The involvement of stakeholders is an integral part of our work and contributes to our policy making, supervision, research, communications and decision making. We are committed to engaging with our stakeholders (including consumers, regulated firms, the media, business partners, peer regulators, and Government) in a transparent and efficient manner. Some examples of our ongoing engagement with stakeholders include:

Freedom of Information

The Central Bank is committed to complying with the legislative provisions contained in the Freedom of Information Act 2014. You can find out more in ourFreedom of Information section.

Queries

Our Public Contacts Unit deals with a variety of queries and requests each day, primarily relating to consumer issues and regulated firms. 

Visitor Centre

Our Visitor Centre is open to the public.  Access to the Visitor Centre is free and is a fascinating experience for young people and adults, featuring the history of currency and the Central Bank.

Roundtable Discussions

The Central Bank hosts a series of roundtable events each year to provide a listening platform on a range of current issues.They present an opportunity for external stakeholders to meet with senior policy makers, including the Governor and Deputy Governors, to discuss economic issues and challenges facing Ireland in the short-to-medium term.  Roundtable events are publicised in our events section.

Government

One of our key stakeholders in carrying out our mission is the Irish Government. Members of the Central Bank’s senior leadership team regularly contribute to Oireachtas Committees hearings and the Central Bank provides ongoing assistance and advice to Government departments on various legislative issues.

Media

The Central Bank has proactive engagement with domestic and international media in order to build understanding of what it does. There is a continued focus on enhancing the content on our social media platforms (Twitter, LinkedIn and YouTube) and our website, the facilitation of interviews with national and international media and the publication of press releases.

We are committed to being socially responsible in our purchasing activity and aim to implement the European Commission guide ‘Buying Social - A Guide to Taking Account of Social Considerations in Public Procurement’ to promote social considerations such as:

• Employment opportunities
• Compliance with social and labour rights
• Social inclusion (including persons with disabilities)
• Equal opportunities
• Accessibility design for all; and
• Taking account of sustainability criteria, including ethical trade issues and wider voluntary compliance with Corporate Social Responsibility (CSR), while observing the principles enshrined in the Treaty for the European Union (TFEU) and the Procurement Directives.

Sustainability

We are committed to the protection of the environment and the promotion of sustainable development, while aiming to get best value for money for our contracts. This commitment is achieved through the procurement process by:

• Complying with all relevant environmental legislation, regulations, approved codes of practice, applicable licenses and with other requirements to which the organisation subscribes.
• Specifying the use of environmentally-friendly processes and products where possible.
• Ensuring that appropriate consideration is given to the costs and benefits of environmentally-friendly alternatives offered by suppliers.

Prompt Payments

We work to ensure our suppliers are paid on time based on the European Communities (Late Payment in Commercial Transactions) Regulations.

Currency – Cash Cycle

We have a responsibility for oversight of the national cash cycle, as the supplier of wholesale banknotes and coin. We are committed to ensuring that there is cash available if consumers choose to use it for payment. We supply banknotes and coin to wholesale customers, who then supply retailers and consumers. We influence the supply chain by ensuring that our banknote and coin customers operate as efficiently and sustainably as possible

Coins

 We issue Irish collector coin products to celebrate figures of national importance and to commemorate significant events in Irish history (see www.collectorcoins.ie ). 

Formulation of Regulatory Policy

We follow principles of good regulation when we are formulating Irish regulatory policy. When we identify a policy issue through analysis and risk assessment, we research its underlying causes and determine if intervention is necessary. We formulate a set of options to address the issue in an effective and proportionate manner, assess the risks and benefits, and compile a set of policy options to respond. Where appropriate, we consult with stakeholders (such as the Department of Finance, and consumer and industry representative organisations) to formulate an effective and proportionate response. Our procedures are set out in the Central Bank of Ireland Policy on Consultations.

We evaluate our progress against our stated goals through the publication of our Strategic Plan and Annual Report. We also publish independent and robust assessments of the economy – via the half-yearly Financial Stability Reviews and the Quarterly Bulletins, as well as sectoral publications from our regulatory work, including statistical reviews. The full range of reports and publications are available in our publications section.

Speaking engagements by the Bank’s Senior Leadership Team

The Senior Leadership Team regularly engage with our stakeholders by speaking at events in Ireland and abroad. These speaking engagements provide important opportunities to communicate with our stakeholders and to highlight important issues. For example, many of our senior leaders raise awareness of the importance of Diversity and Inclusion across the financial services sector through speeches, participation on panels and interviews.

Consumer Hub

Our website includes a consumer hub, containing explainers about consumer issues, the economy and the wider role of the Central Bank. Visitors to the Consumer Hub Section will find answers to the questions most often asked of the Central Bank in our Consumer Explainers.

Enforcement Actions

We operate an assertive risk-based approach to supervision supported by a credible threat of enforcement. Our enforcement strategy aims to promote principled and ethical behaviour in regulated entities and their employees. More details can be found in our regulation section.