CENTRAL BANK OF IRELAND

Establishment of Central Bank of Ireland

According to the Central Bank Act of 1942, the Central Bank of Ireland was founded on February 1st, 1943. The Central Bank of Ireland, a new single unitary entity established by the Central Bank Reform Act of 2010, is in charge of both central banking and financial regulation. The Central Bank, the Financial Services Authority of Ireland, and the Financial Regulator were replaced by the new organisation in lieu of the former associated agencies.

According to the Central Bank Act of 1942, the Central Bank Commission is in charge of managing and regulating all of the Central Bank's operations other than those related to the European System of Central Banks (ESCB) (the Commission). The Commission's statutory functions include the following:

·       Managing and controlling affairs and activities of the Central Bank

·       Making sure that the financial regulation of central bank and its functions are coordinated and integrated

·       Ensuring the statutory powers and functions conferred are properly exercised and discharged.

The Central Bank of Ireland protects monetary and financial stability and works to guarantee that the financial system functions in favour of consumers and the larger economy. This serves the public interest.

Role of Central Bank of Ireland

·       The Central Bank is in charge of helping to define the monetary policy of the Eurosystem and assisting in achieving the inflation target for the Euro area. It supports the Governor in his capacity as a member of the European Central Bank's Governing Council (ECB).

·       The Central Bank must make sure that the interests of customers are maintained while it controls Ireland's financial service providers and markets. The Central Bank aims to ensure the consumer protection framework is implemented by regulated businesses by promoting a consumer-focused culture.

·       As the foundation for monitoring and enforcing the fundamental concepts of organisational and financial soundness, consumer protection, and efficiently functioning markets, a high quality and effective regulatory framework is vital in requiring financial businesses to perform to high standards.

 

REFERENCES:

Central Bank of Ireland (no date) Information About the Central Bank of Ireland | Central Bank of Ireland. Available at: https://www.centralbank.ie/about/freedom-of-information/freedom-of-information-publication-scheme/information-about-the-central-bank-of-ireland (Accessed: March 16, 2023).

Central Bank of Ireland (no date) Role of the Central Bank | Central Bank of Ireland. Available at: https://www.centralbank.ie/about/role-of-the-central-bank (Accessed: March 16, 2023).

 

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