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ARTICLE · 10 JANUARY 2024

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Banking Regulation 2024

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Banking business in Ireland is regulated under both domestic legislation and the legislation of the EU, which either is directly applicable in Ireland or has been transposed...

IrelandFinance and Banking
Niall Esler
Niall Esler
Shane Martin
Shane Martin
Conor Daly
Conor Daly
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1. Legislative Framework

1.1 Key Laws and Regulations

Banking business in Ireland is regulated under both domestic legislation and the legislation of the EU, which either is directly applicable in Ireland or has been transposed into Irish law by domestic provisions. New laws and regulations applicable to Irish banks are primarily driven by developments at the EU level.

Domestic Legislation

The primary domestic legislation establishing the framework for the regulation of banking activities in Ireland is the Central Bank Acts 1942-2018 (the "Central Bank Acts"). The Central Bank Act 1942 originally established the Central Bank of Ireland (CBI) as a central bank and since then its competence has expanded. Following the introduction of the Central Bank Reform Act 2010 (2010 Act), the CBI is the primary Irish financial regulatory body.

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