National Bank of Slovakia
National Bank of Slovakia, is the central bank of Slovakia, a member of the European Union and the European System of Central Banks. Since 1 January 2009, it has been a member of Eurosystem, it has 9 regional branches and it is superior to all the banks in Slovakia. It is an independent institution, it was created on 1 January 1993, together with the Czech National Bank, as a result of the split in the State Bank of Czechoslovakia. Authorised by the Slovak Government, the Bank represents Slovakia in international financial institutions and in international money market transactions related to monetary policy performance; the supreme governing body of the National Bank of Slovakia is the Bank Board, which formulates monetary policy, applies appropriate instruments, rules on monetary measures. It is composed of the Governor and two Vice-Governors, who are appointed and dismissed by the President of Slovakia and other eight members, who are appointed and dismissed by the Slovak government following the proposal of the Governor.
As many as three members of the Bank Board are not required to be in a working relationship with the NBS. Since 12 January 2010 the head of the National Bank of Slovakia has been Doc. Ing. Jozef Makuch, PhD, he was appointed the Governor by the President of Slovakia on 1 January 2010. The headquarters office building of the National Bank of Slovakia was opened on 23 May 2002 in Bratislava, the capital of Slovakia. At a height of 111.6 metres and with 33 floors it is the highest building in Bratislava, not including antenna height. Slovak koruna List of banks in Slovakia Economy of Slovakia National Bank of Slovakia official site
National Bank of Belgium
The National Bank of Belgium has been the central bank of Belgium since 1850. The National Bank of Belgium was established with 100% private capital by a law of 5 May 1850 as a Société Anonyme, it is a member of the European System of Central Banks. The Governor of the National Bank is a member of the Governing Council, the main decision-making body of the Eurosystem as regards monetary policy. Apart from monetary policy, the National Bank of Belgium takes on other tasks which can be classified as follows: the issuing of euro banknotes the printing of euro banknotes and the placing in circulation of euro coins the management of foreign currency reserves the collection and analysis of economic and financial information the stability of the Belgian financial sector - see CBFA the role of financial ambassador to international economic institutions services for the Belgian State services for the Belgian financial sector services for the general public50% of the NBB stock is traded on Euronext Brussels, the other 50% of the shares are owned by the Belgian government.
François-Philippe de Haussy Eugène Prévinaire André-Eugène Pirson Alexandre Jamar Eugène Anspach Victor Van Hoegaerden Théophile de Lantsheere Leon Van der Rest Fernand Hautain Louis Franck Georges Janssen Albert Goffin Georges Theunis Maurice Frère Hubert Ansiaux Robert Vandeputte Cecil de Strycker Jean Godeaux Alfons Verplaetse Guy Quaden Luc Coene Jan Smets Pierre Wunsch Luc Coene Mathias Dewatripont Pierre Wunsch Jonathan-Raphaël Bisschoffsheim and first President Belgian franc Economy of Belgium Euro Media related to Belgian National Bank at Wikimedia Commons Official website The Scientific Library of the National Bank of Belgium Documents and clippings about National Bank of Belgium in the 20th Century Press Archives of the German National Library of Economics
Bank of Italy
The Bank of Italy, known in Italian as Banca d'Italia known as Bankitalia, is the central bank of Italy and part of the European System of Central Banks. It is located in Palazzo Koch, via Rome; the bank's current governor is Ignazio Visco, who took the office on 1 November 2011. After the charge of monetary and exchange rate policies was shifted in 1998 to the European Central Bank, within the European institutional framework, the bank implements the decisions, issues euro banknotes and withdraws and destroys worn pieces; the main function has thus become banking and financial supervision. The objective is to ensure the stability and efficiency of the system and compliance to rules and regulations. Following reform in 2005, prompted by takeover scandals, the bank has lost exclusive antitrust authority in the credit sector, now shared with the Italian Competition Authority. Other functions include, market supervision, oversight of the payment system and provision of settlement services, State treasury service, Central Credit Register, economic analysis and institutional consultancy.
As of 2017 the Bank of Italy owned 2,451.8 tonnes of gold, the third-largest gold reserve in the world. The institution was established in 1893 from the combination of three major banks in Italy; the new central bank first issued bank-notes during 1926. Until 1928, it was directed by a general manager, after this time instead by a governor elected by an internal commission of managers, with a decree from the President of the Italian Republic, for a term of seven years. Giacomo Grillo Giuseppe Marchiori Bonaldo Stringher Bonaldo Stringher Vincenzo Azzolini Luigi Einaudi Donato Menichella Guido Carli Paolo Baffi Carlo Azeglio Ciampi Antonio Fazio Mario Draghi Ignazio Visco The bank's governing bodies are the General Meeting of Shareholders, the board of directors, the governor, the director general and three deputy directors general; the general meeting takes place yearly and with the purpose of approving accounts and appointing the auditors. The board of directors is chaired by the governor. Following reform in 2005, the governor lost exclusive responsibility regarding decisions of external relevance, transferred to the directorate.
The director general is responsible for the day-to-day administration of the bank, acts as governor when absent. The board of auditors assesses the bank's administration and compliance with the law and the statute; the directorate's term of office is renewable once. The appointment of the governor is the responsibility of the government, head of the board of directors, with the approval of the president; the board of directors is elected by the shareholders according to the bank statute. On 25 October 2011, Silvio Berlusconi nominated Ignazio Visco to be the bank's new governor to replace Mario Draghi when he left to become president of the European Central Bank in November. Banca d'Italia had 300,000 shares with a nominal value of €25,000. Scattered around the banks of whole Italy, the shares now accumulated due to the merger of the banks since 1990s; the status of the bank states that a minimum of 54% of profits would go to the Italian government, only a maximum of 6% of profits would distributed as dividends according to shares ratio.
As of 1 December 2016 Banking in Italy Istituto Poligrafico e Zecca dello Stato Commissione Nazionale per le Società e la Borsa Economy of Italy Italian lira eabh Official website
Stability and Growth Pact
The Stability and Growth Pact is an agreement, among the 28 member states of the European Union, to facilitate and maintain the stability of the Economic and Monetary Union. Based on Articles 121 and 126 of the Treaty on the Functioning of the European Union, it consists of fiscal monitoring of members by the European Commission and the Council of Ministers, the issuing of a yearly recommendation for policy actions to ensure a full compliance with the SGP in the medium-term. If a Member State breaches the SGP's outlined maximum limit for government deficit and debt, the surveillance and request for corrective action will intensify through the declaration of an Excessive Deficit Procedure; the pact was outlined by a resolution and two council regulations in July 1997. The first regulation "on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies", known as the "preventive arm", entered into force 1 July 1998; the second regulation "on speeding up and clarifying the implementation of the excessive deficit procedure", known as the "dissuasive arm", entered into force 1 January 1999.
The purpose of the pact was to ensure that fiscal discipline would be maintained and enforced in the EMU. All EU member states are automatically members of both the EMU and the SGP, as this is defined by paragraphs in the EU Treaty itself; the fiscal discipline is ensured by the SGP by requiring each Member State, to implement a fiscal policy aiming for the country to stay within the limits on government deficit and debt. As outlined by the "preventive arm" regulation, all EU member states are each year obliged to submit a SGP compliance report for the scrutiny and evaluation of the European Commission and the Council of Ministers, that will present the country's expected fiscal development for the current and subsequent three years; these reports are called "stability programmes" for eurozone Member States and "convergence programmes" for non-eurozone Member States, but despite having different titles they are identical in regards of the content. After the reform of the SGP in 2005, these programmes have included the Medium-Term budgetary Objectives, being individually calculated for each Member State as the medium-term sustainable average-limit for the country's structural deficit, the Member State is obliged to outline the measures it intends to implement to attain its MTO.
If the EU Member State does not comply with both the deficit limit and the debt limit, a so-called "Excessive Deficit Procedure" is initiated along with a deadline to comply, which includes and outlines an "adjustment path towards reaching the MTO". This procedure is outlined by the "dissuasive arm" regulation; the SGP was proposed by German finance minister Theo Waigel in the mid-1990s. Germany had long maintained a low-inflation policy, an important part of the German economy's strong performance since the 1950s; the German government hoped to ensure the continuation of that policy through the SGP, which would ensure the prevalence of fiscal responsibility, limit the ability of governments to exert inflationary pressures on the European economy. As such, it was described to be a key tool for the Member States adopting the euro, to ensure that they did not only meet the Maastricht convergence criteria at the time of adopting the euro, but kept on to comply with the fiscal criteria for the following years.
The Pact has been criticised by some as being insufficiently flexible and needing to be applied over the economic cycle rather than in any one year. They fear that by limiting governments' abilities to spend during economic slumps it may hamper growth. In contrast, other critics think; this is amply evidenced by the “creative accounting” gimmickry used by many countries to achieve the required deficit to GDP ratio of 3 percent, by the immediate abandonment of fiscal prudence by some countries as soon as they were included in the euro club. The Stability Pact has been watered down at the request of Germany and France."Some remark that it has been applied inconsistently: the Council of Ministers failed to apply sanctions against France and Germany, while punitive proceedings were started when dealing with Portugal and Greece. In 2002 the European Commission President Romano Prodi described it as "stupid", but was still required by the Treaty to seek to apply its provisions; the Pact has proved to be unenforceable against big countries such as France and Germany, which were its strongest promoters when it was created.
These countries have run "excessive" deficits under the Pact definition for some years. The reasons that larger countries have not been punished include their influence and large number of votes on the Council of Ministers, which must approve sanctions; the Pact was further weakened in 2005 to waive Germany's violations. In March 2005
Central Bank of Cyprus
The Central Bank of Cyprus, is the central bank of the Republic of Cyprus, located in Nicosia. It was established in 1963, its current Governor is Chrystalla Georghadji The bank issued Cypriot pound banknotes and coins prior to 2008, when Cyprus adopted the euro. The Central Bank of Cyprus has its origins in the British Colonial Government of Cyprus, which established a Cyprus Currency Board in 1927; this followed on from the unilateral annexation of Cyprus by the British Empire in 1914, the Treaty of Lausanne, establishing the legality in international law of this British takeover, in 1923, the full establishment of a colonial system of government in Cyprus, with the creation of a Legislative Council, in 1926. The role of the Chairman of the Currency Board was held by the Accountant General known as the Auditor General, of the Government of Cyprus; the Board could issue notes and coins denominated in the Cypriot pound and piastres, following decimalization, in Cyprus pounds and mils. However, the local currency was pegged at one Cyprus pound to one pound sterling meaning ultimate fiscal control still rested with the Bank of England in London and the Government of the United Kingdom.
This link was maintained by the requirement that for every Cyprus pound issued by the Currency Board in Cyprus, one pound sterling issued by the Bank of England had to be deposited by the Government of Cyprus with the Crown Agents in London. With independence from Britain in 1960, Article 118 of the Constitution of the Republic of Cyprus, which came into force on the island on 1 April 1960, gave the President and Vice-President of Cyprus the right to establish a new central bank, called in the Constitution the'Issuing Bank' and appoint its Governor. Article 119 sets out the responsibilities of the Governor and the Issuing Bank, Article 120 states that the Governor of the Issuing Bank shall abide by future relevant laws enacted by the Republic of Cyprus, Article 121 gives the Government of the Republic of Cyprus the right to convert the Issuing Bank into a Central Bank if it wishes. In effect the Issuing Bank was a continuation of the former colonial Currency Board within the framework of the Constitution of the new Republic, but the Constitution gave the right to the Republic to convert it into a Central Bank if it chose to do so.
A decision to do this was taken in 1963, the Issuing Bank was replaced that year by the Central Bank of Cyprus. Following the accession of the Republic of Cyprus to the European Union in 2004, the Central Bank of Cyprus became a member of the Eurozone group of central banks in 2008, when the island converted from using the Cyprus pound to the euro currency; the Governor of the Central Bank of Cyprus is the highest official in the Central Bank of Cyprus, is appointed by the President of the Republic. The position was established in 1963; the convention is for the Governor to serve a term of five years. The Governor has the responsibility of chairing the meetings of the Central Bank's Governing Council and Board of Directors, he or she had the responsibility for setting the Central Bank's policy in relation to the Cypriot economy, but this responsibility passed to the President of the European Central Bank on 1 January 2008, the date that Cyprus changed over to the euro from the Cypriot pound.
The Governor is a member of the Governing Board of the European Central Bank. This act is renamed from a previous act; the act provides powers to the Bank to preventing Money Laundering/Drug Trafficking and Terrorism Financing. For every funds transferred from offshore/onshore Banks in Republic Of Cyprus to any other Bank within or outside Republic Of Cyprus that are above 1 million Euros incurs a 0.20 Percent charge for Anti-Money Laundering/Drug Trafficking Certification. A Payment should be made directly to the Primary Bank where the Trust Funds/Claim is deposited for the period of time, 30 working days should be placed on Funds being transferred and such Funds should be investigated with care. After careful investigation, the Anti-Terrorism Financing Unit Republic Of Cyprus should issue and endorse a certificate to showing that the Central Bank Of Cyprus has cleared the Funds while the Anti-Money Laundering/Drug Trafficking should endorse their certificate at a cost instructed above; the Anti-Terrorism Financing should incur a cost of 0.15 Percent of the total funds to be transferred and it should be paid under the same condition as stated above.
In all,a mandate of 0.35 percent of the total Trust Funds is required to be paid in full to the necessary Authority/Agent for the Two Certificates to be obtained. Once it is paid,then your Online Banking Portal Username and Pass-code should be released to you to effecting your transfer in accordance to the World Bank Policy Of Republic Of Cyprus Chapter; the Attorney in charge of your Trust Funds has the right to applying for an extension to obtaining these Two Certificates and it must not exceed a validity period of six months from the day the application is approved. Chrystalla Georghadji Panicos O. Demetriades Athanasios Orphanides Christodoulos Christodoulou Afxentis Afxentiou Christakis Stephani Charis Gavrielides Cypriot pound Economy of Cyprus List of banks in Cyprus Official website
The euro sign is the currency sign used for the euro, the official currency of the European Union and some non-EU countries. The design was presented to the public by the European Commission on 12 December 1996, it consists of a stylized letter E, crossed by two lines instead of one. The character is encoded in Unicode at U+20AC € EURO SIGN. In English, the sign precedes the value. In some style guides, the euro sign is not spaced; the euro currency sign was designed to be similar in structure to the old sign for the European Currency Unit. There were 32 proposals; these ten were put to a public survey. After the survey had narrowed the original ten proposals down to two, it was up to the European Commission to choose the final design; the other designs that were considered are not available for the public to view, nor is any information regarding the designers available for public query. The European Commission considers the process of designing to have been internal and keeps these records secret.
The eventual winner was a design created by a team of four experts whose identities have not been revealed. It is assumed that the Belgian graphic designer Alain Billiet was the winner and thus the designer of the euro sign. Inspiration for the € symbol itself came from the Greek epsilon – a reference to the cradle of European civilization – and the first letter of the word Europe, crossed by two parallel lines to ‘certify’ the stability of the euro; the official story of the design history of the euro sign is disputed by Arthur Eisenmenger, a former chief graphic designer for the European Economic Community, who claims he had the idea prior to the European Commission. The European Commission specified a euro logo with exact proportions and colours, for use in public-relations material related to the euro introduction. While the Commission intended the logo to be a prescribed glyph shape, type designers made it clear that they intended to design their own variants instead. Generating the euro sign using a computer depends on the operating system and national conventions.
Some mobile phone companies issued an interim software update for their special SMS character set, replacing the less-frequent Japanese yen sign with the euro sign. Mobile phones have both currency signs; the euro is represented in the Unicode character set with the character name EURO SIGN and the code position U+20AC as well as in updated versions of the traditional Latin character set encodings. In HTML, the &euro. An implicit character encoding, along with the fact that the code position of the euro sign is different in common encoding schemes, led to many problems displaying the euro sign in computer applications. While displaying the euro sign is no problem as long as only one system is used, mixed setups produced errors. One example is a content management system where articles are stored in a database using a different character set than the editor's computer. Another is legacy software which could only handle older encodings such as ISO 8859-1 that contained no euro sign at all. In such situations, character set conversions had to be made introducing conversion errors such as a question mark being displayed instead of a euro sign.
Care has been taken to avoid replacing an existing obsolete currency sign with the euro sign. That could create different currency signs for sender and receiver in e-mails or web sites, with confusions about business agreements as a result. Depending on keyboard layout and the operating system, the symbol can be entered as: AltGr+4 AltGr+5 AltGr+E AltGr+U Ctrl+Alt+4 Ctrl+Alt+5 Ctrl+Alt+e in Microsoft Word in United States layout Alt+0128 in Microsoft Windows Ctrl+⇧ Shift+u followed by 20ac in Chrome OS, in other operating systems using IBus. Ctrl+k followed by =e in the Vim text editor On the macOS operating system, a variety of key combinations are used depending on the keyboard layout, for example: ⌥ Option+2 in British layout ⌥ Option+⇧ Shift+2 in United States layout ⌥ Option+⇧ Shift+5 in Slovenian layout ⌥ Option+$ in French layout ⌥ Option+E in German and Italian layout ⇧ Shift+4 in Swedish layoutThe Compose key sequence for the euro sign is =E. Placement of the sign varies. Countries have sustained those of their former currencies.
For example, in Ireland and the Netherlands, where previous currency signs were placed before the figure, the euro sign is universally placed in the same position. In many other countries, including France, Germany, Spain and Lithuania, an amount such as €3.50 is written as 3,50 € instead in accordance with conventions for previous currencies. The European Union did indeed usher a guideline on the use of the euro sign, stating it should be placed in front of the amount without any space in English, but after the amount in most other languages. In English, the euro sign—like the dollar sign and the pound sign —is placed before the figure, unspaced, as used by publications such as the Financial Times and The Economist; when written out, "euro" is placed after the value in lower case. No official recommendation is made with regard to the use of a cent sign, usage differs between and within m
Bank of Spain
The Bank of Spain, is the central bank of Spain. Established in Madrid in 1782 by Charles III, today the bank is a member of the European System of Central Banks and is Spain's national competent authority for banking supervision within the Single Supervisory Mechanism, its activity is regulated by the Bank of Spain Autonomy Act. Named the Banco Nacional de San Carlos, it was founded in 1782 by Charles III, to stabilize government finances through its state bonds. Although it aided the state, the bank was owned by stockholders, its assets included those of "Spanish capitalists, French rentiers, several treasuries of Indian communities in New Spain". Its first director was French banker François Cabarrus, known in Spain as Francisco Cabarrús. Following a series of wars between 1793 and 1814, the bank was owed more than 300 million reales by the state, placing it in financial difficulty. Treasury minister Luis López Ballesteros created a fund of 40 million reales in 1829 against which the bank could issue its own notes at Madrid.
It did so after renaming itself Banco Español de San Fernando. In 1844 the competing Banco de Isabel II and Banco de Barcelona were established, followed in 1846 by the Banco de Cádiz. In 1847, following overexposure in the failing property market of Madrid, the Banco de Isabel II merged with Banco de San Fernando, retaining the latter name. Under the guidance of Ramón Santillán in the 1850s, the bank extended its operations to the cities of Alicante and Valencia and took the name, Banco de España. Requiring financial support from the bank to back its civil and colonial wars, the government of Spain granted the Banco de España a monopoly on the issuance of Spanish bank notes in 1874. Construction of the bank's headquarters building began in the 1880s. In 1936, 510 tonnes of gold reserves were transferred to the Soviet Union corresponding to 72.6% of the total gold reserves of the Bank of Spain. That gold remained there during the Spanish Civil War. In 1946, the government of General Franco placed the bank under tight control.
It was formally nationalised in 1962. Following the restoration of democracy in the late 1970s, the bank began a series of transformations and modernisations which continue to today. On Spain's entry into the Economic and Monetary Union of the European Union in 1994, the Banco de España became a member of the European System of Central Banks; the governing structures of the Bank is divided among four branches: The Governor. The Deputy Governor; the Governing Council. The Executive Commission; the Governor of the Bank of Spain is formally appointed after the Presidente del Gobierno has designated him/her by the Spanish monarch. The Governor must be a Spanish citizen recognized for his or her competence in monetary or banking matters; when a new Governor is named, the Minister of Economy and Finance, in accord with procedure established by the Congress of Deputies, informs the competent parliamentary commission. The current Governor is Luis Maria Linde; the tasks of the Governor include: Direct the Bank and preside over the Governing Council and Executive Commission.
The Governor has ultimate responsibility authorizing bank contracts and other legal documents and for representing the Bank at justice tribunals. The Deputy Governor, designated by the national Government on the recommendation of the Governor of the Bank, should meet all of the official qualifications for the governorship; the current Deputy Governor of the Bank of Spain is Margarita Delgado. The Deputy Governor substitutes for the Governor in cases of vacancy, absence or illness, both as director of the Bank and as its representative. Further responsibilities of this office are a matter internal to the Bank, are delegated by the Governor. Six Bank Counsellors are named by the national Government, on the proposal of the Minister of Economy and Finance, with the involvement of the Governor of the Bank, they must be Spanish citizens recognized for their competence in economics or law. The Deputy Governor is in charge of seven directorates: General Banking Supervision General Cash and Branches General Economics and Research General Financial Stability and Resolution General Operations and Payments Systems General Service General SecretariatThe Executive Commission consists of: The Governor, who presides.
The directors general of the Bank attend the meetings of the Executive Commission, with voice but without vote. The Secretary of the Bank functions as secretary of the Executive Commission, but without voice or vote; the two Counsellors who serve as members of the Executive Commission are designated by the Governing Council, after nomination by the Governor, from among their own members. The Governing Council consists of: The Governor. Council meetings are attended by the directors general of the Bank and by a representative of bank personnel, both with voice, but without vote; the Minister of Economy and Finance or the Secretario de Estado de Economía may attend those meetings of the Governing Council whic