As part of its remit, the Observatory may instruct some of its members to study particular questions and, to this end, set up working or study groups from among its members, the terms of reference and composition of which it determines by an absolute majority of its members. The Observatory may, where necessary, hear any expert.
The members of the Observatory and those who contribute to its work are bound by professional secrecy under the conditions set out in article 226-13 of the French Criminal Code.
The duties of a member of the Observatory are free of charge. Observatory members may be reimbursed for expenses incurred in the performance of their duties. The Banque de France is responsible for the operation of the Observatory. It appoints the secretary.
The Observatory adopts its rules of procedure by an absolute majority of its members. These rules shall stipulate the frequency of meetings, which may not be less than two per year. The Observatory is convened by its Chairman. Its meetings are not public. Each year, it submits a report to the Minister for the Economy and to Parliament, adopted by an absolute majority of its members. This report shall be…
An expenditure budget and an estimate of income are prepared for each financial year. They are sent to the members of the General Council, the Censor and his alternate at least two weeks before the date of the meeting at which the General Council is to deliberate. If necessary, estimates and amending budgets may be drawn up and discussed under the same conditions during the financial year.
Capital expenditure may only be charged against reserves that have been set aside in advance.
The financial year begins on 1 January and ends on 31 December. At the end of the financial year, the Governor draws up the annual accounts, together with a written report on the situation of the Banque de France and its activities during the past financial year. This report shall be sent to the members of the General Council, the Censor, his alternate and the Statutory Auditors fifteen days before…
Where applicable, the deductions provided for in the agreement referred to in the first paragraph of Article L. 141-2 are made in priority from the net profit for the year. A 5% deduction from the net profit for the year is then allocated to a specific reserve, which ceases to be funded when it reaches an amount equal to twice the capital of the Banque de France. Finally, the General…
Articles L. 123-12 to L. 123-14, the first paragraph of article L. 123-15 and articles L. 123-17 to L. 123-22 of the French Commercial Code as well as article R. 123-181, the second paragraph of article R. 123-186, the first paragraph of article R. 123-187 and R. 123-189 of the French Commercial Code are applicable to the Banque de France, subject to the exceptions provided for in articles R. 143-6…
The mandatory accounting and valuation rules adopted for the preparation of the consolidated balance sheet of the European System of Central Banks in accordance with Article 26 of the Protocol annexed to the Treaty establishing the European Community on the Statute of the European System of Central Banks and of the European Central Bank shall apply to the preparation of the annual accounts of the Banque de France in respect…
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