Central Bank of Ireland – Ireland

The Central Bank of Ireland, established in 1943, is the primary financial regulator for Ireland, ensuring the stability and integrity of the financial system. It plays a central role in monetary policy, financial regulation, and consumer protection.

Key Functions

• Regulation and Supervision: The Central Bank of Ireland regulates over 10,000 firms providing financial services both in Ireland and overseas. It employs a risk-based supervision strategy, underpinned by a credible threat of enforcement to ensure financial stability, consumer protection, and market integrity.
• Financial Stability: The Bank is pivotal in identifying risks to the stability of the financial system and takes measures to mitigate these risks through orderly closures of failed institutions and other systemic risk precautions.
• Monetary Functions: As a central bank, it is responsible for monetary policies, issuing banknotes and coins, and maintaining reserves. It also manages the national payments system and helps frame the monetary policy of the Eurozone, in collaboration with the European Central Bank.
• Consumer Protection: The Bank actively works to protect consumers by overseeing financial products and services, ensuring that firms treat consumers fairly and that the consumer protection framework remains effective.

Recent Activities

The Central Bank of Ireland has been involved in various activities aimed at enhancing the financial system’s robustness and consumer trust. These include financial stability reviews, regulation of new financial technologies, and active participation in shaping international financial regulation standards.

Strategic Vision

The Bank’s strategic plan outlines its goals for maintaining financial stability, ensuring efficient regulatory processes, and supporting economic national development. This includes adapting to the challenges posed by Brexit, changes in the global financial environment, and the growing importance of digital currencies and fintech.