The Deputy Governor of the Central Bank, Ed Sibley, is to step down from his role at the end of August.

Sibley, who was appointed to his role in 2017, is one of two deputy governors with responsibility for Prudential Regulation.

His role sees him with ultimate responsibility for overseeing all regulated firms, including insurers, brokers and banks in Ireland.

During his notice period, between now and August 31, Sibley will no longer have responsibilities for frontline regulatory activity.

Central Bank Governor Gabriel Makhlouf said: "Ed’s departure will be a loss to the Central Bank and the European financial regulatory family. He has made an enormous contribution in his current role as Deputy Governor and throughout his time at the Central Bank.

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"Over the last decade he played an important role in building the resilience of Ireland and Europe’s financial system," Mr Makhlouf said.

"I would like to thank him for his leadership and commitment to the bank and in the area of financial regulation."

Mr Sibley plans to join the private sector after leaving the Central Bank, saying: "It has been an immense privilege to work in the Bank over the last decade.

"I am proud of all that the Bank has achieved and delivered for Ireland over this period, and the small part I have played in this. The Bank has strong foundations to continue to deliver for the people of Ireland."

The Deputy Governor landed his current role after time spent with Bank of Ireland, PwC and working with the Financial Services Authority in Britain.