Sub-sector: The central bank (S.121)

2.45 Definition:

The sub-sector the central bank (S.121) consists of all financial corporations and quasi-corporations whose principal function is to issue currency, to maintain the internal and external value of the currency and to hold all or part of the international reserves of the country.

2.46 The following financial intermediaries are classified in sub-sector S.121:

1. the national central bank, also in the case where it is part of a European System of Central Banks;
2. central monetary agencies of essentially public origin (e.g. agencies managing foreign exchange or issuing currency) which keep a complete set of accounts and enjoy autonomy of decision in relation to central government. Mostly these activities are performed either within central government or within the central bank. In these cases no separate institutional units exist.

2.47 Sub-sector S.121 does not include agencies and bodies, other than the central bank, which regulate or supervise financial corporations or financial markets. They are classified in sub-sector S.124 (see paragraph 2.58g) .