Chapter

Appendix III PRINCIPAL ORGANS OF CENTRAL BANKS

Author(s):
International Monetary Fund
Published Date:
August 2003
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Principal Organs of the Austrian National Bank1
A. Collective Organs and Representative of Ministry of Finance
1.Board of Directors (Art. 20)
Number of members14 (Art. 22).
CompositionPresident, 2 Vice-Presidents, 11 other members (Art. 22(1))
Term of officePresident appointed by President of Republic for 5 years; Vice-Presidents and 5 directors appointed by Federal Government for 5 years; all may be reappointed (Arts. 23(1), 24(1), 25(1)). 6 directors elected by General Assembly of Shareholders (Arts. 22(2) and 25(3)-(4)).
Presiding officerPresident of Bank (Art. 23(3)).
2.Executive Committee (Art. 31)
Number of members5 (Art. 31(1)).
CompositionPresident, 2 Vice-Presidents, General Manager, Deputy General Manager (Art. 31(1)).
Presiding officerPresident of Bank (By-Laws, Art. 22).
3.State Commissioner (Arts. 45-46)
The State Commissioner, representing the Ministry of Finance, attends the meetings of the Board of Directors in an advisory capacity. He has the right to raise objections to decisions of the Board (Art. 45(4)); see also Art. 8 of the Rules and Regulations for the Board of Directors.2
4.Board of Managers (Arts. 32-36)
Number of members4 to 6 (Art. 33(1)).
CompositionGeneral Manager, Deputy General Manager, at least 2 but not more than 4 Managers (Art. 33(1)).
Presiding officerPresident or one of Vice-Presidents of Bank (Rules and Regulations for Board of Managers, Art. 5).
5. General Assembly of Shareholders (Arts. 10-19)
Presiding officerPresident of Bank (Art. 15(1)).
B. Chief Executive Officer
President of the Bank (Art. 23); see also Arts. 16-18 of Rules and Regulations for the Board of Directors.
C. Principal Administrative Officer
General Manager of the Bank (Art. 34(1)); see also Arts. 10-12 of Rules and Regulations for the Board of Managers.
Principal Organs of the National Bank of Belgium3
A. Collective Organs and Government Commissioner
1.Board of Directors (Art. 22)
Number of members4 to 7 (Art. 23).
CompositionGovernor and at least 3 but not more than 6 directors (Art. 23).
Term of officeGovernor—5 years, appointed by King; directors—6 years, appointed by King on proposal of Council of Regency; all may be reappointed (Art. 24).
Presiding officerGovernor (Art. 23).
2.Council of Regency (Art. 22)
Number of members14 to 17 (Art. 23).
CompositionGovernor, directors, and 10 regents (Art. 23).
Term of office3 years, elected by General Meeting of Shareholders (Art. 24; By-Laws, Art. 53).
Presiding officerGovernor (By-Laws, Art. 61).
3.Board of Censors (Art. 22)
Number of members8 to 10 (Art. 23).
Term of office3 years, elected by General Meeting of Shareholders (Art. 24).
Presiding officerPresident, chosen by Board from among its members (Art. 54).
4.General Council (Art. 22)
Number of members22 to 27 (Art. 23).
CompositionGovernor, directors, regents, and censors (Art. 69).
Presiding officerGovernor (By-Laws, Art. 61).
5.General Meeting of Shareholders (By-Laws, Art. 79)
Presiding officer Governor (By-Laws, Art. 61).
6.Government Commissioner (Art. 29; By-Laws, Arts. 75-78)
Appointed by King. Entrusted with exercise of authority of Minister of Finance to control Bank’s operations. May oppose execution of any measure contrary to law, By-Laws, or interests of State. May attend meetings of Board of Directors and other collective organs of Bank in advisory capacity.
B. Chief Executive Officer
Governor (Art. 22; By-Laws, Arts. 61-62).
Principal Organs of the National Bank of Denmark4
A. Collective Organs and Royal Bank-Commissioner
1.Board of Directors (Sec. 3)
Number of members25 (Sec.4)
Composition8 with seats in Folketing; 2 appointed by Minister of Trade, Industry and Shipping; 15 elected by Board of Directors (Sec. 4; By-Laws, Sec. 1).
Term of office5 years (Sec. 4; By-Laws, Sec. 1).
Presiding officerRoyal Bank-Commissioner (Sec. 7).5
2.Committee of Directors (Sec. 3)
Number of members7(Sec. 5).
CompositionThose 2 directors appointed by Ministry of Trade, Industry and Shipping, and 5 elected for 1 year by Board of Directors from among its members (Sec. 5; By-Laws, Sec. 5).
Presiding officerChairman and deputy chairman elected for 1 year by the Committee from among its members (Sec. 5; By-Laws, Sec. 5).
3.Board of Governors (Sec. 3)
Number of members3 (Sec. 6).
Composition1 appointed by King; 2 appointed by Board of Directors on recommendation of Committee of Directors (Sec. 6).
Presiding officerGovernor appointed by King (Sec. 6).
4.Royal Bank-Commissioner (Sec. 7)
The Minister of Trade, Industry and Shipping is designated by Sec. 7 as the Royal Bank-Commissioner.
B. Chief Executive Officer
Neither the Act nor the By-Laws expressly provide for a chief executive officer. It appears that the Board of Governors is generally referred to in “corporate capacity” (see Act, Sec. 6; By-Laws, Sees. 8-13); however, the Governor by royal appointment is the Chairman of the Board and has a deciding vote in case of a tie (By-Laws, Sec. 10).
Principal Organs of the Bank of Finland6
A. Collective Organs
1.Bank Supervisors (Arts. 15, 17) 7
Number of members9 (Rules for Diet, Art. 83).
Composition3 who shall be the ordinary Bank Supervisors and deal with all matters not reserved for the full meeting of Bank Supervisors, plus 6 others; all selected by Diet (Rules for Diet, Art. 83).
Term of officeNot specified.
Presiding officerNot specified.
2.Board of Management(Art. 16)
Number of membersNot more than 5 (Art. 16).
CompositionChairman and not more than 4 members, appointed by President of Republic (Arts. 16, 23).
Term of officeNot specified.8
Presiding officerChairman (Arts. 16, 23).
B. Principal Administrative Officer
Chairman of Board of Management.
Principal Organs of the Bank of France9
A. Collective Organs10
1.General Council
Number of members15 voting members plus 2 Auditors (Art. 44).
CompositionGovernor, 2 Deputy Governors, 12 Councillors, 2 Auditors (Art. 44).11
Term of officeCouncillors other than ex officio members—4 years; eligible for re-election or reappointment (Art. 51).12
Presiding officerGovernor (Art. 29).
2.Discount Board and Special Committees (Arts. 65-75)13
B.Chief Executive Officer
Governor (Arts. 16 and 29).
Principal Organs of the Deutsche Bundesbank14
A. Collective Organs
1.Central Bank Council (Art. 5)15
Number of membersUp to 21 (Art. 6(2)).16
CompositionPresident and Vice-President of Bank, the other members of the Directorate, and the Presidents of the 11 Land Central Banks (Art. 6(2)).17
Term of officePresident, Vice-President, and the other members of the Directorate—8 years (or in exceptional cases a shorter period, but not less than 2 years), appointed by President of Republic (Art. 7(3)). Term of office of Presidents of Land Central Banks not specified (Art. 7(3)).
Presiding officerPresident of Bank (Art. 6(3)).
2.Directorate (Art. 5)18
Number of membersUp to 10 (Art. 7(2)).
CompositionPresident and Vice-President of Bank and not more than 8 other members (Art. 7(2)).
Term of office8 years (or in exceptional cases a shorter period, but not less than 2 years), appointed by President of Republic (Art. 7(3)).
Presiding officerPresident of Bank (Art. 7(5)).
3.Boards of Management of Land Central Banks (Art. 5)19
Number of membersAt least 2 (Art. 8(3)).
CompositionPresident and Vice-President plus 1 or 2 additional members as authorized by By-Laws (Art. 8(3)).20
B. Chief Executive Officer
The President of the Bank is in practice its chief executive officer; in addition to the provisions relating to the status of the President in the Central Bank Council (Art. 6(3)) and in the Directorate (Art. 7(5)), there are several provisions governing his authority to act as representative of the Bank and in matters concerning the administration of the Bank.21
Principal Organs of the Bank of Greece22
A. Collective Organs
1.Board of Directors (Art. 20)
Number of members12 (Art. 21).
CompositionGovernor, 2 Deputy Governors, 9 directors (Art. 21).
Term of officeGovernor and Deputy Governors—4 years, appointed by Council of Ministers on proposal of Board of Directors; eligible for reappointment (Art. 29). Directors—3 years, elected by General Meeting of Shareholders; eligible for reelection (Art. 21).
Presiding officerGovernor (Art. 30).
2.Board of Management (Art. 36)
Number of membersNot specified.
CompositionGovernor, Deputy Governors, Managers (Art.36).
Term of officeNot specified; contingent on term of office of Governor, Deputy Governors, and Managers.
Presiding officerGovernor.
3.General Meeting of Shareholders (Art. 11)
Supreme authority of the Bank.
B. Chief Executive Officer
Governor (Arts. 30-32).
Principal Organs of the Central Bank of Iceland23
A. Collective Organs and Minister in Charge of Banking Affairs
1. Board of Governors (Art. 25)
Number of members3 (Art. 25).
Composition3 Governors appointed by Minister concerned on recommendation of Board of Directors (Art. 25).
Term of officeNot specified.
Presiding officerChairman elected by Board of Governors for not less than 1 year (Art. 25).
2.Board of Directors (Art. 28)
Number of members5 (Art. 28).
Composition5 persons elected by Althing (Art. 28).
Term of office4 years (Art. 28).
Presiding officerChairman, appointed for 4 years by Minister concerned from among the Directors (Art. 28).
3.Minister in Charge of Banking Affairs (Art. 24)
The supreme authority of the Central Bank is vested in the Minister in charge of banking affairs and the Board of Directors.
B. Chief Executive Officer
Although the Act does not expressly designate the chief executive officer of the Bank, in practice the Chairman of the Board of Governors is deemed to be that officer.
Principal Organs of the Central Bank of Ireland24
A. Collective Organs and Minister of Finance
1.Board of Directors (Sec. 5(3)).
Number of membersAt least 4 but not more than 9 Sec. 5(3)).
CompositionGovernor, 3 banking Directors,25 and not more than 5 other Directors, including not more than 2 service Directors (Sec. 5(3)).26
Term of office (other than of service Directors)5 years (Sec. 24(3)-(4)).27
Presiding officerGovernor (Sec.5(3)).28
2.Executive Committee
Sec. 1 of Central Bank of Ireland Regulations (No. 3), 1943, provides: “There shall be an Executive Committee of the Board consisting … of such members of the Board as may from time to time be designated by minute of the Board.”
3.Minister of Finance (Sec. 6(2))
The Minister of Finance may request the Governor on behalf of the Board, or the Board itself, to consult with him or to give advice on the performance of the Bank’s functions specified in Sec. 6(1).29
B. Chief Executive Officer
Governor (Central Bank of Ireland Regulations (No. 2), 1953, Sec. I).30
Principal Organs of the Bank of Italy31
A. Collective Organs
1.Board of Directors (Art. 17)
Number of members14 (Art. 17).
CompositionGovernor and 13 directors (Art. 17; Banking Law, Art. 22).
Term of officeGovernor—term not specified, appointed by Board of Directors (Art. 19); Directors—3 years, elected by General Meetings of Shareholders at Bank’s regional offices, eligible for re-election (Art. 17; Banking Law, Art. 22).
Presiding officerGovernor (Art. 18).
2.Committee of the Board of Directors (Art. 18)
4 directors, appointed by Board of Directors at its first meeting each year, with the Governor as chairman.
3.General Meeting of Shareholders (Art. 6)
Supreme governing body of the Bank.
4.Representative of the Minister of the Treasury
Appointed by Minister of the Treasury; may participate in meetings of Board of Directors as observer; empowered to suspend implementation of any Board decision which he considers contrary to the law, the regulations, or the statutes (statuti).32
B. Chief Executive Officer
Governor (Arts. 17, 18, 25).
C. Principal Administrative Officer
General Manager (Arts. 19, 27).
Principal Organs of the Netherlands Bank33
A. Collective Organs and Royal Commissioner
1.Governing Board (Art. 22)
Number of members5 to 7 (Art. 22).
CompositionPresident, Secretary, and at least 3 but not more than 5 directors (Art. 22(1)).
Term of officePresident, Secretary, and directors appointed by the Crown for 7 years; all may be reappointed (Art. 23(1)-(3)).
Presiding officerPresident.34
2.Board of Commissaries (Art. 27)35
Number of members12 (Art. 27(1)).
CompositionMembers appointed by the shareholders (Art. 27(2)).
Term of office4 years (Art. 27(3)).
Presiding officerPresident Commissary (By-Laws, Art. 25b(2)).
3.Joint Meeting of Governing Board and Board of Commissaries (Arts. 22-25 and 29)
Specified matters, primarily those relating to the internal organization of the Bank, require decision by a joint meeting of the Governing Board and the Board of Commissaries; for example, determination of number of directors under Art. 22(2).
4.Bank Council (Art. 32)36
Number of members17 (Art. 32(1)).
CompositionRoyal Commissioner, 4 members of Board of Commissaries, and 12 members appointed by the Crown (Art. 32(1)-(2)).
Term of office4 years, except that the term for Royal Commissioner is not specified (Arts. 30(1), 32(4)).
5.Royal Commissioner (Art. 30)

Supervises activities of Bank on behalf of Government. Entitled to attend all meetings of shareholders and Board of Commissaries, including joint meetings of Governing Board and Board of Commissaries. May request Governing Board to provide him with all information which he considers necessary for performance of his duties (Art. 30(1)-(3)).
B. Chief Executive Officer
The President of the Governing Board (Arts. 22(1) and 23(1)) is the President of the Bank and in this capacity its chief executive officer.
Principal Organs of the Norges Bank37
A. Collective Organs
1.Supervisory Council (Art. 20)
Number of members15 (Art. 20).
CompositionMembers elected by Storting (Art. 21).
Term of office6 years (Art. 21).
Presiding officerChairman, elected by Council from among its members for 1 year (Art. 26).
2.Board of Directors (Art. 20)
Number of members5 (Art. 20).
CompositionChairman and Vice-Chairman, appointed by King after hearing Supervisory Council’s views; other Directors elected by Storting (Art. 22).
Term of officeDirectors elected by Storting—6 years; Chairman and Vice-Chairman—term not fixed by law (Art. 22).
Presiding officerChairman (Art. 22).
3.Boards of Management of Branch Offices (Art. 20)
Number of members3-4 (Art. 20).
Composition3 members elected by Storting, plus Managing Director where one has been appointed (Arts. 20 and 29).
Term of officeElected members—6 years; Managing Director—term not fixed by law (Art. 23).
Presiding officerChairman, elected each year by and from among the Board members (Art. 29).
B. Chief Executive Officer
The Chairman of the Board of Directors (Art. 22) is the chief executive officer of the Bank and, in this capacity, has the title “Governor.”
Principal Organs of the Bank of Portugal38
A. Collective Organs
1.Board of Directors (Art. 44)
Number of members11 (Art. 46).
CompositionGovernor, 2 Deputy Governors for the State, 1 Deputy Governor for the Bank, and 7 other Directors (Art. 46).
Term of officeGovernor and 2 Deputy Governors for the State—5 years, by appointment; other Directors (including Deputy Governors for the Bank)—4 years, elected by General Meeting; the terms of all are renewable (Art. 46; see also Arts. 56 and 57).
Presiding officerGovernor (Art. 46).
2.Board of Auditors (Art. 47)
Composition4 members elected by General Meeting for 4 years (Art. 47; see also Arts. 56 and 60).
3.General Council (Art. 45)
Number of members15 (Art. 45).
CompositionBoard of Directors and Board of Auditors (Art. 45).
Presiding officerGovernor (Art. 45).
4.General Meeting (Art. 90)
5.Stabilization Committee (Art. 78)
Number of members6 (Art. 78).
CompositionGovernor, 2 Deputy Governors for the State, Deputy Governor for the Bank, Director responsible for discounts and transfers, and Director responsible for exchange operations, monetary reserves, and foreign relations (Art. 78).
B. Chief Executive Officer
Governor; in addition to provisions concerning status of Governor in Board of Directors (Art. 46) and General Council (Art. 45), several provisions specify his powers and functions as representative of the Bank and his role in its administration; see especially Art. 66.
Principal Organs of the Bank of Spain39
A. Collective Organs
1.General Council (Art. 8)
Number of members17-18 (Art. 8).40
CompositionGovernor, 2 or 3 Deputy Governors, 14 other members (Arts. 4, 5, 8).
Term of officeGovernor—term not specified, appointed by Council of Ministers (Art. 4); 41 Deputy Governors—3 years, appointed by Council of Ministers on proposal of Minister of Finance, may be reappointed (Art. 5); other members—term not specified, selected pursuant to Art. 8(c)-(/*).42
Presiding officerGovernor (Arts. 4, 8).
2.Board of Directors (Art. 7)
Number of members6-7 (Art. 7).
CompositionGovernor, Deputy Governors, 3 members of General Council designated by Minister of Finance (Art. 7).
Term of office2 years.43
Presiding officerGovernor (Arts. 4, 7).
B. Chief Executive Officer
Governor of the Bank (Arts. 4, 11).
C. Principal Administrative Officers
General Managers (Art. 6).44
Principal Organs of the Sveriges Riksbank45
A. Collective Organs
1.Board of Directors (Art. 28)
Number of members7 (Art. 28).
CompositionChairman and 6 other Directors (Art. 28).
Term of officeChairman (and his deputy)—3 years, appointed by King in Council; 46 Directors (and their deputies)—3 years, elected by Riksdag (Constitution, Art. 72, par. 2; Riksdag Statutes, Art. 70(1)).
Presiding officerChairman (Constitution, Art. 72, par. 2).
2. Board of Management47
Number of members5
CompositionGovernor, Deputy Governor, Director permanently on Board of Management, 1 of Directors elected by Riksdag, and reporting manager.
Presiding officerGovernor.
B. Chief Executive Officer
The Governor of the Riksbank is its chief executive officer. Although elected by the Directors from among themselves, and therefore a member of the Board of Directors, he is not the Chairman of that Board. The Deputy Governor is elected by the Directors either from among themselves or from outside (Constitution, Art. 72).
Principal Organs of the Swiss National Bank48
A. Organs Responsible FOR Supervision AND Control49
1.General Meeting of Shareholders (Arts. 29-39)
2.Bank Authorities (Arts. 40-49)
a. Bank Council (Arts. 40-47)
Number of members40 (Art. 40).
Composition15 elected by General Meeting of Shareholders, 25 selected by Federal Council (Arts. 40-42).
Term of office4 years (Art. 40).
Presiding officerChairman (Art. 42(1)).
b. Bank Committee (Arts. 48-49)
Number of membersNot specified.50
CompositionChairman and Deputy Chairman of Bank Council and other members appointed by Bank Council (Art. 48(2)).
Term of office4 years (Art. 48(1)).
Presiding officerChairman (Art. 48(2)).
c. Local Committees (Art. 50)
3 members, appointed by the Bank Council for a term of 4 years, attached to each head office and branch office to make loan appraisals and examine liabilities.
d. Committee of Auditors (Art. 51)
3 members (and 3 alternates) elected each year by General Meeting of Shareholders.
B. Organs Responsible for Management49
1.Directorate (Art. 52)
Number of membersAt least 3 (Art. 53(1)).
Composition3 members appointed by Federal Council, to which may be added deputies and department managers (Art. 53(1)-(2)).51
Term of office6 years (Art. 53(2)).
Presiding officersPresident and Vice-President (Art. 53(3)).
2.Branch Managers (Art. 54)
Appointed by Federal Council, on recommendation of Bank Council, for a term of 6 years.
C. Chief Executive Officer
President of the Directorate (Arts. 52, 53).
Principal Organs of the National Bank of Yugoslavia52
A. Collective Organs AND Governor
1.Council of the Working Community of the National Bank (Art. 52)
Number of membersAt least 15 (By-Laws, Art. 96).53
CompositionMembers elected by the working people employed in the operational units of the National Bank, except the Governor and Vice-Governor, who may not be members (Art. 52; By-Laws, Arts. 63, 104).54
Term of office2 years, one-half to be elected each year; no one may be elected twice in succession (By-Laws, Art. 95).55
Presiding officerPresident, elected by the council from among its members for a term of 1 year (By-Laws, Art. 109).
2.Governor (Art. 48)
Appointed by the Federal Assembly on the proposal of the Federal Executive Council, for a term of 4 years.56
3.Councils of the Working Communities of the Operational Units (Art. 57)57
Number of membersAt least 15 or, in units with not more than 30 workers, all the workers (By-Laws, Art. 96).58
CompositionMembers elected by the working people of the operational unit, except the leading officer of the unit and his deputy, who may not be members (By-Laws, Arts. 91, 104).59
Term of office2 years, one-half to be elected each year; no one may be elected twice in succession (By-Laws, Art. 95).60
Presiding officerPresident, elected by the council from among its members for a term of 1 year (By-Laws, Art. 109).
B. Chief Executive Officer
Although neither the National Bank Law nor the By-Laws of the National Bank expressly provide for a chief executive officer, it may be inferred from Arts. 48 and 49 of the National Bank Law and from the listing of the powers and functions of the Governor in Art. 56 of the By-Laws, that the office of Governor corresponds for the most part to that of a chief executive officer of a central bank.

Unless otherwise indicated, the articles cited here refer to the National Bank Law, 1955, as published in this volume.

The State Commissioner is, strictly speaking, not a member of the Board of Directors; see on this point, for example, Art. 2 of the Rules and Regulations for the Board of Directors, which reads in part as follows: “All members of the Board of Directors, as well as the State Commissioner, shall be invited to meetings of the Board….”

Unless otherwise indicated, the articles cited here refer to the Organic Law of the National Bank, 1939, as published in this volume.

Unless otherwise indicated, the sections cited here refer to the National Bank of Denmark Act, 1936, as published in this volume.

See, however, Sec. 4, which provides that the Board of Directors shall elect for 1 year at a time a chairman and a deputy chairman.

Unless otherwise indicated, the articles cited here refer to the individual articles of the Regulations for the Bank of Finland, 1925, as published in this volume.

See also Constitution Act, 1919, Art. 73, and Rules for the Diet, 1928, Arts. 50 and 83.

See Art. 83 of Rules for the Diet, 1928. Under Art. 17(21) of the Regulations, the Bank Supervisors are empowered “to decide questions relating to suspension from duty and questions of discipline affecting members of the Board of Management.”

Unless otherwise indicated, the articles cited here refer to the Codified Statutes of the Bank of France, as published in this volume.

There is no collective organ in the Bank of France which corresponds to the Board of Directors, or substantially identical organs, of other central banks. An authoritative description of the structure and administration of the Bank of France summarizes the situation as follows: “The Governor …holds very wide powers as regards the management of the Bank. The three Governors [that is, the Governor and the two Deputy Governors] do not constitute a board, nor is there a Board of Directors standing between the General Council and the Bank’s administrative organs.”—Jean Bolgert,“Banque de France,” in Eight European Central Banks (London and New York, 1963), p. 128.

In practice, however, the National Credit Council combines several functions which in other central bank regimes are entrusted to the Board of Directors and to organs charged with inspection and supervision of banks. The National Credit Council was established by virtue of Art. 12 of the Law of December 2, 1945 Regarding the Nationalization of the Bank of France and the Large Banks and Regarding the Organization of Credit. It has no legal personality of its own, nor has it any staff; it acts through the Bank of France, which furnishes it with a secretariat. The Minister of Finance is designated president of the Council, but he may delegate his powers to the Governor of the Bank of France (who is ex officio vice-president of the Council).

In addition to the president and vice-president, the National Credit Council has 42 members, selected as follows: 11 appointed by the Minister of Finance with a view to conferring functional representation on specified groups; 8 proposed by the leading trade unions (4 being appointed by the Minister of Finance and 4 by the Minister of Labor); 8 representing government departments; 8 appointed by the Minister of Finance in consideration of their special competence in finance and banking; and 7 who hold or have held executive positions in public or semipublic credit institutions. The Head of the Treasury Department attends all meetings of the Council and of its committees. For a more detailed enumeration of the criteria by which members of the Council are selected, see Art. 12 of the 1945 Law.

Art. 12 of the 1945 Law also provides that the Council shall set up five committees: the Deposit Committee, the Short-Term Credit Committee, the Medium- and Long-Term Credit Committee, the Foreign Trade Committee, and the Banks and Financial Institutions Committee.

For a further description of the structure and functions of the National Credit Council, see Jean Bolgert, op. cit., pp. 169-171.

For the method of selecting the Councillors and Auditors, see Arts. 45 and 46.

For the term of office of Auditors, see Art. 52.

See also Jean Bolgert, op. cit., pp. 130-131

Unless otherwise indicated, the articles cited here refer to the individual articles of the Law Concerning the Deutsche Bundesbank, 1957, as published in this volume.

See also By-Laws, Arts. 1-8.

The number of members of the Central Bank Council varies with the number of members of the Directorate (see below).

Members of the Federal Government are entitled under Art. 13(2) to take part in the deliberations of the Central Bank Council. They have no vote, but may make motions. At their request the taking of a decision may be deferred, but not for more than two weeks. It is noteworthy, however, that Art. 12 provides: “In the exercise of the powers conferred on it under this Law, it [the Bank] shall not be subject to instructions from the Federal Government.”

See also By-Laws, Arts. 9-11.

See also By-Laws, Arts. 12-15.

Besides the President and the Vice-President, 1 further member of the Board of Management may be appointed for the Land Central Banks in Baden-Württemberg, Bayern, and Nordrhein-Westfalen (By-Laws, Art.12(1)).

The Law provides in Art. 9(1) that at each Land Central Bank there shall be an Advisory Board that shall consult (1) with the President of the Land Central Bank on questions of monetary and credit policies and (2) with the Board of Management of the Land Central Bank on the implementation of its responsibilities; see also By-Laws, Arts. 16-20.

See Arts. 6, 7, 8, 13, 30, 31, 32, 39, 40, and 41; see, in particular, Art. 41(4), which reads in part: “The President of the Deutsche Bundesbank shall be the supreme administrative organ [oberste Dienstbehörde] for persons to whom the provisions of paragraphs 1 and 2 [of Article 41] are applicable.”

The articles cited here refer to the Statutes of the Bank of Greece, as published in this volume.

The articles cited here refer to the Central Bank of Iceland Law, 1961, as published in this volume.

Although the Act does not expressly designate the chief executive officer of the Bank, in practice the Chairman of the Board of Governors is deemed to be that officer.

Unless otherwise indicated, the sections cited here refer to the Central Bank Act, 1942, as published in this volume.

Under Sec. 23(2), the banking Directors shall be appointed by the Minister of Finance from a panel prepared by the representatives of the Associated Banks; see also the Second Schedule to the Act (pp. 398-400, above).

The term service Director is defined in Sec. 2 as “a Director who is in the permanent service of the State.”

For the term of office of the first banking Directors, see Sec. 24(1); for that of the first directors who are neither banking Directors nor service Directors, see Sec. 24(2).

The status of the Governor of the Bank as Chairman of the Board maybe inferred from Sec. 5(3), and also from Sec. 32(4), which provides that the Governor may, in the event of an equality of votes, exercise a second or casting vote.

Regarding the authority of the Minister to issue, after consultation with the Board of Directors, regulations on specified matters, see Sees. 50 and 51.

Under Sec. 19(2) of the Act, the Governor shall be appointed for a term of 7 years; regarding the authority to remove the Governor prior to the expiration of this term, see Sec. 21(2) of the Act.

Unless otherwise indicated, the articles cited here refer to the Statuteof the Bank of Italy, 1936, as published in this volume.

See Art. 114 of Royal Decree No. 204 of April 28, 1910, in G. A. Micheli and P. Pagliazzi, Codice della banca, borse e valute, 7th ed. (Bologna, 1952), pp. 53-54. Under Art. 115 of the same Decree, the Ministry of the Treasury may suspend decisions of the Board of Directors for five days, even where the Treasury representative has not invoked his authority to do so. After the expiration of the five-day period, the Ministry may nullify such decisions.

Unless otherwise indicated, the articles cited here refer to the Netherlands Bank Act 1948, as published in this volume.

This function of the President may be inferred from Art. 22(1); the procedure for and the method of conducting the Governing Board shall be governed by a regulation issued under Art. 25(2).

Regulations regarding the functions of the Board of Commissaries shall be made pursuant to Art. 29.

Regarding the authority of the Bank Council to draw up rules of procedure, see By-Laws, Art. 34a.

The articles cited here refer to the Norges Bank Act, 1892, as published in this volume.

The articles cited here refer to the Charter of the Bank of Portugal, 1931, as published in this volume.

Governor; in addition to provisions concerning status of Governor in Board of Directors (Art. 46) and General Council (Art. 45), several provisions specify his powers and functions as representative of the Bank and his role in its administration; see especially Art. 66.

The articles cited here refer to the Bank of Spain Law, 1962, as published in this volume.

The Minister of Finance has special powers with respect to the Bank of Spain: Art. 1 provides that the Bank shall be subordinate to the Government through the Ministry of Finance. Art. 9 gives authority in monetary and credit matters to the Government, which, through the Minister of Finance, may issue directives to the Bank pertaining to monetary and credit policy. Art. 10 lists the specific powers which the Minister of Finance, in agreement with the Council of Ministers, may exercise with respect to the Bank.

It may be inferred from Art. 8 that all members of the General Council may vote. In case of a tie, the vote of the presiding officer is decisive.

The Governor may be dismissed by the Council of Ministers (Art. 5).

Members appointed under Art. 8(d), (e), (f), and (h) may be dismissed at any time by the Minister of Finance (Art. 8, par. 2).

Members of the Board of Directors may, however, be dismissed at anytime by the Minister of Finance (Art. 7).

The General Managers may be required to attend meetings of the Board of Directors in an advisory capacity without the right to vote (Art. 6).

Unless otherwise indicated, the articles cited here refer to the Sveriges Riksbank Act, 1934, as published in this volume.

It should be noted that the Riksbank is guaranteed and governed by the Riksdag; see Constitution, Arts. 72 and 111, and Riksdag Statutes, Arts. 41, 70, and 71.

The Chairman (as well as his deputy) may be removed from office when the King in Council deems it expedient (Constitution, Art. 72, par. 2).

There is no provision for a Board of Management for the Riksbank in the Act, the Constitution, or the Riksdag Statutes. The information given here is taken from Sven Lindh, “Sveriges Riksbank,” in Eight European Central Banks (London and New York, 1963), pp. 312-313.

The articles cited here refer to the National Bank Law, 1953, as published in this volume.

Art. 28 arranges the organs of the National Bank in two groups, according to their functions: (1) organs for the supervision and control of the Bank (the General Meeting of Shareholders and the Bank authorities) and (2) organs responsible for the management of the Bank (the Directorate and the branch managers).

As of April 1966 there were 10 members of the Bank Committee. For details, see W. Kull, “Schweizerische Nationalbank,” in Eight European Central Banks (London and New York, 1963), pp. 272-273

As of April 1966 the Directorate had 11 members: the President, the Vice-President, the Director-General, 2 members representing the first Department, 1 member representing the second Department, 2 members representing the third Department, and 3 directors of sections (Abteilungs-leiter).

Unless otherwise indicated, the articles cited here refer to the National Bank of Yugoslavia Law, 1965, as published in this volume.

In October 1966, this council had 20 members.

Art. 65 of the By-Laws lists matters on which the council has authority to decide; Art. 66 lists those requiring the concurrence of the Governor. Art. 114 of the By-Laws provides that the Governor or the Vice-Governor shall attend meetings of the council if necessary.

Detailed rules for the election and recall of members of all councils of working communities in the National Bank are set forth in the By-Laws, Arts. 95-108.members for a term of 1 year (By-Laws, Art. 109).

Art. 56 of the By-Laws lists the matters for which the Governor has sole authority; Art. 57 lists those which he may decide only in agreement with the council of the working community of the National Bank.

These are the councils of the working communities of the Head Office (as distinct from the council of the working community of the National Bank as a whole) and of the Central Offices (one in each of the six Republics).

In October 1966 the council of the working community of the Head Office had 17 members

Art. 93 of the By-Laws lists matters on which the council has authority to decide; Art. 94 lists those requiring the agreement of the leading officer of the operational unit. Art. 114 of the By-Laws provides that the leading officer of the operational unit or his deputy shall attend meetings of the council.

See footnote 55, above.

Unless otherwise indicated, the articles cited here refer to the National Bank Law, 1955, as published in this volume.

The State Commissioner is, strictly speaking, not a member of the Board of Directors; see on this point, for example, Art. 2 of the Rules and Regulations for the Board of Directors, which reads in part as follows: “All members of the Board of Directors, as well as the State Commissioner, shall be invited to meetings of the Board….”

Unless otherwise indicated, the articles cited here refer to the Organic Law of the National Bank, 1939, as published in this volume.

Unless otherwise indicated, the sections cited here refer to the National Bank of Denmark Act, 1936, as published in this volume.

See, however, Sec. 4, which provides that the Board of Directors shall elect for 1 year at a time a chairman and a deputy chairman.

Unless otherwise indicated, the articles cited here refer to the individual articles of the Regulations for the Bank of Finland, 1925, as published in this volume.

See also Constitution Act, 1919, Art. 73, and Rules for the Diet, 1928, Arts. 50 and 83.

See Art. 83 of Rules for the Diet, 1928. Under Art. 17(21) of the Regulations, the Bank Supervisors are empowered “to decide questions relating to suspension from duty and questions of discipline affecting members of the Board of Management.”

Unless otherwise indicated, the articles cited here refer to the Codified Statutes of the Bank of France, as published in this volume.

There is no collective organ in the Bank of France which corresponds to the Board of Directors, or substantially identical organs, of other central banks. An authoritative description of the structure and administration of the Bank of France summarizes the situation as follows: “The Governor …holds very wide powers as regards the management of the Bank. The three Governors [that is, the Governor and the two Deputy Governors] do not constitute a board, nor is there a Board of Directors standing between the General Council and the Bank’s administrative organs.”—Jean Bolgert,“Banque de France,” in Eight European Central Banks (London and New York, 1963), p. 128.

In practice, however, the National Credit Council combines several functions which in other central bank regimes are entrusted to the Board of Directors and to organs charged with inspection and supervision of banks. The National Credit Council was established by virtue of Art. 12 of the Law of December 2, 1945 Regarding the Nationalization of the Bank of France and the Large Banks and Regarding the Organization of Credit. It has no legal personality of its own, nor has it any staff; it acts through the Bank of France, which furnishes it with a secretariat. The Minister of Finance is designated president of the Council, but he may delegate his powers to the Governor of the Bank of France (who is ex officio vice-president of the Council).

In addition to the president and vice-president, the National Credit Council has 42 members, selected as follows: 11 appointed by the Minister of Finance with a view to conferring functional representation on specified groups; 8 proposed by the leading trade unions (4 being appointed by the Minister of Finance and 4 by the Minister of Labor); 8 representing government departments; 8 appointed by the Minister of Finance in consideration of their special competence in finance and banking; and 7 who hold or have held executive positions in public or semipublic credit institutions. The Head of the Treasury Department attends all meetings of the Council and of its committees. For a more detailed enumeration of the criteria by which members of the Council are selected, see Art. 12 of the 1945 Law.

Art. 12 of the 1945 Law also provides that the Council shall set up five committees: the Deposit Committee, the Short-Term Credit Committee, the Medium- and Long-Term Credit Committee, the Foreign Trade Committee, and the Banks and Financial Institutions Committee.

For a further description of the structure and functions of the National Credit Council, see Jean Bolgert, op. cit., pp. 169-171.

For the method of selecting the Councillors and Auditors, see Arts. 45 and 46.

For the term of office of Auditors, see Art. 52.

See also Jean Bolgert, op. cit., pp. 130-131

Unless otherwise indicated, the articles cited here refer to the individual articles of the Law Concerning the Deutsche Bundesbank, 1957, as published in this volume.

See also By-Laws, Arts. 1-8.

The number of members of the Central Bank Council varies with the number of members of the Directorate (see below).

Members of the Federal Government are entitled under Art. 13(2) to take part in the deliberations of the Central Bank Council. They have no vote, but may make motions. At their request the taking of a decision may be deferred, but not for more than two weeks. It is noteworthy, however, that Art. 12 provides: “In the exercise of the powers conferred on it under this Law, it [the Bank] shall not be subject to instructions from the Federal Government.”

See also By-Laws, Arts. 9-11.

See also By-Laws, Arts. 12-15.

Besides the President and the Vice-President, 1 further member of the Board of Management may be appointed for the Land Central Banks in Baden-Württemberg, Bayern, and Nordrhein-Westfalen (By-Laws, Art.12(1)).

The Law provides in Art. 9(1) that at each Land Central Bank there shall be an Advisory Board that shall consult (1) with the President of the Land Central Bank on questions of monetary and credit policies and (2) with the Board of Management of the Land Central Bank on the implementation of its responsibilities; see also By-Laws, Arts. 16-20.

See Arts. 6, 7, 8, 13, 30, 31, 32, 39, 40, and 41; see, in particular, Art. 41(4), which reads in part: “The President of the Deutsche Bundesbank shall be the supreme administrative organ [oberste Dienstbehörde] for persons to whom the provisions of paragraphs 1 and 2 [of Article 41] are applicable.”

The articles cited here refer to the Statutes of the Bank of Greece, as published in this volume.

The articles cited here refer to the Central Bank of Iceland Law, 1961, as published in this volume.

Although the Act does not expressly designate the chief executive officer of the Bank, in practice the Chairman of the Board of Governors is deemed to be that officer.

Unless otherwise indicated, the sections cited here refer to the Central Bank Act, 1942, as published in this volume.

Under Sec. 23(2), the banking Directors shall be appointed by the Minister of Finance from a panel prepared by the representatives of the Associated Banks; see also the Second Schedule to the Act (pp. 398-400, above).

The term service Director is defined in Sec. 2 as “a Director who is in the permanent service of the State.”

For the term of office of the first banking Directors, see Sec. 24(1); for that of the first directors who are neither banking Directors nor service Directors, see Sec. 24(2).

The status of the Governor of the Bank as Chairman of the Board maybe inferred from Sec. 5(3), and also from Sec. 32(4), which provides that the Governor may, in the event of an equality of votes, exercise a second or casting vote.

Regarding the authority of the Minister to issue, after consultation with the Board of Directors, regulations on specified matters, see Sees. 50 and 51.

Under Sec. 19(2) of the Act, the Governor shall be appointed for a term of 7 years; regarding the authority to remove the Governor prior to the expiration of this term, see Sec. 21(2) of the Act.

Unless otherwise indicated, the articles cited here refer to the Statuteof the Bank of Italy, 1936, as published in this volume.

See Art. 114 of Royal Decree No. 204 of April 28, 1910, in G. A. Micheli and P. Pagliazzi, Codice della banca, borse e valute, 7th ed. (Bologna, 1952), pp. 53-54. Under Art. 115 of the same Decree, the Ministry of the Treasury may suspend decisions of the Board of Directors for five days, even where the Treasury representative has not invoked his authority to do so. After the expiration of the five-day period, the Ministry may nullify such decisions.

Unless otherwise indicated, the articles cited here refer to the Netherlands Bank Act 1948, as published in this volume.

This function of the President may be inferred from Art. 22(1); the procedure for and the method of conducting the Governing Board shall be governed by a regulation issued under Art. 25(2).

Regulations regarding the functions of the Board of Commissaries shall be made pursuant to Art. 29.

Regarding the authority of the Bank Council to draw up rules of procedure, see By-Laws, Art. 34a.

The articles cited here refer to the Norges Bank Act, 1892, as published in this volume.

The articles cited here refer to the Charter of the Bank of Portugal, 1931, as published in this volume.

Governor; in addition to provisions concerning status of Governor in Board of Directors (Art. 46) and General Council (Art. 45), several provisions specify his powers and functions as representative of the Bank and his role in its administration; see especially Art. 66.

The articles cited here refer to the Bank of Spain Law, 1962, as published in this volume.

The Minister of Finance has special powers with respect to the Bank of Spain: Art. 1 provides that the Bank shall be subordinate to the Government through the Ministry of Finance. Art. 9 gives authority in monetary and credit matters to the Government, which, through the Minister of Finance, may issue directives to the Bank pertaining to monetary and credit policy. Art. 10 lists the specific powers which the Minister of Finance, in agreement with the Council of Ministers, may exercise with respect to the Bank.

It may be inferred from Art. 8 that all members of the General Council may vote. In case of a tie, the vote of the presiding officer is decisive.

The Governor may be dismissed by the Council of Ministers (Art. 5).

Members appointed under Art. 8(d), (e), (f), and (h) may be dismissed at any time by the Minister of Finance (Art. 8, par. 2).

Members of the Board of Directors may, however, be dismissed at anytime by the Minister of Finance (Art. 7).

The General Managers may be required to attend meetings of the Board of Directors in an advisory capacity without the right to vote (Art. 6).

Unless otherwise indicated, the articles cited here refer to the Sveriges Riksbank Act, 1934, as published in this volume.

It should be noted that the Riksbank is guaranteed and governed by the Riksdag; see Constitution, Arts. 72 and 111, and Riksdag Statutes, Arts. 41, 70, and 71.

The Chairman (as well as his deputy) may be removed from office when the King in Council deems it expedient (Constitution, Art. 72, par. 2).

There is no provision for a Board of Management for the Riksbank in the Act, the Constitution, or the Riksdag Statutes. The information given here is taken from Sven Lindh, “Sveriges Riksbank,” in Eight European Central Banks (London and New York, 1963), pp. 312-313.

The articles cited here refer to the National Bank Law, 1953, as published in this volume.

Art. 28 arranges the organs of the National Bank in two groups, according to their functions: (1) organs for the supervision and control of the Bank (the General Meeting of Shareholders and the Bank authorities) and (2) organs responsible for the management of the Bank (the Directorate and the branch managers).

As of April 1966 there were 10 members of the Bank Committee. For details, see W. Kull, “Schweizerische Nationalbank,” in Eight European Central Banks (London and New York, 1963), pp. 272-273

As of April 1966 the Directorate had 11 members: the President, the Vice-President, the Director-General, 2 members representing the first Department, 1 member representing the second Department, 2 members representing the third Department, and 3 directors of sections (Abteilungs-leiter).

Unless otherwise indicated, the articles cited here refer to the National Bank of Yugoslavia Law, 1965, as published in this volume.

In October 1966, this council had 20 members.

Art. 65 of the By-Laws lists matters on which the council has authority to decide; Art. 66 lists those requiring the concurrence of the Governor. Art. 114 of the By-Laws provides that the Governor or the Vice-Governor shall attend meetings of the council if necessary.

Detailed rules for the election and recall of members of all councils of working communities in the National Bank are set forth in the By-Laws, Arts. 95-108.members for a term of 1 year (By-Laws, Art. 109).

Art. 56 of the By-Laws lists the matters for which the Governor has sole authority; Art. 57 lists those which he may decide only in agreement with the council of the working community of the National Bank.

These are the councils of the working communities of the Head Office (as distinct from the council of the working community of the National Bank as a whole) and of the Central Offices (one in each of the six Republics).

In October 1966 the council of the working community of the Head Office had 17 members

Art. 93 of the By-Laws lists matters on which the council has authority to decide; Art. 94 lists those requiring the agreement of the leading officer of the operational unit. Art. 114 of the By-Laws provides that the leading officer of the operational unit or his deputy shall attend meetings of the council.

See footnote 55, above.

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