- published: 01 Apr 2016
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The Bank of Ireland (Irish: Banc na hÉireann) is a commercial bank operation in Ireland and one of the traditional 'Big Four' Irish banks.
Historically the premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history. At the core of the modern-day group is the old Bank of Ireland, the ancient institution established by Royal Charter in 1783.
Bank of Ireland is the oldest bank in continuous operation (apart from 4 closures due to bank strikes, 1950, 1966, 1970, 1976) in Ireland.
The history is as follows:
Ireland (i/ˈaɪərlənd/; Irish: Éire [ˈeːɾʲə]; Ulster-Scots: Airlann [ˈɑːrlən]) is an island in the North Atlantic. It is separated from Great Britain to its east by the North Channel, the Irish Sea, and St George's Channel. Ireland is the second-largest island of the British Isles, the third-largest in Europe, and the twentieth-largest on Earth.
Politically, Ireland is divided between the Republic of Ireland (officially named Ireland), which covers five-sixths of the island, and Northern Ireland, which is part of the United Kingdom, and located in the northeast of the island. In 2011 the population of Ireland was about 6.4 million, ranking it the second-most populous island in Europe after Great Britain. Just under 4.6 million live in the Republic of Ireland and just over 1.8 million live in Northern Ireland.
The island's geography comprises relatively low-lying mountains surrounding a central plain, with several navigable rivers extending inland. The island has lush vegetation, a product of its mild but changeable climate which avoids extremes in temperature. Thick woodlands covered the island until the Middle Ages. As of 2013, the amount of land that is wooded in Ireland is about 11% of the total, compared with a European average of 35%. There are 26 extant mammal species native to Ireland. The Irish climate is very moderated and classified as oceanic. As a result, winters are milder than expected for such a northerly area. However, summers are cooler than those in Continental Europe. Rainfall and cloud cover are abundant.
A central bank, reserve bank, or monetary authority is an institution that manages a state's currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, and usually also prints the national currency, which usually serves as the state's legal tender.
The primary function of a central bank is to control the nation's money supply (monetary policy), through active duties such as managing interest rates, setting the reserve requirement, and acting as a lender of last resort to the banking sector during times of bank insolvency or financial crisis. Central banks usually also have supervisory powers, intended to prevent bank runs and to reduce the risk that commercial banks and other financial institutions engage in reckless or fraudulent behavior. Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists.
The Central Bank of Ireland (Irish: Banc Ceannais na hÉireann) is the financial services regulator of Ireland and historically the central bank. The bank 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 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.
The bank's 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. The Currency Centre at Sandyford is the currency manufacture, warehouse and distribution site of the bank.
The Central Bank Reform Act, 2010, created a new single unitary body – the Central Bank of Ireland – responsible for both central banking and financial regulation. The new structure replaced the previous related entities, the Central Bank and the Financial Services Authority of Ireland and the Financial Regulator. The Act commenced on 1 October 2010.
Conor O'Toole, Senior Economist at Central Bank of Ireland discusses the signed paper 'Irish SME Investment in Economic Recovery' with Gabriel Fagan, Chief Economist at Central Bank of Ireland. rticle authors: James Carroll, Paul Mooney and Conor O'Toole. Read the Signed Paper in full, and more from our Quarterly Bulletin No.2 2016 at: http://www.centralbank.ie/publications/Pages/QB22016.aspx
Learn more about how the Central Bank of Ireland works to 'Safeguard Stability and Protect Consumers': http://www.centralbank.ie/about-us/Pages/default.aspx Read more about the Central Bank of Ireland's Annual Report 2015 and Annual Performance Statement 2015 - 2016: http://www.centralbank.ie/publications/Pages/AR2015.aspx
Joe McNeill, Head of Statistics discusses the Statistics Chapter in Quarterly Bulletin No.2 2016. Joe also discusses Gavin Doheny and Roisin Flaherty's Signed Article 'An Overview of Enhanced Interest Rates for Ireland'. Read the Statistics Chapter and Signed Article in full at: http://centralbank.ie/publications/Pages/QB22016.aspx
Gabriel Fagan, Central Bank of Ireland Chief Economist discusses how statistics for Ireland should be interpreted, the Quarterly Bulletin 3 outlook for the Irish economy, and the impact of Brexit with Paddy McDonnell. Read Quarterly Bulletin No. 3 2016 at: http://centralbank.ie/publications/pages/QB32016.aspx
Central Bank of Ireland to unveil new mortgage lending caps for home buyers: @10:29 The Governor of the Central Bank of Ireland, Patrick Honohan has received the Thomas Kettle Award from the UCD Economics Society, University College Dublin. The Thomas Kettle Award is named in honour of the first Professor of National Economics at University College Dublin and co-founder of the UCD Legal & Economic Society in 1911; the forerunner to the UCD Economics Society. In an excerpt from his address to the UCD Economics Society, Professor Honohan stated: “Despite the progressive centralisation of important parts of central banking in Europe important tasks remain a national responsibility. Among these is an overall responsibility for the preservation of national financial stability. Bubbles an...
Niamh Hallissey, Senior Economist in conversation with Gabriel Fagan, Chief Economist. Read Niamh Hallissey's Signed Article, and more from our Quarterly Bulletin 1, published on 26 January here: http://www.centralbank.ie/publication...
Vlog 298 Central Bank of Ireland is for sale, what should we do with it? The landmark building in the centre of Dublin city is for sale with an estimated price tag of €65million. This prime (although maybe not the prettiest) property right on the Dame street will be turning into something completely different. But here is what I think Ireland should do with it. I think the Irish government should negotiate a deal with the Bank of Ireland to trade the old Irish house of parliament for it. Bank of Ireland could set a shop in the old central bank, and the Irish people would get back their old house of parliament. It could be a real central library that would be run properly for the people of the city. What do you think? J.P. Kallio http://www.jpkalliomusic.com All comments, shares and subsc...
Sylvia Cronin, Director of Insurance Supervision at the Central Bank of Ireland, and a member of the EIOPA Board of Supervisors, joins WRIN.tv during the recent European Insurance Forum to discuss whether Irish insurers was ready for Solvency II. According to Ms. Cronin, the insurance industry in Ireland has been looking at Solvency II for the past 15 years. While there was a lot of anxiety and excitement at first, now there is “quite a lot of trepidation”, mostly because some insurers’ computer systems are not ready. Some companies are anxious about changes to a risk based capital evaluation. Overall, companies need to ensure that that their cultures are prepared. The EIOPA Opinion on Internal Models was released recently. And while it might have significant impact on companies with int...
Dermot Coates, Senior Economist at the Central Bank of Ireland discusses his signed article ‘Estimating Cash Buyers and Transaction Volumes in the Residential Property Sector in Ireland, 2000-2014’ with Paddy McDonnell. Article authors: Dermot Coates, Joe McNeill and Brendan Williams.
The Central Bank of Ireland's Macro Financial Review H1 2016 was launched on 14 June 2016 by Deputy Governor Sharon Donnery, Director of Credit Institutions Supervision Ed Sibley, Chief Economist Gabriel Fagan, Head of Financial Stability Mark Cassidy, Read more: http://www.centralbank.ie/stability/Pages/MFRH12016.aspx
Central Bank staff at a press conference launching the Annual Report 2015 on 27 April 2016. Read more about the Central Bank of Ireland's Annual Report 2015: http://www.centralbank.ie/publications/Pages/AR2015.aspx
Highlights of the Generation €uro Students' Award National Final 2016 at the Central Bank of Ireland on 8 April 2016. More information is available at http://www.generationeuro.ie
Central Bank staff at a press conference launching Quarterly Bulletin 2 of 2016 on 1 April 2016. Read more about our Quarterly Bulletin 2 at http://www.centralbank.ie/publication...
A documentary film by John Sisk & Co., on the construction of the Central Bank of Ireland on Dame Street, in Dublin. More information on the building http://archiseek.com/2010/1980-central-bank-of-ireland-dame-street-dublin/
Central Bank Issues Commemorative Coin in honour of Irish Submarine Inventor John Philip Holland. The Central Bank of Ireland launched today a €15 limited edition Silver Proof collector coin to commemorate John Philip Holland [1841 - 1914], the Irish born inventor of the modern submarine. Speaking at the launch at the Marine Institute, Oranmore, Galway, Central Bank Director of Currency and Facilities Management, Paul Molumby said: "This is the first in a new series that the Central Bank will issue to honour Ireland's impressive scientific and technological tradition. John Philip Holland's life and achievements were extraordinary. He played a significant role in the development of submarine navigation and following his emigration to the USA, he designed the first working submarine." Dr P...
Central Bank staff at a press conference launching Quarterly Bulletin 1 of 2016 on 26 January 2016. Read more about our Quarterly Bulletin 1 at http://www.centralbank.ie/publication...
Professor Patrick Honohan - Governor of the Central Bank of Ireland Interviewed by Professor Justin O'Brien - Director Centre for Markets Law & Regulation - UNSW Australia
About the Speech: Speaking on behalf of the Central Bank, Martin Moloney reviewed how the Irish Presidency of the EU tackled the financial services regulation agenda. He provided an overview of the important changes to banking regulation in the last six months and focused, in particular, on the ambitious programme initiated by the European Commission to reform the regulation of non-banking financial services in Europe. Mr Moloney also examined how the Irish Presidency found solutions within the context of the post-Lisbon legislative environment, and discussed the lessons that small European countries can learn from the Irish experience. About the Speaker: Martin Moloney is head of the Markets Policy Division at the Central Bank of Ireland, which provided the technical advice to the D...