Abstract
Abstract. When Ireland gained its independence from the United Kingdom in 1922, contrary to the recommendations offered by the League of Nations, the new country established a Currency Commission that operated similarly to a currency board rather than a central bank. I analyze the structure of the Currency Commission and describe the establishment of a central bank in the 1940s with limited monetary powers, then later a central bank with broader powers. I compare the legal structures and operations of the early Central Bank of Ireland and the Currency Commission balance sheet analysis and other approaches to conclude that there are distinct differences between a currency board and a central bank that operates like one.
Keywords. Ireland, Central bank, Currency board, Balance sheet.
JEL. E58, N24.References
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