The Central Bank Act 1998 (No. 2) implements crucial structural changes to the Central Bank of Ireland, positioning it for the Monetary Union and the adoption of the euro. This legislation revises governance frameworks, clarifies the Bank's role within the European System of Central Banks, and enhances regulatory and financial oversight capacities.

Additionally, the Act facilitates the modernisation of monetary policy operations, payment systems, and financial supervision. It ensures that Ireland’s central banking functions are consistent with EU treaty obligations and the frameworks applicable to the euro area, thereby reinforcing the integrity and stability of Ireland's financial system.