The Minister for Finance, Mr Brian Lenihan, has signed a Commencement Order bringing the Central Bank Reform Act 2010 into law with effect from 1 October 2010. The Central Bank Reform Act creates a single, fully-integrated, Central Bank of Ireland with a unitary Board – the Central Bank Commission – chaired by the Governor of the Bank. The Irish Financial Services Regulatory Authority is being dissolved and most of its existing functions merged into the new structure.
The application of the fitness and probity regime to Credit Unions will not commence until a separate order is made by the Minister. In addition, the commencement of a small number of provisions has been deferred until early 2011: the transfer of consumer information and education functions to the National Consumer Agency; and provisions relating to the preparation of the Central Bank's Strategic Plan.
The Central Bank Commission is comprised of the following members: Ex-officio members - Professor Patrick Honohan (Governor), Mr. Matthew Elderfield (Head of Financial Regulation), Mr. Tony Grimes (Head of Central Banking) and Mr. Kevin Cardiff (Secretary General of the Department of Finance).
Members appointed by the Minister for Finance with effect from 1 October 2010 are Professor John Fitzgerald (for 5 years), Mr. Max Watson (for 5 years), Mr. Michael Soden (for 4 years), Mr. Des Geraghty (for 4 years) and Professor Blanaid Clarke (for 3 years).