Central Bank reports profits of €1.4 billion

Patrick Honohan says focus has been the restoration of financial stability to the Irish economy

The Central Bank of Ireland has reported profit of €1.4 billion for the year to end-December 2012.

After retained earnings, €1.1 billion of this profit will be paid to the Exchequer, the bank said today in its annual report.

At the end of 2012, the bank’s investment portfolios comprised assets of €19.4 billion, an increase of €0.7 billion on 2011. Total earnings on the portfolios amounted to €552.7 million in 2012 compared to €536.8 million in 2011.

Total monetary policy lending in the Eurosystem amounted to €1,133 billion at the end of December, of which €72 billion was provided by the Central Bank, on behalf of the Eurosystem, to the Irish banking system (including the Irish Financial Services Centre).

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Central Bank governor Patrick Honohan sais the major focus for the Central Bank during 2012, and into 2013, has been the restoration of financial stability to the Irish economy.

This work included further reforms to the supervision of the repair of the domestic banking sector, the provision of necessary liquidity support, and the introduction of enhanced consumer protection measures.

The bank said it was preparing to launch a second series of euro banknotes this year, with the aim of improving quality and security. In 2012, the bank supplied a total of 351 million new and re- issuable banknotes.

The bank employed 1,394 staff at end-2012, of which 622 were assigned to regulatory areas.