Budget and Treasury Department

Role

The Department of Budget and Treasury is in charge of:

• Establishing the budget and drawing up the accounts of the Constitutional Reserve Fund
• Treasury and accounting transactions performed by the Public Treasury
• Supervising credit institutions in the Principality under agreements with the European Union and France
• Issuing coins
• Preparing wages and salaries and managing the pensions of civil servants
• Examining certain loan applications
• Acting as Secretariat for the Fund Investment Commission

Organization and operation

The Department of Budget and Treasury is divided into three divisions:

The "Budgeting" Division

The duties of this Division are to:

• Set up and manage budget procedures
• Draw up the State Budget and documents relating thereto
• Provide management control assistance
• Prepare the documents required to close the State accounts
• Analyse the State accounts and those of the Constitutional Reserve Fund
• Manage and monitor the movable assets of the Constitutional Reserve Fund
• Examine loan applications in the property sector
• Act as the accounting officer for public bodies
• Act as Secretariat for the Fund Investment Commission

"Wages and Pensions" Division

The duties of this Division are to:

• Process wages and salaries of civil servants and other Government officials
• Pay civil service pensions
• Manage the "Fonds Complémentaire de Majoration de Rente des Accidents du Travail" (fund covering work-related accidents)

The "Finance" Division

The duties of this Division are to:

• Supervise banks and other financial institutions in liaison with French regulatory and supervisory bodies
• Examine applications by credit institutions to relocate to the Principality
• The designation of credit institutions within the framework of the right to account
• Examine Finance Bills and monitor their implementation
• Secretariat to the Committee formed under the Monetary Agreement between the European Union and the Principality of Monaco
• Monitor the Monegasque Credit Guarantee Fund
• Issue Monegasque currency

Official Directory

Legal References

Sovereign Ordinance no. 16.610 of 10 January 2005 establishing the Department of Budget and Treasury

Sovereign Ordinance no. 1.332 of 21 September 2007 modifying the Sovereign Ordinance no. 16.610 of 10 January 2005 establishing the Department of Budget and Treasury