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Tag Archives: Central Bank of Ireland


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Death of Seán T. O’Kelly, Second President of Ireland

Seán Thomas O’Kelly (Irish: Seán Tomás Ó Ceallaigh), the second President of Ireland, dies on November 23, 1966, at the Mater Private Nursing Home in Dublin, after an illness of sixteen months. He serves two terms as President from 1945 to 1959. He is a member of Dáil Éireann from 1918 until his election as President. During this time, he serves as Minister for Local Government and Public Health (1932–1939) and Minister for Finance (1939–1945). He serves as Vice-President of the Executive Council from 1932 until 1937 and is the first Tánaiste from 1937 until 1945.

O’Kelly is born on August 25, 1882, on Capel Street in the north inner-city of Dublin. He joins the National Library of Ireland in 1898 as a junior assistant. That same year, he joins the Gaelic League, becoming a member of the governing body in 1910 and General Secretary in 1915.

In 1905 O’Kelly joins Sinn Féin who, at the time, supports a dual monarchy. He is an honorary secretary of the party from 1908 until 1925. In 1906 he is elected to Dublin Corporation, which is Dublin’s city council. He retains the seat for the Inns Quay Ward until 1924.

O’Kelly assists Patrick Pearse in preparing for the Easter Rising in 1916. After the rising, he is jailed, released, and jailed again. He escapes from detention at HM Prison Eastwood Park in Falfield, South Gloucestershire, England and returns to Ireland.

O’Kelly is elected Sinn Féin MP for Dublin College Green in the 1918 Irish general election. Along with other Sinn Féin MPs he refuses to take his seat in the British House of Commons. Instead, they set up an Irish parliament, called Dáil Éireann, in Dublin. O’Kelly is Ceann Comhairle (Chairman) of the First Dáil. He is the Irish Republic’s envoy to the post-World War I peace treaty negotiations at the Palace of Versailles, but the other countries refuse to allow him to speak as they do not recognise the Irish Republic.

O’Kelly is a close friend of Éamon de Valera, and both he and de Valera oppose the Anglo-Irish Treaty of December 1921. When de Valera resigns as President of the Irish Republic on January 6, 1922, O’Kelly returns from Paris to try to persuade de Valera to return to the presidency but de Valera orders him to return to Paris.

During the Irish Civil War, O’Kelly is jailed until December 1923. Afterwards he spends the next two years as a Sinn Féin envoy to the United States.

In 1926 when de Valera leaves Sinn Féin to found his own republican party, Fianna Fáil, O’Kelly follows him, becoming one of the party’s founding members. In 1932, when de Valera is appointed President of the Executive Council of the Irish Free State, he makes O’Kelly the Minister for Local Government and Public Health. He often tries to publicly humiliate the Governor-General of the Irish Free State, James McNeill, which damages O’Kelly’s reputation and image, particularly when the campaign backfires.

In 1938, many believe that de Valera wants to make O’Kelly the Fianna Fáil choice to become President of Ireland, under the new Irish constitution, Bunreacht na hÉireann. When Lord Mayor of Dublin, Alfie Byrne, says he wants to be president there is an all-party agreement to nominate Douglas Hyde, a Protestant Irish Senator, Irish language enthusiast and founder of the Gaelic League. They believe Hyde to be the only person who might win an election against Alfie Byrne. O’Kelly is instead appointed Minister of Finance and helps create Central Bank in 1942.

O’Kelly leaves the cabinet when he is elected President of Ireland on June 18, 1945, in a popular vote of the people, defeating two other candidates. He is re-elected unopposed in 1952. During his second term he visits many nations in Europe and speaks before the United States Congress in 1959. He retires at the end of his second term in 1959, to be replaced by his old friend, Éamon de Valera. Following his retirement, he is described as a model president by the normally hostile newspaper, The Irish Times. Though controversial, he is widely seen as genuine and honest, but tactless.

O’Kelly’s strong Roman Catholic beliefs sometimes cause problems. Éamon de Valera often thinks that O’Kelly either deliberately or accidentally leaks information to the Knights of Saint Columbanus and the Church leaders. He ensures that his first state visit, following the creation of the Republic of Ireland in 1949, is to the Vatican City to meet Pope Pius XII. He accidentally reveals the Pope’s private views on communism. This angers the Pope and Joseph Stalin and is why he is not given the papal Supreme Order of Christ which is given to many Catholic heads of state.

On his retirement O’Kelly gives a series of radio talks about his early life and the independence movement. These form the basis of an account serialised in The Irish Press (July 3 to August 9, 1961) and subsequently translated into Irish and published as Seán T. (1963), echoing the nickname by which he is commonly known. The book relies heavily on memory and its accuracy on points of detail has been questioned by scholars such as F. X. Martin. In retirement he lived at his home, Roundwood Park in County Wicklow.

O’Kelly dies at the Mater Private Nursing Home in Dublin on November 23, 1966, at the age of 84, fifty years after the Easter Rising that first brought him to prominence. He is buried in Glasnevin Cemetery, Glasnevin, Dublin. His perceived unctuousness and his opportunistic tendencies in his later career should not efface his significance as a separatist organiser and an effective populist politician, who played a major role in the establishment of Fianna Fáil political hegemony.


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Birth of George Lee, Journalist, Presenter & Former Fine Gael Politician

George Lee, Irish economist, journalist, television and radio presenter, and former Fine Gael politician, is born in Templeogue, Dublin, on September 27, 1962. He has worked for RTÉ since 1992. Since 2019, he has been Environment Correspondent for RTÉ News. He previously was Economics Editor in 1996.

Lee’s father is a motor mechanic, and his mother is a hairdresser. He is the seventh in a family of eight children and grows up in Templeogue, Dublin. He attends Coláiste Éanna, a Christian Brothers’ School in the Dublin suburb of Ballyroan. He is a graduate of University College Dublin (UCD) and holds an MSc in Economics from the London School of Economics (LSE) where his specialist area is labour economics and unemployment.

Lee is married to Mary Lee (née Kitson) and they have two children, Alison and Harry, and live in Cabinteely. He famously travels to work at RTÉ using a Segway, once giving it a test ride live on Tubridy Tonight.

Lee joins the civil service as an executive officer in the Central Statistics Office (CSO). Two years later he enters University College Dublin where he studies economics under academics such as Brendan Walsh and Peter Neary.

Prior to his move into broadcasting, Lee lectures at NUI Galway and then works as a journalist with The Sunday Business Post. He is also a Senior Economist at Riada Stockbrokers. He also works as Treasury Economist with FTI and as a research economist with the Central Bank of Ireland.

From 1992 to 2009 Lee worked at RTÉ, the public broadcasting service of Ireland. He is appointed Economics Editor with RTÉ in 1996. He is named Irish Journalist of the Year, along with Charlie Bird, in 1998 after they uncover a major tax evasion and overcharging scandal at National Irish Bank. He has devised, researched and presented several television series, including Moneybox, More to Do, Winds of Change, and Beyond the Berlin Wall. He is thought of as an “economics guru.” He leaves RTÉ in the late 1990s to work for BCP Stockbrokers. He leaves the job and returns to his RTÉ post the next day.

Before embarking on his political career, Lee films a four-part series based on the fall of the Berlin Wall in 2008. It is aired on RTÉ One in November 2009.

Lee is parodied in the 1990s comedy Bull Island, where he is seen “menacingly staring down the lens of a camera,” and is also featured on RTÉ 2fm‘s Nob Nation.

On May 5, 2009, on RTÉ News at One on RTÉ Radio 1, Lee announces that he is resigning as Economic Editor with RTÉ and announces his intention to seek the Fine Gael nomination for the Dublin South by-election in 2009. He takes a year’s unpaid leave from RTÉ in May 2009. On May 6, 2009, he is chosen as the Fine Gael candidate for the by-election. He is the only candidate for the nomination.

Lee is elected on the first count to represent Dublin South on June 6, 2009. He receives over 53% of the 1st preference vote. In total he receives 27,768 1st preference votes. When elected, he is referred to as a “Celebrity TD.” His RTÉ position is filled by Europe editor Sean Whelan, but only as correspondent. Instead, David Murphy is promoted to Business Editor.

In an opinion poll concerning support for possible candidates in the 2011 Irish presidential election conducted by the Sunday Independent in October 2009, Lee places third, receiving 12% support, ahead of former Taoiseach Bertie Ahern and other high-profile politicians.

Lee highlights the failure of EMPG, the holding company for U.S. publisher Houghton Mifflin Harcourt, and the potential impact on the Irish taxpayers of the loans given by Anglo Irish Bank to the investors in EMPG on January 13, 2010. He sees this as another example for the urgent need of an investigation into the Irish banking crisis.

On February 8, 2010, Lee announces his resignation from Fine Gael and from Dáil Éireann, due to having “virtually no influence or input” into shaping Fine Gael’s economic policies at a time of economic upheaval. It emerges that on February 2, he met with the Fine Gael leader Enda Kenny and told him of his intention to resign. Kenny then offered Lee the frontbench position as spokesman on economic planning. Speaking to reporters outside Leinster House soon after his announcement, Lee says it would have been dishonest of him to accept the position. “I had absolutely no input for nine months. I think I had to be honest with myself and honest with the electorate about that and not pretend.” Asked if his resignation is a vote of no confidence in Kenny, he says there are “certainly lots of large mutterings at the moment in relation to the leader’s position.” He says he had “minimal involvement” with Fine Gael finance spokesman Richard Bruton.

Kenny notes Lee had been appointed chair of the party’s committee on economic policy and also its forum. “I had anticipated a very important role for [George Lee] in the coming period with Fine Gael.” Kenny’s spokesman later dismisses the proposition that the resignation had implications for his leadership. He cited the public endorsement of Kenny by 20 Dáil deputies over the course of the weekend. Former Fine Gael leader Michael Noonan says he is surprised at the decision. “I thought that George Lee was fitting in well,” adding that he believes he would have been a cabinet member in a Fine Gael-led government.

Lee is criticised after his resignation by Senator Eoghan Harris, who is speaking on the Lunchtime programme of Newstalk Radio. Harris suggests financial considerations and long working hours of politicians are the reasons for Lee’s resignation. Fine Gael TD Brian Hayes, who is Lee’s campaign manager in the Dublin South by-election, says that in discussions with Lee, the latter had complained about “a major reduction in his income” since leaving RTÉ to become a Dáil backbencher. Lee denies that financial considerations had anything to do with his decision to quit politics.

RTÉ receives a letter from Lee confirming his intentions to return after his leave of absence. The Sunday Tribune says on February 14, 2010, that he will have to wait for three months before returning to RTÉ. Exactly a year after leaving RTÉ, he returns to the broadcaster on May 5, 2010. He works as an advisor on the RTÉ business desk. He presents Mind Your Business on RTÉ Radio 1 on Saturday Mornings as a summer replacement for The Business.

When John Murray moves to present his own programme, Lee takes over The Business slot on September 4, 2010, on Saturday mornings on RTÉ Radio 1. In addition to the radio edition, he has presented a televised version on RTÉ One, also titled The Business.

Lee has been Environment Correspondent for RTÉ since June 27, 2019.


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Seán Thomas O’Kelly Elected Second President of Ireland

Seán Thomas O’Kelly (Irish: Seán Tomás Ó Ceallaigh) is elected the second President of Ireland on June 18, 1945. He serves two terms from 1945 to 1959. He is a member of Dáil Éireann from 1918 until his election as President. During this time, he serves as Minister for Local Government and Public Health (1932–1939) and Minister for Finance (1939–1945). He serves as Vice-President of the Executive Council from 1932 until 1937 and is the first Tánaiste from 1937 until 1945.

O’Kelly is born on August 25, 1882, on Capel Street in the north inner-city of Dublin. He joins the National Library of Ireland in 1898 as a junior assistant. That same year, he joins the Gaelic League, becoming a member of the governing body in 1910 and General Secretary in 1915.

In 1905 O’Kelly joins Sinn Féin who, at the time, supports a dual monarchy. He is an honorary secretary of the party from 1908 until 1925. In 1906 he is elected to Dublin Corporation, which is Dublin’s city council. He retains the seat for the Inns Quay Ward until 1924.

O’Kelly assists Patrick Pearse in preparing for the Easter Rising in 1916. After the rising, he is jailed, released, and jailed again. He escapes from detention at HM Prison Eastwood Park in Falfield, South Gloucestershire, England and returns to Ireland.

O’Kelly is elected Sinn Féin MP for Dublin College Green in the 1918 Irish general election. Along with other Sinn Féin MPs he refuses to take his seat in the British House of Commons. Instead, they set up an Irish parliament, called Dáil Éireann, in Dublin. O’Kelly is Ceann Comhairle (Chairman) of the First Dáil. He is the Irish Republic’s envoy to the post-World War I peace treaty negotiations at the Palace of Versailles, but the other countries refuse to allow him to speak as they do not recognise the Irish Republic.

O’Kelly is a close friend of Éamon de Valera, and both he and de Valera oppose the Anglo-Irish Treaty of December 1921. When de Valera resigns as President of the Irish Republic on January 6, 1922, O’Kelly returns from Paris to try to persuade de Valera to return to the presidency but de Valera orders him to return to Paris.

During the Irish Civil War, O’Kelly is jailed until December 1923. Afterwards he spends the next two years as a Sinn Féin envoy to the United States.

In 1926 when de Valera leaves Sinn Féin to found his own republican party, Fianna Fáil, O’Kelly follows him, becoming one of the party’s founding members. In 1932, when de Valera is appointed President of the Executive Council of the Irish Free State, he makes O’Kelly the Minister for Local Government and Public Health. He often tries to publicly humiliate the Governor-General of the Irish Free State, James McNeill, which damages O’Kelly’s reputation and image, particularly when the campaign backfires.

In 1938, many believe that de Valera wants to make O’Kelly the Fianna Fáil choice to become President of Ireland, under the new Irish constitution, Bunreacht na hÉireann. When Lord Mayor of Dublin, Alfie Byrne, says he wants to be president there is an all-party agreement to nominate Douglas Hyde, a Protestant Irish Senator, Irish language enthusiast and founder of the Gaelic League. They believe Hyde to be the only person who might win an election against Alfie Byrne. O’Kelly is instead appointed Minister of Finance and helps create Central Bank in 1942.

O’Kelly leaves the cabinet when he is elected President of Ireland on June 18, 1945, in a popular vote of the people, defeating two other candidates. He is re-elected unopposed in 1952. During his second term he visits many nations in Europe and speaks before the United States Congress in 1959. He retires at the end of his second term in 1959, to be replaced by his old friend, Éamon de Valera. Following his retirement, he is described as a model president by the normally hostile newspaper, The Irish Times. Though controversial, he is widely seen as genuine and honest, but tactless.

O’Kelly’s strong Roman Catholic beliefs sometimes cause problems. Éamon de Valera often thinks that O’Kelly either deliberately or accidentally leaks information to the Knights of Saint Columbanus and the Church leaders. He ensures that his first state visit, following the creation of the Republic of Ireland in 1949, is to the Vatican City to meet Pope Pius XII. He accidentally reveals the Pope’s private views on communism. This angers the Pope and Joseph Stalin and is why he is not given the papal Supreme Order of Christ which is given to many Catholic heads of state.

O’Kelly dies in Blackrock, Dublin on November 23, 1966, at the age of 84, fifty years after the Easter Rising that first brought him to prominence. He is buried in Glasnevin Cemetery, Glasnevin, Dublin.


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Establishment of the Central Bank of Ireland

central-bank-of-ireland

The Central Bank of Ireland is established on February 1, 1943, when the Central Bank Act 1942 comes into effect which renames the Currency Commission.

The Central Bank of Ireland is Ireland’s central bank, and as such part of the European System of Central Banks (ESCB). It is also the country’s financial services regulator for most categories of financial firms. It is the issuer of Irish pound banknotes and coinage until the introduction of the euro currency and now provides this service for the European Central Bank.

The Central Bank, however, does not initially acquire many of the characteristics of a central bank:

  • It is not given custody of the cash reserves of the commercial banks
  • It has no statutory power to restrict credit, though it can promote it
  • The Bank of Ireland remains the government’s banker
  • The conditions for influencing credit through open-market operations does not yet exist
  • Ireland’s external monetary reserves are largely held as external assets of the commercial banks

The mid-1960s see the Bank take over the normal day-to-day operations of exchange control from the Department of Finance. The Central Bank broadens its activities over the decades, but it remains in effect a currency board until the 1970s.

Since January 1, 1972, the Central Bank has been the banker of the Government of Ireland in accordance with the Central Bank Act 1971, which can be seen in legislative terms as completing the long transition from a currency board to a fully functional central bank.

Its head office is located on Dame Street, Dublin, where the public may exchange non-current Irish coinage and currency, both pre- and post-decimalization, for euros. It also operates from premises in Spencer Dock, Iveagh Court, and College Green. The Currency Centre at Sandyford is the currency manufacture, warehouse, and distribution site of the bank.

By March 2017 its city centre staff moves to a new building at North Wall Quay.