text: Article 1

text: Section 3a(2) of the Law. 5

text: Article 1

text: Section 3 of the Law. 6

text: Article 1

text: Section 7(1) of the draft law (after adoption

text: Article 1

text: Section 6(1) of the Law). 7

text: Article 1

text: Article 1

text: Section 6(1) of the Law). 8

text: Article 1

text: Section 6(1) of the draft law (after adoption

text: Article 1

text: Section 7(1) of the Law). 9

text: Article 1

text: Sections 9(1)(4) and (5) of the Law. 10

text: Article 1

text: Section 12(1) of the Law. 11 The Declaration is available on the French Presidency’s website at www.ue2008.fr.

text: See, e.g. 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, and 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. The opinions are available on the ECB’s website at www.ecb.europa.eu. 13 OJ L 332, 31.12.1993, p. 1. In order to qualify as a ‘public undertaking’ within the meaning of Article 101(1) of the Treaty, the State must exercise dominant influence over the company by controlling its financial resources and governing bodies in accordance with

text: Article 8(1) of Regulation (EC) No 3603/93

text: . A dominant influence on the part of the State or other regional or local authorities is presumed when these authorities, directly or indirectly in relation to an undertaking: (i) hold the major part of the undertaking’s subscribed capital; (ii) control the majority of the votes attaching to shares issued by the undertaking; or (iii) can appoint more than half of the members of the undertaking’s administrative, managerial or supervisory body.

text: In accordance with

text: Regulation (EC) No 3603/93

text: . 16 According to the explanatory text presented on the Federal Ministry of Finance’s website at www.bundesfinanzministerium.de, this also covers subsidiaries established in Germany of foreign institutions. 17 See

text: Article 1

text: Article 1

text: Section 6(1) of the Law) and

text: Article 1

text: Section 8(1) of the draft law.

text: See, e.g., paragraph 3.4 of Opinion

text: and paragraph 3.1 of Opinion

text: . 19 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 (hereinafter the ‘Commission’s guidance’). 20 See paragraph 18 of the Commission’s guidance, 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’. 21 See paragraph 2.3 of Opinion

text: and paragraph 3.5 of Opinion

text: The Implementing Order requires that financial sector entities benefiting from support will be subject to requirements to ensure a solid and prudent business policy as regards their operations. The companies will be required, inter alia, to: (i) examine their business policy and its sustainability; and (ii) grant the Fund appropriate contractual information rights. The beneficiary company will also grant the Fund a right of audit and the Fund should require the beneficiary company to have the fulfilment of the requirements audited by the annual auditor and included in the audit report (see Section 5(1), Section 5(2)(1) and Section 5(7) of the Implementing Order).

title: Opinion of the European Central Bank 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 (CON/2008/57)

text: OPINION OF THE EUROPEAN CENTRAL BANK 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 (

text: ) Introduction and legal basis

text: On 17 October 2008, the European Central Bank (ECB) received a request from the German Federal Ministry of Finance for an opinion on a draft law on the implementation of a package of measures to stabilise the financial market (Law on financial market stabilisation, FMStG), adopted on the same day (hereinafter the ‘Law’); the original draft law of 13 October 2008 was accompanied by a new Article 1 Section 3a and an amended Article 1 Section 4. Subsequently, also on 17 October 2008, the ECB received a request from the German Federal Ministry of Finance on an Order on the Implementation of the Financial Market Stabilisation Fund Law (Financial Market Stabilisation Fund Order) which was adopted on 20 October 2008 (hereinafter the ‘Implementing Order’). 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 Law and the Implementing Order relate to the Deutsche Bundesbank as well as 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 Law and the Implementing Order

text: 1.1 The Law and the Implementing Order are motivated by the current financial market crisis. In order to stabilise the financial market, safeguard the supply of capital for the German economy and protect consumers and investors, the Federal Government will establish the Financial Market Stabilisation Fund (hereinafter the ‘Fund’) under the Law, for which it will be liable. The competence to manage the Fund lies with the Ministry of Finance ; however, the Ministry of Finance may delegate this responsibility to the Financial Market Stabilisation Authority (FMSA),

text: a body that is organisationally separate from the Deutsche Bundesbank, under the legal and expert 4 5 supervision of the Ministry of Finance . The Fund has no legal capacity . 1.2 The Fund’s task is to secure the refinancing of German financial institutions , including safeguarding newly issued refinancing instruments up to 36 months. For this purpose, the Ministry of Finance will be authorised to assume guarantees for the Fund up to an amount of EUR 400 billion for debt securities issued by financial sector entities as from entry into force of the Law until 31 December 2009, as well as for created obligations from deposits of financial sector companies with a maturity of up to 36 months, in order to eliminate liquidity shortages and to support refinancing in the capital market . Furthermore, the Fund can participate in the recapitalisation of financial sector companies, in particular it may purchase shares or dormant equity holdings and acquire other items constituting own funds of these companies, including those created by state law, against the payment of a contribution . 1.3 Financing of the Fund will be raised by the Ministry of Finance, which is authorised to borrow up to an amount of EUR 100 billion to cover expenditures under the Fund and measures under

text: Article 1

text: Sections 6 to 8 of the Law ; the Federal Government shall bear the costs related to the management of the Fund . 1.4 The Law provides that the Fund will expire on 31 December 2009.

text: 2. General observations

text: 2.1 The ECB notes that there are ongoing discussions at both the international and European levels with a view to coordinating actions of countries aimed at preserving confidence in and stability of the international financial markets. More specifically, on 12 October 2008 the Heads of State of the euro area issued a ‘Declaration on a concerted European action plan of the euro area countries’ (hereinafter the ‘Declaration’) , in which they confirmed their commitment to act together in a decisive and comprehensive way in order to restore confidence and proper functioning of the financial system, aiming at restoring appropriate and efficient financing conditions for the economy. They agreed on common principles to be followed by the EU and euro area governments, central banks and supervisors to avoid national measures adversely affecting the functioning of the single market and the other Member States. Such coordinated approach includes initiatives aimed at: (i) ensuring appropriate liquidity; (ii) facilitating the funding of banks through various means; (iii) providing additional capital resources to financial institutions; and (iv) recapitalisation of

text: distressed banks. These principles were also endorsed by the European Council on 16 October 2008 for all Member States. Against this background, the ECB highlights that all the initiatives put in place by national governments to restore confidence in financial markets should be aimed at implementing such common principles, in the spirit of close cooperation with other Member States and EU institutions. 2.2 The ECB wishes to draw attention to the recent ECB opinions issued at the request of other Member States, in which the ECB has commented on legislative proposals sharing some of the features of the present arrangements . The ECB intends to facilitate coordination of the various national efforts addressing the current financial situation, inter alia, through timely adoption and publication of ECB opinions on such draft national legislation. 2.3 The ECB understands the application of an accelerated legislative procedure, but would appreciate receiving future consultations with more time allowed for the ECB to prepare its opinion.

text: 3. Specific comments

text: 3.1 Prohibition of monetary financing and the role of the central bank With regard to the role of the central bank, the ECB reminds the German authorities that a number of elements must be observed in order to comply with the monetary financing prohibition laid down in the Treaty. First, the ECB notes that the Law suggests that the Fund should be considered as a public undertaking within the meaning of Article 101(1) of the Treaty and

text: Council Regulation (EC) 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 . Indeed, the Fund is established under the designation ‘Financial Market Stabilisation Fund – FMS’ as a special fund pursuant to

text: Article 110(1)

text: and Article 115(2) of the German Basic Law and has no legal capacity . The ECB understands that the Fund will be managed by the Ministry of Finance with the possibility of

text: delegating such management to the FMSA, a public law authority established at the Deutsche Bundesbank that is organisationally separate from the Deutsche Bundesbank. The ECB also understands that the Fund’s resources will be financed through public debt issuance and that the Fund will bear its own management costs. The ECB notes that, to ensure compliance with the prohibition of monetary financing, the Fund may not benefit from overdraft facilities or any type of credit facility with the Deutsche Bundesbank (or any other central bank of the European System of Central Banks), while ESCB central banks are also prohibited from purchasing debt instruments directly from the Fund. By contrast, the acquisition by an ESCB central bank of debt instruments issued for the benefit of the Fund in the secondary market is, in principle, allowed. However, such purchases must not be used to circumvent the objectives of Article 101 of the Treaty. Second, the ECB notes that the involvement of the Deutsche Bundesbank in the context of the Fund must be compatible with the Treaty provisions. As regards the Law, the ECB understands that the Deutsche Bundesbank will not be involved in the actual management of the Fund, but may be used as an agent in the performance of the FMSA’s tasks. In this regard, it should be ensured that if the State requests the Deutsche Bundesbank to perform certain activities for the Fund, the arrangement must also comply with the monetary financing prohibition as regards the remuneration for these activities and the Deutsche Bundesbank’s institutional and financial independence must be respected. Third, the arrangement must also safeguard the proper performance of the Deutsche Bundesbank’s existing tasks under the Treaty and the Statute of the European System of Central Banks and of the European Central Bank. For this purpose, the ECB recommends that the Fund’s tasks be clearly separate from the Deutsche Bundesbank’s tasks, and that services of the Deutsche Bundesbank to be provided to the Fund are performed with due regard to the principle of cost-coverage and the avoidance of conflicts of interest. 3.2 Eligibility for support The institutions covered by the Fund under

text: Article 1

text: Section 2(1) of the Law comprise: (i) institutions established under Section 1(1)(b) of the Law on banking; (ii) insurance corporations and pension funds established under Sections 1(1) (1) and (2) of the Law on insurance supervision; (iii) asset management companies pursuant to the Law on investment; and (iv) operators of stock exchanges and derivatives exchanges; and their respective parent companies, in so far as these are financial holding companies, mixed financial holding companies or supervised financial conglomerate companies and the abovementioned companies have their seat in Germany . These institutions qualify as ‘financial sector companies’ under the Law. Additionally, special purpose vehicles are eligible for support . The ECB notes that, in accordance with the Declaration, the

text: Fund will have to operate with the aim of avoiding any distortion in the level playing field as regards both domestic financial institutions and subsidiaries of foreign institutions. 3.3 Community rules with regard to State aid and financial services The ECB notes that it should be ensured that the beneficiary institution(s) will not be unfairly advantaged by making undue use of their guaranteed status . In this context, the ECB draws the consulting authority’s attention to the Commission’s recently adopted guidance on compliance by the financial sector support schemes with EU State aid rules , which includes in the specific context of the provision of State guarantees, detailed rules on setting eligibility criteria for the 20 21 beneficiary institutions . Further, in line with its previous opinions , the ECB reiterates the importance of ensuring that the regulatory practice under the proposed arrangements will be conducted in full compliance with the relevant Community law provisions, including EU financial services legislation and the single market principles. 3.4 The relationship with the single monetary policy of the euro area The ECB notes that, in line with the Declaration, Member States must act in a coordinated manner to avoid significant differences in national implementation 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 uncoordinated decisions among Member States should be avoided as they may involve 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 contained in the Law and the Implementing Order. First, under

text: Article 1

text: Section 8(1) of the Law, the Fund may acquire assets from financial institutions, to be defined in more detail in subsequent implementing legislation. Although such measures should restore confidence in the German banking system, it is important for the conditions applied by the Fund to its transactions to be determined in a coordinated manner within the euro area and the EU. In particular, the financial conditions of the acquisitions should be determined by market conditions. 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. Indeed, uncoordinated price determination between all euro area Member States could lead to segmentation of the euro area money market.

text: Moreover, the transactions conducted by the Fund should not interfere with the transmission of the single monetary policy. Second, it is the ECB’s view that the extension of the State guarantees 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 implementation of the single monetary policy, which is an exclusive competence of the Eurosystem under Article 105(2) of the Treaty. In this context, the ECB notes

text: Article 1

text: Section 7(1) of the Law, according to which the Federal Minister of Finance is authorised to take over guarantees provided by the Fund with respect to bank obligations related to, inter alia, interbank deposits with a maturity of up to 36 months. In this context, it is crucial to ensure the coordination of the price determination of such guarantees within the euro area and the EU, as a level-playing-field is of essence. Third, the ECB also notes that, under Sections 2(1) and (2) of the Implementing Order, a precise deadline is set for guarantees by the Fund, which will expire on 31 December 2012 at the latest. The ECB notes that this feature meets the principles stated in the Declaration pointing to the temporary feature of such scheme. However, it also notes that harmonisation regarding the end of such scheme across euro area and EU Member States is also crucial. The ECB should be involved in such concertation and coordination, and would welcome the explicit provision for this in subsequent legislation. 3.5 Conditions for stabilisation measures The ECB welcomes the fact that, in accordance with the principle stressed by the Declaration to ensure that financial institutions to which Member States make available additional capital resources should be obliged to accept additional restrictions, notably to preclude possible abuse of such arrangements at the expense of non-beneficiaries, the Law empowers the Federal Government to set in details the conditions to be complied with by the financial sector companies which use stabilisation measures, whereby such conditions have been further specified in the Implementing Order .

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

text: The President of the ECB

text: Jean-Claude TRICHET


text: Atto Camera No 1762. 2 Atto Camera No 1774. 3 OJ L 189, 3.7.1998, p. 42.

text: Decree Law No 155/2008, published in the Gazzetta ufficiale della Repubblica italiana No 237 of 9 October 2008, p. 3 and Decree Law No 157/2008, published in the Gazzetta ufficiale della Repubblica italiana No 240 of 13 October 2008, p. 4. 5 See Article 1 of Decree Law No 155/2008. 6 See Article 2 of Decree Law No 155/2008. 7 See Article 3 of Decree Law No 155/2008. 8 See Article 4 of Decree Law No 155/2008.

text: See Article 1 of Decree Law No 157/2008. 10 See the Declaration of 12 October 2008, available on the French Presidency’s website at www.ue2008.fr. 11 See, for example, 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 21 October 2008 at the request of the Banque de France on a draft amending finance law for the financing of the economy, and 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. All ECB opinions are available on the ECB website at www.ecb.europa.eu/ecb/legal/opinions/html/index.en.html. 12 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, which specifies 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 non-discriminatory 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’; the document is available on the Commission’s website at www.ec.europa.eu. 13 See e.g. the ‘general administrative measures’ to be adopted by the MEF under

text: Article 5

text: , paragraph 1 of Decree-Law No 155/2008. See also the ‘general administrative measures’ to be adopted by the MEF under

text: Article 2

text: , paragraph 1 of Decree-Law No 157/2008. 14 See the definition of ‘draft legislative provisions’ under

text: Article 1(1)

text: and also the sixth indent of

text: Article 2(1) of Decision 98/415/EC

text: See the ECB Financial Stability Review, December 2006, pp.171-172 and the ECB’s Annual Report 1999, p. 98; see also ECB Opinion

text: of 10 September 2008 at the request of the Banque centrale du Luxembourg on amendments to the draft law improving the legislative framework for Luxembourg as a financial centre and amending the Law of 23 December 1998 on monetary status and on the Banque centrale du Luxembourg, paragraph 4.10 (footnote 16) and ECB Opinion

text: , paragraph 3.1. 16 See the ECB’s Convergence Report May 2006, p. 68; the Convergence Report December 2006, p. 30; the Convergence Report May 2007, p. 22 and the Convergence Report May 2008, p. 24, all of which are available on the ECB’s website at wwe.ecb.europa.eu. Cf. paragraph 4.10 of the ECB Opinion

text: , paragraph 4.2 of the ECB Opinion

text: and paragraph 3.3. of the ECB Opinion

text: Article 3(2) of the Decree-Law No 155/2008. 18 See paragraphs 4.9-4.11 of the ECB Opinion

text: , paragraphs 3.1-3.4 of the ECB Opinion

text: ; and paragraphs 3.1-3.3 of the ECB Opinion

text: . 19 Alternatively, a reference to the same level of independence as provided for in Article 108 of the Treaty could be considered. Cf. paragraph 4.11 of the ECB Opinion

text: ; paragraph 4.2 of the ECB Opinion

text: . 20 See paragraph 4.3 of ECB Opinion

text: and paragraph 3.9 of the ECB Opinion

text: . These ECB opinions specified the following criteria under which a central bank may engage in lending to a solvent credit institution on the basis of collateral in the form of a State guarantee: (i) the central bank needs to independently exercise full discretion regarding the decision whether to extend emergency liquidity assistance; (ii) it should be ensured that the credit provided by the central bank is as short term as possible; (iii) there must be systemic stability aspects at stake; (iv) there must be no doubts as to the legal validity and enforceability of the State guarantee under applicable national law; and (v) there must be no doubts as to the economic adequacy of the State guarantee, which should cover both principal and interest on the loans, thus fully preserving the financial independence of the central bank.

publisher: Europeiska centralbanken

sprak: en

title: Opinion of the European Central Bank 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 (CON/2008/58)

serie: con

text: OPINION OF THE EUROPEAN CENTRAL BANK 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 (

text: ) Introduction and legal basis

type: rubrik

text: On 16 October 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 Decree-Law No 155 of 9 October 2008 containing urgent measures to guarantee the stability of the banking system and the continuity of the provision of credit to businesses and consumers, presented to the Parliament on the same date for discussion and conversion into law , and Decree-Law No 157 of 13 October 2008 containing further urgent measures to guarantee the stability of the banking system, presented to the Parliament on the same date for discussion and conversion into law , (hereinafter jointly the ‘Decree-Laws’). 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 Decree-Laws relate 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.

type: stycke

text: 1. Purpose of the Decree-Laws

text: 1.1 Objectives and nature of the Decree-Laws In the context of the current international crisis of the financial markets and in the framework of the coordinated approach of the euro area Member States and in particular in the light of the conclusions of the Ecofin meeting of 7 October 2008, the Italian Government urgently adopted two Decree-Laws aimed at guaranteeing the stability of the financial markets and of the banking system and the continuity of the credit flows to businesses and consumers. As mentioned in the explanatory

text: memorandum to Decree-Law No 155/2008, the national legal basis is found in Article 47 of the Italian Constitution which provides, inter alia, that the Republic encourages and protects savings in all its forms and regulates, coordinates and controls the provision of credit. In accordance with, Article 77 of the Italian Constitution, the Decree-Laws were adopted on an urgent basis and immediately published in the Gazzetta ufficiale della Repubblica italiana, entering into force on their respective dates of publication . Thereafter, the Decree-Laws were presented to the Parliament for discussion and conversion into law within 60 days of publication, with the possibility of amendments to the original texts. 1.2 Main features of Decree-Law No 155/2008 Under Decree-Law No 155/2008 , the MEF is authorized to subscribe or guarantee the subscription of capital raisings of banks incorporated in Italy, provided that: (i) the Banca d’Italia has ascertained the capital inadequacy of the concerned bank; (ii) a stabilisation and reinforcement plan having a minimum duration of 36 months has been presented by the bank and assessed as adequate by the Banca d’Italia; and (iii) the Banca d’Italia has assessed as adequate the dividend policy approved by the bank for the period of duration of the guarantee. As long as the MEF continues to hold equity in the bank, any substantial change in the bank’s stabilisation and reinforcement plan is subject to prior approval by the MEF in consultation with the Banca d’Italia. For the entire holding period, the equity held by the MEF will be in the form of preferred shares, which are privileged over all other categories of shares as regards the distribution of dividends. Moreover, Decree-Law No 155/2008 provides for an extraordinary administration procedure in the case of illiquidity of solvent banks, whose ‘serious crisis situation’ poses a threat to the stability of the financial system. In such case, the management of the bank involved is replaced by temporary commissioners appointed by the MEF, which is allowed to subscribe to the capital raising of banks under extraordinary administration, even where such procedure is still pending. Furthermore, it is foreseen that in order to deal with serious liquidity crises (i.e. ‘emergency liquidity assistance’ (ELA)), the MEF may issue a guarantee for any refinancing provided by the Banca d’Italia to banks incorporated in Italy as well as to branches of foreign banks in Italy . Finally, in addition to the guarantee currently provided under the Italian deposit guarantee scheme, which covers up to €103,291.38 per bank account, the MEF is entitled to complement the deposit guarantee scheme by providing a State guarantee in favour of depositors with Italian banks for a period of 36 months from the entry into force of Decree-Law No 155/2008 .

text: 1.3 Main features of Decree-Law No 157/2008 In order to restore the market for banks’ medium-term financing, it is provided in Decree-Law No 157/2008 that the MEF is authorized until 31 December 2009 (i) to provide a State guarantee, at market conditions, for liabilities of Italian banks with a maturity up to 5 years and issued after the entry into force of Decree-Law No 157/2008; (ii) to enter into temporary swap arrangements between government bonds and financial instruments held by Italian banks or liabilities of Italian banks with maturity up to 5 years and issued after the entry into force of this Decree-Law. Charges to be applied to banks under these arrangements will be determined according to prevailing market conditions. Finally, the MEF is authorized until 31 December 2009 (iii) to provide a State guarantee, at market conditions, with regard to the operations by Italian banks in order to obtain the temporary availability of securities eligible for refinancing operations with the Eurosystem. In all the abovementioned cases, the guarantee requires an assessment by the Banca d’Italia of the capital adequacy of the concerned bank.

text: 2. General Observations

text: 2.1 The ECB notes that there is an ongoing discussion at both the international and European levels with a view to coordinating actions of countries aimed at preserving confidence in and the stability of the international financial markets. More specifically, the ECB notes that on 12 October 2008 the Heads of States of the euro area issued a ‘Declaration on a concerted European action plan of the euro area countries’ (‘the Declaration’) , in which they confirmed their commitment to act together in a decisive and comprehensive way in order to restore confidence and the proper functioning of the financial system, with the aim of restoring appropriate and efficient financing conditions for the economy. They agreed on common principles to be followed by the EU and euro area governments, central banks and supervisors to avoid national measures adversely affecting the functioning of the single market and the other Member States. Such coordinated approach includes initiatives aimed at ensuring appropriate liquidity; facilitating the funding of banks through various means; providing additional capital resources to financial institutions; and recapitalisation of distressed banks. These principles were also endorsed by the European Council on 16 October 2008 for all Member States. Against this background, the ECB highlights that all the initiatives put in place by national governments to restore confidence in financial markets should be aimed at implementing such common principles, in the spirit of close cooperation with other Member States and EU institutions. 2.2 The ECB wishes to draw the consulting authority’s attention to the recent ECB opinions issued at the request of other Member States, whereby the ECB has commented on legislative proposals sharing some of the features of the Italian scheme . It is the ECB’s intention to facilitate

text: coordination of the various national efforts addressing the current financial situation, inter alia,

text: through the timely adoption and publication of ECB opinions on such draft national legislation.

text: 2.3 Moreover, the ECB reiterates the importance of ensuring that the proposed arrangements will be

text: applied in full compliance with the relevant Community law provisions, including EU financial

text: services legislation, the single market principles and State-aid principles, in compliance with the

text: criteria set out in the recently adopted Commission’s guidance .

text: 2.4 The ECB understands that implementing rules will expand on the details of the Decree-Laws .

text: Consequently, the ECB expects to be consulted on any proposed implementing legislation to be

text: adopted in connection with the Decree-Laws on matters within the ECB’s competence .

text: 3. The relationship with the single monetary policy of the euro area

text: 3.1 The ECB notes that, in line with the Declaration, Member States must act in a coordinated manner

text: to avoid significant differences in national implementation from having a counter-productive effect

text: and creating distortions in global banking markets. The Declaration acknowledges the need to work

text: in cooperation with the ECB to ensure consistency with the Eurosystem’s management of liquidity

text: and compatibility with its operational framework. Against this background, the ECB notes that

text: uncoordinated decisions among Member States should be avoided as they may lead to a

text: fragmentation of the euro area money market. In this respect, the ECB makes the following

text: observations, which are important from a monetary policy perspective, as regards the measures

text: contained in Decree-Law No 157/2008.

text: 3.2 First, the ECB notes that the MEF may issue a State guarantee until 31 December 2009 covering

text: new liabilities of Italian banks with a maturity up to 5 years. The ECB thus understands that the

text: scheme seeks to implement Article 8 of the Declaration which states, inter alia, that the euro area

text: governments ‘would make available … a Government guarantee … of new medium term (up to 5 years) bank senior debt issuance’. The ECB also understands that the Decree-Law applies to all banks’ liabilities. It is the ECB’s view that the extension of the State guarantee to cover all 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 implementation of the single monetary policy, which is an exclusive competence of the Eurosystem under Article 105(2) of the Treaty. In this context, it is crucial to ensure the coordination of the price determination of such guarantees within the euro area and the EU, as a level playing field is of essence. The ECB should be involved in such coordination, and would welcome the explicit provision for this in subsequent legislation. 3.3 Second, the MEF may enter into temporary swap arrangements between government bonds and financial instruments held by Italian banks or liabilities of Italian banks. Although such measures should restore confidence in the Italian banking system, it is important that such operations will be conducted at market prices, as mentioned in Decree-Law No 157/2008. In this respect, the ECB recalls the importance of such transactions and their price determination being conducted within the euro area in a coordinated manner between euro area governments. 3.4 Finally, the ECB welcomes the fact that the stabilisation measures provided for by Decree-Law No 157/2008 are made on the basis of the Banca d’Italia’s evaluation of the banks’ capital adequacy.

text: 4. Emergency liquidity assistance and the prohibition on monetary financing

text: 4.1 One of the specific tools available to central banks in a crisis situation is the provision of emergency liquidity assistance to individual banks. This provision of liquidity assistance by central banks consists in giving support in exceptional circumstances and on a case-by-case basis to temporarily illiquid but solvent credit institutions . The extension of emergency liquidity assistance falls within the Banca d’Italia’s task of contributing to the stability of the financial system. 4.2 It is the ECB’s view that ‘national legislation foreseeing the financing by NCBs [national central banks] of credit institutions other than in connection with central banking tasks (such as monetary policy, payment systems or temporary liquidity support operations), in particular to support insolvent credit and/or other financial institutions, is incompatible with the monetary financing prohibition’ . In this respect, the ECB is of the view that a clarification, which states that a central

text: bank extension of financial support to an insolvent financial institution must be considered as a form of prohibited monetary financing, should be explicitly contained in the Decree-Law No 155/2008. In the same vein, it would be advisable to introduce into the same Decree-Law a direct reference to the prohibition on monetary financing as defined in Community law or alternatively to Article 101 of the Treaty. 4.3 Under Article 3.2 of Decree-Law No 155/2008, the MEF may issue a guarantee for any refinancing provided by the Banca d’Italia to the banks incorporated in Italy as well as to branches of foreign 17 18 banks in Italy, to address serious liquidity crisis . In line with its previous opinions , the ECB understands that such refinancing refers exclusively to ’emergency liquidity assistance’ and considers that providing such emergency liquidity assistance on the basis of the guarantee provided by the State should be an autonomous decision that the Banca d’Italia must be in a position to take in complete independence. To this effect, the Decree-Law should stipulate that the same degree of independence is granted to the Banca d’Italia as regards the provision of emergency liquidity assistance as with respect to the performance of its ESCB-related tasks . It follows that central bank lending to a solvent credit institution on the basis of a State guarantee is, in principle, possible, provided that the central bank’s compliance with the monetary financing prohibition under Article 101 of the Treaty is ensured. Specific criteria for such compliance must be respected as noted by the ECB in recent opinions issued with respect to other EU jurisdictions which have legislated in response to the current market turmoil .

text: 5. Recapitalisation of banks

text: The ECB notes that Article 1 of Decree-Law No 155/2008 refers to certain conditions for the underwriting of shares, to be ascertained by the Banca d’Italia, including the adequacy of the bank’s stabilisation and reinforcement plan presented in connection with the approval of the capital increase and the dividend policy of the bank. It further specifies that the shares held by the MEF have a privilege in the distribution of dividends over all other categories of shares. The ECB recalls the principle contained in the Declaration that financial institutions to which Member States make available additional capital resources should be obliged to accept additional restrictions, notably to preclude possible abuse of such arrangements at the expense of non-beneficiaries.

text: 6. Deposit guarantee scheme

text: The ECB notes that Article 4 of Decree-Law No 155/2008 states that the MEF may provide a State guarantee as a ‘complement to and in addition to’ the existing depositor guarantee scheme in favour of depositors with Italian banks for a period of 36 months from the entry into force of the same Decree-Law. The ECB notes that, should such additional guarantee be activated, the existing funding mechanism of the deposit guarantee scheme should be used to the extent possible; moreover, in line with past opinions, the ECB also notes that appropriate safeguards should be established to ensure that the beneficiary institution(s) will not be unfairly advantaged by making undue use of their guaranteed status. Finally, the ECB underlines that it is crucial to ensure the coordination of such guarantee within the euro area and the EU.

text: Done at Frankfurt am Main, 23 October 2008.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET

type: vagledning

utgivare: ecb


text: EGT L 189, 3.7.1998, s. 42.

text: Se 1 kap. 2 § första meningen i lagförslaget.

text: Se 1 kap. 4 § i lagförslaget.

text: Se 4 kap. 1 § i lagförslaget. Inlösen av aktier får ske om i) bolaget eller aktieägaren inte har antagit ett avtalsförslag vars villkor Prövningsnämnden funnit inte vara oskäliga, ii) bolaget eller aktieägaren inte har fullgjort en förpliktelse som följer av ett avtal om stöd enligt denna lag eller iii) bolagets kapitalbas faller under en viss nivå.

text: Se 1 kap. 3 § samt 7 kap. i lagförslaget. 6 Se t.ex. ECB:s yttrande

text: av den 3 oktober 2008 på begäran av Irlands finansministerium om ett förslag till lag om kreditinstitut. 7 Se pressrelease från rådets möte nr 2894 (13784/08), återfinns på rådets webbplats www.consilium.europa.eu .

text: Deklarationen finns på det franska ordförandeskapets webbplats www.ue2008.fr (ej på svenska). 9 Se ECB:s yttrande

text: av den 3 oktober 2008 på begäran av Irlands finansministerium om ett förslag till lag om kreditinstitut (ekonomiskt stöd), ECB:s yttrande

text: av den 8 oktober 2008 på begäran av Belgiens finansministerium om ett lagförslag om åtgärder för ökad finansiell stabilitet samt en statlig kreditgaranti för främjande av finansiell stabilitet, ECB:s yttrande

text: av den 15 oktober 2008 på begäran av Irlands finansministerium om ett förslag om stödåtgärder till kreditinstitut (ekonomiskt stöd), ECB:s yttrande

text: av den 17 oktober 2008 på begäran av Belgiens finansministerium om ett lagförslag antaget enligt

text: artikel 117

text: a i lagen av den 2 augusti 2002 om tillsyn över finanssektorn och sektorn för finansiella tjänster, ECB:s yttrande

text: på begäran av Greklands ekonomi- och finansministerium om ett lagförslag som bl.a. inrättar en fond till skydd för investerare, ECB:s yttrande

text: av den 17 oktober 2008 på begäran av the Spaniens ekonomiministerium om en lag som inrättar en fond

text: som ska förvärva finansiella tillgångar samt en lag om antagande av brådskande ekonomiska och finansiella åtgärder i samband med euroländernas gemensamma handlingsplan, ECB:s yttrande

text: av den 17 oktober 2008 på begäran av Danmarks ekonomi- och näringslivsministerium om ett lagförslag om finansiell stabilitet, ECB:s yttrande

text: av den 20 oktober 2008 på begäran av Österrikes finansministerium om ett lagförslag för att säkra finansiell stabilitet på den österrikiska finansmarknaden, ECB:s yttrande

text: av den 21 oktober 2008 på begäran av Banque de France om ett förslag till ändring av finanslagen för finansiering av ekonomin, ECB:s yttrande

text: av den 21 oktober 2008 på begäran av Tysklands finansministerium om ett åtgärdspaket för att stabilisera finansmarknaden samt genomförandebestämmelser till detta samt ECB:s yttrande

text: av den 23 oktober 2008 på begäran av Banca d’Italia å Italiens ekonomi- och finansministeriums vägnar om två lagar med brådskande bestämmelser om garantier för banksystemets stabilitet och fortsatt kreditgivning. Alla dessa ECB-yttranden finns på ECB:s webbplats www.ecb.europa.eu. 10 Se lagförslagets 1 kap. 2 § tredje meningen, 2 kap. 2 § första och femte meningen, i kombination med 3 kap. 3 §. 11 Se 4 kap. och 5 kap. i lagförslaget. 12 Se t.ex. punkt 3.5 i ECB:s yttrande

text: , punkt 3.3 i ECB:s yttrande

text: och punkt 3.5 i ECB:s yttrande

text: . 13 Se t.ex. punkt 3.3 i ECB:s yttrande

text: , punkt 3.1 i ECB:s yttrande

text: och punkt 3.1 i ECB:s yttrande

text: Se t.ex. punkt 3.4 i ECB:s yttrande

text: , punkt 3.1 i ECB:s yttrande

text: och punkt 3.4 i ECB:s yttrande

text: . 15 Se 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 av den 13 oktober 2008, finns på kommissionens webbplats www.ec.europa.eu (nedan kallad "kommissionens riktlinjer"). 16 Se punkt 18 i kommissionens riktlinjer där det framgår att kriterierna för stöd till kreditinstitut ska vara objektiva och ta hänsyn till institutens roll i det berörda banksystemet och ekonomin som helhet samt vara icke-diskriminerande så att olämpliga negativa effekter på angränsande marknader och den inre marknaden som helhet kan undvikas. Enligt principen om icke-diskriminering ska alla institut som har säte i den berörda medlemsstaten, inklusive dotterbolag, och bedriver omfattande verksamhet omfattas av stödåtgärderna, oavsett nationalitet. 17 Se punkt 2.3 i ECB:s yttrande

text: och punkt 3.5 i ECB:s yttrande

sprak: sv

title: Europeiska centralbankens yttrande av den 24 oktober 2008 på begäran av Finansdepartementet om ett utkast till lagrådsremiss om stabilitetsstärkande åtgärder för det svenska finansiella systemet (CON/2008/59)

text: EUROPEISKA CENTRALBANKENS YTTRANDE av den 24 oktober 2008 på begäran av Finansdepartementet om ett utkast till lagrådsremiss om stabilitetsstärkande åtgärder för det svenska finansiella systemet (

text: ) Inledning och rättslig grund

text: Den 20 oktober 2008 mottog Europeiska centralbanken (ECB) en begäran från Finansdepartementet om ett yttrande över ett utkast till lagrådsremiss med titeln "Stabilitetsstärkande åtgärder för det svenska finansiella systemet" (nedan kallad lagförslaget). ECB:s behörighet att avge ett yttrande grundas på artikel 105.4 i fördraget om upprättandet av Europeiska gemenskapen och artikel 2.1 sjätte strecksatsen i

text: rådets beslut 98/415/EG av den 29 juni 1998

text: om nationella myndigheters samråd med Europeiska centralbanken rörande förslag till rättsregler , eftersom lagförslaget innehåller regler som gäller finansiella institut som har en påtaglig inverkan på de finansiella institutens och marknadernas stabilitet. I enlighet med

text: artikel 17.5

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

text: 1. Syftet med lagförslaget

text: 1.1 Lagförslaget avser att säkerställa den finansiella stabiliteten i Sverige och återupprätta förtroendet på marknaderna. För att uppnå detta innehåller lagförslaget bestämmelser om en rättslig ram som upprättar i) en ansvarig myndighet som ska administrera stöd som ges enligt lagförslaget (nedan kallad stödmyndigheten), ii) en stabilitetsfond för att finansiera stödåtgärderna (nedan kallad stabilitetsfonden) samt iii) en prövningsnämnd för stöd till kreditinstitut med behörighet att pröva beslut om villkoren för stöd till kreditinstitutet (nedan kallad prövningsnämnden). Enligt lagförslaget ges stödmyndigheten ett brett mandat att hantera frågor som hänger samman med otillräcklig likviditet samt eventuella solvensproblem som kan uppstå i framtiden, samtidigt som det försöker undvika att den svenska skattebetalaren måste bära kostnaderna för åtgärderna. Lagförslaget medför möjlighet att tillämpa en rad stödåtgärder, bl.a. statliga garantier, kapitaltillskott och tvångsinlösen av aktier . Kreditinstituten avgör själva huruvida de vill utnyttja

text: de stödåtgärder som lagförslaget erbjuder. Deltagandet är baserat på en avtalsrättslig konstruktion mellan stödmyndigheten (Riksgälden) och de kreditinstitut som erhåller stöd . Om det är av synnerlig betydelse från allmän synpunkt får staten i vissa fall även lösa in aktier i ett kreditinstitut . Regeringen eller den myndighet som regeringen bestämmer (stödmyndigheten) fattar beslut om stöd och stödmyndigheten kommer att hantera den stödfond som inrättas för finansieringen av stödåtgärderna . 1.2 Finansinspektionen ges i uppdrag att bevaka situationen och kontrollera att de positiva konsekvenserna av lagförslaget kommer hushåll och företag till del.

text: 2. Allmänna kommentarer

text: 2.1 Måndagen den 20 oktober 2008 överlämnade regeringen sin remiss till lagrådet och Finansdepartementets begäran om ett yttrande inkom till ECB samma dag. Lagförslaget ska träda i kraft så snart lagrådet yttrat sig och riksdagen antagit det. Regeringen räknar med att detta ska ske under veckan som börjar den 27 oktober 2008. 2.2 Såsom nyligen påpekats i andra ECB-yttranden om förslag till nationella stödåtgärder med anledning av finanskrisen är det viktigt att myndigheterna samordnar sina nationella åtgärder med sina EU-partners. Mot bakgrund av att den finansiella krisen som drabbat medlemsstaterna har likartade orsaker och konsekvenser, och med tanke på att de olika stödåtgärderna påverkar varandra inbördes, noterar ECB att det redan bedrivs samordningsarbete på internationell nivå och på EUnivå för att upprätthålla förtroendet och den finansiella stabiliteten. ECB hänvisar här särskilt till slutsatserna från Ecofin-rådets möte den 7 oktober 2008, där rådet uttalar gemensamma riktlinjer för medlemsstaternas stödinsatser, nämligen att i) interventioner bör ske i god tid och stöd i princip bara bör ges under en begränsad tid, ii) skattebetalarens intressen bör tillvaratas, iii) de aktuella aktieägarna bör stå för konsekvenserna av interventionen, iv) regeringen bör ha möjlighet att företa ändringar i företagsledningen, v) företagsledningen inte bör få behålla orättmätiga förmåner, vi) regeringarna bl.a. bör kunna påverka den ersättning som utgår, vii) konkurrenters berättigade intressen bör skyddas, särskilt med hjälp av reglerna om statligt stöd samt viii) negativa följdkonsekvenser bör undvikas . Mot denna bakgrund anser ECB att lagförslaget nära följer dessa slutsatser.

text: 2.3 Den 12 oktober 2008 antog statscheferna för euroområdet en Declaration on a concerted European action plan of the euro area countries (nedan kallad deklarationen) där de bekräftar sitt åtagande att agera på ett kraftfullt och omfattande sätt för att återupprätta förtroendet för det finansiella systemet, med målet att återupprätta lämpliga och effektiva finansieringsvillkor för ekonomin. Statscheferna kom överens om gemensamma riktlinjer som EU och euroområdets regeringar, centralbanker och tillsynsmyndigheter ska följa för att undvika att nationella åtgärder får negativa konsekvenser för den gemensamma marknaden och övriga medlemsstater. Ett sådant samordnat tillvägagångssätt omfattar åtgärder som ska i) säkerställa tillräcklig likviditet, ii) underlätta finansinstitutens finansiering på olika sätt, iii) ställa kapital till finansinstitutens förfogande samt iv) förse banker som hamnat i kris med nytt kapital. Vid sitt möte den 16 oktober 2008 godkände Europeiska rådet dessa riktlinjer för alla medlemsstater. Mot denna bakgrund understryker ECB att alla initiativ som regeringarna i medlemsstaterna vidtar för att återupprätta förtroendet på finansmarknaderna bör ha som mål att genomföra dessa gemensamma riktlinjer i nära samarbete med andra medlemsstater och EU:s institutioner. 2.4 Enligt deklarationen är det viktigt att samordna åtgärder så att det inte uppstår större skillnader mellan ländernas nationella genomförandeåtgärder som kan få oönskade effekter och skapa obalans på den globala bankmarknaden. ECB vill särskilt understryka att icke-samordnade statliga stödprogram i enskilda medlemsstater bör undvikas, eftersom detta skulle kunna medföra att penningmarknaderna inom EU fragmenteras. ECB noterar även att lagförslaget innehåller en rättslig ram som ger staten möjlighet att, genom avtal mellan stödmyndigheten och ett berört kreditinstitutet, ge stöd till kreditinstitut som är anpassat till den situation som det enskilda kreditinstitutet befinner sig i. Enligt lagförslaget ska villkoren för sådana avtal utformas så att i) det stödmottagande kreditinstitutet och dess ägare i första hand bär uppkomna förluster, ii) stödet så långt som möjligt utformas på ett affärsmässigt sätt så att en otillbörlig snedvridning av konkurrensen förhindras samt iii) statens kostnader för stödet hålls så låga som möjligt. ECB noterar att de villkor för stöd som framgår av lagförslaget i stora drag överensstämmer med de allmänna riktlinjer som Ecofin-rådet antog vid sitt möte den 7 oktober 2008 och understryker att olika stödformer som kan komma att tillämpas i framtiden också måste stämma överens med riktlinjerna i deklarationen. 2.5 ECB vill också uppmärksamma Finansdepartementet på de yttranden som ECB antagit på begäran av andra medlemsstater under senare tid, där ECB kommenterar lagförslag som delvis liknar de aktuella svenska förslaget . Det är ECB:s målsättning att underlätta samordningen av de olika

text: nationella åtgärderna mot den aktuella finanskrisen, bl.a. genom att skyndsamt anta och offentliggöra ECB-yttranden om förslag till sådana nationella åtgärder.

text: 3. Specifika kommentarer

text: 3.1 Villkoren för stöd ECB noterar att lagförslaget eftersträvar att stöd bara ska ges avseende sådana förpliktelser som är förenliga med en sund kreditverksamhet, att stödet om möjligt ska utformas på ett affärsmässigt sätt samt att det stödmottagande kreditinstitutet och dess ägare i första hand ska bära uppkomna förluster . ECB noterar också att lagförslagets regler om inlösen av aktier gör det möjligt för staten att agera i fall där åtgärder som föreslagits eller avtalats med kreditinstitut inte är tillräckliga för att säkerställa institutets finansiella sundhet . ECB anser att sådana åtgärder, förutsatt att de tillämpas på ett icke-diskriminerande och omdömesgillt sätt, står i överensstämmelse med riktlinjerna i deklarationen, särskilt behovet av att säkerställa att kreditinstitutens aktieägare och företagsledning bär konsekvenserna av en intervention . 3.2 Förbudet mot monetär finansiering ECB välkomnar de stabiliserande åtgärderna som är utformade på ett sådant sätt att de uppmuntrar den svenska finanssektorn att agera aktivt och ansvarsfullt för att säkerställa finansiell stabilitet. I linje med sina tidigare yttranden understryker ECB ännu en gång att det är viktigt att de åtgärder som genomförs överensstämmer med fördragets bestämmelser om förbud mot monetär finansiering. I det svenska fallet innebär lagförslaget att en stabilitetsfond inrättas, och denna fond kommer att falla under begreppet "offentligt företag" enligt artikel 101.1 i fördraget. Trots att lagförslaget inte tar upp den roll som Sveriges riksbank kan komma att få i samband härmed, vill ECB påminna de svenska myndigheterna om att de i samband med stabilitetsfonden måste beakta ett antal olika aspekter för att inte komma i konflikt med fördragets bestämmelser om förbud mot monetär finansiering. För det första får stabilitetsfonden inte ges rätt att övertrassera sina konton eller erhålla någon form av krediter från Sveriges riksbank. För det andra vill ECB påpeka att, om

text: stabilitetsfonden i framtiden skulle emittera skuldförbindelser, centralbanker inom Europeiska centralbankssystemet inte får köpa sådana skuldförbindelser direkt från stabilitetsfonden. För det tredje är det viktigt att komma ihåg att, om Sveriges riksbank utför verksamhet åt fonden, sådan verksamhet också måste ske i enlighet med förbudet mot monetär finansiering vad gäller ersättningen för utförd verksamhet. 3.3 Gemenskapens regler om statligt stöd och finansiella tjänster Slutligen bör det säkerställas att de kreditinstitut som erhåller stöd inte får någon orättvis fördel genom att använda sin garanterade status på ett otillbörligt sätt . I detta sammanhang vill ECB också fästa Finansdepartementets uppmärksamhet på de riktlinjer som EU-kommissionen nyligen antagit för hur stödåtgärder till den finansiella sektorn kan utformas för att stå i överensstämmelse med EU:s regler om statligt stöd som, när det gäller statliga garantier som omfattar interbankutlåning, innehåller detaljerade regler för att välja ut de institut som kvalificerar sig för 16 17 stöd . I linje med sina tidigare yttranden , vill ECB ännu en gång understryka vikten av att säkerställa att alla åtgärder som föreslås står i fullständig överensstämmelse med gemenskapens lagstiftning, inklusive EU:s lagstiftning avseende finansiella tjänster och principerna för den inre marknaden.

text: Detta yttrande kommer att offentliggöras på ECB:s webbplats.

text: Utfärdat i Frankfurt am Main den 24 oktober 2008.

text: [Namnteckning]

text: Jean-Claude TRICHET

text: ECB:s ordförande


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

text: See Section 2 of the draft Basic Agreement.

text: See paragraph 3.3 of Opinion

text: . 6

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).

text: Available on the website of the French Presidency at www.eu2008.fr.

title: Opinion of the European Central Bank 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 (CON/2008/60)

text: OPINION OF THE EUROPEAN CENTRAL BANK 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 (

text: ) Introduction and legal basis

text: On 23 October 2008 the European Central Bank (ECB) received a request from the Spanish State Secretary for Economic Affairs for an opinion on a draft Order implementing Royal Decree-Law 6/2008 of 10 October creating the Fund for the acquisition of financial assets (hereinafter the ‘draft Order’) and on a draft Basic Agreement of the Fund’s Executive Council (hereinafter the ‘draft Basic Agreement) (hereinafter collectively the ‘draft provisions’). 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 provisions

text: The draft provisions will implement Royal Decree-Law 6/2008 by determining the composition of the Fund’s Executive Committee, creating a technical committee to assist the Executive Committee and specifying the eligible assets, the auction procedures, the Banco de España’s role and the validity period of these measures.

text: 2. General observations

text: 2.1 The ECB has issued an opinion on the Royal Decree-Law creating the Fund (

text: of 17 October 2008) and is now called upon to comment on the implementing legislation to be adopted under such Royal Decree-Law.

text: 2.2 In line with its views stated in paragraphs 2.3 and 2.4 of

text: , the ECB welcomes that the Fund operations will be subject to an expiry date, namely 31 December 2012, and that auctions will be open to all credit institutions registered with the Banco de España and thus also to branches of foreign credit institutions in Spain . 2.3 Moreover, in line with paragraph 3.2 of

text: , the ECB welcomes that the Banco de España’s role will be limited to acting as government agent and deposit bank and to providing its expertise as part of the Technical Committee assisting the Executive Committee. The draft Order lays down detailed rules in this respect , whereby nothing in such rules exceeds the scope defined above of the Banco de España’s participation in the Fund. The ECB expects that the practical operation of the Fund under the draft Order will not interfere with the Banco de España’s institutional and financial independence, as well as its capacity to perform its tasks under the Treaty and the Statute of the European System of Central Banks and of the European Central Bank. Further, noting that the public character of the Fund is confirmed by the draft Basic Agreement’s provisions related, in particular, to the composition of the Fund’s Executive Committee , the ECB reiterates its earlier position that the Fund may not benefit from overdraft facilities or any type of credit facility with the Banco de España, in accordance with Article 101 of the Treaty and

text: Regulation (EC) No 3603/93

text: 3. Specific comments

text: 3.1 Collateral The ECB notes that, according to Section 2 of the draft Basic Agreement, for repurchase agreement operations conducted by the Fund, the eligibility of the assets for the operations with the Fund will be based on the list of the assets eligible as collateral for the Eurosystem’s refinancing operations. In this respect, the ECB recommends putting in place a mechanism to exchange information in order to avoid a risk of double mobilisation of collateral. In the same vein, Section 2 also provides that the margins and haircuts applied to the assets provided as collateral for the repurchase agreement operations will follow the guidelines adopted in the context of the Eurosystem’s operational framework. The ECB notes that the Fund should follow the standard of daily margin calls to ensure that the market value of collateral after haircut remains adequate to collateralise the loan, in line with the Eurosystem. The prices used to value the collateral should also be the same as the prices used by the Eurosystem.

text: 3.2 Pricing of the operations conducted by the Fund The recent ECB Opinion

text: notes that, in line with the declaration on a concerted European action plan of the euro area countries , Member States have to act in a coordinated manner to avoid significant differences in national implementation from having a counterproductive effect, creating distortions in global banking markets. The euro area Heads of State also acknowledged the need to work in cooperation with the ECB to ensure consistency with the management of liquidity by the Eurosystem and compatibility with the Eurosystem’s operational framework. As a result, the ECB points out that uncoordinated decisions among Member States should be avoided as they may involve a fragmentation of the euro area money market. Against this background, it is of utmost importance that the operations conducted by the Fund do not interfere by any means with the signalling of the single monetary policy and/or with the Eurosystem’s refinancing operations. In this context, a number of observations can be made. Regarding the repurchase agreement operations conducted by the Fund, the ECB notes the loans granted against collateral will be based on an auction procedure where the minimum rate for bids should not be below the cost of State funding for the corresponding maturity. First, such operations should not be conducted below the three-month maturity in order to ensure consistency with the Eurosystem’s management of liquidity. In this respect, the ECB welcomes Section 2 of the draft Basic Agreement, which provides that the refinancing operations conducted by the Fund will be above 12-month maturity. Second, the Fund’s operations must be based on a genuine marketoriented auction procedure in order to avoid collusive agreement between counterparts. Regarding the Fund’s acquisition of assets, the ECB recommends further clarification of the price determination of the assets that could be acquired by the Fund. In this respect, the ECB notes that the prices at which banks’ assets could be acquired by the Fund should be based on market prices. The ECB therefore suggests stating in the draft provisions that the price of the acquisitions by the Fund must not interfere with the transmission of the Eurosystem’s monetary policy and should avoid any distortions in asset prices across euro area countries.

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

text: Done at Frankfurt am Main, 27 October 2008. [signed]

text: The Vice-President of the ECB

text: Lucas D. PAPADEMOS


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

text: Report to the King accompanying the draft royal decree. The draft royal decree is part of the general rescue package put in place by the Belgian authorities in response to the current turbulence in the financial markets. The ECB has already been consulted by the Belgian authorities on two other draft legislative provisions adopted in this context: see 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, and 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. All ECB opinions are available on the ECB website, www.ecb.europa.eu.

text: Article 11 of the draft royal decree. These institutions are: financial holding companies incorporated under Belgian law, credit institutions, investment firms incorporated under Belgian law, as well as other financial undertakings belonging to a group over which the Commissie voor het Bank-, Financie- en Assurantiewezen/Commission bancaire, financière et des assurances exercises consolidated supervision.

text: See ECB Opinion

text: in relation to this provision, which empowers the King to establish a system to grant a State guarantee for liabilities entered into by certain supervised institutions.

text: As defined in Article 1 of the draft royal decree. The assets that benefit from this extension are: (i) the deposits and assets covered by the existing deposit-guarantee scheme (i.e. deposits and bank savings certificates (kasbons/bons de caisse), bonds and other bank debentures certificates denominated in euro or in a currency of a Member State that has not adopted the euro, as set out in

text: Article 110

text: bis2 §2 of the Law of 22 March 1993 on the legal status and supervision of credit institutions); and (ii) cash deposits covered by the existing investor protection scheme (i.e. deposits held on behalf of investors waiting to be refunded to the investor or used for purchasing financial instruments, as set out in

text: Article 113

text: §2 second subparagraph of the Law of 6 April 1995 on the legal status and supervision of investment firms), but not financial instruments covered by the latter scheme.

text: See the Law of 22 March 1993 (

text: Article 110

text: to 110 sexies), the Law of 6 April 1995 (

text: Article 112

text: to 116), and the Law of 17 December 1998 establishing a fund for the protection of deposits and financial instruments and reorganising the deposit-guarantee and investor-compensation scheme.

text: Article 2 of the draft royal decree.

text: Article 4

text: in fine of the draft royal decree.

text: As defined in Article

text: ° and 2°, of the draft royal decree.

text: Article

text: ° of the draft royal decree. These products are not covered by the existing Fund.

text: Article 5

text: , first and second subparagraphs of the draft royal decree.

text: Article 3

text: §1 of the draft royal decree. The ECB understands that these mandatory participants are: credit institutions established in Belgium, investment firms established in Belgium and authorised as stock broking firms or as portfolio management and investment advice companies, UCITs management companies established in Belgium, as well as branches operating in Belgium of such entities governed by the law of another Member State where these entities have opted for optional participation in the existing Fund.

text: Article 3

text: §2 of the draft royal decree.

text: Article 6

text: to 8 of the draft royal decree.

text: Article 7

text: §1 of the draft royal decree, laying down a different contribution for mandatory participants (0,31 ‰ of their stock of deposits eligible for protection as at 31 December of the preceding year) and for participating life insurance companies (0.50 ‰ of the payments capitalised at the guarantee minimum interest rate, increased by profits attributed until 31 December of the preceding year).

text: Article 7

text: §2 of the draft royal decree (025 % of the payments capitalised at the guarantee minimum interest rate, increased by profits attributed until 31 December of the preceding year).

text: Article 8 of the draft royal decree. 18 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 website, www.consilium.europa.eu.

text: See notably ECB Opinion

text: , in particular paragraphs 2.1 and 5, and ECB Opinion

text: , paragraphs 2.2 and 3.1. 20

text: Article 117

text: bis 1° of the Law of 2 August 2002 on the supervision of the financial sector and on financial services. See ECB Opinion

text: and ECB Opinion

text: , in particular. paragraph 2.1 21

text: Article 117

text: bis, in fine, of the Law of 2 August 2002. 22 See the 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 (COM(2008) 0661) (hereinafter the ‘proposed amending Directive’). 23 Paragraph 8 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; see also paragraph 2.5 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. 24 Financial Stability Forum, ‘Guidance for Developing Effective Deposit Insurance Systems’, September 2001, point V.4 (‘Funding arrangements’), p. 26. IADI, Core Principles for Effective Deposit Insurance Systems, 29 February 2008. 25 OJ L 135, 31.5.1994, p. 5. 26 See the twenty-third recital to Directive

text: . The proposed amending Directive calls for the Commission to submit a report on a harmonisation of the funding mechanisms of deposit-guarantee schemes by 31 December 2009 to the European Parliament and the Council (see Article 1(6) of the proposed amending Directive, introducing changes to

text: Article 12 of Directive 94/19/EC

text: See paragraph 3.1 of 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; see also paragraph 3.2 of 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. In this context, the ECB emphasises that the special Fund should not be allowed to benefit from any type of lending or overdraft facilities from the NBB. If the NBB were to perform any activities for the benefit of the special Fund, these activities would also need to comply with the above prohibition as far as the remuneration of such activities is concerned. Similarly, the ECB notes that as the special Fund has no legal personality, it will not be in a position to issue debt instruments. 28 Article 8 of the draft royal decree. The Report to the King further clarifies that if necessary, the Deposit and Consignment Office may borrow the necessary funds from the Belgian Debt Agency (Agentschap van de Schuld/Agence de la dette). 29

text: Article 5

text: , in fine, of the draft royal decree. 30

text: Article 3

text: §2 of the draft royal decree.

title: Opinion of the European Central Bank 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 (CON/2008/61)

text: OPINION OF THE EUROPEAN CENTRAL BANK 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 (

text: ) Introduction and legal basis

text: On 24 October 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 Finance, for an opinion 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 (hereinafter the ‘draft royal decree’). Given the current turbulence in the financial markets and the need for firm intervention by the authorities involved, the consulting authority has requested the ECB to provide its opinion urgently to allow the swift adoption of 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 on the sixth indent of

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft royal decree 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. Purpose of the draft royal decree

text: 1.1 The draft royal decree is motivated by the current turbulence in the financial markets and by the Belgian authorities’ wish to take the necessary measures to preserve confidence in the financial system and, notably, to reinforce the protection of depositors and to provide for a similar protection

text: scheme for the holders of certain life insurance products . In addition, the draft royal decree

text: identifies the institutions referred to in

text: Article 117

text: bis 2° of the Law of 2 August 2002 . The ECB

text: understands that the aim of this provision is to ensure that, were a State guarantee to be granted, its

text: scope could be extended to all financial undertakings belonging to a consolidated group. The ECB

text: has no further comment on this part of the draft royal decree.

text: 1.2 Concerning the protection of depositors and the holders of certain life insurance products, the draft

text: royal decree would:

text: (i) raise from EUR 20 000 to EUR 50 000 the protection for deposits under the existing

text: deposit-guarantee and investor-protection scheme managed by the Fund for the protection of

text: deposits and financial instruments (hereinafter the ‘existing Fund’) ; and

text: (ii) establish a special Fund for the protection of deposits and life insurance (hereinafter the

text: ‘special Fund’) in order to provide clients that exercise no banking and/or financial activity

text: with:

text: (a) a EUR 50 000 protection for deposits in addition to the abovementioned EUR 50 000

text: to be reimbursed by the existing Fund, i.e. total protection of EUR 100 000; and

text: (b) a maximum EUR 100 000 protection for certain life insurance products, i.e. life

text: insurance products with guaranteed return pertaining to the ‘branche 21’ as defined in

text: Annex 1 to the Royal Decree of 22 February 1991 (hereinafter the ‘branche 21

text: insurance products’) , whereby the special Fund’s intervention is limited to the value of the policy as at the day preceding the insurance company’s failure . 1.3 The special Fund would be established within the Deposit and Consignment Office (Deposito- en Consignatiekas/Caisse des dépôts et consignations), a government department without legal personality. Participation in the special Fund would be mandatory for those institutions that already participate in the existing Fund (‘mandatory participants’) , whereas it would be optional for life insurance undertakings authorised to offer branche 21 insurance products . The special Fund would be funded by its participants by means of annual contributions to be paid by all 15 16 participants and in addition a one-off entry fee to be paid by participating insurance companies . Finally, the ECB understands that if the means available to the special Fund are insufficient for an intervention, the necessary funds will be advanced by the Deposit and Consignment Office and that this advance will be reimbursed either by: (i) allocating 50 % of the (ordinary) annual contributions to be paid by mandatory participants; or (ii) allocating a special annual contribution to be paid by participating insurance companies, depending on whether the failing institution falls within the first or the second category .

text: 2. General observations

text: 2.1 The ECB welcomes the proposed increase in the total amount of protected deposits to EUR 100 000 in accordance with the conclusions of the Ecofin Council held on 7 October 2008 . In this respect, the ECB would repeat that Member States must act in a coordinated manner to avoid significant differences in national implementation from having a counter-productive 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 euro area and the EU. Moreover,

text: the ECB also emphasises how important it is that these measures should comply with Community law, including EC competition law . 2.2 The ECB notes that the draft royal decree is justified by the sudden crisis in the financial markets and that it is designed to limit the scale or effects of that crisis ; also that once adopted, the draft royal decree will cease to apply unless it is confirmed by a law within 12 months of its entry into force . In summary, the ECB understands that the draft royal decree is an emergency measure to be adopted without prejudice to further legislative initiatives to be undertaken in Belgium, notably in the context of the ongoing work at Community level concerning further harmonisation of depositguarantee schemes .

text: 3. Specific comments

text: Funding of deposit-guarantee schemes

text: 3.1 As the ECB has already noted deposit protection is an important element of the financial safety net and contributes to safeguarding financial stability . Further, as confirmed also by international standards, sound funding arrangements are critical to the effectiveness of deposit-guarantee schemes and to the maintenance of public confidence in the banking system . At the same time, Directive

text: of the European Parliament and of the Council of 30 May 1994 on depositguarantee schemes does not currently prescribe a method for financing deposit-guarantee schemes, provided that: (i) the costs of financing are borne, in principle, by credit institutions themselves; (ii) the financing capacity of the scheme is in proportion to credit institutions’ liabilities; and (iii) the stability of the banking system of the Member State concerned is not jeopardised . The arrangements for the special Fund should therefore be inspired by these broad principles. As confirmed by recent experience in some countries, the effectiveness of depositguarantee schemes depends crucially on depositors being confident that they will receive timely and sufficient compensation. Therefore, appropriate funding mechanisms should be in place to ensure the prompt reimbursement of depositors’ claims.

text: Prohibition on monetary financing

text: 3.2 In line with its previous opinions, the ECB reiterates that it is important that the draft royal decree complies with the prohibition on monetary financing as laid down in the Treaty . In this respect, the ECB notes: (i) that the draft royal decree specifies that if the special Fund’s assets are insufficient to allow for an intervention, the Deposit and Consignment Office would advance the funds necessary to allow for reimbursement of the clients of the failing institution ; and (ii) that the NBB is not entrusted with the performance of any activity related to the special Fund.

text: Coordination with the existing scheme

text: 3.3 The ECB notes that the draft royal decree does not define the conditions, detailed rules and limitations of the reimbursement to be made by the special Fund but delegates them to the King . In this respect, the ECB welcomes the statement in the Report to the King that these conditions, detailed rules and limitations will be aligned to the greatest possible extent with those provided for in the context of the existing Fund and notes the importance of a clear framework ensuring that smooth procedures are in place to allow depositors to obtain prompt reimbursement of all their claims when both the existing and the special Funds are involved.

text: Consumer protection

text: 3.4 The ECB notes that the protection of individual branche 21 insurance products by the special Fund is optional and notably depends on whether the issuing insurance company has been admitted as participant in the Fund by the Minister for Finance and has paid the requested contributions . Arrangements should be in place to ensure widespread consumer awareness of the scope of the protection.

text: Done at Frankfurt am Main, 28 October 2008. [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


text: EGT L 189, 3.7.1998, s. 42. 2 Se ECB:s yttrande

text: av den 24 oktober 2008 på begäran av Finansdepartementet om ett utkast till lagrådsremiss om stabilitetsstärkande åtgärder för det svenska finansiella systemet.

text: Deklarationen finns på det franska ordförandeskapets webbplats www.ue2008.fr (ej på svenska).

text: Se punkt 3.1 i yttrande

title: Europeiska centralbankens yttrande av den 29 oktober 2008 på begäran av Finansdepartementet om ett utkast till förordning om statliga garantier till banker m.fl. (CON/2008/62)

text: EUROPEISKA CENTRALBANKENS YTTRANDE av den 29 oktober 2008 på begäran av Finansdepartementet om ett utkast till förordning om statliga garantier till banker m.fl. (

text: ) Inledning och rättslig grund

text: Den 27 oktober 2008 mottog Europeiska centralbanken (ECB) en begäran från Finansdepartementet om ett yttrande över ett utkast till Förordning om statliga garantier till banker m.fl. (nedan kallad förslaget till förordning). ECB:s behörighet att avge ett yttrande grundas på artikel 105.4 i fördraget om upprättandet av Europeiska gemenskapen och artikel 2.1 sjätte strecksatsen i

text: rådets beslut 98/415/EG av den 29 juni 1998

text: om nationella myndigheters samråd med Europeiska centralbanken rörande förslag till rättsregler , eftersom förslaget till förordning innehåller regler som gäller finansiella institut som har en påtaglig inverkan på de finansiella institutens och marknadernas stabilitet. I enlighet med

text: artikel 17.5

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

text: 1. Syftet med förslaget till förordning

text: Förslaget till förordning är en genomförandeåtgärd till lagen om statligt stöd till kreditinstitut (nedan kallad lagen) . Förslaget till förordning innehåller, inom ramen för lagen, föreskrifter om stöd till bankaktiebolag, sparbanker och medlemsbanker samt kreditmarknadsbolag i form av statliga garantier för skuldförbindelser. Förslaget till förordning anger vilka kreditinstitut som kan komma i åtnjutande av garantier och garantiåtagandets omfattning. Förslaget till förordning anger också de principer enligt vilka Riksgäldskontoret, som är ansvarig myndighet, ska fatta beslut om stöd.

text: 2. Allmänna kommentarer

text: 2.1 Den statliga garantins omfattning

text: 2.1.1 I enlighet med Declaration on a concerted European action plan of the euro area countries (nedan kallad deklarationen) som antogs av statscheferna för euroområdet den 12 oktober 2008, och som sedermera godkändes av Europeiska rådet vid dess möte den 16 oktober 2008, måste medlemsstaterna samordna sina åtgärder så att det inte uppstår större skillnader mellan ländernas nationella genomförandeåtgärder som kan få oönskade effekter och skapa obalans på den globala bankmarknaden. 2.1.2 Enligt §§ 2, 4, 6 och 7 i förslaget till förordning avser den statliga garantin i princip alla typer av obligationer, bankcertifikat och andra skuldförbindelser så länge de har en löptid över tre månader och under fem år, vilket exkluderar interbankinlåning från den statliga garantin. ECB välkomnar sådana lösningar som ställer statliga garantier för bankers skulder och anser att den praktiska tillämpningen av de föreslagna åtgärderna bör inriktas på att i) lösa likviditetsproblemen för solventa banker genom att förbättra funktionen på marknaden för bankers skuldförbindelser med längre löptider, ii) upprätthålla likvärdiga konkurrensförhållanden mellan finansinstitut och undvika obalanser på marknaderna samt iii) säkerställa överensstämmelse med Riksbankens likviditetshantering. 2.1.3 Vad gäller den avgift som ska tas ut för ett garantiåtagande enligt § 13 i förslaget till förordning noterar ECB att avgiften ska vara riskbaserad och bestämmas utifrån kostnaden för en motsvarande garanti under normala marknadsmässiga förhållanden. I detta hänseende bör man, för ökad tydlighets skull, förtydliga hur metoden för att beräkna avgiften ska tillämpas. På samma sätt noteras att förslaget till förordning bör innehålla bestämmelser för det fall att det saknas marknadspriser för vissa tillgångars risker. ECB vill också påminna de svenska myndigheterna om att det är mycket viktigt att harmonisera priset för sådana garantier inom EU, där det är av avgörande betydelse att ha likvärdiga konkurrensvillkor.

text: 2.2 Centralbankens involvering

text: ECB noterar att, enligt § 8 i förslaget till förordning, samråd ska ske med Riksbanken och Finansinspektionen i ärenden om stöd, vilket inkluderar förordningar som Riksgäldskontoret utfärdar med stöd av förslaget till förordning. ECB utgår från att detta förfarande inte kommer att påverka Riksbankens oberoende och genomföras i överensstämmelse med bestämmelserna i fördraget.

text: 2.3 Villkoren för stöd

text: 2.3.1 Stöd till kreditinstitut i form av statlig garanti ges endast under vissa förutsättningar som framgår av §§ 10 och 11 i förslaget till förordning, och avser bl.a. att säkerställa att i) myndigheternas behov av kontroll och uppföljning av hur den statliga garantin används garanteras, samt ii) att de

text: institut som erhåller stöd inte använder den statliga garantin för att expandera sin verksamhet. ECB anser att sådana åtgärder överensstämmer med riktlinjerna i deklarationen, i synnerhet att undvika att ett eventuellt missbruk av stödet till förfång för sådana enheter som inte kommer i åtnjutande av stöd . 2.3.2 ECB noterar också att, enligt § 15 i förslaget till förordning, ett institut som ansöker om garanti ska lämna Riksgäldskontoret de upplysningar som behövs. ECB vill i detta sammanhang påminna om att den allmänna principen om sekretess som gäller för uppgifter som finansiella institut tillhandahåller måste upprätthållas på ett lämpligt sätt.

text: Detta yttrande kommer att offentliggöras på ECB:s webbplats.

text: Utfärdat i Frankfurt am Main den 29 oktober 2008.

text: [Namnteckning]

text: Jean-Claude TRICHET

text: ECB:s ordförande