Central Bank of Ireland Deputy Governor Ed Sibley plans to join EY Ireland’s financial services unit later this year after a decade with the regulator, sources say.
The bank said on Monday that Mr Sibley, who became one of the organization’s two deputy governors in 2017, would leave at the end of August to pursue opportunities in Ireland’s private sector.
He added he would step back from front-line regulatory and oversight responsibilities, with interim arrangements to be announced “in due course”. The Irish Times has learned that Mr Sibley is planning to join EY, a Big Four accountancy firm.
Mr. Sibley grew up near Southampton in England and worked for the Financial Services Authority in the UK. He also held several positions with the Bank of Ireland and PwC before joining the Central Bank in 2012.
He was previously head of the supervisory section of banking supervision and director of the supervision of credit institutions before becoming deputy governor in 2017 in charge of prudential regulation.
The Central Bank, EY and Mr Sibley all declined to comment on Friday evening.
Mr Sibley was among a number of high profile outsiders who joined the Central Bank in the wake of the financial crisis as the regulator sought to repair its reputation.
One of the government-commissioned reports on the financial crisis, written by Finnish academic and financial expert Peter Nyberg, concluded in 2011 that the regulators during the boom – made up of the then separate institutions of the Central Bank and the financial regulator – were aware that banks were engaging in risky behavior before the recession, but did little to stop it.
While some sectors of the financial industry have suggested that the regulatory pendulum has swung too far in the other direction since the crash, Mr Sibley has consistently pushed back on that idea.
In a speech in 2017, he said: “My view is that given the scale of the financial crisis, a radical and far-reaching reform was necessary, but not everything was perfectly calibrated and further development is needed. Just as the financial system as a whole and its components continue to change, the regulatory regime must adapt and evolve. However, significant easing should be resisted.
Two years later, he told a Banking & Payments Federation Ireland (BPFI) conference that bankers were beginning to display echoes of pre-crisis hubris, as pressure mounts on regulators to they are loosening the checks and controls introduced over the past decade to avoid another financial crash. .