On 20th of October Patrick Honohan welcomed the appointment of Professor Philip Lane as the 11th Governor of the Central Bank of Ireland.
Professor Philip, a professor of political economy at Trinity College Dublin, was one of a number of strong contenders considered for this position.
Governor Honohan will step down following six years at the helm at a date to be finalised around the end of November.
Opinions vary in terms of what, if any, significant change this appointment will bring. Since 2011, the Central Bank has published a set of priority areas each February which it indicates will be a focus for the coming year. Understandably, there has been a strong focus on legal and regulatory compliance over recent years.
February 2016 will reveal to what extent compliance remains a key focus of the Central Bank plus any particular areas of concern or interest for Professor Lane. However, the overall strategic and statutory objective of the Central Bank is safeguarding stability and protecting consumers and this is likely to remain the case notwithstanding Professor Lane’s appointment.
On the ground, activity in the banking sector is strong from a recruitment perspective. A number of newer entrants to the banking market continue to ramp up operations in both the retail and corporate banking space. This is increasing opportunities within the market resulting in increased movement of banking professionals between financial institutions.
To discuss opportunities within the banking space, please contact Ruth Lyndon or any of the Morgan McKinley Limerick Accounting & Finance team on 061 430 940.