The Central Bank Reform Act, 2010, created a new single unitary body – the Central Bank of Ireland - responsible for both central banking and financial regulation. The new structure replaced the previous related entities, the Central Bank and the Financial Services Authority of Ireland and the Financial Regulator. The Act commenced on 1 October 2010.
View the Central Bank Reform Act, 2010
The high level goals of the Central Bank of Ireland are to:
Contribute to Eurosystem effectiveness and price stability
We are responsible for maintaining price stability through monetary policy formulation at ECB level. We aim to enhance the effectiveness of our participation in monetary policy formulation through the provision of quality briefing for the Governor on Governing Council issues, while recognising that the Governor is solely responsible as a member of the Governing Council. We are also responsible for the effective implementation of monetary policy.
Contribute to financial stability
We have a legal mandate, in both domestic legislation and under the Maastricht treaty, to contribute to financial stability both in Ireland and across the euro area. A key focus is the resolution of the financial crisis. This includes monitoring overall liquidity for the banking system.
Ensure proper and effective regulation of financial institutions and markets
The objective of regulation is to minimise the risk of failure by ensuring compliance with prudential and other requirements. We take a risk based approach supported by open and challenging dialogue with firms by assertive staff, underpinned by a credible threat of enforcement. The purpose of securities market regulation is to promote an efficient and fair securities market.
Ensure that the best interests of consumers of financial services are protected
The objective is to protect customers and investors through conduct of business rules and other measures.
Provide independent economic advice and high quality financial statistics
We also contribute to economic development by undertaking economic analysis and research designed to inform economic policy making across a range of areas. A key priority is to provide authoritative economic advice to Government by ensuring that such advice is relevant and timely. The provision of high-quality and timely statistical information is essential for this and also to provide a solid basis for decisions.
Ensure efficient financial services infrastructure to the economy: payment and currency
Our oversight of payment systems is aimed principally at ensuring that payment and securities settlement systems are safe, effective and efficient and that access to such systems is not restricted. We play a strong role in the development of a National Payments Strategy. With regard to our currency services, we manufacture, issue, store, process and authenticate bank notes and coins.
Maximise our operational efficiency and cost effectiveness
We ensure that the organisation has the capability to deliver the key challenges set out in our Strategic Plan and that our operations are carried out in an effective and efficient manner.
Read Our Strategic Plan for 2010-2012 for a fuller explanation of high level goals.