Central Bank of Ireland named Central Bank of the Year

• Centralbanking.com selects Central Bank of Ireland as winner of 2016 award
• Award recognises fulfilment of mandate and Central Bank role in supervision
• An important recognition for the staff of the Bank by its peers, says Governor Lane.

The Central Bank of Ireland has been named ‘Central Bank of the Year’ by the Central Banking publications Central Banking Journal and centralbanking.com.

The award recognises a central bank that has demonstrated significant resolve and authority in fulfilling its mandate. Central Banking Journal said 2015 was a year that marked the restoration of the central bank’s credibility among its peers as a forward-thinking and strong institution, particularly in the area of supervision. The panel took into account “The authority and integrity of the Central Bank, against criteria including the fulfilment of mandate details of pioneering policy efforts, and powerful communication supporting the central bank's position”.

The award is made by the Advisory Board of Central Banking comprising former senior central bank governors from around the world.

Commenting on the award, Governor Philip Lane said: “It is an honour for the Central Bank of Ireland to receive this award and an important recognition by our peers of the contribution by the Central Bank, in Ireland and within the eurosystem. The staff has a strong drive to deliver on commitments, and tirelessly works towards the overall mission of the organisation”.

The panel recognised the introduction of the residential mortgage lending rules last year.

Lane added, “The Bank remains vigilant and willing to take macro-prudential measures to fulfil its mandate of ‘safeguarding stability and protecting consumers’. Now that we have the appropriate toolkit in place to protect financial stability, I believe the willingness of the Central Bank to intervene in a structural and proportionate manner is evident and clearly demonstrates the Bank has undergone a transformation since the financial crisis.”

Looking ahead Governor Lane cited the importance of Ireland building up financial and fiscal buffers to guard against future shocks. On the prospects of a European recovery, he said that he supported the continuing efforts of the Governing Council to deploy non-standard measures in fulfilling its price stability mandate. Looking beyond the euro area, he said “developments in emerging economies should be monitored closely, given their importance in determining global output and their growing impact on the global financial system.”

An awards ceremony will be held in London on 3 March 2016, when Governor Lane will accept the award on behalf of the Bank.