BANQUE NATIONALE DE BELGIQUE – NATIONALE BANK VAN BELGIE
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Banque National De Belgique (National Bank of Belgium) is the central bank of Belgium that performs tasks in the general interest at both national and international level. The bank was established in 1850. It has its head office located in Brussels, Belgium.
The National Bank covers the following activities: issuing notes and coins, holding gold reserves and IMF (international monetary fund), special drawing rights, issuing debt securities and regulating the monetary system through transfers of cash between overseas central banks and principal participants in the Belgian financial markets. In addition, the bank provides financial support to the Belgian Treasury and other central bodies such as the International Monetary Fund. The National Bank also performs central administrative functions, including audit, statistical research and other publications.
The National Bank is a part of European Central Banking System, which is composed of European Central Bank and the national central banks of all 27 European Union Member States.
Description and history
The Bank is Belgium’s central bank. Its activity essentially revolves around 5 sectors:
– implementing of the European monetary policy: studies and statistical analyses, management of relations with credit institutions through monetary instruments, management of exchange reserves, etc.;
– management of payment and liquidation systems, production and introduction into circulation of fiduciary currency, organization and management of inter-bank payment systems and a security payment system, centralized processing of bills of exchange, etc.;
– monitoring of payment systems: development of controls, monitoring of security payment and liquidation systems, participation in the work carried out to stabilize the monetary system and international finances, management of a compensation fund for clients of bankrupt investment companies and credit institution;
– services for the State: centralization of State revenues and running costs, daily management of Government stocks in order to ensure the liquidity of State loans, etc,
– distribution of economic and financial information
The Bank has been the central bank of Belgium since 1850.
Apart from monetary policy, the Bank takes on other tasks which can be classed under five headings ie printing banknotes and placing coins and banknotes in circulation; services for the State; services for the financial sector; collecting, circulating and analysing economic and financial information; acting as financial ambassador to international economic institutions.
Since the Bank is an enterprise which takes on tasks of public interest, it is endowed by law with special organs.
Those organs are the Governor, the Board of Directors, the Council of Regency and the Board of Censors. At the Bank, the General Meeting is not an organ in the same way as in a normal public limited liability company. The Governor directs the Bank. He presides over the Board of Directors and the Council of Regency.
The Board of Directors, composed of the Governor and a maximum of 7 members appointed by the King, is in charge of the administration and management of the Bank and decides on the direction of its policy.
The Council of Regency is composed of the members of the Board of Directors and 10 regents representing the Belgian socio-economic world. The Council of Regency has power to approve the annual accounts and finally determine the distribution of profits.
The 10 regents who are not members of the Board of Directors are elected by the General Meeting. However, 5 of the candidates for the post of regent must be proposed by the Minister of Finance and the other 5 by the most representative labour organisations (2), and the most representative organisations from industry and commerce (1), from agriculture (1) and from small firms and traders (1).
The Board of Censors, whose members are elected by the General Meeting, supervises the preparation and implementation of the NBB?s budget.
The General Meeting, which represents the totality of the shareholders, is presided over by the Governor. The Ordinary General Meeting hears the administration?s report on the past year?s operations and elects the regents and censors.
The Auditors perform a specific function of supervision and information in relation to the Works Council, and certify the annual accounts and miscellaneous information requested by the European Central Bank (ECB).
Finally, a representative of the Minister of Finance attends, ex officio, the meetings of the Council of Regency and the Board of Censors, in an advisory capacity. Except as regards the tasks and operations within the domain of the European System of Central Banks (ESCB), he supervises the Bank?s activities and may oppose the implementation of any decisions which is contrary to the law, the Statutes or the interests of the State.
Description in French
La Banque est la banque centrale belge. Son activitй s’articule autour de 5 pфles :
– mise en oeuvre de la politique monйtaire europйenne : йlaboration d’йtudes et de statistiques, gestion des relations avec les йtablissements de crйdit par le biais des instruments monйtaires, gestion des rйserves de change, etc. ;
– gestion des systиmes de paiement et de liquidation : production et mise en circulation de la monnaie fiduciaire, organisation et gestion de systиmes de paiements interbancaires et d’un systиme de rиglement de titres, traitement centralisй des effets de commerce, etc. ;
– surveillance du systиme financier : йlaboration de la rйglementation, contrфle des systиmes de paiement et de rиglement de titres, participation aux travaux sur la stabilitй du systиme monйtaire et financier international, gestion d’un fonds de dйdommagement des clients d’entreprises d’investissement et d’йtablissements de crйdit en faillite ;
– prestations de services auprиs de l’Etat : centralisation des recettes et des dйpenses courantes de l’Etat, gestion du Fonds des Rentes assurant la liquiditй des emprunts d’Etat, etc. ;
– diffusion d’informations йconomiques et financiиres
La Banque a йtй crйee en 1850.
La Banque est introduite en EURONEXT BRUXELLES – Euronext – Valeurs locales Compartiment A (Blue Chips) en 2005.
The central bank of Belgium that performs tasks in the general interest at both national and international level
BANK FOR INTERNATIONAL SETTLEMENTS, BRI
US SIC Code
Boulevard de Berlaimont – Berlaimontlaan, 14
City province or state postal code
Phone: 32 (2) 221 21 11
Fax: 32 (2) 221 31 00
Country address: BELGIUM
Website url: www.bnb.be