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Irish Independent
Irish Independent
Jon Ihle

Mark Cassidy named to Central Bank financial stability position

Mark Cassidy of the Central Bank

The Central Bank has appointed chief economist Mark Cassidy as its new director of financial stability following his recent stint as acting deputy governor.

Mr Cassidy will take up the role in November, leaving his former position as director of economics and statistics, which he has held since January 2018.

In his new job Mr Cassidy will be responsible for monitoring threats to Ireland’s financial stability and developing a framework for managing and mitigating those risks.

That will put him at the centre of some of the Central Bank’s most hotly debated policies, such as the notoriously strict mortgage measures which Governor Gabriel Makhlouf just relaxed this week.

Mr Cassidy will also lead the regulator’s preparation for financial crisis management, a key function in recent years as the Central Bank has had to develop responses first to the Covid-19 pandemic and then to the Russian invasion of Ukraine – two events with major financial repercussions.

The financial stability role also oversees the orderly resolution of failing financial institutions.

“I am very pleased to announce the appointment of Mark Cassidy as Director of Financial Stability. He brings a wealth of experience in macro-economics, financial stability and central banking to the role,” said Mr Makhlouf.

“We have an ambitious strategy, which represents a renewal and repositioning for the Central Bank. Our strategy aims to ensure that our direction and ambitions over the next five years are responsive and forward looking. I am delighted Mark has agreed to take on this important role and I look forward to working with him and the rest of the senior team on the delivery of our strategy.”

Mr Cassidy recently relinquished his acting deputy governor position to Vasileios Madouros, who was promoted to deputy governor for monetary and financial stability on a permanent basis.

Mr Cassidy had been in the role since May due to a reshuffle prompted by the departure of  Ed Sibley, a senior official.

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