Establishment of the Central Bank of Ireland
The Central Bank of Ireland was established on 1 February 1943 under the Central Bank Act 1942. 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.
Roles, Responsibilities and Functions of the Central Bank of Ireland
The functions of the Central Bank are set out in various enactments. Our website provides information about the rules, procedures, practices, guidelines and interpretations used by the Central Bank to make decisions, determinations or recommendations pursuant to those enactments. You may want to start by reading about:
Further information about functions of the Central Bank under specific enactments, such as our consumer protection or financial regulation functions, may be found on the relevant pages of this website.
Governance / Management Arrangements
The Central Bank Act 1942 provides that the activities and affairs of the Central Bank, other than European System of Central Banks (ESCB) functions, are managed and controlled by the Central Bank Commission (the Commission). The Commission has the following statutory functions:
- managing and controlling the affairs and activities of the Central Bank;
- ensuring that the Central Bank’s financial regulation and central banking functions are coordinated and integrated; and
- ensuring that the statutory powers and functions conferred on the Central Bank are properly exercised and discharged.
The Commission engages with management members on issues of strategic importance to the Central Bank (other than ESCB functions) and advises, supports and constructively challenges them as appropriate.
Corporate Plans and Strategies
Our mission of Safeguarding Stability, Protecting Consumers is at the heart of all that we do and encapsulates our dual priorities on delivering on our mandate. Our Strategic Plan for the period 2016 - 2018 outlines how the Central Bank will deliver on its mandate in the coming three years.
The Central Bank is required by the Central Bank Act 1942 (as amended) to prepare a report on our activities during the year. Our Annual Report contains information on our key activities and developments, governance and financial operations.
In addition, we publish our Annual Performance Statement, pursuant to the Central Bank Act 1942 (as amended), which provides an evaluation on the Central Bank’s performance under a number of key areas such as Regulatory Performance, Financial Institutions Supervision, Markets Supervision and Consumer Protection and Enforcement.
Our Annual Employee Health and Safety Report is also released on an annual basis.
Read more about our publications.
Organisation and Pay / Grading Structures
The Central Bank is organised into directorates which report to the Deputy Governor (Central Banking), the Deputy Governor (Financial Regulation) or the Chief Operations Officer.
Locations and Contact Details for the Organisation
Members of the public with queries on Central Bank operations and financial sector regulation can contact our Public Contacts Helpline, 1890777777. Our helpline is open Monday to Friday from 09:00-18:00. Alternatively members of the public can email firstname.lastname@example.org.
For further details see our Contact Us page
Links to Agencies/Other Bodies Under the FOI Body’s Remit
The Central Bank provides funding to the Irish Financial Services Appeal Tribunal (IFSAT) and is a shareholder of the Investor Compensation Company Limited (ICCL).
Service Level Agreements / Memoranda of Understanding
Code of Ethics
In discharging its statutory function of financial regulation, the Central Bank also publishes a range of Codes of Practice to which regulated financial service providers operating in the relevant industry sectors must adhere.