The authority has accepted, with regret, the decision of Patrick Neary to retire as chief executive.

Mr Neary was appointed in 2006. He brought a wealth of experience, both domestic and international, to the role and he discharged his responsibilities with dedication, commitment, a strong work ethic and integrity. During his time as chief executive, Mr Neary has made a significant contribution to the development of the organisation and to the principles based approach to regulation, which was adopted by all of the stakeholders in Ireland. The system is of course now under review in the light of the global financial crisis, which has posed such major issues for regulators worldwide.

The authority has appointed consumer director, Mary O’Dea, as acting chief executive. The chairman of the authority, Jim Farrell, will assume enhanced responsibilities.

The authority has requested Mr Neary to make his services available to facilitate the transition to a new chief executive and is grateful for his support in this regard.

The authority wishes Mr Neary well for the future.