Central Bank of Ireland

Definition

The Central Bank of Ireland (CBI) is the central monetary authority and financial regulator of Ireland. 

What is the Central Bank of Ireland?

The Central Bank of Ireland is responsible for maintaining monetary stability, promoting financial stability, and regulating financial institutions to safeguard the integrity and stability of the Irish financial system.

Role and responsibilities:

• Monetary policy: The Central Bank of Ireland sets interest rates, manages the money supply, and conducts open market operations to control inflation and promote economic growth.
• Financial regulation: The CBI oversees and regulates financial institutions in Ireland, ensuring their safety, protecting consumers, and maintaining financial stability.
• Currency issuance: The CBI exclusively issues banknotes and coins in Ireland, overseeing their production, distribution, and withdrawal.
• Payment systems oversight: The Central Bank supervises payment and settlement systems to ensure efficient, safe, and reliable financial transactions. 
• Consumer protection: The CBI safeguards consumers by enforcing financial laws and regulations, offering guidance, investigating complaints, and taking enforcement actions against firms involved in misconduct or unfair practices.
• Financial stability reviews: The CBI publishes regular assessments of financial stability to address emerging challenges and promote a resilient financial system.

The Central Bank of Ireland is governed by a Board, composed of a Governor, Deputy Governors, and external members appointed by the government. The Governor, appointed by the President of Ireland with the approval of the government, serves as the chief executive officer and is responsible for the overall management and direction of the institution.