Annual Report and Annual Performance Statement 2022

A few people walking on pathway at Central Bank of Ireland building

The Central Bank's 2022 Annual Report and Annual Performance Statement 2022 - 2023 were published on 24 May 2023.

Annual Report 2022 and Annual Performance Statement 2022-2023 | pdf 6095 KB Code of Practice for the Governance of State Bodies | pdf 589 KB

Text and table displaying profits and surplus incomeThe Central Bank’s profits and returns to the exchequer have been elevated in recent years, largely driven by the realised gains on sales of our Special Portfolio1 (SP) of assets.

Similarly to other central banks, over the coming years we will likely move from a period of exceptionally high profitability, to a period where we make losses over the short to medium term. This is due to the full disposal of our SP assets and the impact of interest rate rises.2

To mitigate financial risks facing our balance sheet, we have strengthened our financial buffers, increasing our General Reserve from €1bn in 2008 to €5.9bn in 2022.

Notes: 1. This portfolio was acquired in 2013 as part of the liquidation of the Irish Bank Resolution Corporation.

2. The rise in interest rates increases expenses paid on the Central Bank’s short-dated liabilities, while longer-dated, fixed rate assets remain at low or negative rates, raising the likelihood of losses.

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