'CB more independent than the FED, Bank of England,' Marcó del Pont says

“This is good news for the Central Bank, but especially for Argentina,” CB governor Mercedes Marcó del Pont said during a press conference with Economy Minister Amado Boudou, in reference to the recent ruling by the New York Court of Appeals, which revoked a previous ruling against Argentina and in favour of vulture funds by US judge Thomas Griesa.

One of the aspects of the ruling that both government officials highlighted, is that it considers Argentine savings deposited in the US Federal Reserve to be immune. 

Marcó del Pont praised the ruling, because “it finally puts and end to the heart of the matter, in which many assured that the Central Bank functioned as the country’s alter ego,” she said.

Marcó del Pont then assured that one of the reasons to overturn the ruling was that the judges “considered the Argentine Central Bank to be more independent than the Federal Reserve of the Bank of England.”

The CB governor made use of this reference surely hoping to put to rest rumours that the Central Bank is increasingly dependent on the political decisions coming from Executive.

This way, the Court of Appeal overturns a ruling issued by Judge Griesa in April of 2010, which stated that Argentina and the local Central Bank had to be treated as one, since at the time of determining whether to seize their assets or not, they were both “alter egos.”