The main provisions of the Central Bank Reform Act 2010 (the “Act”) became effective on 1 October 2010. As a result of this the regulator will be restructured, to be known in future as the Central Bank of Ireland.
The Act provides for the restructuring of the Central Bank and the Financial Regulator, with the establishment of the Central Bank of Ireland as a single, fully integrated structure. It will have a unitary board, the Central Bank Commission, which will replace the boards of the existing Central Bank and the Financial Regulator. It will be chaired by the Governor of the Central Bank.
It is intended that the Act will enhance the existing system of regulatory control by conferring additional powers on the Central Bank, the Governor and the Head of Financial Regulation.