Central Bank and Financial Services Authority of Ireland

The Central Bank of Ireland, which came into being in 1943. It was re-structured and re-named as the Central Bank and Financial Services Authority of Ireland (CBFSAI) on 1 May 2003. This body carries out all of the activities formerly carried out by the Central Bank of Ireland and additional regulatory and consumer protection functions for the financial services sector.

The CBFSAI has two component entities:

• The Central Bank, which has responsibility for monetary policy functions, financial stability, economic analysis, currency and payment systems, investment of foreign and domestic assets and the provision of central services.
• The Irish Financial Services Regulatory Authority (Financial Regulator), which is an autonomous entity within the CBFSAI and has responsibility for financial sector regulation and consumer protection.

The Central Bank became part of the Economic and Monetary Union (EMU) in Europe in 1999. The national central banks of the euro area together with the European Central Bank (ECB) form the Eurosystem. The primary objective of the Eurosystem is to maintain price stability in the euro area. This is the most effective means by which Eurosystem monetary policy can support economic growth in the national economies of the member states.