By contrast, central banks typically have statutory mandates based on economy-wide goals — e. This is irrespective of whether central banks are wholly owned by government, or, as in a handful of cases detailed below, their residual claimants are private sector entities. Consequently, the issue of central bank ownership is considered by most scholars of marginal importance. Yet the issue of central bank ownership is a salient topic to revisit at present when the constitutional basis of central banks is receiving renewed attention Goodhart and Lastra ; Tucker In what follows, we offer a survey of the variety of central bank ownership structures historically and globally.
In the early twentieth century, there was a roughly even mix of central banks with private sector and public sector shareholders Figure 1. That changed mid-century. 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.
Unfortunately, it is practically impossible to track down the identities of those underlying shareholders through the various financial structures that hold shares for each other and on behalf of each other. NAB states the same. Furthermore, Westpac states it is 'not directly or indirectly owned or controlled by any other corporation s or by any foreign government.
But the top 20 registered shareholders held Who is behind the actual shares would be, again, practically impossible to determine. The interconnection between the four banks may be even more pervasive, if even less direct. The optimal scenario is if all of them win together. And maintain their dominant position, of course. This post was originally published in May and has been updated for freshness, accuracy, and comprehensiveness.
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