Sharon Donnery, Deputy Governor for Financial Regulation at the Central Bank, is set to depart later this year to assume a role with the European Central Bank (ECB). Having served the regulatory body since 1996, she will move on to represent the ECB on the Supervisory Board of ECB Banking Supervision, according to an announcement from the Central Bank of Ireland. Ms. Donnery is set to continues in her present role until the end of 2024, with a search now being initiated for her successor, stated a spokesperson for the Central Bank.
The Supervisory Board holds responsibility for planning and executing ECB banking supervision, and Ms. Donnery will become one of four representatives for the ECB, joining delegates from each of the 21 other regulatory entities within the Eurozone.
Stating her enthusiasm for her new role, Ms. Donnery affirmed her commitment to thoroughly fulfil her current responsibilities before departing at the end of the year. Gabriel Makhlouf, the Central Bank Governor, acclaimed her new appointment, lauding it as an “excellent opportunity”.
Mr. Makhlouf highlighted Ms. Donnery’s reputed standing on the international stage, including her noteworthy contribution to enhancing the robustness of the Irish and European banking systems post-financial crisis, as reasons for the merit of such an opportunity.
Ms. Donnery’s departure will conclude her 28-year long tenure at the Central Bank that began with her position as an economist. She was promoted to Deputy Governor in 2016 and assumed the role of Acting Governor in the summer of 2019 following Philip Lane’s resignation to join the ECB. Ms. Donnery missed out on the permanent Governor’s post, which ultimately went to Mr. Makhlouf. During her time at the Central Bank in Dublin, she held various roles within the ECB including chairing the ECB’s taskforce on non-performing loans post the global financial crisis, and the ECB’s budget committee. Currently, she also co-chairs the Financial Stability Board’s Open Ended Funds Working Group, in addition to other roles.