According to a report, in 1927 a recommendation was made for an Irish currency that was to remain fixed to the pound sterling, known as the saorstát pound. Reportedly, in 1938 a central bank with independant functions was recommended. In 1926 a banking commission was established, chaired by Henry Parker Willis who between 1914-18 was the first secretary of the federal reserve board of the united states.
The federal reserve, the United States central bank, prints money and provides financial services to government though it does not otherwise increase the amount of money in circulation nationally. Reportedly a central bank can loan to other governments without decreasing value.
According to a report the central bank of Ireland is now an agency for the european central bank, and produces euro bank notes at its currency centre. Reportedly, since 2002 the central bank has printed only €10 notes. Notes with serial numbers prefixed T are reportedly printed in Ireland and notes printed by the cbi have a prefix K before the series code. The difference between an independant nation and a commonwealth state is thought to be the freedom to print money as required by government.