Statutory bodies

About 9 Statutory bodies

Statutory bodies

The Deposit Insurance and Resolution Fund in the UMOA has two bodies, namely:

Board of directors

It is made up of the following six (6) members:

  the Governor of the BCEAO or his Representative who chairs the Board of Directors

  two Representatives of Professional Associations of Banks and Establishments

  a representative of professional associations of decentralized financial systems

  two Representatives of the Member States of the Union

The term of office of Representatives of Professional Associations is two years renewable. The Representatives of the Member States of the Union are chosen so as to successively call up the nationals of each Member State to these functions, according to an order established in advance by the Council of Ministers.

The direction

The Director of the Fund is appointed by the Board of Directors following a call for candidates procedure organized by the Central Bank of West African States, open to all nationals of Member States of the UMOA for a renewable period of four years.

The Director represents the Fund vis-à-vis third parties and is responsible for the management of the Fund.