The invention relates to abed management cycle for a fluidized bed boiler, comprising the steps of: a) providing fresh ilmenite particles as bed material to the fluidized bed boiler; b) carrying out a fluidized bed combustion process; c) removing at least one ash stream comprising ilmenite particles from the fluidized bed boiler; d) separating ilmenite particles from the at least one ash stream; e) recirculating separated ilmenite particles into the bed of the fluidized bed boiler. The invention also relates to a corresponding arrangement for carrying out fluidized bed combustion, comprising a fluidized bed boiler comprising ilmenite particles as bed material; and a system for removing ash from the fluidized bed boiler; wherein the arrangement further comprises a separator for separating ilmenite particles from the re-moved ash; and means for recirculating separated ilmenite particles into the bed of the fluidized bed boiler.