Council of Regency

The Council of Regency discusses general questions relating to the National Bank and the economic situation.

Powers

The Council of Regency exchanges views on general issues relating to the Bank, monetary policy and the economic situation of the country and the European Union, supervisory policy with regard to each of the sectors subject to the Bank's supervision, Belgian, European and international developments in the field of supervision, as well as, in general, any development concerning the financial system subject to the Bank's supervision; without however having any competence to intervene at operational level or take note of individual dossiers.

It approves the expenditure budget of the Bank, as well as the annual accounts and the Corporate Report on the National Bank’s operations. It lays 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 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 salaries and pensions of the members of the Board of Directors.

Composition

The Council of Regency is composed of the governor, the directors and fourteen 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,
  • Nine 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.

Regents