Bank of France

Bank of France
Logo
Headquarters	Paris, France
Established	18 January 1800
Governor	François Villeroy de Galhau
Central bank of	France
Preceded by	Banque Royale
Succeeded by	European Central Bank (1999)¹
Website	www.banque-france.fr
¹ The Bank of France still exists but many functions have been taken over by the ECB.

The Bank of France known in French as the Banque de France, headquartered in Paris, is the central bank of France; it is linked to the European Central Bank (ECB). Founded in 1800, it helped resolve the financial crisis of 1848 and emerged as a powerful central bank. Its main charge is to implement the interest rate policy of the European System of Central Banks (ESCB).

History

In 1800, financial power in France was in the hands of about ten to fifteen banking houses whose founders, in most cases, came from Switzerland in the second half of the eighteenth century. These bankers, mostly Protestant, were deeply involved in the agitations leading up to the French Revolution. When the revolutionary violence got out of hand, they orchestrated the rise of Napoleon, whom they regarded as the restorer of order. As a reward for their support, Napoleon, in 1800, gave the bankers a monopoly over French finance by giving them control of the new Bank of France.^[1] For the first fifteen years it was the sole issuer of bank notes in Paris, and this privilege was extended to other financially important towns and the rest of the country by 1848.^[2]

Linkage with the ESCB

ATM of the Bank of France in Paris.

On 1 June 1998, a new institution was created, the European Central Bank (ECB), charged with steering the single monetary policy for the euro. The body formed by the ECB, and the national central banks (NCB) of all the member states of the European Union, constitute the European System of Central Banks (ESCB).

The ESCB is an institutional framework of a single monetary policy for the euro. According to the Bank of France's website, the "sharing of responsibilities between the ECB and the NCBs is based upon significant decentralization of the conduct of the ESCB's single monetary policy".

Headquarters : Hôtel de Toulouse in Paris

Timeline

1716 John Law opens the Banque Générale
1718 The Banque Générale is acquired by the government and renamed Banque Royale
1721 The bubble crashes and its chief executive flees for his life^[3]
1800 Creation of the Bank of France by Napoleon Bonaparte^[1]
14 April 1803, the new Bank received its first official charter granting it the exclusive right to issue paper money in Paris for fifteen years.^[4]
22 April 1806, a new law replaced the Central Committee with a Governor and two Deputy Governors. All three were appointed by the Emperor.^[4]
Decree dated 16 January 1808 set out the "Basic Statutes", which were to govern the Bank's operations until 1936.^[4]
Decree on 6 March 1808 authorized the Bank to purchase the former mansion of the Count of Toulouse in the rue de la Vrillière in Paris for its headquarters.^[4]
1808–1936 The Bank's notes became legal tender; expansion of the branch network
1936–1945 Nationalisation
1973 Rewriting of the Bank's statutes
1993 A landmark reform granted the Bank independence, in order to ensure price stability, regardless of domestic politics. This reform cleared the path for the European monetary union.
1998 Entered into the European System of Central Banks

Controversy

In 2010, the French government's Autorité de la concurrence (the department in charge of regulating competition) fined eleven banks, including Bank of France, the sum of €384,900,000 for colluding to charge unjustified fees on check processing, especially for extra fees charged during the transition from paper check transfer to "Exchanges Check-Image" electronic transfer.^[5]^[6]

References

1 2 Quigley, Carroll (1966). Tragedy And Hope. New York: Macmillan. p. 515. ISBN 0-945001-10-X.
↑ Bank of France, Encyclopaedia Britannica
↑ Graeber, David (2011). Debt: The First 5000 Years. Brooklyn, NY: Melville House. p. 342. ISBN 978-1-933633-86-2.
1 2 3 4 http://www.banque-france.fr/en/banque-de-france/history/the-milestones/1800-creation-of-the-banque-de-france.html
↑ Collusion in the banking sector, Press Release of Autorité de la concurrence, République Française, 20 September 2010, retrv 20 September 2010
↑ 3rd UPDATE: French Watchdog Fines 11 Banks For Fee Cartel , Elena Bertson, Dow Jones News Wires / Wall Street Journal online, retr 20 September 2010

External links

(French) (English) Official site of Bank of France
(French) Beginnings of Banque de France The directors of Bank of France between 1800 and 1815.

Coordinates: 48°51′52″N 2°20′21″E / 48.864478°N 2.339289°E / 48.864478; 2.339289

(French) Banque de France, Minitel Connection

France topics

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Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Central banks of the European Union

Within Eurozone	National Bank of Austria National Bank of Belgium Central Bank of Cyprus Bank of Estonia Bank of Finland Banque de France Deutsche Bundesbank Bank of Greece Central Bank of Ireland Banca d'Italia National Bank of Latvia Bank of Lithuania Central Bank of Luxembourg Central Bank of Malta De Nederlandsche Bank Banco de Portugal National Bank of Slovakia Bank of Slovenia Bank of Spain

Outside Eurozone	Bulgarian National Bank Croatian National Bank Czech National Bank Danmarks Nationalbank Hungarian National Bank National Bank of Poland National Bank of Romania Sveriges Riksbank Bank of England

Banking-related EU institutions	European Central Bank European System of Central Banks European Investment Bank

Central banks European Union

Authority control	WorldCat Identities VIAF: 156484028 LCCN: n80050394 GND: 8538-8 SUDOC: 026360128 BNF: cb11862338x (data)

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Bank of France

History

Linkage with the ESCB

Timeline

Controversy

See also

References

Further reading

External links