CBI Central Bank of Ireland

The Central Bank of Ireland was established in 1943. It does three jobs that are worth separating: it regulates financial firms, it works to keep the financial system stable, and it protects and informs the people who buy financial products.

The 2011 change

Supervision of Irish financial institutions used to sit with the Irish Financial Services Regulatory Authority. The financial crisis of 2008 and 2009 exposed what that split arrangement missed. In 2011 the Central Bank of Ireland Commission was established and took on almost all of the authority, so that supervision ran through one body and could be seen from outside.

The Central Bank also licenses the brokers it regulates.

Who it oversees

Insurance companies. General and life insurance products, and how customers are treated.

Credit unions. Their governance and their finances, to protect members' money.

Credit and mortgage providers. Whether lending is fair, clearly explained, and not predatory.

Moneylenders. Held to rules meant to stop exploitative lending.

Charges. The Central Bank examines what firms charge customers.

Its stated mission

"We act in the public interest to support monetary and financial stability, while ensuring that the financial system serves consumers and the economy as a whole".

Financial stability comes first in that sentence for a reason: when it fails, it is people's livelihoods and businesses that carry the loss.

Four strategic themes

Financial stability, so the system can absorb a shock. Market oversight, so firms deal fairly and openly. Consumer trust, built through clearer communication. And innovation, so the Bank can respond to new kinds of financial business.