The Central Bank of Ireland is a statutory body; it was established in 1942 in accordance with the Central Bank Act 1942 and is now a constituent part of the European System of Central Banks (ESCB) established by European treaty. It is managed and controlled by the Central Bank Commission. The Minister for Finance is the sole subscriber to and holder of the Central Bank's capital. The Central Bank's surplus income is payable to the Exchequer in accordance with regulations made in accordance with section 32H of the Central Bank Act 1942.
The members of the Central Bank Commission are the Governor and the Secretary General of the Department of Finance, appointed by the Government, the Deputy Governors, appointed by the Central Bank Commission and between 6 and 8 ordinary members appointed by the Minister for Finance. The current members of the Commission are: Prof. Patrick Honohan, Mr. John Moran, Mr. Matthew Elderfield, Mr. Stefan Gerlach, Mr. Michael Soden, Mr. Alan Ahearne, Ms Blanaid Clarke, Prof. John Fitzgerald and Mr. Des Geraghty.
In accordance with section 32L of the Central Bank Act 1942 (as amended by the Central Bank Reform Act 2010), the Central Bank submits a performance statement annually to the Minister for Finance which is then laid before the Houses of the Oireachtas. The Central Bank is independent in the exercise of its functions but the Governor and the Deputy Governors may be required to appear before committees of the Houses of the Oireachtas to address certain matters, including the Bank's annual regulatory performance statement.
