Our organisation
IEOM is a national public institution. Its statutes are defined in Book VII of the French Monetary and Financial Code, which governs overseas regimes (see Articles L. 721-18 et seq. and R. 721-12 et seq.).
Governance
Alexandre Gautier
Managing director of IEOM
Executive management
The Managing Director is appointed by the Governor of the Banque de France.
Alexandre Gautier is the current Managing Director of IEOM. He is assisted by a Director and a Deputy Director.
Supervisory board
In accordance with Article R. 712-11 of the Monetary and Financial Code, IEOM is governed by a Supervisory Board.
The Board comprises 10 members.
Composition of the Supervisory Board :
- Chair :
Mr François Villeroy de Galhau
Governor of the Banque de France, represented by Ms Agnès Benassy-Quéré
- Representing the Banque de France :
Mr Ivan Odonnat
- Director general of the Treasury :
Mr Bertrand Dumont, represented by Ms Zoé Colin
- Representing the Minister of the Economy :
Mr Yves Allegret
- Representing the Minister for Overseas territories :
Ms Anne-Gaëlle Baudoin
Ms Astrid Jeffrault
- Representing the overseas collectivities :
New Caledonia : Mr. Philippe Dunoyer
French Polynesia : Mr Warren Dexter
Wallis and Futuna : M. Soane-Paulo MAILAGI
- Staff representative :
Mr Heimata Tapare-Taua
Government commissioner
Oversight bodies
Initially established by the Supervisory Board on 8 December 2010, the Audit Committee was formally incorporated into IEOM’s statutes by Decree No. 2019-1402 of 18 December 2019.
The committee reports to the supervisory board on matters relating to financial reporting, external and internal audits, internal controls and risk management.
The Audit Committee comprises four members:
- Two members of the Supervisory Board, appointed from within the Board ;
- The second representative of the Banque de France and the Government Commissioner are ex officio members.
The Internal Control Committee of IEOM oversees the implementation of internal monitoring systems across all head office and branch activities. An annual report is issued on the measures taken, including ongoing controls, periodic audits, the implementation of internal and external audit recommendations, operational risk mapping and incident tracking.
IEOM’s financial statements are audited by a statutory auditor appointed by the Supervisory Board.
Like all public institutions, IEOM is also subject to oversight by the Cour des Comptes (French Court of Auditors) and the Inspection Générale des Finances (General Inspectorate of Finance).
Organisation at Headquarters and in the offices, and the Management Committee
IEOM’s head office, which is shared with the Institut d’émission des départements d’outre-mer (IEDOM), is located in Paris.
IEOM also has offices in French Polynesia, New Caledonia and Wallis and Futuna.
The Management Committee comprises the Managing Director, Director, Deputy Director and division heads responsible for the various operational areas, as well as the branch managers. The committee meets weekly in various formats to ensure the agency directors are fully involved in decision-making.
Each office also has a Local Advisory Committee (Comité Consultatif d’Agence — CCA), comprising individuals representing key sectors of the local economy. This committee regularly assesses current economic trends across different sectors. This forum enables IEOM to inform local economic stakeholders about its actions and gather insight on the local economic situation.
Market meetings are also held with credit institutions and related entities to discuss developments in the financial sector.
Agreements with the Banque de France, the AMF, and the French State
IEDOM carries out central banking functions by delegation from the Banque de France in overseas departments and collectivities that use the euro as their official currency.
IEDOM and IEOM share the same headquarters, and the President of IEDOM also serves as the Managing Director of IEOM. IEDOM provides a number of services on behalf of IEOM, as outlined in a service agreement signed by the two institutions.
IEOM performs public-interest tasks on behalf of the French State, including managing the Central Cheque Register (FCC) and the Overseas Accounts Register (FICOM). These responsibilities are governed by a performance and objectives contract signed on 6 February 2022 between the State and IEOM. Further agreements set out the terms for managing IEOM’s operations account with the French Treasury and the conditions for maintaining the State’s account in IEOM’s books.
The agreement, dated 27 August 2020, sets out the terms of the cooperation between IEOM and the ACPR (the Prudential Supervision and Resolution Authority). Under this agreement, IEOM conducts studies on financial institutions based in the overseas territories that are supervised by the ACPR. IEOM also assists with on-site inspections, particularly in the areas of anti-money laundering and counter-terrorist financing (AML/CFT), as well as monitoring business practices. IEOM plays a role in identifying illegal banking and insurance activities. The ACPR’s General Secretariat provides IEOM with data relevant to assessing credit institutions and insurance companies operating in overseas territories. Furthermore, the ACPR has appointed an Overseas Correspondent to liaise with IEOM primarily on AML/CFT issues, and to a lesser extent on consumer protection matters.
The 10 February 2010 agreement allows the AMF to delegate AML compliance inspection missions concerning financial investment advisers (CIF) to IEOM. IEOM also alerts the AMF to any fraudulent investment schemes observed in overseas collectivities and relays AMF warnings to local stakeholders.
IEOM and the Banque de France collaborate closely under several agreements which cover assistance in monitoring non-cash payment instruments and payment systems, access to training programmes for IEOM staff and management of the IEOM’s bank account.
The Banque de France is also responsible for printing banknotes in CFP francs. Lastly, the IEOM ensures the collection of cheques drawn on accounts in overseas collectivities where the Banque de France is the payee.
The CEROM partnership framework (Comptes économiques rapides pour l’Outre-mer, or Rapid Economic Accounts for the Overseas Territories) unites the issuing institutes (IEDOM and IEOM), the French Development Agency (AFD) and the statistical institutes operating in the overseas departments and collectivities: the National Institute of Statistics and Economic Studies (Insee), the New Caledonia Statistics and Economic Studies Institute (ISÉE) and the French Polynesia Statistics Institute (ISPF).
The CEROM partnership aims to produce rapid economic accounts and models of economic development, and to publish macroeconomic and thematic analyses of the overseas departments and collectivities.
Learn more