Central Bank of Ireland

By: EconomyWatch   Date: 8 September 2010

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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

 

  • Acting as the custodian and manager of the country's foreign exchange reserves
  • Licensing and supervising banking activities in the country
  • Issuing and distributing currency
  • Overseeing the operation of financial markets and payment systems in the country

The Central Bank is responsible to both Houses of the Oireachtas. Also, the bank is required to send a report on its activities to the Finance Minister, from where the report is sent to both houses of the Oireachtas.

A Board of Directors conducts and manages the activities of the bank. A Governor who is appointed by the President heads the board. There are up to nine non-executive directors on the board who are appointed by the Finance Minister.

The Address and Contact details of the bank is as follows:

Central Bank and Financial Services Authority of Ireland

Address: P.O. Box 559 Dame Street Dublin 2 IRELAND
Phone No.: ++353-1-671 66 66
Fax: ++353-1-671 65 61

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