The Central Bank maintains the register of Irish Government bonds, including payment of dividend and redemption proceeds on registered holdings. It also operates a settlement account service, in central bank money, for credit institutions through the IRIS Real-Time Gross Settlement (RTGS) system which is linked to the Trans-European Automated Real-time Gross settlement Express Transfer (TARGET) system. Monetary policy and intra-day credit operations are settled via the RTGS system, with collateral required to be provided in respect of each credit operation.
The Bank also acts as overseer of payment systems. Settlement is also performed for all transactions on the Bank’s Investment Assets portfolio and on the Foreign Reserve Assets portfolio that the Bank manages on behalf of the ECB.
Deposit Guarantee Scheme
The Bank is responsible for the administration of the Irish Deposit Guarantee Scheme, designed to protect depositors in the event of a credit institution failing.