The Central Bank of Ireland was established in 1943, on the basis of the Central Bank Act 1942.
The Central Bank of Ireland is the central bank and financial services regulator of the Republic of Ireland. The bank, headquartered in Dublin, is part of the European System of Central Banks (ESCB). It exercises much of its functions in collaboration with the European Central Bank and other Eurozone Central Banks. The bank was renamed as the Central Bank and Financial Services Authority of Ireland on 1st May 2003.
As a member of the Eurosystem, the Central Bank's main responsibilities are:
- Creating an environment of low inflation in the economy and a stable financial system
- Ensuring a secure and reliable payment and settlement systems, to facilitate individuals and firms in the payment process
- Issuing and distributing euro banknotes and coins and working towards ensuring the security and integrity of the euro currency
- Managing foreign exchange assets, on behalf of the European Central Bank
Towards ensuring a stable domestic economy, the bank performs following functions:
- Formulation and implementation of the country's monetary policy
- Implementing exchange rate policy, through monetary policy operations or, if necessary, through foreign-exchange market interventions