The Central Bank of Ireland 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.Functions and objectivesThe 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.Eurosystem effectiveness and price stabilityIt is responsible for maintaining price stability through monetary policy formulation at ECB level. They aim to enhance the effectiveness of participation in monetary policy formulation through the provision of quality briefings for the ECB Governing Council, and are also responsible for the effective implementation of monetary policy.
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