Central Bank Building from 1943 to 1978

The Armoury for the Bank of Ireland was originally the world’s first purpose designed parliament building. After the rebellion of 1798 the bank was given the right to raise its own militia to protect their premises, hence the Armoury. Glance up to the top of the building and the “Cannons”

In 1922, Ireland split into the Irish Free State and Northern Ireland. The Irish Free State was given dominion status from England. Northern Ireland was still under English rule. The Bank of Ireland loaned the new Irish Free State government £1 million to help the fledgling organisation. Soon after, the Bank of Ireland was appointed the official bank of the Irish Free State government. On February 7, 1922, an historical event marked the new Irish independence: Irish guards replaced the British guards who had guarded the Bank of Ireland’s Parliament Building for over a century. In 1923, the Land Commission was established for making property loans. This caused the National Land Bank to suffer great financial difficulties since this had been their main business. In 1926, the Bank of Ireland purchased the failing National Land Bank and renamed it the National City Bank, Ltd.

The banking commission was created in 1926, the Commission of Inquiry into Banking and the Issue of Notes, to determine what changes were necessary relating to banking and banknote issue in the new state. The commission was chaired by Professor Henry Parker Willis of Columbia University he was Director of Research of the Federal Reserve Board in the United States. The commission’s terms of reference were:
“To consider and to report to the Minister for Finance what changes, if any, in the law relative to banking and note issue are necessary or desirable, regard being had to the altered circumstances arising from the establishment of Saorstát Éireann.”

In 1927, the new Irish Parliament, known as the Dail, passed the Currency Act. This act created the Currency Commission of Ireland whose responsibility was to oversee the issue of a new currency in the Irish Free State. The Currency Commission opened their office in the Armoury Building, which was part of the Bank of Ireland’s Parliament Building headquarters. In 1928, the six different banknote series that had been circulated, were abandoned in favour of a single series of legal tender notes appearing in seven denominations and known as the Consolidated Banknote Issue. The Currency Commission also issued a new legal tender series for Northern Ireland known as the Belfast Issue. In Northern Ireland, all six of the earlier banknote series were still being circulated, as well as the new Belfast Issue and English currency. These multiple banknotes were confusing. The Bank of Ireland’s banknote issue was greatly decreased during this time. This worked in the bank’s favor because people began writing more checks in order to avoid the confusion.

In 1937, The Irish Free State became Eire under a new constitution. Eire declared an economic war against England and continued to strive for complete separation. They took a neutral status during World War II and refused to let England use Irish ports. They focused inward on ways to secure their independence and strengthen their government and economy.

In 1942, the Irish Parliament passed the Central Bank Act. According to this new act, the Central Bank of Ireland replaced the Currency Commission. In 1943, the Central Bank became the official bank of the Irish Government replacing the Bank of Ireland. The Central Bank became the only bank that could issue currency in Eire.

Ireland was once again undergoing political changes. In 1948, John A. Costello was elected Eire’s prime minister. A new constitution ensued, and on April 18, 1949, Eire declared complete independence from England and became The Republic of Ireland.

Chart Central Bank Foster Place


Exchange Building , Foster Place, Dublin 2 D02 E796
Facing Direction : 167 Degrees

Period : 4
Facing Trigram : Li

Facing 24 Mountain : Bing

Facing Element : Fire
Facing Sector : 9
Floats Path : Ascending/Descending
Facing Compass : S1 –
B

Sitting Direction : 347 Degrees
Period : 4
Sitting Trigram : GEN

Sitting 24 Mountain : Chou
Sitting Element : Earth
Sitting Sector : 8
Floats Path : Ascending/Descending
Sitting Compass : N2 – A