Request to Central Bank Of Ireland
In looking further into this: it is supposedly ran by the ECB, when we investigate: we realise that the bank is controlled by: The Euro Governing Council the main decision-making body of the ECB. There is no direct Irish input at European level that we can see.
The Euro Governing Council
Consists of the six members of the Executive Board, plus
the governors of the national central banks of the 19 euro area countries.
Does this actually mean that we have in fact no control over our Financial Services or one the main banks in our country the Central Bank and Financial Services Authority of Ireland?
How could that have been allowed to happen?
Information now being relayed to our group is that Central Bank and Financial Services Authority of Ireland is just one of the ROTHSCHILD OWNED & CONTROLLED BANKS.
Could you please tell us what is going on here, how can we as a country have no ownership of one of our national banks and our Financial Services Authority?
Reply From Central Bank
Dear Mr Treacy
I refer to your email of 12 September 2019.
The Central Bank of Ireland is statutorily independent under national and EU legislation; its independence is enshrined in the Treaties of the European Union and by the Statute of the European System of Central Banks.
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. The sole shareholder of the Bank is the Minister for Finance. Please see our latest Annual Report (2010) which states: (i) The authorised capital of the Bank is fixed under Section 9(1) of the Central Bank Act, 1942, at €50,790. Issued and paid up capital is €30,474 all of which is held by the Minister for Finance. The balance is payable as agreed by the Board and the Minister.
The Central Bank is not funded by the Exchequer. In fact, the Central Bank is a net contributor to the Exchequer. The Central Bank is funded through a combination of self-funding through the returns it makes on the investments it holds and, for regulatory activities, industry funding (covering 50% of the costs of regulatory activities).
The key objectives of The Central Bank of Ireland are to foster a stable banking system and provide a degree of protection to depositors with credit institutions. This is done through prudential supervision which involves monitoring the business of each credit institution, including their compliance with our statutory and non-statutory requirements e.g. prudential returns, annual reports, on-site inspections.
The Central Bank has a uniquely diverse mandate covering:
• Price stability
• Financial stability
• Consumer protection
• Market integrity
• Supervision and enforcement
• Regulatory policy development
• Payment, settlement and currency systems operations and oversight
• The provision of economic advice and financial statistics
• The recovery and resolution of distressed financial services firms.
The Central Bank regulates approximately 10,000 firms providing financial services. We undertake this regulation through risk-based supervision, underpinned by a credible threat of enforcement. Our role is to provide high quality and credible financial regulation and supervision designed to promote financial stability, protect consumers and facilitate a well-functioning financial system supporting the economy.
I hope this information is of assistance to you.
Public Contacts Unit │ Communications Division
Central Bank of Ireland
What does all this mean to Irish people.
That Ireland has a statutory Financial body set up in Ireland with no representation on the board of the ECB that we can see.
As there is only one Shareholder: (The sole shareholder of the Bank is the Minister for Finance). The Minster for Finance could be the only representative who could represent Ireland on the board of the ECB, this is completely ludicrous.
So the European Union has a financial controlling body in Europe controlling our finances and we have no representative on the board.