Derville Rowland, the Central Bank's Director-General (Financial Conduct), has been elected as Chair of the Investment Management Standing Committee of the European Securities and Markets Authority (ESMA).

The appointment is for a period of two years and is effective from July.

The standing committees are expert groups drawn from ESMA staff and member states' national competent authorities.

The Investment Management Standing Committee works on issues relating to the investment funds sector. It is responsible for the development of policy and supervisory convergence activities.

Central Bank Governor Gabriel Makhlouf said the facat that Ms Rowland is taking up this role, on behalf of the Central Bank of Ireland, demonstrates the organisation's commitment to contributing effectively to European policy development.

"This continues to be central to our mission of being trusted by the public and respected by our peers which is why we will continue to contribute at ESMA, and in Europe generally, to bring our perspectives forward and so that we remain a committed and effective partner to our European counterparts," the Governor said.

Derville Rowland said that the Central Bank's occupancy of this role reflects its commitment to contributing to the current international regulatory work on asset management and financial stability, which will be an important element of ESMA’s work plan in the coming period.

"It also reflects range and depth of knowledge in Ireland’s investment funds sector and its standing in European policy forums," she added.