Central Bank of Ireland

Euro

Http://www.centralbank.ie

The Central Bank and Financial Services Authority of Ireland ( gae. Banc Ceannais agus na hÉireann Udaras Seirbhísí Airgeadais ) is Ireland's central bank and financial supervision. The headquarters of the bank is located in Dublin's Dame Street near Temple Bar and Trinity College, Dublin. It is part of the European System of Central Banks ( ESCB) and the Authority, the Irish euro coins - Currency Centre in Sandyford - impressed.

History

The Central Bank of Ireland (the "Bank ") was established by the Central Bank Act 1942. It replaced the former Currency Commission ( Monetary Affairs Committee ), which was founded by the Currency Act 1927. The Bank was established as a corporation with an official seal. She got the legal capacity of legal liability under Section 5 of the Central Bank Act 1942.

Clause 7 of the Central Bank Act 1942 sets out the rights and powers of the Bank represents, including the power, coins, foreign currency, gold or silver bullion to buy ( ver). The bank was allowed to receive deposits of the Minister, a public authority or a credit institution partially or entirely active in the Irish state. In addition, the bank was seized, to buy or to sell and make loans or advances of money to the commercial banks, securities of the state.

Through the Bretton Woods Agreements Act, 1957, the Bank received the power to participate in the Bretton Woods system. No other rights concerning the financial management of the country were from the Ministry of Finance by the International Financial Corporation Act 1958, the International Financial Development Act 1960 and the Bretton Woods Agreements ( Amendment) Acts 1969 - taken 1999.

The Bank's role was always expands in proportion to the growing scale of the Irish financial markets and the development of the global financial economy. The Central Bank Acts 1971, 1989 and 1997 resulted primarily brought about the expansion of the role and powers of the Bank. Due to the Central Bank Act, 1971, the Bank received additional powers with respect to the licensing and supervision of credit institutions operating in Ireland. The Central Bank Act 1997 the role of the Bank as a supervisor of the payment method. Due to the Central Bank Act 1989, the Currency Act 1927 repealed and significant changes in the powers and duties of the Central Bank were introduced. These included:

  • The gain of the licensing and supervisory rights of the Bank;
  • The licensing and management of a program to protect small investors with credit institutions;
  • The supervision of certain financial institutions in Dublin 's International Financial Services Centre;
  • Changing the structure of the Board of Directors of the Bank.

Over time, the supervisory role of the Bank has been extended and additional duties relating to the oversight of financial companies were in the Building Societies Act, 1989, the Trustee Savings Bank Act 1989, the Unit Trusts Act 1990 and the Companies Act 1990 set. Today the bank is the primary licensing and supervisory authority of Ireland.

The accession of Ireland to the Economic and Monetary Union ( EMU ) ousted the Bank in respect of its currency function. Due to the Central Bank Act 1998, the formulation of monetary policy in Ireland was taken over by the ECB. Clause 4 of the 1998 Act added section 5 of Act of 1942 and establishes that the bank has to perform any duties and functions that the Treaty of Rome in 1957 or in the laws and decisions of the European System of Central Banks ( ESCB) and the European Central Bank emerge.

The bank was restructured and renamed the Central Bank and Financial Services Authority of Ireland ( CBFSAI ) on 1 May 2003. That authority shall carry out all the functions of the old Central Bank of Ireland; in addition, they got new supervisory and consumer protection functions for consumers in the financial services sector. The two main branches of CBFSAI are:

  • The Central Bank, responsible for the execution of the conditions laid down by the ECB monetary policy, financial stability, economic analysis, currency and payment method, and the administration and application of foreign and domestic currencies and securities;
  • The Irish Financial Services Regulatory Authority ( the Financial Regulator ), an independent body within the CBFSAI with responsibility for oversight of the financial sector and the protection of the consumer.

Directors of the Central Bank of Ireland

The Director (Irish: An Gobharnóir ) of the Bank is appointed by the Irish President in consultation with the Irish Government.

  • Joseph Brennan
  • J. J. McElligott
  • M. Muimhneacháin
  • T.K. Whitaker
  • C. H. Murray
  • Tomás Ó F. Cofaigh
  • M. Doyle
  • Muiris S. Ó Conaill
  • John Hurley
  • Patrick Honohan (current)
List of central banks Financial regulation Temple Bar, Dublin Trinity College (Dublin)
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