What would be the value of the National Bank’s shares if the Bank went into liquidation?

The supposition that the National Bank might go into liquidation is made out of context.

The National Bank is a "going concern". Any valuation model therefore has to take account of this “going concern” principle. The National Bank is entrusted with tasks in the public interest and there is no reason to use valuation methods based on the cessation of its activities, liquidation or other equally hypothetical suppositions. This can only add to the confusion and the circulation of incorrect information.

In any case, assuming that the National Bank does go into liquidation one day, the legislature will have to intervene to determine what happens to the equity in its asset items (including the official exchange reserves) and liability items (such as notes in circulation, compulsory reserves lodged by the banks, etc.), a subject on which no-one can give a decision at present. This is therefore not the appropriate time for any speculation on this matter.