Why the Central Bank must spare the rod

Strict probity rules have served the financial sector well after the crash, but exerting too much pressure risks scaring off those rare beasts: capable independent board members

7th April, 2019
Christine Lagarde: increasing the share of women leaders in banking would stabilise the sector Picture: Getty

You may remember Matthew Elderfield, the knight in shining armour who rode in to rebuild the financial services regulatory regime in Ireland in the aftermath of the financial crisis.

We were fortunate that the late Brian Lenihan was able to persuade someone of Elderfield’s capability to accept the role as head of financial regulation at the Central Bank of Ireland, a less than attractive proposition at the time. Though his tenure was a short four...

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