Central Bank Ireland

The Central Bank of Ireland or Banc Ceannais na h�ireann was set up during 1943 and as of now Patrick Honohan serves as its governor. It replaced the Currency Commission and the Bank of Ireland, The Central Bank Reform Act 2010 has made the Central Bank of Ireland the only unitary entity that is responsible for the regulatory and central banking operations:

    • Contributing to the consistency in prices and effectiveness of the Eurosystem
    • Providing top notch financial statistics and economic suggestions on an independent basis
    • Contributing to fiscal uniformity in Ireland and the Euro area
    • Making sure that the infrastructure for the financial services is efficient
    • Ensuring that financial markets and institutions are effectively and properly regulated
    • Making the most of its cost effectiveness and operational efficiency

 

  • Making sure that the financial services consumers� best interests are well served

Central Bank of Ireland – Monetary Policy and Operations:
Open market operations constitute a major part of the monetary policy activities of Ireland�s reserve bank. These are done under the guidance of the ECB and play the following important roles:

  • Influencing interest rates
  • Taking decisions on monetary policies
  • Managing market liquidity

The open market operations can be categorized into the following categories:

  • Main refinancing operations
  • Readjusting Policies
  • Longer term refinancing operations

As part of itsINVESTMENT assets management operations Banc Ceannais na h�ireann also manages the following:

  • BanksINVESTMENT assets
  • ECB pooled reserves
  • Gold holdings

Aside from these it also performs risk management and portfolio restructuring operations.
Central Bank of Ireland – Financial Regulation:
As part of its Financial Regulation operations Banc Ceannais na h�ireann administers the following entities:

  • Brokers/Retail Intermediaries
  • Insurance/Reinsurance Undertakings
  • Bureaux de Change
  • INVESTMENTFirms
  • Credit Institutions
  • Moneylenders
  • Credit Unions
  • Payment Institutions
  • Electronic Money Institutions
  • Regulated Markets
  • Funds
  • Retail Credit Firms/Home Reversion Firms
  • Fund Service Providers

Central Bank of Ireland – Consumer Protection:
The following operations are performed by the Banc Ceannais na h�ireann as part of its consumer protection responsibilities:

  • Reviews
  • Mystery shopping
  • Themed inspections
  • Advertising monitoring

Central Bank of Ireland – Payments and Securities Settlements:
The following payments and securities settlement operations are done by the Central Bank of Ireland:

  • Payment of redemption proceeds and dividends of Irish government bonds
  • Administering the Irish Deposit Guarantee Scheme
  • IRIS Real Time Gross Settlement system � this is a settlement account service for credit institutions
  • Providing back office support for investments
  • Monitoring various systems for payments and securities settlements
  • Providing banking services to the Irish government
  • TARGET2 Securities Program
  • Providing liquidity to banks and managing collaterals

Central Bank of Ireland – Banknotes and Coins:
Banknotes of the following denominations are issued by the Irish reserve bank:

  • 5 Euros
  • 100 Euros
  • 10 Euros
  • 200 Euros
  • 20 Euros
  • 500 Euros
  • 50 Euros

The Central Bank of Ireland issues coins in the following denominations:

  • 1 cent
  • 20 cents
  • 2 cents
  • 50 cents
  • 5 cents
  • 1 Euro
  • 10 cents
  • 2 Euros

Central Bank of Ireland – Financial Highlights:
The financial statistics of the Irish central bank, as per the annual report for the fiscal year 2010, can be mentioned as below:

  • Net Revenue = 971,747,000 Euros
  • Profit = 840,885,000 Euros
  • Total assets = 204,488,961,000 Euros

Central Bank of Ireland Contact Details:
The contact details of the Central Bank of Ireland can be mentioned as below:
Central Bank of Ireland
PO Box 559
Dame Street
Dublin 2
Phone: +353 1 224 6000
Fax: +353 1 671 6561

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Last Updated on : 30th July 2013