THE HEAD OF financial regulation at the Central Bank Matthew Elderfield is stepping down from his position, the Central Bank has said.

In a statement, Elderfield says he is planning to return to his home in London to pursue other interests. He has been the deputy governor of the Central Bank with responsibility for financial regulation since January 2010.

Elderfield has told the Central Bank that he is waiving the €100,000 bonus he is entitled to at the end of his contract of employment.

“It has been a great privilege to be a public servant in Ireland in such challenging times,” said Elderfield. “But after some six years away, it is time to return home to London.”

Elderfield was the CEO of the Bermuda Monetary Authority before he moved to Ireland.

Central Bank Governor Patrick Honohan praised Elderfield for his work in the role, which came under the auspices of the Central Bank after the banking collapse.

“Although it was always evident to me that we were very likely to have Matthew with us for only a few years, it is sad that this period is now drawing to a close,” said Honohan.

He said that the “institutional structures [Elderfield] has built and the work practices he has inculcated will endure as his lasting legacy.”

Elderfield will officially step down in six months’ time. The Central Bank said he will step away “with immediate effect from involvement in supervisory and other issues if and where a conflict could be perceived.”