Bank of Romaia

Bank of Romaia
Τράπεζα της Ρωμανίας

Headquarters	Constantinoupoli, Romaia
Established	12 April 1810 (1810-04-12)
Ownership	100% state ownership
Governor	Kyriakos Nergis
Central bank of	Romaia
Reserves	£84 billion (2022)
Website	trapeza.ra

The Bank of Romaia (Greek: Τράπεζα της Ρωμανίας Trapeza tis Romanìas, abbreviated ΤτΡ) is the central bank of Romaia. Its headquarters is located in Constantinoupoli. It was founded in 1810.

As a regulator and central bank, the Bank of Romaia has not offered consumer banking services for many years, but it still does manage some public-facing services such as exchanging superseded bank notes.

Functions

Bank of Romaia functions are:

• Defining and implementing the monetary policy, with the principal aim of maintaining price stability;
• Asset purchase;
• Gold vault;
• Conducting currency exchange operations;
• Promoting the sound working of payment systems;
• Issuing banknotes;
• The holding and management of currency and precious metal reserves;
• The promotion of the sound working and stability of the financial system;
• The supervision of the solvency and compliance with specific rules of credit institutions, other entities and financial markets, for which it has been assigned supervisory responsibility, in accordance with current provisions;
• Circulating coins and performing on the State's behalf all functions entrusted to it in this connection;
• Preparing and publishing data relating to its functions, compilation of statistical information;
• Providing treasury services and acting as financial agent for government debt;
• Advising the government, preparing appropriate reports and studies as required;

Governing structures

The governing structures of the Bank is divided among four branches:

• The Governor.
• The Deputy Governor.
• The Governing Council.
• The Executive Commission.

The Governor of the Bank of Romaia is formally appointed after the Prime Minister of Romaia has designated him/her by the Romaian monarch. The Governor must be a Romaian citizen recognized for his or her competence in monetary or banking matters. When a new Governor is named, the Minister of Economy and Finance, in accord with procedure established by the National Assembly, informs the competent parliamentary commission. The current Governor is Kyriakos Nergis.

The tasks of the Governor include:

• Direct the Bank and preside over the Governing Council and Executive Commission;
• Take primary responsibility for the Bank's lawfully fulfilling its responsibilities. The Governor has ultimate responsibility authorizing bank contracts and other legal documents and for representing the Bank at justice tribunals;
• Represent the Bank in international institutional dealings;
• Function as a member of the Governing Council of the Bank

The Deputy Governor, designated by the national Government on the recommendation of the Governor of the Bank, should meet all of the official qualifications for the governorship. The current Deputy Governor of the Bank of Romaia is Angeliki Romanou. The Deputy Governor substitutes for the Governor in cases of vacancy, absence or illness, both as director of the Bank and as its representative. Further responsibilities of this office are a matter internal to the Bank, and are delegated by the Governor.

Six Bank Counsellors are named by the national Government, on the proposal of the Minister of Economy and Finance, with the involvement of the Governor of the Bank. They must be Romaian citizens recognized for their competence in economics or law.

The Deputy Governor is in charge of seven directorates:

• General Banking Supervision
• General Cash and Branches
• General Economics, Statistics and Research
• General Financial Stability, Regulation and Resolution
• General Operations, Markets and Payments Systems
• General Service
• General Secretariat

The Executive Commission consists of:

• The Governor, who presides;
• The Deputy Governor;
• Two Counsellors.

The directors general of the Bank attend the meetings of the Executive Commission, with voice but without vote. The Secretary of the Bank functions as secretary of the Executive Commission, but without voice or vote.

The two Counsellors who serve as members of the Executive Commission are designated by the Governing Council, after nomination by the Governor, from among their own members (other than ex officio members). The Governing Council consists of:

• The Governor;
• The Deputy Governor;
• Six Counsellors;
• The director general of the treasury and of financial policy;
• The vice president of the Stock Market National Commission.

Council meetings are also attended by the directors general of the Bank and by a representative of bank personnel (elected by a means determined by the Bank's internal rules), both with voice, but without vote.

The Minister of Economy and Finance or the Secretary of State for the Economy may also attend (with voice, but without vote) those meetings of the Governing Council which will deal with matters relevant to their portfolios. They may also submit a motion for consideration by the council.

"The Secretary of the Bank functions as secretary of the Executive Commission, with voice, but without vote."