Ireland is getting a new financial regulator, and he’s French. Frenchman Cyril Roux will take over on October 1, succeeding Englishman Matthew Elderfield as deputy governor, financial regulation, at the Central Bank.
With his new position, he will be the highest paid executive at the Central Bank, earning a salary of €310,000. He’s being given a five year contract.
Mr. Roux has reported that he is “honored” to have this role in Ireland. He is “aware that restoring the Irish economy to full health requires effective financial supervision.”
Finance Minister Michael Noonan said that Mr. Roux’s appoint comes during an important time. As he said, “I look forward to engaging with him on the challenging work ahead. His broad international regulatory experience will be an important asset in the continuation of the task of rebuilding Ireland’s regulatory framework.”