VASILEIOS Madouros has been promoted to Deputy Governor of the Central Bank of Ireland, responsible for Monetary and Financial Stability.
This new role includes a seat on the Bank’s board of directors and the opportunity to act as deputy to Governor Gabriel Makhlouf at meetings of the European Central Bank.
The move parachutes him over the head of Deputy Governor Derville Rowland, who has no seat on the bank’s board of directors, known as the Central Bank Commission.
He succeeds Mark Cassidy, the bank’s chief economist, who will return to that role after serving as deputy governor since May due to a reshuffle sparked by the departure of former senior official Ed Sibley earlier this year.
According to the bank’s annual report, each deputy governor received a salary of €255,006 last year.
Mr Makhlouf said Mr Madouros “brings to the role a wealth of experience in macroeconomics, financial stability and central banking and fully embraces the open and inclusive culture and values of the Central Bank of Ireland”.
Mr. Madouros will be a member of the central bank’s senior management team, which will have overall responsibility for the bank’s strategy.
The central bank said the appointment had followed a “comprehensive recruitment process” and was made with the finance minister’s approval.
Ms Rowland was hired as third deputy governor earlier this year as part of a senior management reshuffle at the bank, but was not appointed to the commission, meaning she continues to be paid slightly less than her peers.
The move followed the departure of Deputy Governor for Prudential Regulation Ed Sibley to a private sector role at consultancy giant EY Ireland.
Mr Madouros, who joined from the Bank of England in 2019, was previously the central bank’s director for financial stability. He is effectively filling the role vacated by fellow deputy governor Sharon Donnery as part of the reshuffle earlier this year.
His new role, starting in November, will put him in charge of monetary and financial stability, where he will oversee the bank’s economic outlook, financial stability and financial operations.
According to the bank, he will “advise and shape the governor on a wide range of economic, monetary policy, financial stability, statistical, operational and portfolio management issues.”
He will also chair the Economic Policy and Research Committee of the Central Bank of Ireland.
https://www.independent.ie/business/irish/vasileios-madouros-promoted-to-deputy-central-bank-of-ireland-governor-42055159.html Vasileios Madouros is promoted to Deputy Governor of the Central Bank of Ireland