Patrick Honohan said:" I am pleased to welcome Cyril Roux to the Central Bank. His very extensive relevant experience and skills are particularly suited to this challenging role."

"I look forward to working with him, along with the rest of the regulatory team, as we continue to develop the financial regulatory system in Ireland. "

Minister for Finance Michael Noonan also welcomed the appointment.

Mr Roux has been the first deputy secretary general of the French prudential supervisory authority for banks and insurance companies (ACPR) since the authority was created in March 2010.

Prior to joining ACPR, he was the deputy secretary general of the French insurance supervisory authority (ACAM) which merged into ACPR.

Before joining the ACAM, Mr Roux spent 10 years at AXA in a variety of posts, as well as three years in the French treasury.

Commenting on his appointment, Mr Roux said: “I’m honoured by this appointment and very aware that restoring the Irish economy to full health requires effective financial supervision. I’m looking forward to joining the Central Bank with that purpose in mind and to take up where Matthew Elderfield is leaving off.”