Central Bank of Ireland
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| Headquarters | Dame Street, Dublin, Ireland | ||
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| Established | 1943 | ||
| Governor | Philip R. Lane | ||
| Central bank of | Ireland | ||
| Preceded by |
Currency Commission (currency control) Bank of Ireland (Government's banker)1 |
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| Succeeded by | European Central Bank (1999)2 | ||
| Website | www |
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1 Even after establishment of the Central Bank, Bank of Ireland remained the government's banker for many years. 2 The Central Bank of Ireland still exists but many of its central bank functions have been taken over by the ECB. |
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The Central Bank of Ireland (Irish: Banc Ceannais na hÉireann) is Ireland's central bank, and as such part of the European System of Central Banks (ESCB). It is also the country's financial services regulator for most categories of financial firms. It was the issuer of Irish pound banknotes and coinage until the introduction of the euro currency, and now provides this service for the European Central Bank.
The Central Bank was founded in 1943 and since 1 January 1972 has been the banker of the Government of Ireland in accordance with the Central Bank Act 1971, which can be seen in legislative terms as completing the long transition from a currency board to a fully functional central bank.
Its head office is located on Dame Street, Dublin, where the public may exchange non-current Irish coinage and currency (both pre- and post-decimalization) for euros. It also operates from premises in Spencer Dock, Iveagh Court and College Green. The Currency Centre at Sandyford is the currency manufacture, warehouse and distribution site of the bank.
By March 2017 its city centre staff will move to a new building at North Wall Quay.
The Central Bank of Ireland’s mandate calls on it to contribute to the well being of the people of Ireland and more widely in Europe by performing statutory responsibilities which cover a wide range, including :
On the independence of the Irish Free State in 1922, the new state's trade was overwhelmingly with the United Kingdom (98% of Irish exports and 80% of imports in 1924), so the introduction of an independent currency was a low priority. British banknotes (British Treasury notes, Bank of England notes), and notes issued by Irish banks circulated (but only the first were legal tender) and coins remained in circulation.
Under the terms of the Coinage Act 1926, the Finance Minister was authorised to issue coins of silver, nickel, and bronze of the same denominations as the British coins already in circulation – however the Irish silver coins were to contain 75% silver as compared to the 50% silver coins issued by Britain at the time. These coins entered circulation on 12 December 1928.
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