De Nederlandsche BankEdit profile
De Nederlandsche Bank (DNB, The Dutch Bank) is the central bank of the Netherlands. It is part of the European System of Central Banks ( ESCB).
On 2 May 1998, the European heads of state or government decided that Economic and Monetary Union (EMU) will set off on 1 January 1999 with eleven Member States of the European Union (EU), the Netherlands included. As from 1 June 1998, the Dutch central bank, De Nederlandsche Bank N.V., forms part of the European System of Central Banks (ESCB). On that same day, the new Bank Act (of 1998) came into force. Nearly 185 years into its existence, the Nederlandsche Bank has entered a new phase.
Tasks of De Nederlandsche Bank
Under the 1998 Bank Act - replacing that of 1948 - the Bank has the following tasks:
- Within the framework of the ESCB, the Bank shall contribute to the definition and implementation of monetary policy within the European Community (EC). The Bank has the objective to maintain price stability. Without prejudice to this objective, the Bank shall support the general economic policy in the EC.
- The Bank shall hold and manage the official foreign reserves, and shall conduct foreign-exchange operations.
- The Bank shall collect statistical data and produce statistics.
- The Bank shall promote the smooth operation of payment systems; it shall take care of the banknote circulation.
- The Bank shall supervise banks, investment institutions and exchange offices.
- The Bank may, subject to permission by Royal Decree, perform other tasks in the public interest. The European Central Bank (ECB) may also ask the Bank to perform extra tasks.
Headquarters Amsterdam Established 1814 President Nout Wellink Central bank of The Netherlands Website www.dnb.nl Succeeded by European Central Bank (1999) 1 1 De Nederlandsche Bank still exists but many functions have been taken over by the ECB.