The amendment to the statutes of the Official Credit Institute (ICO) and the Fábrica Nacional de Moneda y Timbre (FNMT) was approved at the last meeting of the Council of Ministers held on Friday March 18 through a Royal Decree.
These changes are part of the agreements approved by the Government on April 30, 2010 on streamlining the public sector and business structures in the Central Government, reduction and realignment of senior public sector business. Such agreements rush restructuring public sector business to increase efficiency and effectiveness and reduce public spending.
According to these measures, the royal decree approved today sets the composition of boards of directors of the Fabrica Nacional de Moneda y Timbre-Real Casa de la Moneda and the Official Credit Institute, in order to reduce the number of directors of public business entities. Thus, in the ICO remove a director's position, reducing to nine the number of vowels, whereas in the case of Fabrica Nacional de Moneda y Timbre-Real Casa de la Moneda, the maximum number of board members will increase from 18 to 14. These changes will save close to 50,000 euros in assistance.
addition, in connection with the mandate to streamline the foundations of the state sector, the royal decree authorizing the termination of the State Foundation Royal Mint, whose functions will be assumed directly by the Fabrica Nacional de Moneda y Timbre -Real Casa de la Moneda. This particularly so as the School of Engraving and Graphic Design, which is integrated directly into the Fabrica Nacional de Moneda y Timbre-Real Casa de la Moneda. It also establishes a Board of Trustees of the Royal Mint, with criteria of continuity with the Foundation has existed until now, will strengthen its proceedings FNMT-RCM in the field artistic, cultural and patronage. The implementation of this measure will mean a saving in management and administration expenses amounting to 282,000 euros per year.
In short, a new measure designed to reduce state expenditure, in addition to streamlining.
For more information:
Ministry of Economy and Finance
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