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Dublin: 9 °C Friday 24 October, 2014

Director of Enforcement to step down from Central Bank

Peter Oakes, who set up the new enforcement department at the Central Bank when he joined in October 2010, said he is leaving to pursue other interests.

Peter Oakes
Peter Oakes

THE DIRECTOR OF Enforcement at the Central Bank has announced he is to step down from his role.

Peter Oakes, who set up the new enforcement department at the Central Bank when he joined in October 2010, said he is leaving to pursue other interests.

Oakes was appointed as part of the senior team at the Central Bank  to introduce changes to Ireland’s regulatory culture in the wake of the financial crisis. In a statement, he pointed to the achievements of the enforcement department and the Bank.

“I am very satisfied with the achievements of the [enforcement] directorate and the bank during my time here,” he said.

The work has been complex and challenging but also rewarding. We have pursued cases in new and novel areas and our work on a number of matters has been ground breaking.

I believe that we have taken important steps to demonstrate that the Bank will pursue a range of enforcement actions to make good on its statutory obligations and its high level goals, helping ensure its reputation as a credible regulator and enforcer.

He said he believed the time was right for him to pursue other interests “knowing that our enforcement strategy shall continue successfully”.

Deputy Governor of the Central Bank Matthew Elderfield praised the work carried out by Oakes in developming new enforcement roles for the Bank and thanked him for his “strong contribution”.

Before joining the Central Bank two years ago, Oakes had worked as the managing director of a consulting company which advised financial institutions on corporate governance, risk and financial crime issues.

He also worked as an enforcement regulator with the UK Financial Services Authority and held a similar position in Australia.

There was no immediate comment on who is to replace Oakes in the role.

Read: Banking sector saw rise in deposits, decline in lending in 2012 >

Read: Aviva fined €2.45 million by the Central Bank for breaching regulations >

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