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The bank has been called, since 2003, the Central Bank and Financial Services Authority of Ireland or in the Irish language: Banc Ceannais agus Údarás Seirbhísí Airgeadais na hÉireann. This is to reflect its new role in the financial industry and the economy.
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 all 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.
Under the terms of the Currency Act 1927, a new unit of currency, the Saorstát Pound (Free State Pound) was created, which was to be maintained at parity with the British Pound Sterling by a Currency Commission which would keep British government securities, sterling cash, and gold to keep a 1-1 relationship.
The Central Bank Act 1942 which came into effect on 1 February 19431943 is the common year starting on Friday. Events January January 4 End of term for Culbert Olson, 29th Governor of California. He is succeeded by Earl Warren. January 11 The United States and United Kingdom give up territorial rights in China. January 1 renamed the Currency Commission the Central Bank of Ireland, although the organisation did not at that time acquire many of the characteristics of a central bank:
This seriously limited the banks' ability to run an independent monetary policy. The Central Bank broadened its activities over the decades, but it remained in effect a currency board until the 1970s.
The 1970s were a decade of change, which began with the decimalisation of the currency which came into effect on 15 February 19711971 is a common year starting on Friday (click for link to calendar). Events January January 1 British divorce Reform Act comes into force January 2 66 die in stairway crush at Rangers v Celtic football match, Glasgow, Scotland. See Ibrox disaster. Janua, when the decimal coinage was released into circulation (although 5p, 10p, and 50p coins were relased a few years earlier, as they had exact equivalents in old currency units). Decimalisation would have provided an ideal opportunity to break the link with Sterling, but there was not much demand for this at that time. In 1972 however, the Bretton Woods systemThe Bretton Woods system of international economic management established the rules for commercial and financial relations among the major industrial states. The Bretton Woods system was the first example of a fully negotiated monetary order in world hist of fixed exchange rates broke down, and in the wake of the 1973Events January events January 1 United Kingdom, Ireland, and Denmark enter the European Economic Community now known as the European Union January 3 Columbia Broadcasting System (CBS) sells the New York Yankees for $10 million to a 12-person syndicate led oil crisis inflation in Britain increased dramatically, and economic theory would suggest that a smaller economy whose currency is pegged to a larger one will suffer the larger economy's inflation rate. At the same time moves to create a money market in DublinThis article is about the city in Ireland. For other uses of the name, see Dublin (disambiguation). Dublin ( Irish: Baile Atha Cliath is the capital and largest city of the Republic of Ireland, located near the midpoint of Ireland's east coast, at the mou and the transfer in 1968 of the commercial banks' sterling assets to the Central Bank made it possible to contemplate a break in the link. In the mid to late 1970s, opinion within the bank was moving toward breaking the link with sterling and devaluing the Irish currency in order to limit inflationary effects from abroad.
At this time, however, an alternative option became available. In April 1978, the European Council meeting in Copenhagen decided to create a "zone of monetary stability" in Europe, and European Economic Community institutions were invited to consider how to create such a zone. At the following Council meeting in Bremen, Germany in June 1978 the basic features of the European Monetary System were outlined, including the creation of the ECU - European Currency Unit, a basket of the Community's currencies used to determine exchange rates, and the forerunner of the euro.
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