I think that it is true to say that the Central Bank has played and continues to play a full part in the whole monetary policy implementation process. At the operational level, Central Bank staff carry out the Eurosystem’s money market management operations with Dublin based banks. The banking system in Ireland actually takes a disproportionately high share of funding in ECB operations.
This reflects the importance of Dublin as a financial centre, as testified by the still growing number of financial institutions choosing Ireland as a location for their operations. We have also participated in the very limited number of Eurosystem foreign exchange market interventions.