Putting our woes behind him
THE Government is on the lookout for a new sheriff following this week’s announcement of the departure, next October, of the country’s financial regulator Matthew Elderfield.The news sparked regret in official and wider media circles. Many would agree that the Englishman, who arrived here from balmy Bermuda, in Jan 2010, has left a much tidier operation behind him.
He has presided over a beefing up in the bank’s oversight capacity and flexed his muscles in a confrontation with businessman Sean Quinn. By sanctioning the appointment of an administrator to the Quinn Insurance group, amid growing concern over the quality of the claims being underwritten in its UK operation, Elderfield displayed considerable grit and did so within weeks of his appointment.
The regulator has his critics, however. Some argue that he is leaving the job with the debt crisis only now coming to the boil.
Some believe that the regulator could have exerted greater authority
