The Central Bank of Ireland has been named 'Central Bank of the Year'.

The award was given by the publications Central Banking Journal and centralbanking.com.

It says it recognises a central bank that has demonstrated "significant resolve and authority in fulfilling its mandate".

Central Banking Journal said 2015 was a year that marked the restoration of the Central Bank's credibility among its peers as a forward-thinking and strong institution, particularly in the area of supervision.

The panel took into account "the authority and integrity of the Central Bank, against criteria including the fulfilment of mandate details of pioneering policy efforts, and powerful communication supporting the Central Bank's position".

"Noting these actions helped to curb property prices and price expectations in 2015, the judges said the move demonstrated the Central Bank of Ireland's resolve to tackle sensitive issues in an independent manner", it adds.

The award is made by the Advisory Board of Central Banking - made up of former senior central bank governors from around the world.

Commenting on the award, Governor Philip Lane said: "It is an honour for the Central Bank of Ireland to receive this award and an important recognition by our peers of the contribution by the Central Bank, in Ireland and within the eurosystem. The staff has a strong drive to deliver on commitments, and tirelessly works towards the overall mission of the organisation".

An awards ceremony will be held in London on March 3rd, when Mr Lane will accept the award on behalf of the bank.