Some established central banks, like the Bank of England, were nationalised Figure 2. At the same time, almost all of the central banks created in post-colonial states were established fully state-owned.
By the end of the century, just a handful of central banks with private sector shareholders remained. Figure 1: Ownership model of central banks globally over time, to the present. Figure 2: List of nationalised central banks globally in order of year nationalised. While state-owned central banks now predominate, some central banks still have forms of private sector shareholding. These include central banks in the United States, Japan and Switzerland.
Figure 3 classifies these central banks according to whether they are owned by government, private sector banks, other private sector shareholders, or some combination of these.
Figure 4 provides more detailed information on central banks not fully owned by governments. Ownership models vary considerably among these nine central banks. Although the central banks of Japan, San Marino, and Turkey have some private sector shareholders, the majority shareholder is still the state.
In Belgium and Switzerland, around half of the shares are held by the government. By contrast, the American, Italian, and South African governments have no formal ownership stake in their central banks.
The Bank of Greece presents a more mixed model, although it is worth bearing in mind that it, along with the Belgian and Italian central banks, are members of the Eurosystem.
Figure 4 also shows heterogeneity among these central banks in how they remunerate their private sector shareholders. In some cases, like the US Federal Reserve, the amount paid to shareholders is fixed such that the dividend closely resembles a coupon payment on a bond.
In other cases, as in Turkey, the remuneration is variable and discretionary, although even here it is capped. A recent paper finds that central banks with private sector shareholders do not differ from central banks with only public sector shareholders either in their profitability or in the share of profits they distribute to shareholders. This blog has provided a primer on central bank ownership. Occasionally, some people argue central banks should be fully privatised , with the largest private sector banks playing the role of lenders of last resort.
Conversely, some argue central banks should be fully nationalised. However, central bank ownership on its own may not matter. He is a values-led leader, who strives to grow the game through setting ambitious goals and empowering his staff to reach their full potential. He is a former First Class cricketer having played for both Northamptonshire and Derbyshire. Away from sport, Tom is on the Board of Patrons for the National Citizen Service NCS , a national social development programme committed to building stronger local communities for young people.
Ron Kalifa is a strategic and operational leader in the field of eCommerce and financial services. Ron led Worldpay for more than ten years including its divestment into private equity ownership in A former England cricket captain, Clare led England women to a first Ashes win in 42 years in before retiring the following year with more than international appearances to her name.
A former English teacher at Brighton College, Clare has also covered cricket in the broadcast and print media. Her term as President starts in October The first People Director to sit on the Executive team, her wide remit sees her and her team recruit and nurture the best talent; look after the ongoing wellbeing of our people; and provide development opportunities that encourage everyone to bring their best every single day. Experienced in all aspects of HR, Claire has a specialism in organisational change, making her especially well positioned to lead the People strategy at this time within the organisation.
He is also responsible for developing the coaching and management structure to support it. Ashley played for Warwickshire for 13 years and, following his retirement in , became the Director of Cricket, leading them to the County Championship title in So each central bank pays a different amount. Does this amount ever change? Are you happy with this page? Our website uses cookies We are always working to improve this website for our users. Learn more about how we use cookies I understand and I accept the use of cookies I do not accept the use of cookies.
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