Decision Making Process for Major Policy Proposals 

Major Policy Proposals Including Any Public Consultation Exercises

The Central Bank of Ireland is a member of the Eurosystem, which consists of the European Central Bank (ECB) and the National Central Banks (NCBs) of the Member States that have adopted the euro. This group of institutions is responsible for conducting and implementing the single monetary policy for the currency union with the primary objective of maintaining price stability. Read more about monetary policy proposals.

Payment Systems

The Central Bank of Ireland has an important role in the oversight of payments systems and in the development of payments systems policy, both in the domestic and European context.

Economic and Statistical Analysis

The Central Bank of Ireland undertakes data collection, statistical analysis, economic analysis and research designed to inform economic policy making across a wide range of areas. The results of the Central Bank's extensive analysis are conveyed to government, the financial sector, academia and the general public through a number of different channels.

Consultation Papers

The Central Bank of Ireland issues Consultation Papers when enhancements to the regulatory framework are being proposed and further information is available in the associated policy. The consultation process provides an opportunity for the Central Bank to engage with stakeholders on a particular topic and to get comments/feedback in relation to the proposed changes.

Background Information Relating to Major Policy Proposals and Decisions

Consultation papers published on our website include the relevant background information relating to major policy proposals and decisions.

Reports on the Operation of Public Services by the FOI Body

At least every four years, the Central Bank is required to arrange for a review of the performance of its regulatory functions to be conducted by another national central bank, or another person or body whom the Governor has certified as appropriate, following consultation with the Minister.

In practice, peer reviews, in accordance with the legislation, are carried out on a regular basis. Details of these reviews are reported on annually in the Annual Report and Annual Performance Statement, available at the following link Annual Reports Archive.

Expenditure Reviews, Policy Assessments

Under the Central Bank Act 1942 (as amended) the Central Bank of Ireland is required to prepare a report on its activities during the year. The Annual Report and Annual Performance Statement contains information on the financial operations, including Statements of Accounts for the relevant year.

The Comptroller and Auditor General audits, certifies and reports on the Central Bank’s Statement of Accounts and remits both his or her report and the Statement of Accounts to the Minister. Furthermore, the Central Bank’s Statement of Accounts are audited by independent external auditors.When we identify a policy issue through analysis and risk assessment, we work to understand its underlying causes and determine whether intervention by the Central Bank is needed.  Further information on How We Make Policy is also available.