Ms O’Leary brings an extensive breadth of experience to the role, most recently as the Central Bank’s director of currency, workplace and regulatory services.

Prior to that, she headed up the bank’s payments and securities settlements (PSS) division and before that led the bank’s organisation development division.

Previously, Ms O’Leary was a member of the Competition and Consumer Protection Commission (CCPC) from 2017 to 2017, overseeing criminal enforcement and legal services, as well as being co-decision maker on all civil enforcement functions of the CCPC.

She also served as CEO of the National Consumer Agency from 2013 until its amalgamation with the Competition Authority to form the CCPC.

Ms O’Leary replaces Colm Kincaid, who was appointed in July as deputy governor for consumer and investor protection.

Governor Gabriel Makhlouf said: “I am very pleased to announce Karen O’Leary as the Central Bank’s new director of enforcement. Karen brings a wealth of financial services, consumer protection and Central Bank experience to this important role.

“The Central Bank’s enforcement strategy is aimed at promoting principled and ethical behaviour in regulated entities. The Central Bank takes appropriate action where regulated entities and individuals fall short of expected standards.

“Karen’s leadership will be critical in continuing the delivery of our enforcement strategy in a rapidly changing financial system.”