The Governing Council also confirmed that its monetary policy decisions would continue to be based on a comprehensive analysis of the risks to price stability under both pillars of the monetary policy strategy: the general economic assessment and the monetary dimension. Supervision The Government’s decision to establish the Irish Financial Services Regulatory Authority was passed into law on 1 May 2003.
We have worked closely throughout the implementation phase with the Chairman, Brian Patterson, and the Interim Board to ensure a smooth transition to the new arrangement. The principal task of the new Financial Regulator is the regulation of all financial institutions in Ireland. In line with the legislation there is an enhanced focus on consumer protection. The Financial Regulator is independent.