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Cyril Roux, Ireland’s top financial regulator, will leave the country’s central bank less than four years into his five-year term, just as the country braces for a potential influx of UK financial services firms after Brexit.
Ireland’s government has been visibly keen to take advantage of the UK’s departure to try to attract businesses fleeing the City of London, though the country’s central bankers, including Mr Roux, have been accused of showing less enthusiasm.
Mr Roux, who has been a deputy governor of the Central Bank of Ireland since October 2013, will step down April before taking up an unnamed private sector position in September.
CBI governor Philip Lane said Mr Roux’s departure “will be met with gratitude and regret”. He added:
Cyril Roux has led financial regulation in Ireland with great strength and distinction and leaves a secure legacy. We wish him the very best for the future.
Mr Roux said:
I will leave the Bank with a heavy heart, yet did not want to pass on the opportunity to return to the private sector in the very best of terms. The Bank is a strong institution where highly dedicated and qualified staff work every day in the public interest, and I will sorely miss them.
The search for Mr Roux’s replacement will make further work for recruiters at the CBI, who were already planning to hire at least 28 new staff to help deal with “Brexit-related new business needs”. The bank has had pay restrictions in place since before the financial crisis, and has been struggling to attract and retain staff.