The Central Bank of Ireland has announced that Peter Oakes is stepping down from the post of Director of Enforcement. Peter has decided after two years of setting up the new enforcement function at the Central Bank that he wishes to take the opportunity to pursue other interests.

Peter Oakes said: ‘I joined the Central Bank in October 2010 as part of the senior management team to deliver the transformational change agenda in the aftermath of the financial crisis and in particular to lead the build of the new Enforcement Directorate and its delivery of the Bank’s credible threat of enforcement. I am very satisfied with the achievements of the directorate and the bank during my time here. The work has been complex and challenging but also rewarding. We have pursued cases in new and novel areas and our work on a number of matters has been ground breaking. I believe that we have taken important steps to demonstrate that the Bank will pursue a range of enforcement actions to make good on its statutory obligations and its high level goals, helping ensure its reputation as a credible regulator and enforcer. I am very grateful for the dedication and efforts of the enforcement professionals which have underpinned, and will continue to underpin, our successful enforcement platform. Having had the privilege of working for the Bank over the past number of years, I believe the time is right for me to pursue other interests knowing that our enforcement strategy shall continue successfully.’

Deputy Governor, Matthew Elderfield, said: ‘I’m very grateful to Peter for the work he has done in developing our enforcement function so that it delivers a strong deterrent and supports our new regulatory approach. My thanks for his strong contribution to enforcement and senior management roles and I wish him well in his future endeavours.’