At the heart of what is proposed in the Bill is the establishment of a new entity – the Irish Financial Services Regulatory Authority – as a constituent part of a new Central Bank and Financial Services Authority of Ireland, known as "the Bank". The new authority will manage the regulation of financial institutions in Ireland. In essence, it is to take on and develop the financial services supervisory functions of the Bank and, in addition, take on the regulation of credit unions and the insurance sector as well as consumer protection functions.