The retired Supreme Court judge Mr Justice John MacMenamin (small picture) has been appointed as chair of the Irish Financial Services Appeals Tribunal (IFSAT).

The President has formally made the appointment after the retired judge's nomination by the Government last week.

Mr Justice McMenamin’s term runs for five years. He succeeds Mr Justice John D Cooke, who died in April 2022.

Welcoming the appointment, Minister for Finance Michael McGrath (pictured) said that IFSAT played an important role in ensuring the integrity of the regulatory regime for financial-service providers.

Appeals

IFSAT is an independent tribunal that hears and determines on appeals from aggrieved parties against any decision of the Central Bank of Ireland which is designated an appealable decision.

Whether the decision is appealable to IFSAT is defined in the relevant piece of legislation from which the decision derives.

IFSAT decisions can be appealed to the High Court.

The Central Bank and Financial Services Authority of Ireland Act 2003 provides for a chair of IFSAT, a deputy chair, and between one and five lay members.