Section 3: Institut d'émission d'outre-mer (IEOM)

The Managing Director of the Institut d’émission d’outre-mer is appointed by the Chairman of the Supervisory Board for a renewable term of three years.He alone represents the Institut d’émission d’outre-mer in all acts of its civil life. He manages the departments. He may delegate his powers.

The accounts of the Institut d’émission d’outre-mer are closed on 31 December each year and approved by the Supervisory Board.15% of the profit of the Institut d’émission d’outre-mer is deducted as a statutory reserve until it reaches half of the capital endowment.After allocation to the other reserves, the balance of the profit is paid to the Treasury. The same applies to the countervalue of the notes and coins issued.

A Government Commissioner, appointed by the Minister for the Economy, performs the duties defined by Articles D. 615-1 to D. 615-8 of this Code for the Institut d’émission d’outre-mer, with the exception of that provided for in Article D. 615-6. Together with a representative of the Banque de France, he attends meetings of the Supervisory Board in an advisory capacity.The Institute’s operations may also be audited by Banque de France…

The Institut d’émission d’outre-mer carries out the tasks entrusted to it by Article L. 312-1 on behalf of the Banque de France and under its authority.