The Federal Bank of Dorvik (Dundorfian: Föderalen Bank Dorvik) also known as the Dorvish Federal Bank is the central bank of the Dorvish Federation. It is granted its authority by the Constitution of the Dorvish Federation, the Federal Bank as it is commonly known is the successor to the Central Bank of Dorvik which was replaced when the Dorvish Federation was founded, despite the numerous movements the Federal Bank has remained as the central banking institution of the Dorvish state. The Federal Bank is headed by an appointed Chairman, the Chairman of the Federal Bank is appointed by the President of the Dorvish Federation and confirmed by the Federal Council, the upper-house of the Federal Assembly. The Chairman is the overall director of the Federal Bank and is responsible for cooperating with the Minister of Finance and the Minister of Economic Cooperation and Development, the development of monetary policy of the Dorvish Federation. The Federal Bank grants a fourth of its profits to the Government of the Dorvish Federation for uses in various sectors of the economy. This is akin to the Federal Investment Fund (Dorvik) which is the sovereign wealth fund of the Dorvish Federation.
The Federal Bank of Dorvik traces its roots back to the Central Bank of Dorvik which was responsible for many of the same things that the Federal Bank is responsible for. The Free Republic of Dorvik saw the establishment of the first modern central banking system in Dorvik, the central banking system in Dorvik previously had been torn apart by years of political and financial instability, the Dorvish Federation's establishment saw the replacement of the Central Bank of Dorvik. The Federal Bank was approved by the first Federal Assembly that was held, the Dorvish Social Nationalist Party was instrumental in the establishment of the bank, formerly the Central Bank had been responsible to oversight by the government of Dorvik however it was determined that the Federal Bank would be better had it been independent of federal authority. The Federal Bank has provided a majority of investments for Dorvish infrastructure, alongside the Federal Investment Fund (the sovereign wealth fund of the Dorvish Federation), is responsible for investing into projects throughout the nation. Former Chairman Igor Schultz was responsible for establishing the rule that a fourth (1/4) of the Federal Bank's profits are directed towards the Federal Investment Fund to ensure that various places of the Dorvish infrastructure are developed.
In 3739 the Federal Bank was granted the ability to regulate the Dorvish banking industry which was taken from the Ministry of Finance, the conflict was ended quickly when the President of the Dorvish Federation, Gunther Konigsmann ended the argument by signing a presidential decree which granted the Federal Bank the ability to regulate the Dorvish banking industry, he also granted them the ability to issues licenses to banks. The presidential decree was controversial however due to comments made by the Minister of Finance who was later silenced according to sources when his budget was threatened to be cut.
Governance and dutiesEdit
The Chairman of the Federal Bank of Dorvik is appointed by the Dorvish President, the Federal Council is responsible for hearing and vetting the candidates. The Chairman must be approved by two-thirds (2/3) of the Federal Council. The Chairman is assisted by a Board of Directors who are appointed by the Chairman through various means of application, the Board of Directors assists the the Chairman is the development of monetary and financial policy of the Dorvish Federation. The Federal Bank is independent of the Dorvish government though the financials of the Federal Bank are audited by the Dorvish government, independent private and internal auditors. The actions of the Federal Bank, however, are not able to be audited by the government of Dorvik.
The Federal Bank of Dorvik is responsible for the issuing of Dorvish Dolgars, the national currency of the Dorvish Federation. The Federal Bank operates a central mint in the Government District of Haldor; the Federal Bank is also responsible for dealing with cases of counterfeiting. The Federal Bank is also responsible for protecting the national currency. The Federal Bank issues banking licenses for banks throughout the Dorvish Federation and is responsible for oversight of the Dorvish banking industry alongside the Dorvish Ministry of Finance.