Euskadiko Banku Zentrala

Euskadiko Banku Zentrala  is the central bank of the Euskadiko Errepublika. Euskadiko Banku Zentrala is currently governed by Markos Amorebieta Arias, former interim governor.

History
Euskadiko Banku Zentrala was founded on 1 July 1953 from the nationalization of Basque Bank, a former spanish bank dating from pre-war time.

For the next 15 years, the Euskadiko Banku Zentrala carried on commercial activities as well as acting as the nation’s bank. This came to an end with the Law No.13/1968 on the Central Bank, which was subsequently replaced by Law No.23/1999, freeing the bank from government interference.

Thereafter, the bank reported to the parliament (Eusko Legebiltzarra) instead of the president, and the bank’s governor was no longer a member of the cabinet.

Organization
The bank is led by the board of governors, comprising the governor, a senior deputy governor and at between four and seven deputy governors.

The governor and deputy governors serve a five year term ,and are eligible for re-election for a maximum of two terms.

The governor and senior deputy governor are nominated and appointed by the Lehendakari, with approval from the Eusko Legebiltzarra. Deputy governors are nominated by the governor and appointed by the Lehendakari, with approval of the Eusko Legebiltzarra.

The Lehendakari has no power to dismiss a member of the board, except when a board member voluntarily resigns, is permanently handicapped, or is proven guilty of criminal offence.

The Board of Governors Meeting is the bank’s highest decision-making forum. It is held at least once a month to decide on general policy on monetary affairs, and at least once a week to evaluate policy implementation or to decide on other strategic and principle policy.

Strategic objectives
The Bank describes its strategic objectives as being
 * 1) Maintain monetary stability
 * 2) Maintain the financial sustainability of the Bank of Euskadi
 * 3) Strengthen the effectiveness of monetary management
 * 4) Create a sound and effective banking system and financial system stability
 * 5) Maintain the security and effectiveness of the payment system
 * 6) Increase the effectiveness of Good Governance implementation
 * 7) Strengthen the organization and build highly competent human resources with the support of a knowledge-based work culture

Offices
It operates 15 offices across Euskadi, and six representative offices in New York, London, Tokyo, Paris, Milan and Frankfort.