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 summarised as follows:
Eurosystem effectiveness and price stability
The Central Bank is responsible for maintaining price stability through monetary policy formulation at Eurosystem level. We will continue to support the Governor in performing his role in relation to ECB monetary policy formulation and crisis resolution, and also continue to contribute to policy development and analysis across our wide range of Eurosystem commitments. The Bank will continue to implement both standard and non-standard monetary policies and operations on a decentralised basis.
Stability of the financial system
Financial stability in Ireland and across the euro area remains a key priority for the Bank. In addition to the provision of liquidity, the analysis of the financial environment with particular focus on risks and vulnerabilities will continue to be used to inform policy makers. Specific projects will be undertaken to build up data analytics and loan-loss forecasting capability.
Proper and effective regulation of financial institutions and markets
Regulation of institutions and markets will be undertaken through assertive risk-based supervision which is underpinned by credible enforcement deterrents. Specific initiatives will be implemented in the different sectors regulated by the Bank.
Resolution of financial difficulties in credit institutions
In the effort to bring about sustained economic recovery in Ireland, embedding recovery and resolution plans in banks, credit unions and other financial institutions is vital. Stress-testing of institutions will also continue to ensure that they have adequate capital to fulfil their capital adequacy requirements.
- Visit our Credit Institutions Section
Protection of consumers of financial services
Consumer protection strategic priorities have been identified which aim to strengthen and maintain protection for consumers, so that financial services work in the best interests of consumers both at the present time and in the future.
Independent economic advice and high quality financial statistics
Increasing the quality and relevance of economic analysis, research and financial statistics will assist the provision of assessments and advice on domestic economic related issues for policy-makers, the media, the public and the markets. The Bank will also continue to contribute advice and analysis at EU, Eurosystem and EC-IMF-ECB levels.
Efficient and effective payment and settlement systems and currency services
The Bank’s role in the operations and oversight of payment and securities settlement systems is aimed principally at ensuring that they are safe, resilient, efficient and effective and that access to such systems is not restricted. Currency services will continue to be provided to the public while at the same time the Bank will lead the development of the National Payments Plan.
Operational efficiency and cost effectiveness
Efficiency and cost effectiveness will underpin all our operations. The 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 Bank’s investment portfolio will be key considerations in our financial and planning processes. Our operations will also be conducted within well-defined risk management and control frameworks.
For a fuller explanation of our high level goals read Our Strategic Plan 2012-2015
History of the Central Bank of Ireland
On the occasion of the 70th anniversary of the creation of the Central Bank on 1 February 1943, a booklet outlining key developments in the Bank's history has been produced.
A Chronology of Main Developments in the Central Bank of Ireland 1943-2013