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Euskadiko Banku Zentrala
Central Bank of Euskadi
BZLogo
EBZ Logo
Headquarters Montehermoso Palace, Gasteiz
Established 1 July 1953
Bankuzentralaburu Markos Amorebieta Arias
Central bank of Euskadi
Currency Eusko Peseta
ISO 4217 Code EKP
Website http://www.ekbankuzentrala.ek

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

Montehermoso01

Montehermoso Palace

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. Hold and manage the official foreign reserves, and shall conduct foreign-exchange operations.
  3. Maintain the financial sustainability of the Bank of Euskadi
  4. Strengthen the effectiveness of monetary management
  5. Create a sound and effective banking system and financial system stability
  6. Maintain the security and effectiveness of the payment system
  7. Increase the effectiveness of Good Governance implementation
  8. 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.

List of Governors

NoNamePeriod
1.Kerman Cabero López1966–1973
2.Lukas Ustaritz Arrate1973–1983
3.Serafín Otxotorena Urrutia1983–1988
4.Josu Gómez Inda1988–1993
5.Alfonso Olabarria Anasagasti1993–1998
6.María Durruti Bilbao1998–2003
7.Karlos Ordóñez de Saravia2003–2008
8.Markos Amorebieta Arias2008–

See also

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