Over the past decade and a half, an International Financial Services Centre, mainly oriented to provide financial services to non-residents, has been promoted by Government. As a result of legislation enacted last year, supervision of almost the entire financial sector is the responsibility of a constituent, but autonomous, element of the Central Bank and Financial Services Authority of Ireland.
As of the beginning of 2016, the BRRD requires bail-in of shareholders and creditors equal to at least 8 % of the total liabilities of a failing bank. Only after the threshold of 8 % bailin can money from the resolution fund be used and only at the very end of the process can public money be used.