The Council of Regency discusses general questions relating to the National Bank, monetary policy and the economic situation of Belgium and of the European Community.
It takes cognisance every month of the National Bank’s situation.
It has power to lay down the accounting rules for all aspects of the annual accounts which are not covered by the provisions of the National Bank’s Organic Law and are not mandatory for the compilation of the consolidated balance sheet of the Eurosystem.
It approves the expenditure budget and the annual accounts, and finally determines the distribution of the profits proposed by the Board of Directors.
It approves the Annual Report on the National Bank’s operations.
It amends the Statutes of the National Bank in order to bring them into line with the Organic Law and the international obligations which are binding on Belgium.
On a proposal from the Board of Directors, it lays down the internal regulations, containing the basic rules for the operation of the Bank’s organs and the organisation of its departments, services and outside offices, and the code of conduct which must be respected by the members of the Board of Directors and the staff.
The Council of Regency fixes the individual salaries and pensions of the members of the Board of Directors. It also fixes the amount of the allowance received by the regents and the censors.
It meets at least twenty times a year. Resolutions are adopted by a majority of the votes.
The Council of Regency is composed of the governor, the directors and ten regents. It includes an equal number of French- and Dutch-speaking regents.
The regents are elected by the general meeting for a renewable term of three years.
- Two regents are chosen on the proposal of the most representative labour organisations
- Three regents are chosen on the proposal of the most representative organisations from industry and commerce, from agriculture and from small and medium-sized enterprises and traders
- Five regents are chosen on the proposal of the Minister of Finance.
Regents may not be members of the administrative, management or supervisory bodies of an institution subject to the supervision of the Bank, nor may they perform management duties in such an institution.