The Central Bank's director of enforcement Peter Oakes has stepped down.

Mr Oakes, a solicitor and founder of Compliance Ireland was appointed to the position in June 2010.

"Having had the privilege of working for the bank over the past number of years, I believe the time is right for me to pursue other interests knowing that our enforcement strategy shall continue successfully," Mr Oakes said.

Mr Oakes, an Australian, previously advised banks and other financial firms on corporate governance, regulatory compliance and financial crime issues.