Ms Donnery has taken up a new role as a European Central Bank (ECB) representative to the Supervisory Board of ECB Banking Supervision.
As Deputy Governor, Financial Regulation, Ms McMunn will be a member of the Central Bank’s executive leadership team, which has overall responsibility for delivery of the Central Bank’s strategy and its transformation agenda. She will take up the new position from January 1.
In her new role, she will oversee supervisory risk analytics and data, policy and international, and supervision of the banking and payments, credit unions and insurance sectors.
She will also be a member of the Central Bank of Ireland Commission, effectively its board of directors, and become a member of the ECB’s Banking Supervision Supervisory Board which has responsibility for directly supervising the largest banking groups in the euro area.
A second deputy governor, Vasileios Madouros, is also a member of the Central Bank Commission.
The law limits the number of deputies who act as ex-officio members of the Commission to two and historically the Central Bank has only had two deputies and one governor.
Today’s News in 90 seconds – 11th December 2024
In 2022, a third deputy, Derville Rowland, was appointed, but without a seat on the Commission.
Ms McMunn joined the Central Bank in 1997 and has been Director of Banking, Payments and Credit Unions at the Central Bank since September 2018.
Ms Donnery was the first woman appointed a deputy head of the Central Bank of Ireland, in 2016, and she was the first to serve as interim governor following Philip Lane’s move to a full-time role with the ECB in Frankfurt.
Announcing the new appointment, Central Bank Governor Gabriel Makhlouf said: “I am delighted to announce the appointment of Mary-Elizabeth McMunn as Deputy Governor, Financial Regulation. Mary-Elizabeth brings a wealth of experience in financial regulation and extensive leadership experience allied with a deep knowledge of the financial system and of the regulatory environment in Europe. She is an exemplar of the open and inclusive culture and values of the Central Bank of Ireland.
Outgoing Finance Minister Jack Chambers welcomed the appointment.
“Ms McMunn brings significant experience in the areas of banking, payments, supervision and credit unions to her new role as Deputy Governor, where she will play a key role in leading the Central Bank’s regulatory policy at national, European and global level. I would like to wish Ms McMunn every success in the role,” he said.