Vol. 437 No. 6
172 Mr. Byrne asked the Minister for Finance the degree of responsibility he has to Dáil Éireann in respect of the Central Bank; and the plans, if any, he has to introduce legislation to make this institution more accountable in general and to Dáil Éireann in particular; and if he will make a statement on the matter.
The Central Bank of Ireland is an independent body established by statute and I have no responsibility to the Dáil in respect of the functions of the Bank. Since its formation in 1942 it has been generally accepted that the Bank should be afforded a large degree of autonomy in the conduct of its operations and this has been reflected in the legislation governing the Central Bank. However, both the Annual Report and the Accounts, certified by the Comptroller and Auditor General, are transmitted to me every year and these reports are laid before both Houses of the Oireachtas.
The matter of accountability of the Central Bank is under active consideration in my Department.
