FINANCE

 Until 1979, the Irish pound (punt) was tied to the British pound sterling, but this changed when Ireland joined the European Monetary System. Today, the country uses the euro, the official currency of the European Union. The Central Bank of Ireland, founded in 1942, acts as the nation’s monetary authority. It is responsible for licensing and regulating financial institutions and overseeing the Irish Stock Exchange. Although it does not deal directly with the public, the bank influences credit levels by giving guidance to Ireland’s major banks, often referred to as the associated banks.

The Irish Stock Exchange, located in central Dublin, is one of the oldest continuously operating stock exchanges in the world, having been active since 1793.

In late 2008, Ireland experienced a major economic collapse, causing widespread financial instability. The government initially tried to stabilize the situation by guaranteeing all bank deposits, hoping to attract investors. However, this decision ended up placing a huge financial burden on Irish taxpayers. Despite efforts to handle the crisis, by November 2010, Ireland accepted a bailout exceeding $100 billion, provided by the EU, the International Monetary Fund (IMF), and countries offering bilateral aid. The bailout came with strict conditions imposed by the EU and IMF.