Our Mission Statement 'Safeguarding Stability, Protecting Consumers' is at the heart of all that we do and encapsulates the dual priorities for the Central Bank in delivering on its mandate.
We are committed to being an independent, forthright and influential organisation with a compelling, clear and challenging vision of being 'Trusted by the Public, Respected by our Peers, Fulfilling Workplace for our People'.
Our Mission and Vision are central to our Strategic Plan and inform both what we do (our Strategic Responsibilities) and how we operate (our Strategic Enablers), each of which are set out in our Strategic Plan. Our Principles and Priority Behaviours define our culture and work practices.
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- Primacy of the Public Interest
- Working with Integrity and Transparency
- Respecting and Valuing Each Other as Colleagues
- Creating a Fulfilling and Progressive Work Environment
- Encouraging Vigorous Debate, Constructive Challenge and Effective Risk Mitigation
- Being Accountable for Our Performance
- Operating Effectively and Efficiently
- Collaborating and Working as a Team to Achieve our Goals
Our Priority Behaviours
- Challenge Constructively
- Deliver on Commitments
- Lead the Way Forward
- Collaborate and Share
- Develop Self and Others
- Initiate Improvements
Our Strategic Responsibilities and Enablers
The Bank’s primary objectives have been set out in legislation. Its Strategic Responsibilities as outlined below are aligned to these objectives.
Eurosystem Effectiveness and Price Stability
The Bank is responsible for contributing to the formulation of Eurosystem monetary policy and helping to ensure that the Euro area inflation objective is achieved. It supports the Governor in his role as a member of the Governing Council of the European Central Bank (ECB). The primary objective of the ECB’s monetary policy is to maintain price stability. In this pursuit, the ECB aims to maintain inflation rates below, but close to, 2% over the medium term. Read more in our Monetary Policy section.
Stability of the Financial System
The Bank has an explicit mandate in domestic and European legislation to contribute to financial stability in Ireland and at euro area and EU levels. It does so by enhancing the macro-prudential policy framework by further developing a suite of indicators to assess systemic risks, developing macro-prudential tools to address emerging risks, conducting analytical research to inform on the calibration of these tools, and evaluating the effectiveness of these tools in limiting systemic risk.
The Bank is also mandated to establish and operate a Central Credit Register which will document loans to individuals and businesses. This will enhance the Bank’s insight into credit information. When operational, all lenders will be required to submit personal and credit information on loan agreements of €500 or more to the Register. Read more in our Financial Stability section.
Protection of Consumer of Financial Services
As the regulator of financial service providers and markets in Ireland, the Bank has to ensure that the best interests of consumers are protected. The Bank works to develop a positive consumer focused culture within regulated firms, ensuring the consumer protection framework remains effective by reviewing, developing and enhancing the protections in place and by influencing and shaping European and international developments, and monitoring and enforcing compliance with the required standards through themed reviews and inspections. Find out more in our Consumer Protection section.
Regulation of Financial Institutions and Enforcement Actions
The Bank aims to ensure that regulated firms are financially sound and safely managed. Regulation of financial institutions and markets is undertaken through risk-based supervision, which is underpinned by credible enforcement deterrents. This mandate is delivered through a range of tools which include supervising banks within the Single Supervisory Mechanism framework, monitoring of regulatory returns filed with the Bank, approval of persons under the fitness and probity standards, and taking enforcement actions when necessary. The Bank aims to take a proportionate approach to its actions as an intrusive and assertive regulator and does not seek to ensure a ‘zero-failure’ system of regulation and supervision, but to safeguard that any firms that fail, do so in a way that avoids significant disruption to financial services or consumers. Find out more about who we regulate or visit our Financial Regulation section.
Regulatory Policy Development
A high quality and effective regulatory framework is essential in requiring financial firms to operate to high standards as it provides the basis for supervising and enforcing the key principles of organisational and financial soundness, consumer protection, and effectively functioning markets.
The Bank engages actively in the European regulatory policy process, contributing to the development of sound rules well adapted to the Irish context and supporting the work to transpose those rules into Irish law and provide the framework for their application to Irish financial firms and markets.
Efficient and Effective Payment and Settlement Systems and Currency Services
The Bank, in conjunction with the ECB and other national competent authorities, is responsible for ensuring that payment, settlement, and currency systems are safe, resilient and efficient and that access to such systems is not restricted. The Bank also ensures the provision of banknotes and coins and other related currency services to the public, a key component of payments systems. Find out more in our Payments Systems and Currency section.
Independent Economic Advice and High Quality Financial Statistics
The Bank aims to ensure that its economic advice is forward looking and independent and that statistics are robust and relevant. To achieve this, the Bank undertakes data collection, statistical analysis, economic analysis and research designed to inform economic policy making domestically and at the euro area level. The analytical and statistical outputs are disseminated through various publications, seminars and through ongoing interactions with government departments, academia and commentators. Find out more in our Economic Analysis and Statistics section.
Recovery and Resolution of Financial Institutions
The Bank aims to develop a robust framework is in place to ensure that failed or failing regulated firms go through an orderly resolution. The Bank requires all banks and investment firms within scope to prepare recovery plans, which set down the measures they would adopt in the event of their financial deterioration. The Bank then puts feasible and credible resolution plans in place for those firms.
The organisation of the Bank’s internal capabilities is crucial in order to address a broad and complex mandate. Within an overall context of efficiency and effectiveness, a number of critical factors have been identified which must be managed at a strategic level.
People and Knowledge
As a knowledge-based organisation, the Bank needs to attract, retain and develop skilled people and collaborate effectively through knowledge sharing. To achieve this, the Bank seeks to recruit, select, motivate and develop its people in an effective way, and offer a reward model which is merit based and attractive. The Bank will continue to develop and support a learning culture and ensure that it is a fulfilling place to work.
Information and Resources
The Bank aims to manage its information, data and other resources effectively and efficiently. Data, tools and capabilities need to be available, aligned and optimised to generate effective business insight and to deliver on our mandate. In this regard, a comprehensive data and information management strategy will be developed and implemented. The Bank’s relocation to a new head office at North Wall Quay will facilitate improved ways of working, collaboration and efficiency.
Communications and Accountability
The Bank seeks to communicate and engage actively and report openly and transparently on its performance. Effective communications support the delivery of the Bank’s strategy through helping to build trust and credibility and by ensuring that it is approachable, accessible and responsive to stakeholders. The Bank is developing and broadening its communication channels, including digital media, in order to promote more actively its role to internal, domestic and international audiences, and enhance its engagement with the public and relevant stakeholders.
Our Strategic Plan
For a fuller explanation of our high level goals read Our Strategic Plan 2016 - 2018
Operational Efficiency and Cost Effectiveness
Efficiency and cost effectiveness will underpin all our operations. The Central Bank will strive to have the people, systems and structures in place to maximise our effectiveness. Cost control within our own operations and ensuring the optimum return on the Central Bank's investment portfolio will be key considerations in our financial and planning process. Our operations will also be conducted within well-defined risk management and control frameworks and in this regard, please see our EHS Annual Report (internal) for 2015.
- The Central Bank Reform Act 2010 created the new single unitary body, the Central Bank of Ireland, which 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.