Money and Banking in the Irish Free State, 1921–1939

Cormac Ó Gráda

in Banking, Currency, and Finance in Europe Between the Wars

Published in print September 1995 | ISBN: 9780198288039
Published online November 2003 | e-ISBN: 9780191596230 | DOI:
 Money and Banking in the Irish Free State, 1921–1939

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The years following the creation of an independent Irish Free State were a formative period for the Irish banking system. The Bank of Ireland adapted slowly but effectively to the new situation, but it needed the prospect of the Second World War for the Bank to switch its full loyalty to the country, and for the commercial banks to acknowledge that an Irish central bank might have a useful role to play. It was generally accepted that the Irish banks’ links with London, and the commitment to maintain parity with the sterling, ruled out an independent monetary policy. This argument was reinforced by the virtual absence of a domestic money or capital market, and only the first tentative steps in the development of such markets were made during the inter‐war period.

Keywords: banking system; capital market; central bank; commercial banks; Ireland; monetary policy; Second World War; sterling

Chapter.  9004 words. 

Subjects: Macroeconomics and Monetary Economics

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