Over the years, this private-law mantel has suited the Bank perfectly in changing circumstances and will undoubtedly continue to do so in future. The Nederlandsche Bank is not unique in this respect. The private-law origins of various other central banks can still be traced in their current legal structure. National versus European The second angle is the concurrence of national and European regulations.
The Treaty establishing the European Community (the Treaty) provides that, by no later than the date of establishment of the European System of Central Banks (ESCB), every Member State shall make its national legislation compatible with the Treaty and the Statute of the ESCB. This was the reason for enacting the Bank Act 1998.