Institut d'émission d'outre-mer

The Institut d'émission d'outre-mer (IEOM) is a French public bank of issue serving three Pacific French overseas collectivities: French Polynesia, New Caledonia, and Wallis and Futuna. Its central statutory responsibility is the issuance and management of the CFP franc, the currency used in those territories. The institution also performs central-banking and financial-system functions adapted to economies that are geographically remote from metropolitan France and operate outside the euro area. IEOM was created in late 1966 and assumed the currency-issuance role previously exercised by the Banque de l'Indochine in France's Pacific territories on 1 April 1967. Its creation established a dedicated public institution for the monetary and banking needs of the Pacific territories while preserving the link between their currency arrangements and the French state. Unlike the euro-area central banks, IEOM operates in territories whose legal and monetary arrangements are distinct from those of metropolitan France and whose currency is the CFP franc. For much of its institutional history, IEOM was closely connected to France's development-finance administration. The Caisse Centrale de Coopération Économique helped establish the institution and hosted it for several decades. The head of that organization, and later of its successors—the Caisse Française de Développement and the Agence Française de Développement—also served as IEOM's head. This arrangement reflected the close relationship between monetary administration, public development finance, and overseas economic policy. The governance model changed in the 2000s in the context of the European Union's Economic and Monetary Union. From 2006, IEOM remained associated with AFD through a common-management framework, but its director-general was appointed by the Banque de France. IEOM's headquarters were also combined with those of the Institut d'émission des départements d'outre-mer (IEDOM), the separate institution serving France's overseas departments and regions. In March 2018, the common-management arrangement with AFD ended, and IEOM and IEDOM moved from the Louvre Saint-Honoré building to 115 rue Réaumur in Paris. IEOM now operates within a framework managed operationally by the Banque de France while retaining its own governance arrangements. Those arrangements include the French Treasury, the Ministry of the Economy, the Ministry of Overseas France, representatives of the three territories, and staff representatives. Its territorial network includes offices in Papeete, Nouméa, and Mata Utu. In addition to issuing the CFP franc, the institution supports monetary information, banking oversight-related activities, and the functioning of the financial system in its jurisdictions. Its role is therefore broader than that of a currency printer: it is a specialized public monetary authority designed for French Pacific territories with distinct economic and institutional circumstances.

IEOM was established in late 1966 to replace the Banque de l'Indochine as the institution responsible for issuing currency in France's Pacific territories. It began carrying out that responsibility on 1 April 1967. The new institution was constituted as an autonomous public-sector establishment, giving the French Pacific territories a dedicated issuer while maintaining their monetary connection with France through the CFP franc. The institution's early and middle history was closely linked to France's overseas development-finance machinery. The Caisse Centrale de Coopération Économique played an important role in IEOM's formation and hosted the institution for approximately four decades. When the CCCE was succeeded by the Caisse Française de Développement in 1992 and then by the Agence Française de Développement in 1998, the institutional relationship continued. During this period, the head of the development-finance organization also headed IEOM, reflecting a combined approach to monetary administration and overseas development policy. A significant reorganization followed in 2006. Against the background of the European Union's Economic and Monetary Union, IEOM remained connected with AFD under a common-management arrangement, but responsibility for appointing its director-general moved to the Banque de France. IEOM's headquarters were separated from AFD and brought together with those of IEDOM, the institution serving France's overseas departments. The change strengthened the connection between IEOM's operational management and France's central-banking institutions while preserving IEOM's separate mandate and governance structure. The common-management relationship with AFD was terminated in March 2018. At the same time, IEOM and IEDOM relocated from 164 rue de Rivoli, in the Louvre Saint-Honoré complex, to 115 rue Réaumur in central Paris. Since that reorganization, IEOM has been operationally managed by the Banque de France. This relationship does not eliminate IEOM's distinct institutional identity: its governance also involves the French Treasury, the Ministry of the Economy, the Ministry of Overseas France, representatives of French Polynesia, New Caledonia, and Wallis and Futuna, and staff representatives. IEOM's territorial presence is organized around offices in Papeete, Nouméa, and Mata Utu. Its continuing core function is the issuance of the CFP franc for French Polynesia, New Caledonia, and Wallis and Futuna. Around that function, it provides specialized monetary and financial-system services suited to the three territories. IEOM therefore occupies a distinctive place in the French central-banking landscape: it is neither a conventional commercial bank nor an ordinary regional bank, but a public bank of issue operating in overseas collectivities with their own constitutional arrangements and a currency separate from the euro.

• 2018

  Common management with AFD ends and Paris offices relocate

  [1]Institut d'émission d'outre-meren.wikipedia.org

  In March, the common-management framework with AFD ends. IEOM and IEDOM move their shared Paris location from 164 rue de Rivoli to 115 rue Réaumur.

• 2006

  Governance and management framework changes

  [1]Institut d'émission d'outre-meren.wikipedia.org

  IEOM remains associated with AFD through a common-management framework, while its director-general is henceforth appointed by the Banque de France. Its headquarters are brought together with those of IEDOM.

• 1998

  AFD succeeds the Caisse Française de Développement

  [1]Institut d'émission d'outre-meren.wikipedia.org

  The Agence Française de Développement becomes the successor organization in the development-finance structure historically associated with IEOM.

• 1992

  Institutional relationship continues under the Caisse Française de Développement

  [1]Institut d'émission d'outre-meren.wikipedia.org

  Following the succession of the Caisse Centrale de Coopération Économique by the Caisse Française de Développement, the longstanding shared-management relationship with IEOM continues.

• 1967

  Currency-issuance responsibilities begin

  [1]Institut d'émission d'outre-meren.wikipedia.org

  On 1 April, IEOM takes over the issuance role in the Pacific territories and becomes the institution responsible for the CFP franc in French Polynesia, New Caledonia, and Wallis and Futuna.

• 1966

  IEOM is created

  [1]Institut d'émission d'outre-meren.wikipedia.org

  France establishes the Institut d'émission d'outre-mer as a public bank of issue for its Pacific territories, replacing the earlier institutional arrangement centered on the Banque de l'Indochine.

A specialized French public monetary authority and bank of issue for the Pacific overseas collectivities that use the CFP franc.

• Currency · 1967

  CFP franc

  The CFP franc is the currency issued by IEOM for French Polynesia, New Caledonia, and Wallis and Futuna. It is the institution's defining monetary product and links the three Pacific collectivities to France through a dedicated currency arrangement rather than through direct use of the euro. IEOM's bank-of-issue mandate covers the currency's circulation and institutional management in those territories.

• Financial infrastructure

  Central-banking and financial information services

  Beyond currency issuance, IEOM provides specialized monetary and financial-system functions for its jurisdictions. These include the production and dissemination of economic and financial information and services supporting the operation of the banking and credit system. The activities are tailored to the institutional and geographic circumstances of the three French Pacific collectivities.

1. 1Institut d'émission d'outre-meren.wikipedia.org