regulation of financial services in ireland

Primary and subsidiary legislation affecting financial services

Central Bank Act 1942 to 1998: Outlines powers and responsibilities of the Central Bank of Ireland.

Insurance Act 1989: Gives power to the Department of Employment, Trade and Enterprise for its supervisory role.

Pensions Act, 1990: Defines powers and responsibilities of the Pensions Board.

Main supervisory authorities in the financial services sector, their roles and objectives

Ireland has a number of supervisory authorities in the financial services area. The Central Bank of Ireland (CBI) looks after the banking sector, the insurance supervisor is the Department of Enterprise, Trade and Employment (DETE), and superannuation (known as pension) funds are regulated by the Pensions Board.

The CBI is a member of the European System of Central Banks (ESCB). All the central banks in this group have the same supervisory objectives. The bank’s primary duty is maintenance of price stability. In terms of financia...