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Banking Law in Ireland

Banking Law in Ireland

Updated on Tuesday 21st February 2017

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Banking-Law-in-Ireland.jpgThe main regulatory body on the Irish banking system is the Central Bank of Ireland; the institution has the legal obligation to verify the activity of other financial institutions in Ireland. The functioning of the Central Bank of Ireland was established under the Central Bank Act 1942. If you are an investor interested in the banking system in Ireland, our Irish lawyers can offer you the necessary information. 

Banking legislation in Ireland

The Central Bank of Ireland has the legal right to ask commercial banks to disclose information, if requested. The legal structures of the banks in Ireland are mostly established as a limited liability company. If you plan on opening a bank account in Ireland, you should know that the Central Bank has the legal right to verify all commercial banks, in the following situations:
it can conduct meetings and inspections to the other banks and, if any regulatory requirements are not met, the Bank can impose various sanctions,
the commercial banks have the obligation to disclose any kind of information requested by the Central Bank.

Irish banking system

One of the most important branches of banking system is represented by the retail banking. Retail banking comprises services offered to the individuals and to the medium sized companies
The main services offered by a bank in Ireland are the following: 
providing bank deposits services;
lending money to individuals or companies;
money transmission services;
issuing life insurance products;
Services provided by Irish banks have had high profits, which, alongside with other business sectors, have led to a strong economic development in the last years. Our Irish law firm can offer you more information about the banking system available here, but you should know that most of the banks in Ireland are very stable from a financial point of view
If you need further information about the banking system in Ireland, please contact our Irish lawyers, who can provide you with information on the Banking Law


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