Ex-BMA CEO Doesn’t Regret Irish Move

Former Bermuda Monetary Authority chief executive officer Matthew Elderfield took a 50 percent pay cut when he left the island to become Ireland’s financial regulator last year — and took on more work than he could possibly have imagined when the European country’s banking system virtually collapsed.

In an interview with Dublin’s “Independent”, Mr. Elderfield said he remains committed to his job to restore the one-time “Celtic Tiger’s” economic underpinnings — and when he feels sorry for himself about the monumental task he has taken on his wife tells him “don’t get ahead of yourself Elderfield, time to do the washing up.”

“Matthew Elderfield powered into 2010 a man on a mission,” reports the newspaper. “Newly arrived from Bermuda, the 44-year-old Briton was chomping at the bit to immerse himself in the ‘interesting’ job of putting order on Ireland’s chaotic banks and restoring our shambolic financial regulation regime.

“A year on, his resolve remains as steely as ever, but the bravado that marked his early tenure has been indelibly tempered by the harsh realities of the last 12 months. Having been cast as the saviour of Ireland’s banks, Elderfield must now contend with the fact that they are heading into 2011 in worse shape than ever before.

“They’ve all been virtually locked out of money markets since the autumn, when the government guarantee underpinning their debts was rendered worthless after Ireland’s sovereign rating collapsed.”

Mr. Elderfield headed up the Bermuda Monetary Authority between 2007 and 2009.

When he announced he was leaving for Ireland, the then-acting BMA chairman Darren Johnston said: “I would like to acknowledge the outstanding contribution Matthew has made to the Authority’s progress over the past two and a half years. He has combined strategic vision with practical leadership to great effect. On behalf of the Board and all the Authority’s staff I extend our sincere thanks to Matthew for his service and wish him well in his new position.”

Mr. Elderfield’s succeessor at the helm of the BMA was Bermudian Jeremy Cox, who also praised his dedication and professionalism: “I would like to add my thanks to Matthew for the energy and ideas he brought to the Authority; it’s truly been a pleasure working with him.”

Reflecting on his time in Bermuda, Mr. Elderfield commented: “I would like to express my gratitude to the Board and staff of the Authority for their support and dedication during my tenure.

“I am particularly grateful to Jeremy Cox for his good counsel over the years and for being such a committed and supportive partner in leading the Authority through the financial crisis and a busy agenda of regulatory change. My many congratulations to him on his new role. I am also very appreciative of the strong support I have enjoyed from government and industry since I have come to Bermuda.”

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