Bernard Durkan (Kildare North, Fine Gael)
Link to this: Individually | In context

Question 23: To ask the Minister for Finance the extent to which the Central Bank of Ireland here, through the European Central Bank, influenced this country's and EU lending and borrowing policies over the past ten years; the degree to which the ECB directed such policies; the lessons, if any, learned in the process; and if he will make a statement on the matter. [27608/11]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

The relationship between the Central Bank of Ireland and the European Central Bank is governed by the Treaty of Rome and the Statute of the European System of Central Banks (ESCB). The independence of the Governor and the Central Bank of Ireland in carrying out their ESCB related functions is guaranteed in statute. Section 6A (3) of the Central Bank Act 1942 provides that the Minister for Finance may not request information relating to ESCB functions from the Governor or the Bank. Additionally, section 19A (2) of the Act provides that the Governor has sole responsibility for the performance of the functions imposed, and the exercise of powers conferred, on the Bank by or under the Rome Treaty or the ESCB Statute.