text: Kommissionens beslut

text: av den 5 november 2003 om inrättande av Kommittén för europeiska banktillsynsmyndigheter (EUT L 3, 7.1.2004, s. 28.

text: Rådets slutsatser om EU:s tillsynsregler och finansiella stabilitetsregler, antagna av Ekofinrådet den 14 maj 2008, s. 3–5, se http://register.consilium.europa.eu/pdf/en/08/st08/st08515-re03.en08.pdf

text: Rådets slutsatser, s. 5–6.

text: Meddelande från kommissionen, Översyn av Lamfalussyprocessen – En mer enhetlig tillsyn, KOM(2007) 727 slutlig.

text: Eurosystem contribution to the review of the Lamfalussy framework, november 2007, se ECB:s webbplats www.ecb.int

text: Ordförandeskapets slutsatser, Europeiska rådet, 15–16 oktober 2008, punkt 8. Slutsatserna finns på http://www.consilium.europa.eu/cms3_applications/Applications/newsRoom/related.asp?BID=76&GRP=14127&LANG=1&cmsId=339

text: Se meddelande från kommissionen From financial crisis to recovery: A European framework for action, KOM(2008) 706 slutlig, 29 October 2008, http://ec.europa.eu/commission_barroso/president/pdf/COMM_20081029.pdf

text: Se skäl 6 i förslaget.

text: Se skäl 14 och artikel 4.1 a i förslaget (om medling) och skäl 17 och artikel 4.1 d i förslaget (om delegering).

text: Se protokollet om CESR:s förlikningsmekanism, CESR/06-286b, augusti 2006 på CESR:s webbplats http://www.cesr-eu.org, protokollet om CEBS:s förlikningsmekanism, 25 september 2007 på CEBS:s webbplats http://www.c-ebs.org och protokollet om förlikningsmekanism mellan myndigheter med tillsyn över försäkringar och tjänstepensioner, CEIOPS-DOC-14/07, oktober 2007 på CEIOPS:s webbplats http://www.ceiops.eu

text: Artikel 3 i förslaget.

text: Artikel 4.1 e i förslaget.

text: Förslag till Europaparlamentets och rådets direktiv om ändring av direktiven

text: och

text: vad gäller banker som är dotterbolag till centrala institut, vissa poster av det egna kapitalet, stora exponeringar, tillsyn samt krishantering, KOM(2008) 602 slutlig. Kapitaltäckningsdirektivet omfattar

text: Europaparlamentets och rådets direktiv 2006/48/EG av den 14 juni 2006

text: om rätten att starta och driva verksamhet i kreditinstitut (omarbetning) (EUT L 177, 30.6.2006, s. 1) och

text: Europaparlamentets och rådets direktiv 2006/49/EG av den 14 juni 2006

text: om kapitalkrav för värdepappersföretag och kreditinstitut (omarbetning) (EUT L 177, 30.6.2006, s. 201).

text: Rådets slutsatser om EU:s tillsynsregler och finansiella stabilitetsregler, antagna av Ekofinrådet den 14 maj 2008, se http://register.consilium.europa.eu/pdf/en/08/st08/st08515-re03.en08.pdf

text: Skäl 21 och artikel 5.5 i förslaget.

text: Europeiska kommissionen (GD Inre marknaden), dokument för offentligt samråd om ändringar till kommissionens beslut som upprättar CESR, CEBS & CEIOPS, 23 maj 2008, s. 11, se http://ec.europa.eu/internal_market/finances/docs/committees/consultation_en.pdf

text: Punkt 7 i ECB:s yttrande

text: av den 20 februari 2004 på begäran av Europeiska unionens råd över ett förslag till Europaparlamentets och rådets direktiv om ändring av

text: rådets direktiv 73/239/EEG

text: och

text: samt

text: Europaparlamentets och rådets direktiv 2000/12/EG

text: och

text: i syfte att skapa en ny organisationsstruktur för kommittéer på området för finansiella tjänster (EUT C 58, 6.3.2004, s. 23).

text: Skäl 20 och första stycket artikel 5.2 i förslaget.

text: Det nära samarbetet mellan CEBS och BSC återspeglas i den reviderade CEBS-stadgan som trädde i kraft den 10 juli 2008, se CEBS:s webbplats http://www.c-ebs.org (se t.ex. artiklarna 1.4, 4.5 och 6.4 i CEBS-stadgan).

text: Artikel 5.1 i förslaget.

text: Artikel 5.2 i förslaget.

text: Ekofinrådets slutsatser av den 7 oktober 2008, finns på http://www.consilium.europa.eu/ueDocs/cms_Data/docs/pressData/en/ecofin/103250.pdf

text: Artikel 14 i förslaget.

text: Artikel 205.2 i fördraget (senast ändrat i samband med Bulgarien och Rumäniens anslutning till Europeiska unionen) föreskriver två alternativ. Beroende på vilken typ av rättsakt från rådet, dvs. om fördraget kräver att rättsakten ska antas på förslag från kommissionen eller ej, kräver beslut för att bli antagna åtminstone 255 ja-röster från antingen i) en majoritet av medlemsstaterna eller ii) från minst två tredjedelar av medlemsstaterna.

text: Eftersom texten som ECB ombads yttra sig över endast fanns tillgänglig på engelska, är översättningarna baserade på, men inte identiska med, slutversionen av beslutet av den 23 januari 2009 (K(2009) 177 slutlig) på respektive språk.

title: Europeiska centralbankens yttrande av den 7 november 2008 om ett utkast till kommissionens beslut om inrättande av kommittén för europeiska banktillsynsmyndigheter (CON/2008/63)

text: Inledning och rättslig grund

text: Den 10 oktober 2008 mottog Europeiska centralbanken (ECB) en begäran från Europeiska kommissionen om ett yttrande över ett utkast till kommissionens beslut om inrättande av kommittén för europeiska banktillsynsmyndigheter (nedan kallat förslaget). Förslaget ska ersätta kommissionens beslut som antogs i november 2003.

text: ECB:s behörighet att avge ett yttrande grundas på artikel 105.4 i fördraget om upprättandet av Europeiska gemenskapen eftersom förslaget påverkar strukturen och funktionerna hos en av EU:s kommittéer på området finansiella tjänster och även berör Europeiska centralbankssystemets (ECBS) roll när det gäller att medverka till att de behöriga myndigheterna smidigt kan genomföra sin politik när det gäller tillsyn över kreditinstitut och det finansiella systemets stabilitet, i enlighet med artikel 105.5 i fördraget. I enlighet med artikel 17.5 första meningen i arbetsordningen för Europeiska centralbanken har detta yttrande antagits av ECB-rådet.

text: 1. Allmänna kommentarer

text: 1.1 I maj 2008 uppmanade Ekofinrådet kommissionen att se över sina beslut om inrättandet av nivå 3-kommittéer genom att ge specifika arbetsuppgifter till kommittéerna i syfte att främja samarbete och konvergens i deras roller i bedömningen av risker som hotar den finansiella stabiliteten. Ekofinrådet nämnde vissa arbetsuppgifter som skulle kunna utföras. I Ekofinrådets slutsatser hänvisas det även till vissa frågor som man bör ta hänsyn till i utvecklingen av nivå 3-kommittéernas roll i granskningen av risker för finansiell stabilitet på EU-nivå och Ekofinrådet bjöd speciellt in kommittén för europeiska banktillsynsmyndigheter (CEBS) och banktillsynskommittén (BSC) inom Europeiska centralbankssystemet (ESCB) i syfte att säkerställa en effektiv och passande arbetsfördelning mellan dem. Mot denna bakgrund välkomnar ECB förslaget i de delar där kommissionens ändringsförslag speglar slutsatserna från översynen av Lamfalussyprocessen från 2007som även Eurosystemet deltog i. Samtidigt noterar ECB att Europeiska rådet i oktober 2008, efter den senaste utvecklingen på finansmarknaderna, betonade behovet av att stärka tillsynen över den europeiska finanssektorn genom att förbättra samordningen av tillsynen på europeisk nivå. Europeiska rådet välkomnade kommissionens inrättande av en högnivågrupp. I detta sammanhang understryker ECB att de specifika kommentarerna i detta yttrande inte på något sätt påverkar eventuella framtida bidrag till den mer allmänna debatten om denna högnivågrupps arbete.

text: 1.2 Det faktum att ECB stöder CEBS verksamhet framgår av det ekonomiska och tekniska stödet som banken ger. Den aktuella utvecklingen på finansmarknaderna bekräftar och understryker behovet av ett nära samarbete och utbyte av information mellan tillsynsmyndigheter och centralbanker, något man nu kan se i det nära samspelet mellan CEBS och BSC inom områdena riskbedömning och granskning av den finansiella stabiliteten.

text: 1.3 ECB stöder en ökad harmonisering av kommissionens beslut som inrättade Lamfalussy-tillsynskommittéerna (nivå 3-kommittéer), dvs. CEBS, Kommittén för europeiska myndigheter med tillsyn över försäkringar och tjänstepensioner (CEIOPS) samt Europeiska värdepapperskommittén (CESR) och i tillämpliga fall kan kommissionen även välja att beakta de specifika kommentarerna i detta yttrande i frågor som rör de två andra nivå 3-kommittéerna som ECB inte har ombetts att yttra sig över.

text: 2. Specifika kommentarer

text: 2.1 Nya arbetsuppgifter som tilldelats CEBS (artikel 4)

text: ECB har följande kommentarer till de nya arbetsuppgifter som nämns i förslaget.

text: För det första stödjer ECB att det i förslaget införs hänvisningar till nivå 3-kommitténs roll i medling mellan tillsynsmyndigheter och tilldelning av arbetsuppgifter. Var och en av de tre nivå 3-kommittéerna har nyligen antagit en förlikningsmekanism som ska avgöra eventuella tvister och förbättra samarbetet mellan tillsynsmyndigheter samt främja harmoniseringen av tillsynsarbetet. Eftersom dessa åtgärder ännu inte testats i praktiken skulle en framtida granskning av tillämpningen vara värdefull. Vad gäller CEBS:s roll för att underlätta fördelningen av arbetsuppgifter mellan tillsynsmyndigheter, anser ECB att denna utveckling skulle kunna främja effektiviteten vid den gränsöverskridande fördelningen av arbetsuppgifter mellan tillsynsmyndigheter och samarbetet mellan gränsöverskridande bankgrupper och tillsynsmyndigheter.

text: Dessutom hänvisar förslaget till CEBS bidrag till ett gemensamt och enhetligt genomförande och en konsekvent tillämpning av gemenskapslagstiftningen genom att utfärda icke-bindande riktlinjer, rekommendationer och standarder. Med tanke på hur betydelsefull en harmoniserad tillsyn är för en effektiv integrering av det europeiska finanssystemet, föreslår ECB att en hänvisning införs i CEBS arbetsuppgifter till den roll som kommittén har för att underlätta granskningen av den praktiska tillämpningen av ovannämnda icke-bindande åtgärder genom att använda ömsesidig granskning.

text: För det andra noterar ECB att, i linje med Ekofinrådets slutsatser av den 14 maj 2008, kommissionen anser att CEBS ska dra upp operativa riktlinjer för att säkerställa att tillsynskollegierna fungerar effektivt och konsekvent. Detta liknar det pågående initiativet att granska kapitaltäckningsdirektivet som syftar till att stärka tillsynskollegiernas rättsliga ställning. Mot bakgrund av detta vill ECB understryka vikten av att säkerställa överensstämmelse mellan bestämmelserna i förslaget och bestämmelserna i ovannämnda direktiv.

text: 2.2 Samarbete mellan CEBS och BSC (artikel 5)

text: I linje med Ekofinrådets mandat att säkerställa en effektiv och lämplig arbetsfördelning mellan CEBS och BSC, pekar kommissionen i sitt förslag på behovet att förhindra överlappningar mellan de två kommittéernas arbetsuppgifter. Kommissionen har samtyckt till att denna arbetsfördelning till viss del skulle kunna baseras på att en skillnad görs mellan makro- och mikroanalyser inom ramen för tillsynsarbetet. I anledning härav och som fastställts i ett tidigare yttrande, betonar ECB vikten av att uppmärksamma BSC:s roll, som redan har utvecklat ett ramverk för att övervaka utvecklingen på makronivå. Förslaget hänvisar till faktumet att det, för att värna den finansiella stabiliteten, behövs ett system på tillsynskommitténivå för att identifiera potentiella gräns- och sektoröverskridande risker i ett tidigt skede och att CEBS har en roll i detta eftersom den kan identifiera risker i banksektorn på mikronivå och regelbundet rapportera resultaten. Mot bakgrund av detta har ECB följande kommentarer.

text: För det första vill ECB påpeka att hänvisningen i förslaget till samspelet mellan BSC och CEBS borde vara mer positiv och återspegla det nuvarande samarbetet mellan de tre nivå 3-kommittéerna och BSC. Istället för att nämna behovet av att undvika dubbelarbete borde därför mer tonvikt kunna läggas på behovet av en nära sammanlänkning mellan dessa kommittéer och BSC.

text: För att undvika dubbelarbete har CEBS och BSC redan kommit överens om hur de ska samordna sitt samarbete avseende en regelbunden riskbedömning och övervakningen av den finansiella stabiliteten. Medan BSC i linje med sitt uppdrag inriktar sitt arbete på att identifiera de huvudsakliga riskerna för det finansiella systemet och banksektorn, fokuserar CEBS på att identifiera specifika risker, tillsynsfrågor och möjliga policyåtgärder.

text: För det andra måste CEBS enligt förslaget, när det är nödvändigt, säkerställa att de andra tillsynskommittéerna, finansministerier och nationella centralbanker hålls informerade om potentiella eller nära förestående problem. ECB föreslår att denna bestämmelse förtydligas för att undvika sekretessproblem när tillsynsinformation om enskilda banker överförs till finansministerier.

text: För det tredje föreskriver förslaget att CEBS, åtminstone kvartalsvis, ska överlämna sin bedömning av banksektorns huvudrisker och svagheter till kommissionen, Ekonomiska och finansiella kommittén (EFC) och Europaparlamentet. BSC:s erfarenhet när det gäller kommunikationen av makroanalysens resultat till EFC antyder att en rapportering som sker två gånger per år vore lämpligare under normala omständigheter.

text: 2.3 Finansiella konglomerat (artikel 11)

text: Förslaget föreskriver att samarbete mellan CEBS och CEIOPS inom tillsyn av finansiella konglomerat ska ske i en gemensam kommitté för finansiella konglomerat. Eftersom ECB redan deltar i den provisoriska arbetskommittén för finansiella konglomerats arbete och Europeiska kommittén för finansiella konglomerat, bör dess deltagande som observatör nämnas tillsammans med kommissionen och CESR.

text: 2.4 Kvalificerad majoritet vid omröstningar (artikel 14)

text: Ekofinrådet välkomnade tillsynsmyndigheternas avtal i nivå 3-kommittéerna om att ta in beslutsfattande med kvalificerad majoritet i sina respektive stadgar. Förslaget föreskriver att CEBS:s beslut kräver 1) åtminstone en 255/345-kvot av de viktade rösterna, och 2) enkel majoritet av medlemsstaterna. CEBS-stadgan föreskriver däremot att beslut ska kräva stöd av åtminstone 255 röster från åtminstone två tredjedelar av medlemsstaterna. ECB noterar att båda förfarandena återfinns i fördragets bestämmelser om beslut som ska fattas med kvalificerad majoritet. För att klargöra rättsläget rekommenderar ECB dock att överensstämmelse mellan omröstningsreglerna i förslaget och i CEBS-stadgan säkerställs, t.ex. genom att man i förslaget direkt hänvisar till de relevanta fördragsbestämmelserna.

text: 3. Ändringsförslag

text: De ändringsförslag av förslaget som blir resultatet av förslagen ovan framgår av bilagan.

text: Detta yttrande kommer att publiceras på ECB:s webbplats när kommissionen har antagit och publicerat beslutet som ligger till grund för kommittén för europeiska banktillsynsmyndigheter.

text: BILAGA

text: Kommissionens förslag | ECB:s ändringsförslag

text: 21) För att branschövergripande frågor ska kunna behandlas på lämpligt sätt bör kommitténs arbete sammankopplas med kommittén för europeiska myndigheter med tillsyn över försäkringar och tjänstepensioner och europeiska värdepapperstillsynskommittén. Detta är av särskild betydelse när det gäller att åtgärda möjliga branschövergripande risker för den finansiella stabiliteten. Särskild vikt bör läggas vid att förhindra överlappningar med Europeiska centralbankssystemets banktillsynskommittés arbete | 21) För att branschövergripande frågor ska kunna behandlas på lämpligt sätt bör kommitténs arbete sammankopplas med kommittén för europeiska myndigheter med tillsyn över försäkringar och tjänstepensioner och europeiska värdepapperstillsynskommittén. Detta är av särskild betydelse när det gäller att åtgärda möjliga branschövergripande risker för den finansiella stabiliteten. Särskild vikt bör läggas vid att förhindra överlappningar med Europeiska centralbankssystemets banktillsynskommittés arbete. Kommittén ska även hålla tät kontakt med Europeiska centralbankssystemets banktillsynskommitté

text: Motivering – se punkt 2.2 i yttrandet

text: | g) Underlätta granskningen av den praktiska tillämpningen av de rättsligt icke-bindande riktlinjer, rekommendationer och standarder som kommittén antar

text: Motivering – se punkt 2.1 i yttrandet

text: 2. Kommittén ska åtminstone kvartalsvis överlämna bedömningar av utveckling på mikronivå, risker och svagheter inom banksektorn till kommissionen, Ekonomiska och finansiella kommittén och Europaparlamentet | 2. Kommittén ska åtminstone kvartalsvis två gånger om året överlämna bedömningar av utveckling på mikronivå, risker och svagheter inom banksektorn till kommissionen, Ekonomiska och finansiella kommittén och Europaparlamentet

text: Motivering – se punkt 2.2 i yttrandet

text: 4. Kommittén ska i nära samarbete med kommittén för europeiska myndigheter med tillsyn över försäkringar och tjänstepensioner och värdepapperstillsynskommittén övervaka den branschövergripande utvecklingen, risker och svagheter | 4. Kommittén ska i nära samarbete med kommittén för europeiska myndigheter med tillsyn över försäkringar och tjänstepensioner och, värdepapperstillsynskommittén och Europeiska centralbankssystemets banktillsynskommitté övervaka den branschövergripande utvecklingen, risker och svagheter

text: Motivering – se punkt 2.2 i yttrandet

text: 5. Kommittén ska lägga särskild vikt vid att förhindra överlappningar med Europeiska centralbankssystemets banktillsynskommittés arbete | 5. Kommittén ska lägga särskild vikt vid att förhindra överlappningar med Europeiska centralbankssystemets banktillsynskommittés arbete

text: Motivering – se punkt 2.2 i yttrandet

text: Kommittén ska på området för finansiella konglomerat samarbeta med CEIOPS i en gemensam kommitté för finansiella konglomerat. Kommissionen och europeiska värdepapperstillsynskommittén ska inbjudas att delta i gemensamma kommittén för finansiella konglomerat som observatörer | Kommittén ska på området för finansiella konglomerat samarbeta med CEIOPS i en gemensam kommitté för finansiella konglomerat. Kommissionen, europeiska värdepapperstillsynskommittén och Europeiska centralbanken ska inbjudas att delta i gemensamma kommittén för finansiella konglomerat som observatörer

text: Motivering – se punkt 2.3 i yttrandet


text: OJ L 189, 3.7.1998, p. 42. 2 See ECB Opinion

text: of 3 November 2005 at the request of the Belgian Ministry of Finance on a draft law abolishing bearer securities and a draft royal decree concerning dematerialised corporate securities. See also ECB Opinion

text: of 19 November 2007 at the request of the Belgian Ministry of Finance on a draft royal decree amending the Organic Statute of the Nationale Bank van België/Banque Nationale de Belgique. All ECB opinions are available on the ECB website, www.ecb.europa.eu. 4 The list of information to be reported is laid down in

text: Article 4

text: §1 of the draft royal decree.

text: Whereas new issuances of bearer securities are prohibited from 1 January 2008 onwards (Article 3 of the Law of 14 December 2005), the conversion of existing bearer securities into either registered or dematerialised securities is gradually being organised during the period from 1 January 2008 to 31 December 2013 (

text: Articles 5

text: to 7 of the Law), and all remaining bearer securities still existing on 1 January 2014 will automatically be converted into dematerialised securities (Article 9 of the Law). 6 See the report to the King accompanying the draft royal decree. 7 Article

text: ° of the draft royal decree. In the event that a whole issue is converted into registered securities, the institutions appointed by the issuer as holders of the registered securities register should also report the information in

text: Article 4

text: §1 of the draft royal decree as soon as possible. 8

text: Article 4

text: §3 of the draft royal decree.

publisher: Europeiska centralbanken

sprak: en

title: Opinion of the European Central Bank of 12 November 2008 at the request of the Belgian Minister for Justice on a draft royal decree designating the institution entrusted with managing a database containing relevant information about issuers in the context of the dematerialisation of their securities (CON/2008/64)

serie: con

text: OPINION OF THE EUROPEAN CENTRAL BANK of 12 November 2008 at the request of the Belgian Minister for Justice on a draft royal decree designating the institution entrusted with managing a database containing relevant information about issuers in the context of the dematerialisation of their securities (

text: ) Introduction and legal basis

type: rubrik

text: On 25 September 2008 the European Central Bank (ECB) received a request from the Nationale Bank van België/Banque Nationale de Belgique (NBB), acting on behalf of the Belgian Minister for Justice, for an opinion on a draft royal decree designating the institution entrusted with managing a database containing relevant information about issuers in the context of the dematerialisation of their securities (hereinafter the ‘draft royal decree’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the third and fifth indents of

text: Article 2(1) of Council Decision 98/415/EC of 29 June 1998

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft royal decree relates to the NBB and to payment and settlement systems. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

type: stycke

text: 1. Purpose of the draft royal decree

text: The draft royal decree is an element of the dematerialisation process and gradual phasing-out of bearer securities in Belgium provided for under the Law of 14 December 2005 abolishing bearer securities , and implements Article 8 of that law. Under the draft royal decree, the NBB is designated as the institution responsible for managing a database containing information about issuers which is relevant in the context of the Law of 14 December 2005 , including notably the international security identification number (ISIN), the nature, the issue date and maturity date of securities issued before 1 January 2014, the number of the final coupon to be materially paid out, the date on which the coupon becomes payable, etc. The

text: ECB understands that since the Law of 14 December 2005 does not provide for all bearer securities to be converted into dematerialised securities at the same time , it is considered useful to establish a database that would provide an efficient means for all parties concerned to have access to all relevant information in the context of the dematerialisation process. Notably, the database would allow its users to verify whether a security or a coupon has already been dematerialised . The draft royal decree would impose a reporting obligation on the following institutions : (i) those securities settlement institutions which are authorised to maintain and settle transactions in dematerialised corporate securities and the authorised account keepers for such securities; and (ii) the securities settlement institutions and their participants referred to in coordinated Royal Decree No 62 of 10 November 1967 relating to the deposit of fungible financial instruments and the settlement of transactions in such instruments. The reporting institutions would pay the NBB a fixed fee by ISIN when reporting the required information . The database would be accessible until 31 December 2014 under the detailed rules and in return for remuneration to be laid down in a regulation available at the NBB on demand . The draft royal decree itself contains no further provisions on access to the database. The ECB understands that any remuneration for inputting data into the database and for accessing it would only be collected with the aim of covering the costs incurred by the NBB in developing and exploiting the database and should be sufficient for that purpose.

text: 2. General observations

text: The ECB understands that the NBB has already developed the database and that it has been fully operational since December 2007, but that it is now considered appropriate to adopt a legal act that would oblige all relevant institutions to report. The ECB welcomes the draft royal decree as it would establish such a legal basis and therefore ensure that the database is complete and useful in practice.

text: This opinion will be published on the ECB’s website.

text: Done at Frankfurt am Main, 12 November 2008.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET

type: vagledning

utgivare: ecb


text: OJ L 189, 3.7.1998, p. 42. 2 Decree-Law No 157/2008 was presented to the Parliament on the same day of its adoption, in accordance with the procedure for conversion into law, which is currently underway. Article 2(1) of Decree-Law No 157/2008 contains a delegation for the adoption of the draft decree. 3 ECB Opinion

text: of 23 October 2008 at the request of the Banca d’Italia on behalf of the Italian Ministry for Economic Affairs and Finance on two Decree-Laws containing urgent measures to guarantee the stability of the banking system and the continuity of the provision of credit; the opinion is available on the ECB’s website at www.ecb.europa.eu. 4 Banks having their registered office in Italy (see Article 1(2) of the draft decree). 5 See Article 1(1) of Decree-Law No 157/2008, as specifically implemented by

text: Articles 1(1)

text: (a) and 2 of the draft decree.

text: See Article 1(3) of Decree-Law No 157/2008, as specifically implemented by

text: Articles 1(1)

text: (c) and 4 of the draft decree. 7 See Articles 2 and 4, 5, 7 and 9 of the draft decree. 8 See Articles 3 and 8 of the draft decree. 9 See Article 6 of the draft decree. 10 See paragraph 3.2 of ECB Opinion

text: . 11 See paragraph 3.3 of ECB Opinion

text: . 12 See the Declaration of 12 October 2008 available on the French Presidency’s website at www.ue2008.fr.

text: See the ‘Communication from the Commission – The application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis’ of 13 October 2008, available on the Commission’s website at www.ec.europa.eu. 14 See Article 1(3) of the draft decree. 15 See

text: Article 1(4)

text: to (6) of the draft decree. 16 See

text: Article 7(3)

text: to(4) and 8(3) to(4). In this respect, the Banca d’Italia will benefit from its role as supervisory authority of the banking sector (see Title III and in particular Article 51 of the Legislative Decree 385 of 1 September 1993, published in Gazzetta Ufficiale della Repubblica Italiana of 30.9.1993, n. 230 (Consolidated Banking Law)). 17 See

text: Article 1(3)

text: -(5) of the draft decree. 18 See Article 4(2) of the draft decree. 19 See, e.g., paragraph 3.2 of ECB Opinion

text: of 17 October 2008 at the request of the Spanish State Secretary for Economic Affairs on a Royal Decree-Law creating a Fund for the acquisition of financial assets and on a Royal Decree-Law adopting urgent financial and economic measures in relation to the concerted European action plan of the euro area countries. 20 See Article 9(2) of the draft decree.

text: See

text: Article 1(1)

text: (b)(ii) of

text: Council Regulation (EC) No 3603/93 of 13 December 1993

text: specifying definitions for the application of the prohibitions referred to in Articles

text: and

text: b(1) of the Treaty (OJ L 332, 31.12.1993, p. 1).

title: Opinion of the European Central Bank of 12 November 2008 at the request of the Banca d’Italia on behalf of the Italian Ministry for Economic Affairs and Finance on a draft ministerial decree containing provisions to implement Decree-Law No 157/2008 on further urgent measures to guarantee the stability of the credit system (CON/2008/65)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 12 November 2008 at the request of the Banca d’Italia on behalf of the Italian Ministry for Economic Affairs and Finance on a draft ministerial decree containing provisions to implement Decree-Law No 157/2008 on further urgent measures to guarantee the stability of the credit system (

text: ) Introduction and legal basis

text: On 7 November 2008 the European Central Bank (ECB) received a request from the Banca d’Italia on behalf of the Italian Ministry for Economic Affairs and Finance (hereinafter the ‘MEF’) for an opinion on a draft ministerial decree containing provisions to implement Decree-Law No 157 of 13 October 2008 on further urgent measures to guarantee the stability of the credit system (hereinafter the ‘draft decree’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the third and sixth indents of

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft decree relates to the Banca d’Italia and to rules applicable to financial institutions insofar as they materially influence the stability of financial institutions and markets. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

text: 1. Purpose of the draft decree

text: The draft decree contains provisions implementing Decree-Law No 157/2008 on further urgent measures to guarantee the stability of the credit system of 13 October 2008 , on which the ECB commented in its earlier Opinion

text: . In particular, the draft decree specifies procedures and conditions for the application of the following types of measures in support of Italian banks which were introduced under Decree-Law No 157/2008 : (i) provision of State guarantees for bank liabilities with maturities of up to five years, and issued after the entry into force of Decree-Law No 157/2008 ; (ii) swap arrangements

text: involving the provision of Treasury bills in exchange for financial instruments held by banks and bank liabilities with maturities of up to five years; and (iii) provision of State guarantees in relation to securities lending transactions entered into by banks in order to obtain securities eligible as collateral in the Eurosystem refinancing operations (hereinafter, the ‘support measures’). The draft decree further specifies, in particular: (i) in relation to the State guarantees: the bank liabilities which may be covered, the scope of the granted State guarantees, as well as procedures for admission of the beneficiary banks and for the utilisation and recovery of the granted State guarantees ; (ii) in relation to swap transactions: the scope of financial instruments held by banks and bank liabilities, as well as the procedures for admission of the beneficiary banks . Additionally, the draft decree specifies the amount of charges to be imposed on beneficiary banks in connection with the provision of the State guarantees or the swap transactions .

text: 2. General observations

text: 2.1 In its Opinion

text: , the ECB made a number of recommendations as regards the implementation of Decree-Law No 157/2008. More specifically, as regards the terms of the State guarantees for banking liabilities, to ensure the effective implementation of the single monetary policy in the euro area , the ECB recommended that the extension of the State guarantees to cover interbank deposits should be avoided. The ECB also highlighted that it is crucial to ensure the coordination of the price determination of the State guarantees within the euro area and the EU, given that a level playing field is of essence . The ECB appreciates the clarification in the draft decree that the government guarantees may be provided under

text: Article 2

text: only in relation to specified financial debt instruments, hence excluding interbank deposits. The ECB further notes that the economic conditions for granting the State guarantee in Article 6 of the draft decree are in line with the principles contained in the Commission’s guidelines. 2.2 The ECB also considers that the draft decree complies with Article 8 of the ‘Declaration on a concerted European action plan of the euro area countries’ made by the Heads of States of the euro area on 12 October 2008, which states, inter alia, that the euro area governments ‘would make available … a Government guarantee … of new medium term (up to 5 years) bank senior debt issuance’ . 2.3 Furthermore, the ECB appreciates that the draft decree is fully in line with the recently adopted Commission’s guidance on compliance of the financial sector support schemes with EU State aid

text: rules as it provides that: (i) the scope of the support measures will be limited to what is strictly indispensable to address the current serious economic crisis; (ii) the continuation of the support measures is subject to biannual monitoring by the Italian authorities, who will duly communicate the outcome to the Commission ; (iii) appropriate mechanisms are put in place to minimise the potential abuse by beneficiary banks of their preferential situation, such as: the prohibition on obtaining undue advantages, e.g. through commercial advertisements targeting the general public ; (iv) limitations on the size of the balance sheet of the beneficiary institutions.

text: 3. Banca d’Italia’s involvement in the support measures

text: 3.1 Under the draft decree, the Banca d’Italia will perform certain tasks in order to implement the support measures. First, it will assess the eligibility of the applicant banks’ with particular regard to their capital adequacy and ability to discharge the obligations assumed . Second, it will support the Finance Minister in ensuring the beneficiary banks’ compliance with the general safeguards for the provision of the support measures . Further, with respect to securities lending transactions to be guaranteed under the draft decree, the Banca d’Italia will produce the evaluation of such securities, 18 19 which will be based on their market value . In line with its previous opinions , the ECB recalls that the functions to be performed by the Banca d’Italia with regard to the support measures need to comply with the monetary financing prohibition as regards the remuneration of the Banca d’Italia for its involvement, which should be conducted in a manner fully compatible with the Banca d’Italia’s institutional and financial independence under the Treaty and the Statute of the European System of Central Banks and of the European Central Bank. 3.2 Moreover, in the case of payments under the State guarantees, the Banca d’Italia will have the task of distributing the amounts from the funds transferred to it by the Government for this purpose . In this respect, the ECB understands that the involvement of the Banca d’Italia will not go beyond the traditional task of a fiscal agent and that all the support measures will be financed from the State’s budgetary resources. It is therefore expected that the involvement of Banca d’Italia will comply with the prohibition on monetary financing laid down in Article 101 of the Treaty and the

text: prohibition on central bank financing of public sector obligations vis-à-vis third parties . In particular, the ECB understands that any payouts of amounts by the Banca d’Italia under Article 9(2) of the draft decree will always be made on the basis of the prior transfer by the Government of all the required funds and that no credit or liability to pay out will exist between the Banca d’Italia and the beneficiary banks and, finally, that the payouts will not lead in any case to the provision of overdraft credit facilities with the Banca d’Italia.

text: [signed]

text: The Vice-President of the ECB

text: Lucas D. PAPADEMOS


text: OJ L 189, 3.7.1998, p. 42.

text: See ECB Opinion

text: of 1 April 2005 at the request of Lietuvos bankas on draft rules on minimum reserve requirements for credit institutions. This opinion is available on the ECB’s website at www.ecb.europa.eu. 3 See in particular paragraph 14 of ECB Opinion

text: in which the ECB stressed that Lithuanian credit unions fall under the definition of a credit institution within the meaning of the Consolidated Banking Directive, and will therefore be subject to the Eurosystem reserve requirements when Lithuania adopts the euro.

title: Opinion of the European Central Bank of 13 November 2008 at the request of Lietuvos bankas on a draft resolution amending the rules on reserve requirements for credit institutions (CON/2008/66)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 13 November 2008 at the request of Lietuvos bankas on a draft resolution amending the rules on reserve requirements for credit institutions (

text: ) Introduction and legal basis

text: On 5 November 2008 the European Central Bank (ECB) received a request from Lietuvos bankas for an opinion on a draft resolution amending the rules on reserve requirements for credit institutions as approved by Resolution No 38 of 14 March 2002 of the Board of Lietuvos bankas (hereinafter the ‘draft resolution’). Some of the amendments contained in the draft resolution, in particular the reduction in the reserve ratio from 6 % to 4 %, were adopted by the Board of Lietuvos bankas on 6 November 2008 and entered into force immediately. The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and

text: Article 2(2) of Council Decision 98/415/EC of 29 June 1998

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft resolution relates to instruments of monetary policy of a Member State that has not adopted the euro. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

text: 1. Purpose of the draft resolution

text: 1.1 The purpose of the draft resolution is: (a) to release part of the resources of credit institutions by allowing them to use eligible collateral which they hold to fulfil their reserve requirements; and (b) to create more flexible liquidity management conditions for credit institutions. 1.2 Specifically, the draft resolution provides for an amendment of the composition of minimum reserves, i.e. it allows credit institutions temporarily, until 23 April 2009, to maintain up to 50 % of their minimum reserves in eligible securities, the eligibility criteria of which are defined in the proposed new Annex 3 to the rules on reserve requirements for credit institutions.

text: 2. General observations

text: 2.1 Concerning the reduction of the reserve ratio from 6 % to 4 %, which has already entered into force, the ECB understands the need for an accelerated procedure. However, this does not prejudice

text: the duty of national authorities under Article 105(4) of the Treaty to consult the ECB on draft legislative provisions falling within its fields of competence. The ECB would therefore appreciate receiving future consultations earlier, even on initial drafts of legislation, to allow more time for it to prepare an opinion. 2.2 The ECB notes that although Member States that have not adopted the euro retain their powers in the field of monetary policy, it is nevertheless beneficial for them to achieve consistency with Eurosystem standards so that credit institutions in those Member States can become acquainted with the reserve requirements that will apply to them when the euro is introduced. In its past opinion on the Lithuanian minimum reserves regime , the ECB emphasised in particular the need for further alignment of the Lithuanian minimum reserves regime with Eurosystem standards. In particular, the ECB made the point that Lithuanian credit unions should also be subject to reserve requirements . Consequently, it should be noted that all comments that the ECB made previously concerning the Lithuanian minimum reserves regime still remain valid.

text: 3. Specific comments

text: 3.1 The aim of the draft resolution is to temporarily amend the composition of minimum reserves in Lithuania, namely to allow up to 50 % of minimum reserves to be held on securities accounts of a credit institution on which eligible securities are held as an alternative to being held on reserve (settlement) accounts. 3.2 Although the ECB understands that this temporary measure aims to address ongoing tensions in the money market, the ECB has the following observations. First, it is questionable whether this measure is in line with the purpose of a minimum reserves system, i.e. an instrument for the performance of money market management and monetary control functions. Second, this measure may have potential implications for the risk management of the balance sheet of Lietuvos bankas. Third, using securities in variable proportions to fulfil part of a credit institution’s reserve requirements may also create difficulties in the minimum reserves system about the nature of such reserves held with Lietuvos bankas. Moreover, the proposed measure would require both Lietuvos bankas and credit institutions to apply strict control measures, which are currently lacking in the draft resolution. Fourth, the ECB notes that the securities used to fulfil reserve requirements would be accounted for on the basis of their nominal value. Although such calculation is relatively easy to implement, the ECB notes that the nominal value of the securities may substantially differ from their mark-to-market value at the end of maintenance period, especially in periods of financial distress. Such a mechanism may therefore imply providing significant subsidies to credit institutions and therefore cause distortions in the securities markets.

text: 3.3 Finally, the ECB notes that the proposal contained in the draft resolution differs substantially from the Eurosystem’s reserve requirements framework. Such significant differences would have to be eliminated on adoption of the euro by Lithuania. This opinion will be published on the ECB’s website. Done at Frankfurt am Main, 13 November 2008. [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


text: OJ L 189, 3.7.1998, p. 42.

text: See ‘Communication from the Commission – The application of State aid rules to measures taken in relation to financial institutions in the context of the current global financial crisis’ of 13 October 2008, available on the Commission’s website at www.ec.europa.eu (hereinafter the ‘Commission Guidance’). 3 See point 27 of the Commission Guidance; see, e.g. paragraph 3.4 of ECB Opinion

text: of 15 October 2008 at the request of the Irish Minister for Finance on a draft Credit Institutions (Financial Support) Scheme 2008.

title: Opinion of the European Central Bank of 13 November 2008 at the request of the Spanish Ministry for Economic Affairs and Finance on a draft order implementing Royal Decree-Law 7/2008 authorising State guarantees (CON/2008/67)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 13 November 2008 at the request of the Spanish Ministry for Economic Affairs and Finance on a draft order implementing Royal Decree-Law 7/2008 authorising State guarantees (

text: ) Introduction and legal basis

text: On 11 November 2008 the European Central Bank (ECB) received a request from the Spanish Ministry for Economic Affairs and Finance for an opinion on a draft order implementing Royal Decree- Law 7/2008 of 13 October adopting urgent financial and economic measures in relation to the concerted European action plan for the euro area countries, in particular Article 1 authorising State guarantees (hereinafter the ‘draft order’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and on the third and sixth indents of

text: Article 2(1) of Council Decision 98/415/EC of 29 June 1998

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft provisions relate to the Banco de España and to rules applicable to financial institutions that materially influence the stability of financial institutions and markets. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

text: 1. Purpose of the draft order

text: The draft order will implement Article 1 of Royal Decree-Law 7/2008 by laying down rules on the conditions for the guarantees, the eligibility of institutions and operations, the applicable fees and the requesting and granting procedures.

text: 2. General observations

text: The ECB adopted Opinion

text: of 17 October 2008 on Royal Decree-Law 7/2008 and is now consulted on its implementing legislation. In this context, the ECB notes that the observations made in Opinion

text: also apply to this draft order.

text: 3. Specific comments

text: 3.1 Eligibility for support The ECB welcomes that Article 2 of the draft order is in line with the Commission’s guidance on compliance by the financial sector support schemes with State aid rules , in particular with the eligibility criteria that all institutions incorporated in the Member State concerned, including subsidiaries, with significant activities in that Member State, should be covered by the scheme. However, the ECB notes that there are no provisions ensuring that the beneficiary institutions will not be unfairly advantaged by making undue use of their guaranteed status to engage in a heightened level of activities which create market distortions and facilitate abnormal balance sheet growth . In this regard, the ECB reiterates the importance of establishing appropriate safeguards such as limits to marketing of financial products or to expansion of activities on the basis of the State guarantees. 3.2 Pricing The ECB welcomes that Article 4 of the draft order, in line with paragraph 3.4 of ECB Opinion

text: , recognises the need for harmonising pricing with the ECB’s involvement. The ECB appreciates that the draft order’s Annex on pricing of the State guarantee is broadly in line with the Eurosystem’s recommendations on government guarantees on bank debt. In particular, it is important to ensure that the price of the State guarantee is risk-based and market-oriented in that it is determined on the basis of the costs of a corresponding guarantee in the market. However, for legal certainty reasons, the ECB recommends deleting the specific reference to the Eurosystem’s recommendations on government guarantees on bank debt, which is not a legal act and is subject to revision. Finally, the ECB reiterates that it is crucial to ensure the harmonisation and coordination of the price determination of State guarantees within the European Union, given that a level playing field is of essence. 3.3 Relationship with the single monetary policy As stated in previous opinions, the ECB considers that extending State guarantees to interbank deposits should be avoided, as it could entail a substantial distortion in the various national segments of the euro area money market by potentially increasing short-term debt issuance activity across Member States and therefore impairing the implementation of the single monetary policy. Therefore, the ECB welcomes that, according to

text: Article 3

text: (b) of the draft order, no interbank deposits may be covered by State guarantees.

text: This opinion will be published on the ECB’s website. Done at Frankfurt am Main, 13 November 2008. [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


text: OJ L 189, 3.7.1998, p. 42.

text: Law No 379/1992 as amended.

text: A bank’s own guarantee funds are provided for in Section 113 of the Law on credit institutions. Membership of such fund is nowadays voluntary for deposit banks. The statutory deposit-guarantee scheme is distinct from these funds, which have become less important since the introduction of the deposit-guarantee scheme.

text: The Declaration is available on the French Presidency’s website at www.ue2008.fr.

text: Government proposal HE 181/2008 vp. Under Section 82(2) of the Finnish Constitution, a State security and a State guarantee may be given on the basis of the consent of the Parliament. Such guarantees are further based on the Law on State lending and State guarantees (449/1988) and Section 3 of the Government Decree on fees payable for State guarantees (20/2003, as amended by Decree 109/2008). On the subject of stabilisation of the financial markets in Finland, see also the Press Releases 164/2008 and 168/2008 of the Ministry of Finance, available on the Ministry’s website at www.vm.fi.

text: See ECB Opinion

text: of 3 October 2008 at the request of the Irish Minister for Finance on a draft Credit Institutions (Financial Support) Bill 2008; ECB Opinion

text: of 8 October 2008 at the request of the Belgian Ministry of Finance on a preliminary draft law on measures promoting financial stability and in particular establishing a State guarantee for the provision of credit in the context of financial stability; ECB Opinion

text: of 15 October 2008 at the request of the Irish Minister for Finance on a draft Credit Institutions (Financial Support) Scheme 2008; ECB Opinion

text: of 17 October 2008 at the request of the Belgian Ministry of Finance on a draft royal decree adopted under

text: Article 117

text: bis of the Law of 2 August 2002 on the supervision of the financial sector and on financial services; ECB Opinion

text: of 17 October 2008 at the request of the Spanish State Secretary for Economic Affairs on a Royal Decree-Law creating a Fund for the acquisition of financial assets and on a Royal Decree-Law adopting urgent financial and economic measures in relation to the concerted European action plan of the euro area countries; ECB Opinion

text: of 17 October 2008 at the request of the Danish Ministry of Economic and Business Affairs on a proposed Law on financial stability; ECB Opinion

text: of 20 October 2008 at the request of the Austrian Ministry of Finance on draft legal measures to ensure the stability of the Austrian financial market; ECB Opinion

text: of 21 October 2008 at the request of the Banque de France on a draft amending finance law for the financing of the economy; ECB Opinion

text: of 21 October 2008 at the request of the German Ministry of Finance on a Law on the implementation of a package of measures to stabilise the financial market and an order on its implementation; ECB Opinion

text: of 23 October 2008 at the request of the Banca d’Italia on behalf of the Italian Ministry for Economic Affairs and Finance on two Decree-Laws containing urgent measures to guarantee the stability of the banking system and the continuity of the provision of credit; ECB Opinion

text: of 24 October 2008 at the request of the Swedish Ministry of Finance on a draft proposal on stabilising measures for the Swedish financial system; ECB Opinion

text: of 27 October 2008 at the request of the Spanish State Secretary for Economic Affairs on a draft Order implementing Royal Decree-Law 6/2008 creating the Fund for the acquisition of financial assets and on a draft Basic Agreement of the Fund’s Executive Council; ECB Opinion

text: of 28 October 2008 at the request of the Belgian Minister for Finance on a draft royal decree implementing the Law of 15 October 2008 on measures promoting financial stability and in particular establishing a State guarantee for the provision of credit in the context of financial stability, in relation to the protection of deposits and life insurance and amending the Law of 2 August 2002 on the supervision of the financial sector and on financial services; ECB Opinion

text: of 29 October 2008 at the request of the Swedish Ministry of Finance on a draft ordinance on State guarantees for banks etc. All ECB opinions are available on the ECB website at www.ecb.europa.eu/ecb/legal/opinions/html/index.en.html.

text: 2008/C 270/02.

text: See ECB Opinion

text: . 9 With regard to the support measures provided for in the Law on the Government Guarantee Fund, the Council of State determines, under authorisations granted in the State budget, the consideration payable, determined according to the liability incurred by the State from the principal of various guarantees, securities and commitments and its contractual obligation. Guarantee payments as referred to in the Law on State lending and State guarantees (449/1988), will not be collected for these guarantees or obligations. 10 See Section 2 of the Law on the Government Guarantee Fund.

text: Cf. Paragraph 3.2 of ECB Opinion

text: . 12 See e.g. paragraph 3.4 of ECB Opinion

text: , paragraph 3.1 of ECB Opinion

text: and paragraph 3.4 of ECB Opinion

text: . 13 See point 2.2 of the explanatory memorandum to the draft legislation. 14 See paragraph 18 of the Commission Communication, specifying that ‘The eligibility criteria of financial institutions … must be objective, taking due account of their role in the relevant banking system and the overall economy, and nondiscriminatory so as to avoid undue distortive effects on neighbouring markets and the internal market as a whole. In application of the principle of non discrimination on the grounds of nationality, all institutions incorporated in the Member State concerned, including subsidiaries, and with significant activities in that Member State should be covered by the scheme’. 15 See paragraph 2.3 of ECB Opinion

text: and paragraph 3.5 of ECB Opinion

title: Opinion of the European Central Bank of 13 November 2008 at the request of the Finnish Ministry of Finance on a draft government proposal for laws amending the Law on the Government Guarantee Fund and the Law on credit institutions (CON/2008/68)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 13 November 2008 at the request of the Finnish Ministry of Finance on a draft government proposal for laws amending the Law on the Government Guarantee Fund and the Law on credit institutions (

text: ) Introduction and legal basis

text: On 31 October 2008 the European Central Bank (ECB) received a request from the Finnish Ministry of Finance for an opinion on draft government proposal for laws amending the Law on the Government Guarantee Fund and the Law on credit institutions (hereinafter the ‘draft legislation’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the sixth indent of

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft law relates to rules applicable to financial institutions insofar as they materially influence the stability of financial institutions and markets. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

text: 1. Background and purpose of the draft legislation

text: 1.1 The draft legislation concerns the Law on the Government Guarantee Fund , which was originally enacted in the context of the banking crisis of early 1990s, with a view to ensuring the stability of the Finnish banking system. At that time, the major part of the State’s support and crisis management measures were implemented through the Government Guarantee Fund (hereinafter the ‘Fund’), which was given authority to grant support loans and guarantees to deposit banks’ own guarantee funds , to support banks directly by subscribing for their shares and to provide other forms of support. The Law on the Government Guarantee Fund therefore lays down a general framework for bank support, regulating, inter alia, applicable instruments, conditions, procedures, funding and management. The Fund is managed by the Ministry of Finance. The Parliament decides on the allocation of funds from the State Budget to the Fund, and the authority to decide on

text: support measures is assigned to the Council of State. Suomen Pankki and the Financial Supervisory Authority are consulted on the Council of State’s decisions concerning support measures. 1.2 The draft legislation is part of measures taken by the Finnish Government to preserve the stability of the financial markets in the context of the global financial crisis, with a view to implementing the Declaration on a concerted European action plan of the euro area countries of 12 October 2008 (hereinafter the ‘Declaration’). In addition to the draft legislation, on 22 October 2008 the Finnish Government requested Parliament’s consent to State guarantees on debt instruments issued by banks in accordance with the Government’s plan for stabilisation of the financial markets in Finland . 1.3 The explanatory memorandum to the draft legislation states that the Law on the Government Guarantee Fund currently provides for a wide legal framework allowing for various kinds of support measures to be put in place and that the general conditions applicable to support measures are adequate. However, the Law on the Government Guarantee Fund does not allow the authorities to take the initiative at an early stage to solve solvency problems entailing a systemic risk or to intervene in certain situations where the conditions for stable operations are compromised due to external factors. 1.4 The draft legislation would give the Government the power to oblige distressed banks to apply for support if: (a) the solvency of a bank has decreased or is expected to decrease in such a way that the bank does not fulfil the conditions to continue its operations in accordance with its licence; (b) an acceptable level of solvency cannot be achieved without the State’s financial support; and (c) the liquidation or insolvency of the bank could lead to serious disturbances in the financial markets. If the bank does not apply for support, the Council of State may decide to purchase its shares and capital loans or its business, depending on the corporate form of the bank concerned. Moreover, a bank’s holding company could be subject to such support measures, but funds could no longer be channelled via the bank’s own guarantee fund. In addition, the Government would be authorised to restrict, for a maximum period of six months, the operations of deposit banks and other financial market participants and to decide on restrictions of procedures to be followed in securities trading. The Council of State may decide on such restrictions provided that it is necessary due to disturbances in the international financial markets or due to measures taken by foreign authorities.

text: 2. General observations

text: 2.1 In the wake of the global financial crisis, the ECB has issued several opinions in the field of State

text: rescue measures , emphasising the importance of a common approach aimed at restoring

text: confidence in the financial markets and compliance with the Declaration. The ECB therefore draws

text: the consulting authority’s attention to its recent opinions issued at the request of other Member

text: States in which it has commented on legislative proposals sharing some of the features of the draft

text: legislation. It is the ECB’s intention to facilitate coordination of the various national efforts

text: addressing the current financial situation, inter alia through the timely adoption and publication of

text: ECB opinions on such draft national legislation.

text: 2.2 In line with its past opinions, the ECB notes that it should be ensured that beneficiary institution(s)

text: are not unfairly advantaged by making undue use of their guaranteed status. In this respect, the

text: ECB notes that financial support arrangements which may be considered as providing preferential

text: treatment to specific credit institutions should be avoided. The ECB notes that in this case, the draft

text: legislation extends the applicability of support measures beyond Finnish deposit banks to holding

text: companies of deposit banks. Moreover, purchase measures can be applied irrespective of a bank’s

text: corporate form. This aspect should be further clarified in the draft legislation. Therefore, the ECB

text: also underlines the importance of ensuring that the proposed arrangements under the draft

text: legislation, including any implementation measures, should comply with the relevant Community

text: law provisions and with the criteria set out in the Commission’s Communication entitled ‘The

text: application of State aid rules to measures taken in relation to financial institutions in the context of

text: the current global financial crisis’ (hereinafter the ‘Commission Communication’) . For these reasons, the ECB expects to be consulted on any implementation measures relating to matters within its competence.

text: 3. Specific observations

text: The draft legislation and euro area monetary policy

text: 3.1 The ECB notes that, in line with the Declaration, Member States must act in a coordinated manner to avoid significant differences in national implementation of support measures from having a counter-productive effect and creating distortions in global banking markets. The Declaration acknowledges the need to work in cooperation with the ECB to ensure consistency with the Eurosystem’s management of liquidity and compatibility with its operational framework. Against this background, the ECB notes that Member States should avoid taking decisions in an uncoordinated way, as this may lead to a fragmentation of the euro area money market. In this respect, the ECB makes the following observations, which are important from a monetary policy perspective, as regards the measures laid down in the draft legislation. 3.2 As regards the conditions applicable to support measures, the ECB notes that the draft legislation does not further specify the detailed terms or compensation payable by the supported entity. The ECB understands that under Section 14 of the Law on the Government Guarantee Fund, the terms for support measures may be laid down separately by the Parliament when deciding on allocation of funds and/or by the Council of State when deciding on support measures in each case. The ECB’s specific observations are as follows. 3.3 First, the ECB notes that the draft legislation does not provide for a time limit as regards the implementation of the support measures. Such an ‘open-ended’ scheme does not appear to be in line with the Declaration which emphasises the temporary feature of such schemes. 3.4 Second, in case that the Fund would provide State guarantees as part of measures to implement the Declaration, the ECB understands that such guarantees would apply to all liabilities, without limit regarding the maturity. In this respect, the ECB would remind the Finnish authorities of Article 8 of the Declaration which states, inter alia, that the euro area governments will make available a Government guarantee of new medium term (up to five years) bank senior debt issuance. The ECB also considers that practically, arrangements for granting a State guarantee on bank debt should aim at: (a) addressing the funding problems of liquidity-constrained solvent banks by improving the functioning of the market for bank debt of longer term maturity; (b) preserving the level-playing field among financial institutions and avoiding market distortions; and (c) ensuring consistency with the management of liquidity by the Eurosystem. By contrast, it is the ECB’s view that the extension of a State guarantee to cover interbank deposits should be avoided. It could entail a substantial distortion in the various national segments of the euro area money market by potentially increasing short-term debt issuance activity across Member States and thereby impairing the

text: implementation of the single monetary policy, which is an exclusive competence of the Eurosystem under Article 105(2) of the Treaty . 3.5 Third, as regards the price of the State guarantees to be applied, the ECB notes that the draft legislation does not specify detailed conditions, which could be determined on a case-by-case basis . In this context, the ECB would remind the Finnish authorities that it is of crucial importance to ensure harmonisation of the price determination of such guarantee within the euro area and within the EU, as a level-playing-field is also of essence in this respect. It is also important that the price for the guarantee should be risk-based and market-oriented, determined on the basis of the costs of a corresponding guarantee in the market. 3.6 Fourth, under Section 1 of the draft legislation, the Fund may acquire shares and holdings from financial institutions. Although such measures should restore confidence in the Finnish banking system, it is also important for the price applied by the Fund to its transactions to be determined in a coordinated manner within the euro area and the EU and for the pricing of the purchased assets to be determined by the market. The ECB notes the importance of price determination of transactions conducted by the Fund and their potential implications for the transmission of the single monetary policy decisions within the euro area. In this respect, the ECB emphasises that uncoordinated price determination between all euro area Member States could lead to segmentation of the euro area money market. Moreover, the transactions conducted by the Fund should not interfere with the transmission of the single monetary policy. The ECB should be involved in such concertation and coordination, and would welcome explicit provision to this effect in subsequent legislation.

text: Suomen Pankki’s role

text: 3.7 The ECB understands that the Government Guarantee Fund will be managed by the Ministry of Finance, and that Suomen Pankki’s role in relation to the Fund will be only be limited to providing advice through consultation on support measures. The ECB appreciates that these provisions recognise Suomen Pankki’s expertise in the fields relevant to the Fund’s operation. In this respect, the ECB notes that any involvement of Suomen Pankki with the Fund must be compatible with the Treaty provisions. The ECB expects that functions to be performed by Suomen Pankki for the benefit of the Fund will be conducted in manner that is fully compatible with Suomen Pankki’s institutional and financial independence to safeguard the proper performance of its existing tasks under the Treaty and the Statute of the European System of Central Banks and of the European Central Bank. Second, the ECB also understands that the Fund’s resources will be exclusively financed from budgetary resources . It is therefore expected that the involvement of Suomen Pankki will not go beyond an advisory function and, in particular, that it will fully comply with the

text: prohibition on monetary financing laid down in the Treaty . If Suomen Pankki were to perform certain activities for the Fund at the request of the State, such activities would also need to comply with the abovementioned prohibition as regards their remuneration.

text: Community rules on State aid and financial services

text: 3.8 Finally, it should be ensured that any beneficiary institution(s) will not be unfairly advantaged by making undue use of their guaranteed status . In this context, the ECB notes that the explanatory memorandum to the draft legislation refers to the recently adopted Commission Communication regarding compliance with EU State aid rules by financial sector support schemes which include in the specific context of the provision of State guarantees detailed rules on setting eligibility criteria 14 15 for the beneficiary institutions . In line with its previous opinions , the ECB reiterates the importance of ensuring that the proposed arrangements under the draft legislation are implemented in full compliance with the relevant Community law provisions, including EU financial services legislation and the single market principles. It should also be ensured that such measures are in accordance with the requirements of EC competition law, in particular State aid rules, and that State’s role as shareholder is limited in time.

text: This opinion will be published on the ECB’s website.

text: Done at Frankfurt am Main, 13 November 2008.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


text: Statutory Instrument No 168 of 1995.

text: See Section 2 of the draft law.

text: See Part 1 of Schedule 2 to the Central Bank and Financial Services Authority of Ireland Act 2003, as amended by Section 10 of the draft law together with the Schedule to the draft law, Item 2.

text: See, e.g., paragraph 2.2 of ECB Opinion

text: of 17 October 2008 at the request of the Greek Ministry of Economy and Finance on a draft law on, inter alia, the establishment of the ‘Depositors and Investors of Credit Institutions Compensation Fund’ and paragraph 2.1 of ECB Opinion

text: of 28 October 2008 at the request of the Belgian Minister for Finance on a draft royal decree implementing the Law of 15 October 2008 on measures promoting financial stability [title shortened].

text: The Council (Ecofin) agreed in its 7 October meeting that ‘all Member States would, for an initial period of at least one year, provide deposit-guarantee protection for individuals for an amount of at least EUR 50 000, acknowledging that many Member States determine to raise their minimum protected amount to EUR 100 000’. See the press release of the 2894th Council meeting (13784/08), available on the Council’s website at www.consilium.europa.eu. 9 OJ L 135, 31.5. 1994, p. 5. See also European Commission’s proposal for a Directive of the European Parliament and of the Council amending Directive

text: on Deposit Guarantee Schemes as regards the coverage level and the payout delay, 15 October 2008, COM(2008) 661 final. 10 See ECB Opinion

text: of 15 October 2008 at the request of the Irish Minister for Finance on a draft Credit Institutions (Financial Support) Scheme 2008.

text: See paragraph 3.10 of ECB Opinion

text: . 12 Section 5(1) of the 1995 Regulations. 13 Section 5(3) of the 1995 Regulations, to be superseded by Section 5(1) of the draft law. 14 Sections 9(1)(a), 12(2) and 13(9) of the 1995 Regulations. 15 Sections 4(3)-(4) of the draft law. 16 See paragraph 3.2 of ECB Opinion

text: of 17 October 2008 at the request of the Greek Ministry of Economy and Finance on a draft law on, inter alia, the establishment of the ‘Depositors and Investors of Credit Institutions Compensation Fund’. 18 See paragraph 3.4 of ECB Opinion

text: of 17 October 2008 at the request of the Spanish State Secretary for Economic Affairs on a Royal Decree-Law creating a Fund for the acquisition of financial assets [title shortened] and paragraph 3.4 of ECB Opinion

text: of 12 November 2008 at the request of the Banca d’Italia on behalf of the Italian Ministry for Economic Affairs and Finance on a draft ministerial decree containing provisions to implement Decree-Law No 157/2008 on further urgent measures to guarantee the stability of the credit system.

text: Section 19(1) of the 1995 Regulations. 20 Interpreted in line with

text: Regulation (EC) No 3603/93

text: . 21 See paragraphs 11-14 of ECB Opinion

text: of 11 October 2001 at the request of the Portuguese Ministry of Finance on a draft decree law amending the legal framework of credit institutions and financial companies; paragraphs 11-13 of ECB Opinion

text: of 1 December 2005 at the request of Národná banka Slovenska on a draft law amending the Act No 118/1996 Coll. on the protection of bank deposits and on amendments to certain laws, as last amended; paragraphs 2.1-2.3 of ECB Opinion

text: of 27 August 2007 at the request of the Polish Minister for Finance on a draft law amending the Law on the Bank Guarantee Fund; and paragraphs 2.2-2.8 of ECB Opinion

text: of 17 January 2008 at the request of the Polish Minister for Finance on a draft law amending the Law on the Bank Guarantee Fund. 22 See, e.g. the ECB’s Convergence Report December 2006, p. 30.

title: Opinion of the European Central Bank of 17 November 2008 at the request of the Irish Minister for Finance on a draft Financial Services (Deposit Guarantee Scheme) Bill 2008 (CON/2008/69)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 17 November 2008 at the request of the Irish Minister for Finance on a draft Financial Services (Deposit Guarantee Scheme) Bill 2008 (

text: ) Introduction and legal basis

text: On 30 October 2008 the European Central Bank (ECB) received a request from the Irish Minister for Finance for an opinion on a draft Financial Services (Deposit Guarantee Scheme) Bill 2008 (hereinafter the ‘draft law’), accompanied by the draft European Communities (Deposit Guarantee Schemes) (Amendment) Regulations 2008, an implementing instrument to be adopted under the draft law (hereinafter the ‘draft amending Regulations’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the third and sixth indents of

text: Article 2(1) of Council Decision 98/415/EC of 29 June 1998

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft law relates to the Central Bank and Financial Services Authority of Ireland (hereinafter the ‘Central Bank’) and contains rules applicable to financial institutions insofar as they materially influence the stability of financial institutions and markets. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

text: 1. Purpose of the draft law

text: The draft law will amend the European Communities (Deposit Guarantee Schemes) Regulations 1995 (hereinafter the ‘1995 Regulations’), which established the Irish deposit-guarantee scheme. The amendments will be introduced in two forms: (i) by way of transferring some of the provisions of the 1995 Regulations into the draft law, which, when adopted, will have a higher legislative status than the 1995 Regulations; and (ii) by way of amendments to the 1995 Regulations by the draft amending Regulations that are to be adopted by the Minister for Finance under the delegation contained in the draft law . As a result, the following main changes will be introduced: (i) the statutory deposit protection level will be raised from current EUR 20 000 to EUR 100 000 and the present co-insurance requirement resulting in depositors bearing 10% of the loss up to the statutory deposit protection level will be

text: eliminated; (ii) credit unions will be included within the scope of institutions covered by the depositguarantee scheme ; and (iii) within the Central Bank’s institutional framework, the responsibility for the functions related to the deposit-guarantee scheme will be taken away from the scope of responsibilities of the Irish Financial Services Regulatory Authority, an autonomous statutory body forming part of the legal personality of the Central Bank and reallocated to the Central Bank’s general responsibilities .

text: 2. General observations

text: 2.1 In line with its previous opinions , the ECB welcomes the proposed increase in the total amount of protected deposits in accordance with the conclusions of the Ecofin Council held on 7 October 2008 . In this respect, the ECB repeats that Member States must act in a coordinated manner to avoid significant differences in national implementation from having a counterproductive effect and creating distortions in global banking markets. In particular, harmonisation as regards the guaranteed amount and the duration of the guarantee are necessary within the European Union. Moreover, the ECB also emphasises the importance of ensuring that any legislative proposals responding to the current financial situation comply with Community law, including EC competition law, and understands that nothing in the draft law and the draft implementing Regulations will preclude the Irish authorities appropriately transposing the proposed amendments to Directive

text: of the European Parliament and of the Council of 30 May 1994 on depositguarantee schemes , once they are adopted. 2.2 The ECB commented in a recent opinion addressed to the Irish authorities on the set of Government guarantees covering all retail and corporate deposits to the extent they are not covered by the existing Irish deposit-guarantee scheme . The ECB highlighted that in general the existing mechanism of the deposit-guarantee scheme should be used to the extent possible when providing the guarantees. In the context of the present consultation, the ECB reiterates its earlier position that

text: the relationship between the existing Irish deposit-guarantee scheme and the newly provided special Government guarantees should be further clarified .

text: 3. Central bank independence and the monetary financing prohibition

text: 3.1 The ECB notes that the proposed reallocation of responsibility for the performance of the functions related to the deposit-guarantee scheme will result in the direct performance by the Central Bank of inter alia the following functions foreseen by the 1995 Regulations: (i) hosting the deposit accounts on which the deposits contributing to the funding of the Irish deposit-guarantee scheme are maintained ; (ii) annually recalculating the amounts to be maintained on the deposit accounts by the covered credit institutions ; and (iii) determining that the covered credit institution is unable to pay out deposits and ensuring in such cases that payouts of guaranteed deposits are made from the deposit accounts under the deposit-guarantee scheme . Additionally, certain new functions related to the operation of the deposit-guarantee scheme are assigned by the draft law to the Central Bank, in particular the provision of advice to the Minister for Finance as regards variations in amounts required to be held by the respective credit institutions or classes of credit institutions, taking into account their capital and liquidity levels and other prudential parameters . The ECB appreciates that the principle of risk-based contributions has the effect of aligning the calculation of a credit institution’s contributions to the deposit guarantee scheme with its risk profile . At the same time, the ECB notes that the activities performed by the Central Bank need to comply with the monetary financing prohibition contained in Article 101 of the Treaty and

text: Council Regulation (EC) No 3603/93 of 13 December 1993

text: specifying definitions for the application of the prohibitions referred to in Articles

text: and

text: b(1) of the Treaty . In the same vein, the ECB expects that functions to be performed by the Central Bank for the benefit of the deposit-guarantee scheme will be conducted in a manner fully compatible with the Central Bank’s institutional and financial independence, as a safeguard for the proper performance of the Central Bank’s tasks under the Treaty and the Statute of the European System of Central Banks and of the European Central Bank .

text: 3.2 Moreover, the ECB notes that under the current Section 19(1) of the 1995 Regulations, the Central Bank may, at its discretion and to such extent as it may deem proper from time to time, make payments constituting refundable support to the Irish deposit-guarantee scheme, to protect the interests of depositors or to promote the orderly and proper regulation of banking . In this context, the ECB underlines that national deposit-guarantee schemes’ funding arrangements must, inter alia, comply with the monetary financing prohibition laid down in the Treaty, and in particular with the prohibition on national central banks providing overdraft facilities or any other type of facility within the meaning of Article 101 of the Treaty , as more specifically stated in past ECB 21 22 opinions and in the ECB’s Convergence Reports . Section 19(1) of the 1995 Regulations needs to comply with the above criteria by specifying that the payments foreseen in this Section may only be made on a short-term basis to cover urgent needs related to maintaining the stability of the financial system.

text: Done at Frankfurt am Main, 17 November 2008.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


text: KOM (2008) 661 slutlig.

text: Se pressmeddelandet om det 2894:e mötet i rådet (13784/08) på rådets webbplats: www.consilium.europa.eu. Mötet nämns även i punkt 1 sjätte stycket i motiveringen till det föreslagna direktivet.

text: Artikel 12 i direktiv 94/19/EG

text: , ändrad genom artikel 1.6 i det föreslagna direktivet. Jfr skäl 1 och skäl 7 i det föreslagna direktivet.

text: Tolkat i enlighet med

text: rådets förordning (EG) nr 3603/93 av den 13 december 1993

text: om fastställande av definitioner för tillämpningen av de förbud som avses i artiklarna

text: och

text: b.1 i fördraget (EGT L 332, 31.12.1993, s. 1).

text: Se punkterna 11–14 i ECB:s yttrande

text: av den 11 oktober 2001 på begäran av Portugals finansministerium om ett förslag till ett lagdekret om ändring av regelverket för kreditinstitut och finansiella företag, punkterna 11–13 i ECB:s yttrande

text: av den 1 december 2005 på begäran av Národná banka Slovenska om ett lagförslag om ändring av lag nr 118/1996 i lagsamlingen om skydd av bankinsättningar och om ändringar av vissa lagar, i dess senaste lydelse, punkterna 2.1–2.3 i ECB:s yttrande

text: av den 27 augusti 2007 på begäran av Polens finansminister om ett lagförslag om ändring av lagen om bankgarantifonden, och punkterna 2.2–2.8 i ECB:s yttrande

text: av den 17 januari 2008 på begäran av Polens finansminister om ett lagförslag om ändring av lagen om bankgarantifonden.

text: Se t.ex. ECB:s konvergensrapport, december 2006, s. 30.

text: Artikel 7.1 i direktiv 94/19/EG

text: , ändrad genom artikel 1.3 a i det föreslagna direktivet och kompletterat med

text: artikel 2.1

text: första och andra stycket i det föreslagna direktivet, i vilka fastställs att den höjda garantinivån ska gälla retroaktivt från och med den 15 oktober 2008. Jfr skäl 3 i det föreslagna direktivet och punkt 5.3 i motiveringen till det föreslagna direktivet.

text: Väl medvetna om att många medlemsstater beslutar att höja sitt lägsta insättningsgarantiskydd till 100000 EUR kom (rådet) överens om att alla medlemsstater under en inledande period på minst ett år ska lämna sådant skydd för enskilda motsvarande minst 50000 EUR.

text: Artikel 1.3 i direktiv 94/19/EG

text: , ändrad genom artikel 1.1 i det föreslagna direktivet och artikel

text: och

text: i direktiv 94/19/EG, ändrad genom artikel 1.5 i det föreslagna direktivet. Jfr. skäl 5 i det föreslagna direktivet och punkt 5.1 i motiveringen till det föreslagna direktivet.

sprak: sv

title: Europeiska centralbankens yttrande av den 18 november 2008 på begäran av Europeiska unionens råd om ett förslag till Europaparlamentets och rådets direktiv om ändring av direktiv 94/19/EG om system för garanti av insättningar vad beträffar garantins omfattning och utbetalningsfristen (CON/2008/70)

text: Inledning och rättslig grund

text: Den 24 oktober 2008 mottog Europeiska centralbanken (ECB) en begäran från Europeiska unionens råd om ett yttrande över ett förslag till Europaparlamentets och rådets direktiv om ändring av direktiv

text: om system för garanti av insättningar vad beträffar garantins omfattning och utbetalningsfristen (nedan kallat det föreslagna direktivet).

text: ECB:s behörighet att avge ett yttrande om det föreslagna direktivet grundas på artikel 105.4 i fördraget om upprättandet av Europeiska gemenskapen. I enlighet med

text: artikel 17.5

text: första meningen i arbetsordningen för Europeiska centralbanken har detta yttrande antagits av ECB-rådet.

text: 1. Allmänna kommentarer

text: 1.1 ECB konstaterar att den nuvarande krisen på finansmarknaden har visat att insättningsgarantisystem spelar en avgörande roll för att upprätthålla förtroendet bland insättarna och därmed säkra den finansiella stabiliteten. ECB stöder det bakomliggande motivet att stärka insättarnas förtroende och förstår att det föreslagna direktivet på grund av frågans brådskande natur är inriktat på att höja garantinivån i de nationella insättningsgarantisystemen (nedan kallade de nationella systemen) i enlighet med Ekofinrådets slutsatser av den 7 oktober 2008, att förkorta tidsfristen för utbetalning samt att avskaffa den nuvarande möjligheten att införa en självrisk.

text: 1.2 ECB stöder samtidigt kommissionens målsättning om ökad konvergens mellan de nationella systemen, särskilt med avseende på en harmonisering av finansieringsmekanismerna, och att överlämna en rapport om detta till Europaparlamentet och rådet senast den 31 december 2009. Med tanke på hur viktiga finansieringsarrangemangen i de nationella systemen är för ett effektivt finansiellt skyddsnät och för att säkra finansiell stabilitet ser ECB fram emot att bidra till kommissionens framtida arbete på detta område och uppmuntrar kommissionen att sammanställa denna rapport i tid. ECB betonar i detta sammanhang att finansieringsarrangemangen i de nationella systemen bl.a. måste vara förenliga med det förbud mot monetär finansiering som fastställs i fördraget, särskilt förbudet mot att nationella centralbanker ger rätt till övertrassering av konton eller andra former av krediter i den mening som avses i artikel 101 i fördraget, vilket är en fråga som har behandlats närmare i ECB:s tidigare yttranden om nationella lagförslag samt i konvergensrapporterna.

text: 2. Särskilda kommentarer

text: 2.1 Garantinivå

text: ECB välkomnar att det minimibelopp som omfattas av insättningsgarantin ska höjas till 50000 EUR före utgången av 2008, och senare höjas ytterligare till 100000 EUR som nämns i rådets slutsatser av den 7 oktober 2008. ECB betonar samtidigt att varje ytterligare höjning av garantinivån utöver det sistnämnda av dessa två belopp bör föregås av nära samordning på EU-nivå, eftersom alltför stora skillnader mellan ländernas åtgärder kan vara kontraproduktiva och skapa snedvridningar på den inre marknaden.

text: 2.2 Förkortning av tidsfristen för utbetalning

text: ECB välkomnar målet att tidsfristen för utbetalning av garantibeloppet ska förkortas betydligt i syfte att stärka insättarnas förtroende. ECB vill i detta sammanhang betona att nyligen utförda internationella analyser har visat att en snabb utbetalning av insättarnas fordringar är av stor betydelse för ett effektivt insättningsskydd. Den nödvändiga förkortningen av tidsfristen för utbetalning bör samtidigt genomföras på ett pragmatiskt sätt för att inte skada insättningsgarantisystemens trovärdighet. Detta förutsätter att det fastställs effektiva operativa processer för att kontrollera fordringar och betala ut ersättning till insättare, samt för att se till att det finns tillräcklig finansiering. Det måste framför allt införas förfaranden för att se till att insättare får ersättning lika effektivt om en bank med gränsöverskridande verksamhet fallerar som om banken i fråga var verksam i en enda medlemsstat. ECB föreslår dessutom att kommissionens planerade bedömning av huruvida finansieringsarrangemangen i de nationella systemen kan harmoniseras ytterligare bör åtföljas av en granskning av effektiviteten i förfarandena för utbetalning. Förutom att förkorta tidsfristen för utbetalning föreslår ECB slutligen att allmänhetens förtroende för insättningsgarantisystemen kan stärkas genom åtgärder för att göra insättarna mer medvetna om villkoren för insättarskyddet, bl.a. genom att kreditinstituten lämnar lämplig information om dessa villkor.


text: Directive

text: of the European Parliament and of the Council of 5 September 2007 amending

text: Council Directive 92/49/EEC

text: and Directives

text: and

text: as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increase of holdings in the financial sector (OJ L 247, 21.9.2007, p.1).

text: See draft Articles

text: and

text: a.

text: See Article

text: and

text: a of the draft law.

text: See paragraph 4 of ECB Opinion

text: of 12 December 2007 at the request of Българска народна банка (Bulgarian National Bank) on a draft law introducing a licensing regime for entities providing money remittance services; paragraph 2 of ECB Opinion

text: of 23 November 2007 at the request of the Slovenian Ministry of Finance on a draft law on foreign exchange; paragraph 3.3 of ECB Opinion

text: of 5 October 2007 at the request of the Portuguese Ministry of Finance and Public Administration on a draft decree-law amending the legal framework of credit institutions and financial companies; paragraph 2.1 of ECB Opinion

text: of 2 August 2007 at the request of Banca Naţională a României on a draft law on non-banking financial institutions; and paragraph 3.2 of ECB Opinion

text: of 18 June 2007 at the request of the Italian Ministry of Economic Affairs and Finance on a draft law on the regulation and supervision of markets and the functioning of the competent independent authorities.

text: See sub-paragraph 2 of Article 2(2) of the Law on credit institutions published in Darjaven Vestnik issue No 59, 21.07.2006, as last amended on 05.08.2008. 9 On 22 October 2008 the ECB received a request from the BNB’s Governor for an opinion on a draft law on payment services and payment systems. 10 See draft

text: Article 79(1)

text: See the Council conclusions on the EU Supervisory Framework and Financial Stability Arrangements, as agreed by the Ecofin on 14 May 2008, available on the Council’s website at http://consilium.europa.eu.

title: Opinion of the European Central Bank of 18 November 2008 at the request of Българска народна банка (Bulgarian National Bank) on a draft law amending the Law on credit institutions (CON/2008/71)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 18 November 2008 at the request of Българска народна банка (Bulgarian National Bank) on a draft law amending the Law on credit institutions (

text: ) Introduction and legal basis

text: On 22 October 2008 the European Central Bank (ECB) received a request from the Governor of Българска народна банка (Bulgarian National Bank) (BNB) for an opinion on a draft law amending the Law on credit institutions (hereinafter the ‘draft law’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the third and sixth indents of

text: Article 2(1) of Council Decision 98/415/EC of 29 June 1998

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft law relates to BNB and to rules applicable to financial institutions insofar as they materially influence the stability of financial institutions and markets. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

text: 1. Purpose of the draft law

text: The draft law is primarily aimed at transposing Directive

text: into national law and adopting other related provisions . The ECB has not been consulted on the transposition measures. Accordingly, this opinion only relates to: (i) the draft law provisions on the establishment of a register of financial institutions managed by BNB ; and (ii) the introduction of a European dimension to BNB’s supervisory powers.

text: 2. Specific comments

text: 2.1. The draft law will empower BNB to carry out new tasks related to setting up and maintaining a register of financial institutions at BNB . In particular, financial institutions not subject to license or registration under another law will be entered into the BNB register in order to be able to carry out their activities. The ECB welcomes the creation of the public register for financial institutions at BNB and recommends that BNB be provided with sufficient financial and personnel resources to carry out its register-related tasks . 2.2 Furthermore, it is important to ensure that the draft law complies with Community legislation, and in particular with the definition of financial institutions. In this regard, the list of activities financial institutions may engage in should also include the issuance and administration of means of payment as provided for in

text: Article 4(5) of Directive 2006/48/EC

text: of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast) . However, the ECB understands that the draft law on payment services and payment systems (LPSPS), on which the ECB has recently been consulted , provides for the amendment of Articles 2(2) and 3(1) of the Law on credit institutions according to which the provision of payment services within the meaning of the LPSPS and the issuing and administering of other means of payment (e.g. traveller cheques and letters of credit) will be included within the list of activities that financial institutions may engage in. It appears that both draft laws will enter into force at different points in time. In this respect, the two draft laws should be properly aligned in order to remove this inconsistency with Community legislation. 2.3. Moreover, draft

text: Article 3

text: a(3) should also be aligned with Community legislation so that the application of this provision is explicitly restricted to financial institutions established in Bulgaria, and thus does not apply to financial institutions of other Member States. 2.4. Finally, the draft law provides that, in exercising its supervisory functions, BNB must recognise the possible impact of its actions on the financial stability of other Member States . The ECB notes that this provision is aimed at reflecting the conclusions of the Ecofin meeting of 14 May 2008,

text: namely that the mandates of national supervisory authorities should allow them to take the EU dimension into account in exercising their duties . This opinion will be published on the ECB’s website. Done at Frankfurt am Main, 18 November 2008. [signed]

text: The President of the ECB

text: Jean-Claude TRICHET