Sharon Donnery | |
---|---|
Deputy Governor of the Central Bank of Ireland | |
Assumed office 1 March 2016 | |
Governor | Philip R. Lane Gabriel Makhlouf |
Preceded by | Stefan Gerlach |
Governor of the Central Bank of Ireland Acting | |
In office 2 June 2019 –31 August 2019 | |
Taoiseach | Leo Varadkar |
Preceded by | Philip R. Lane |
Succeeded by | Gabriel Makhlouf |
Personal details | |
Born | Sharon Martina Donnery 1 November 1972 Dublin,Ireland[ citation needed ] |
Alma mater | University College Dublin |
Sharon Donnery (born 1972)[ citation needed ] is an Irish economist and financial regulator who has served as a Deputy Governor of the Central Bank of Ireland since March 2016. She served as the Governor of the Central Bank of Ireland on an acting basis from June 2019 to August 2019,having occupied increasingly senior positions in economics,consumer protection and regulatory roles since joining the body in 1996. [1] As of 1 July 2022 she is responsible for financial regulation in Ireland. The legislation underpinning the role of the Central Bank of Ireland sets out four statutory positions:Governor,Head of Central Banking,Head of Financial Regulation and Registrar of Credit Unions. [2] As of July 2022,Donnery has the distinction of being the only person to have held all four positions, [3] albeit that she occupied the Governor role on an acting basis.
Educated at undergraduate (BA in Economics and Politics 1993) and postgraduate (MA in Economics 1994) level at University College Dublin,Donnery joined the Central Bank of Ireland in 1996,working initially in the Monetary Policy Division. [1] [4] She was the first woman to be appointed as one of the Deputy Governors of the Central Bank of Ireland.[ citation needed ]
Prior to joining the Central Bank,she worked at Maynooth University,as a lecturer in Economics. She has noted that when she joined the organisation that there was no woman at either senior management or head of division level and that this would not change until 2001. Having progressed through the organisation and served as Head of Consumer Protection,she was appointed to the statutory role of Registrar of Credit Unions in 2013. While in a consumer protection leadership role,she was Chair of the European Banking Authority's (EBA) Consumer Protection Group and Vice-Chair of the EBA Standing Committee on Consumer Protection and Financial Innovation;she later continued involvement in international policy-making. She was subsequently promoted to Director of Credit Institutions Supervision in 2014,succeeding Fiona Muldoon. She was appointed by the European Central Bank to act as Chair of the ECB High Level Group on Non-Performing Loans (NPLs). The group produced ECB guidance on Non-Performing Loans and a review of relevant practices across Europe. She was appointed Chair of the ECB's Budget Committee in 2016 - this being one of only two ECB committees not chaired by an ECB executive - succeeding Pentti Hakkarainen.[ citation needed ]
In 2016,Donnery was appointed to the role of Deputy Governor (Central Banking),succeeding Stefan Gerlach. She was the first woman to be appointed to one of the Deputy Governor roles. In 2018,she was shortlisted as one of two contenders nominated by MEPs to head the ECB Supervisory Board,eventually losing out to Andrea Enria. On the departure of Philip R. Lane,she was appointed Acting Governor from June to August 2019,the first woman to lead the Central Bank,albeit on an temporary basis. [1] According to media reporting,Donnery was one of five shortlisted candidates for the post of Governor,with Gabriel Makhlouf ultimately appointed and taking up the role from 1 September 2019.
In 2020,she was appointed as an adjunct professor of economics at Trinity College Dublin [5] and was named as UCD Alumni Award winner for the social sciences. [6] Holder of a diploma from the Institute of Directors,Donnery was,in 2019,registered by that body as a Chartered Director. [4]
It 2022 it was announced that Donnery had been appointed Deputy Governor (Financial Regulation),responsible for leading the supervision of credit institutions,and the insurance sector,as well as policy and risk,and the prudential analytics and inspections directorates,with a team over 600. In this role she would also be a member of the ECB Supervisory Board,the body responsible for the ECB's supervisory tasks. [7]
The Bank of Spain is Spain's central bank and the Spanish member of the Eurosystem and has been the monetary authority for Spain from 1874 to 1998,issuing the Spanish peseta. Since 2014,it has also been Spain's national competent authority within European Banking Supervision. It was originally established by Charles III in Madrid in 1782,as the Banco Nacional de San Carlos,and took its current name in 1856. Its activity is regulated by the Bank of Spain Autonomy Act. The bank doesn't translate its name to English but uses its Spanish name in all English communications.
Banking regulation and supervision refers to a form of financial regulation which subjects banks to certain requirements,restrictions and guidelines,enforced by a financial regulatory authority generally referred to as banking supervisor,with semantic variations across jurisdictions. By and large,banking regulation and supervision aims at ensuring that banks are safe and sound and at fostering market transparency between banks and the individuals and corporations with whom they conduct business.
The Basel Committee on Banking Supervision (BCBS) is a committee of banking supervisory authorities that was established by the central bank governors of the Group of Ten (G10) countries in 1974. The committee expanded its membership in 2009 and then again in 2014. As of 2019,the BCBS has 45 members from 28 jurisdictions,consisting of central banks and authorities with responsibility of banking regulation.
The Central Bank of the United Arab Emirates is the state institution responsible for managing the currency,monetary policy,banking and insurance regulation in the United Arab Emirates.
Philip Richard Lane is an Irish economist who has been serving as a member of the Executive Board of the European Central Bank since 2019 and concurrently as ECB chief economist. He previously served as Governor of the Central Bank of Ireland from 2015 to 2019. As ECB Chief Economist,Lane is seen by many as providing an academic counterweight to the traditional political abilities of ECB President,Christine Lagarde.
The European Insurance and Occupational Pensions Authority (EIOPA) is a European Union financial regulatory agency. It was established in 2011 under Regulation (EU) No 1094/2010.
Patrick Honohan is an Irish economist and public servant who served as the Governor of the Central Bank of Ireland from 2009 to 2015. He has been a nonresident senior fellow at the Peterson Institute for International Economics since 2016.
The European System of Financial Supervision (ESFS) is the framework for financial supervision in the European Union that has been in operation since 2011. The system consists of the European Supervisory Authorities (ESAs),the European Systemic Risk Board,the Joint Committee of the European Supervisory Authorities,and the national supervisory authorities of EU member states. It was proposed by the European Commission in 2009 in response to the financial crisis of 2007–08.
The European Securities and Markets Authority (ESMA) is an agency of the European Union located in Paris.
The European Banking Authority (EBA) is a regulatory agency of the European Union headquartered in La Défense,Île-de-France. Its activities include conducting stress tests on European banks to increase transparency in the European financial system and identifying weaknesses in banks' capital structures.
Andrea Enria an Italian economist who served as Chair of the ECB Supervisory Board from 2019 to 2023. He previously served as the chairperson of the European Banking Authority (EBA) between 2011 and 2019.
Benoît Georges Cœuré is a French economist who has been serving as President of the Autoritéde la concurence since 2022. He previously served as a member of the Executive Board of the European Central Bank from 2012 to 2019.
Claudia Maria Buch is a German economist who serves as Chair of the ECB Supervisory Board since 2024. She previously was a Vice President of the Bundesbank from 2014 to 2023.
European Banking Supervision,also known as the Single Supervisory Mechanism (SSM),is the policy framework for the prudential supervision of banks in the euro area. It is centered on the European Central Bank (ECB),whose supervisory arm is referred to as ECB Banking Supervision. EU member states outside of the euro area can also participate on a voluntary basis,as was the case of Bulgaria as of late 2023. European Banking Supervision was established by Regulation 1024/2013 of the Council,also known as the SSM Regulation,which also created its central decision-making body,the ECB Supervisory Board.
Sabine Lautenschläger is a German jurist who served as a member of the Executive Board of the European Central Bank from 2014 to 2019. She previously served as vice-president of the Deutsche Bundesbank from 2011 to 2013.
The European banking union refers to the transfer of responsibility for banking policy from the member state-level to the union-wide level in several EU member states,initiated in 2012 as a response to the 2009 Eurozone crisis. The motivation for the banking union was the fragility of numerous banks in the Eurozone,and the identification of a vicious circle between credit conditions for these banks and the sovereign credit of their respective home countries. In several countries,private debts arising from a property bubble were transferred to the respective sovereign as a result of banking system bailouts and government responses to slowing economies post-bubble. Conversely,weakness in sovereign credit resulted in deterioration of the balance sheet position of the banking sector,not least because of high domestic sovereign exposures of the banks.
The European Union-wide banking stress test 2016 was conducted by the European Banking Authority (EBA) in order to assess the resilience of financial institutions in the European Union to a hypothetical adverse market scenario. The stress test was formally launched on 24 February 2016 with a publication of the final methodology and templates as well as the scenarios. It covered over 70% of the national banking-industry assets in the euro area,each EU member state and Norway. 53 EU banks participated in the exercise,39 of which are directly supervised by the ECB under European Banking Supervision. The outcomes of the exercise,including banks' individual results,were published on 29 July 2016,at 22:00 CET.
Fabio Panetta is an Italian economist who has been serving as Governor of the Bank of Italy since 2023. He previously served as a member of the Executive Board of the European Central Bank from 2020 until 2023. Prior to his ECB appointment,Panetta served as Senior Deputy Governor of the Bank of Italy and concurrently as President of the Institute for the Supervision of Insurance from May to December 2019.
Kerstin Margareta af Jochnick is a Swedish banker and economist. She is currently serving as a member of the ECB Supervisory Board,and was the former First Deputy Governor of the Sveriges Riksbank,the central bank of Sweden.
The Supervisory Board of the European Central Bank is the main operational decision-making body within the European Central Bank on bank supervision matters,within the framework of European Banking Supervision. It meets twice a month to discuss,plan and carry out the ECB's supervisory tasks. It is not,however,the ultimate decision-making body,as it only prepares draft decisions for the Governing Council under a no-objection procedure.