Central Bank and Financial Services Authority of Ireland
Located in Dame Street, Dublin, Ireland, the Central Bank and Financial Services Authority of Ireland
has been the main central bank of Ireland and financial services regulator before Ireland joined the European Union in 1999 and transitioned over to the European System of Central Banks. The bank was opened in 1943 and from the 70s until 1999 it operated under the regular Central Bank Act, issuing its own currency
of Irish pounds, before joining the Eurozone and implementing the Euro currency.
Although it still exists as its own entity, many of its functions and operations are controlled and governed by the European Central Bank
, with Governor John Hurley heading up the bankís board and reporting to the European Central Bank.
The bank has been running under two separate sectors following the passing of the Central Bank
and Financial Services Authority of Ireland Act in 2003. Firstly there is the existing Central Bank under Europe and the Financial Regulator division, which is more tailored for the countryís financial services.
The main role of the central bank is to control the countryís monetary policy under the guidance of the European System of Central Banks, in order to promote stability of the Euro and the general financial stability of Ireland.
The Financial Regulator divisionís main roles are to control the financial services of Ireland, oversee payment systems, and to control all the financial institutions in the Republic of Ireland, including credit unions. It has its own Chairman, Chief Executive, and board, separate from the Central Bank.
Irelandís external trade is strongly affected by operating under the European Monetary System, because 50% of their trade is with Britain, which although is part of Europe has not yet embraced the Euro currency.
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