Matthew Elderfield
Matthew Elderfield | |
|---|---|
| Born | January 12, 1966 |
| Nationality | British |
| Occupation | Financial regulator |
| Years active | 1980s–2013 |
| Known for | Deputy Governor and Head of Financial Regulation at the Central Bank of Ireland; CEO of Bermuda Monetary Authority |
Matthew Elderfield (born 12 January 1966) held the position of Deputy Governor and Head of Financial Regulation at the Central Bank of Ireland, often referred to as the Financial Regulator, from January 2010 until October 2013. Prior to this role, he was the chief executive officer of the Bermuda Monetary Authority (BMA).
Education
Elderfield completed his master's degree in International Relations at Cambridge University in 1988 and obtained a bachelor's degree with honors from Georgetown University's School of Foreign Service in 1987.
Regarding the necessity for financial regulators to possess formal financial certifications, Elderfield expressed opposition, highlighting that he himself had never undertaken a professional qualification exam.
Career
From July 2007, Elderfield directed the Bermuda Monetary Authority, where he introduced reforms aimed at strengthening Bermuda’s global standing in insurance, banking, and fund management sectors. His initiatives included expanding the regulatory workforce, establishing comprehensive training programs, and implementing performance evaluation systems for management.
Before his tenure in Bermuda, Elderfield spent eight years at the UK Financial Services Authority (FSA), managing divisions responsible for secondary market oversight, listing policies, and banking regulation. He notably supervised Northern Rock prior to its government bailout. Additionally, he served as the FSA representative on the Basel Accord Implementation Group and chaired its panel reviewing economic capital models.
Earlier in his career, Elderfield was involved in launching the European branch of the International Swaps and Derivatives Association (ISDA) and held positions at the London Investment Banking Association, British Bankers Association, as well as at the Washington DC-based consultancy Institute for Strategy Development.
While serving at the Central Bank of Ireland, Elderfield earned an annual salary of €340,000—less than his previous remuneration of $730,000 (€533,000) in Bermuda—and was recognized for working extensive hours, typically from 7:30am to 7pm on weekdays with half-day shifts on Sundays.
Appointment as financial regulator in Ireland
In October 2009, Elderfield was appointed by Central Bank Governor Patrick Honohan to replace Patrick Neary, who retired early amid investigations into €87 million in concealed directors' loans linked to Anglo Irish Bank. The then Finance Minister Brian Lenihan commended Elderfield’s broad international regulatory expertise as crucial for reforming Ireland’s financial regulatory framework. He officially took office in January 2010.
Elderfield’s mandate involved restoring the regulator’s effectiveness and reputation by managing bank recapitalisation efforts, decreasing dependency on government guarantees, harmonizing Irish regulations with global standards, and ensuring competitiveness within international finance markets. He promoted a proactive regulatory stance backed by credible enforcement measures. A survey conducted by the Irish Times revealed that 68% of respondents viewed his attempts to rebuild trust in the Financial Regulator’s office positively. Nevertheless, by April 2010, he acknowledged a significant "lack of intellectual firepower" among his staff.
Bank capital mandates
After loans were transferred to NAMA in March 2010, banks covered by the Government's guarantee scheme faced a requirement to achieve a minimum core equity ratio of 8% by the end of that year, aiming to strengthen their buffers against potential future losses.
Administrator appointed to Quinn Insurance
On 30 March 2010, the Financial Regulator obtained a High Court order appointing joint provisional administrators to Quinn Insurance Limited, a company within the Quinn Group. This action followed the guarantee of €1.2 billion by eight subsidiaries to support group liabilities, triggering regulatory intervention. In response, the Quinn Group initiated employee demonstrations and engaged creditors in negotiations to address the resulting uncertainty. By 15 April 2010, Quinn Insurance decided not to oppose the installation of a permanent administrator after the regulator challenged Sean Quinn, the owner, to prove he had sufficient funds to resolve the financial difficulties.
Personal
He holds British citizenship, is married, and lives in Sandymount, Dublin. His hobbies include cycling, supporting Leeds United, and enjoying music.