The Central Bank Reform Bill 2010 was passed by both Houses of the Oireachtas prior to the summer recess and was signed into law by the President on 17 July 2010.  The Act provides for streamlining and reform of the regulatory authority, including dissolution of the Irish Financial Services Regulatory Authority (IFSRA) to create a single, integrated Central Bank of Ireland.  It is expected that the Minister for Finance will sign a Commencement Order in the next few weeks to bring into force most of the provisions of the Act.

The Central Bank Reform Act 2010 is to be followed in the autumn by a Bill to enhance the powers and functions of the restructured Central Bank in relation to the prudential supervision of individual financial institutions, the conduct of business, including the protection of consumer interests, and the overall stability of the financial system. A third bill is proposed to consolidate the existing legislation relating to the Central Bank and financial regulation in Ireland.