The Financial Regulator (), officially the Irish Financial Services Regulatory Authority, was the single regulator of all financial institutions in Ireland from May 2003 until October 2010 and was a "constituent part" of the Central Bank of Ireland. It was re-unified with the Central Bank of Ireland on 1 October 2010 and its board structure was replaced by a new Central Bank of Ireland Commission. Matthew Elderfield, formerly head of the Bermuda Monetary Authority, led the organisation from January 2010 until it was disestablished in November 2010. The previous chief executive officer was Patrick Neary, who retired early over the handling of the regulator's investigation into the €87 million in secret directors' loans at Anglo Irish Bank. The incumbent before that, had companies he is a director of, fined a total of €3.35 million by his previous employers the Financial Regulator, for risk control and reporting failures. History The regulator was established on 1 May 2003 by the Central Bank and Financial Services Authority of Ireland Act, 2003. The regulator was a distinct element of the Central Bank and Financial Services Authority of Ireland with clearly defined regulatory responsibilities which covered all Irish financial institutions, including those previously regulated by the Central Bank of Ireland, the Department of Enterprise, Trade and Employment, the Office of the Director of Consumer Affairs and the Registrar of Friendly Societies. The regulator had a strong role in consumer protection and took over the policing of the Irish Stock Exchange on 1 November 2007, assuming day-to-day responsibility for detecting and investigating market abuse. It had a headcount of 377. Developments that led to its disestablishment Following the failure of the then-regulatory structures to prevent excessive lending to the property sector, consultants Mazars, which were brought in to review operations said that "regulatory expertise was lacking in some areas." Responding to the highlighted weakness, Brian Lenihan, the then Minister for Finance, said "substantial additional staff with the skills, experience and market-based expertise will be appointed. Those recruited will also have the expertise to regulate the international financial services sector." He also announced that all consumer functions will be '"reassigned"' to other agencies. In June 2009 the government announced that a new body, called the Central Bank of Ireland Commission, would replace the then board structure of the Central Bank and the Regulator. A July 2009 editorial, in the respected Sunday Business Post, said "returning the key