The Irish Financial Services Regulatory Authority (IFSRA) expects to recruit a chief executive before the end of the year and be in a position to begin its work in early 2003.
The new authority, which will regulate the State's banks, building societies, credit unions and insurance companies and protect the interests of consumers in their dealings with financial institutions, is expected to be formally established next year.
The Central Bank and Financial Services Authority of Ireland Bill is due to move to the Committee Stage in the Dáil shortly and the legislation is expected to be in place by 2003.
The IFSRA has begun to recruit a chief executive, a consumer director, a registrar for credit unions and a secretary and has set a deadline for applications for September 20th.
A spokesman for the Central Bank said IFSRA's priority was to have a chief executive in place within the coming months.
An interim board which is chaired by Mr Brian Patterson has been established and has held a number of meetings. Several working groups have also been set up to assist with the planning and launch of the new regulator.
IFSRA will have a limited degree of independence from the restructured Central Bank which will be re-named the Central Bank of Ireland and Financial Services Authority (CBIFSA).
The restructured Central Bank will continue to be headed by the governor, Mr John Hurley, who will have an over-arching role with the IFSRA and Mr Patterson and the board will be accountable to him.
A separate monetary committee will deal with issues such as the euro and carry out the Bank's responsibilities as part of the European System of Central Banks. It will also report to Mr Hurley.
Members of the IFSRA board include former Standard Life chief executive Mr Alan Ashe, company director and Central Bank board member Mr Freidhelm Danz, former director of the Irish Business and Employers Confederation Mr John Dunne, journalist and novelist Ms Deirdre Purcell, former Revenue Commissioners chairman Mr Dermot Quigley, the director of the National Treasury Management Agency, Mr Jim Farrell, and senior counsel and Central Bank director Mr Gerard Danaher.
