Category: Background

Most banks in Ireland in the 18th century were relatively local, small-scale and were almost always partnerships.  Many became insolvent. Banks were not effective at mobilizing capital.  They largely facilitated transfer of funds.Anti-usury legislation fixed interest rates at a maximum of 7 percent in 1721. Monies was most commonly transferred by bill of exchange written […]

Coins The use of coinage in Ireland dates back at least 1000 years.  The circulation of coins was centered on ports and other major towns.  This existed side by side with bartering until the emergence of banking like activities in the late 17th century. The coins issued in Dublin in the 10th century were similar […]

Bank of Ireland The first national bank in Ireland, in effect a prototype Central Bank was established in 1783 by the Irish parliament.  This was the Bank of Ireland.  It was entrusted with the management of the exchequer account.  It issued the  proceeds of its newly issued capital to the Irish exchequer. In the next […]

During the 19th century, bank branches penetrated  the country and became involved in the increased trade and business.  Deposit enchasing facilities and cheques grew popularity.  Up to 700 branches existed by the turn of the 20th century. The number of branches doubled again in the 20 the years before the Irish Free State was established. […]

The Central Bank of Ireland was established in 1943 (1942 Act)  following a Commission Report  from 1938.  The Central Bank took over the functions of the Currency Commission in 1942 although it did not act as a Central Bank at first.  It was given powers to guard the purchasing power of the country and control […]