Republic of Ireland

Established in 1922, following Irish partition, the Irish Free State began as a dominion of the British Commonwealth. It wasn't until 1937, following the abdication of Edward VIII, that it became a sovereign state known as Ireland.

Not long after the second world war it became an independent republic and left the British Commonwealth.

Ireland joined the European Monetary System in 1978, was one of the 11 European nations that signed up to the European Single Currency in 1999 and introduced Euro notes and coins in January 2002. Prior to this, the currency of Ireland was the Pound or Punt.

The Central Bank of Ireland was established in 1943. It was re-structured and re-named as the Central Bank and Financial Services Authority of Ireland (CBFSAI) on 1 May 2003. This body carries out all of the activities formerly carried out by the Central Bank of Ireland and additional regulatory and consumer protection functions for the financial services sector.

The Irish Pound was linked to Sterling until 1979.