title: Opinion of the European Central Bank of 6 December 2002 at the request of the Italian Ministry for the Economy and Finance on a draft provision on bond conversion under Law No 483/93 (CON/2002/30)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 6 December 2002 at the request of the Italian Ministry for the Economy and Finance on a draft provision on bond conversion under Law No 483/93 (

text: 1. On 3 December 2002, the European Central Bank (ECB) received a request from the Italian Ministry for the Economy and Finance for an opinion on a draft provision entitled “Bond conversion under Law No 483/93” (hereinafter “the draft provision”). It is understood that this provision will be inserted in the draft Budget Law, to be approved by the Italian Parliament by the end of this year.

text: 2. The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the third indent 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 provision concerns operations having an impact on the Banca d’Italia’s balance sheet. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council of the ECB has adopted this opinion.

text: 3. The draft provision concerns a financial transaction that, according to the letter sent by the Ministry for the Economy and Finance, will result in more transparent reporting of the Banca d’Italia’s balance sheet and of the liabilities of the Republic of Italy. More specifically, paragraph 1 of the draft provision provides for the possibility that the government bonds referred to in Article 2(1) of Law No 483 of 26 November 1993 can be converted, with effect from 30 December 2002, into other government bonds with an amount of equal market value, subject to terms first being agreed between the Ministry for the Economy and Finance and the Banca d'Italia. Law No 483/93, in order to meet the requirements of the Treaty, prohibited any kind of credit facility by the Banca d’Italia to the Treasury, and introduced a rule according to which the debt account held by the Treasury with the Banca d’Italia had to be converted into government bonds, with an annual 1% interest rate coupon, to be assigned to the Banca d’Italia. This rule was implemented by the Treasury Decree of 15 November 1994, which provided for an issue of Treasury bonds to be specifically assigned to the Banca d’Italia, in relation to the compulsory conversion of the debt account with the Treasury. The draft provision provides the possibility of converting the above-mentioned government bonds into other government bonds with an amount of equal market value. Such an operation will be effected for the purposes of

text: Article 8(29)

text: , of Law No 887 of 22 December 1984, which allows the Treasury Minister to restructure the public debt, through operations bound, inter alia, to change the maturity of or to replace bonds. The terms and conditions of such a transaction will be regulated by an ad hoc agreement.

text: 4. According to the second paragraph of the draft provision, as from the tax period current at 31 December 2002, the loss resulting from the decrease in value of assets deriving from the abovementioned conversion shall be fully deductible in annual instalments of amounts not exceeding one-tenth of its total amount. Moreover, the third paragraph allows the Banca d’Italia to cover the said loss of value by using, on a tax-free basis, the funds deriving from the increase in value of gold, as regards the amounts ascertained at 1 January 1999 and still existing at the time of the conversion. The cost of gold accepted for tax purposes is equal to the value entered in the balance sheet, net of the pertinent revaluation account remaining after the conversion. Finally, the fourth paragraph repeals

text: Article 104(1)

text: (b) of the Consolidated Version of the Income Tax Law approved by Decree No 917 of the President of the Republic of 22 December 1986, which concerns the fiscal treatment applicable to the Banca d’Italia’s capital gains on gold.

text: 5. The ECB notes that the draft provision provides that the government bonds referred to in Article 2(1) of Law No 483 of 26 November 1993 can be converted into other government bonds with an amount of equal market value subject to the terms first being agreed between the Ministry for the Economy and Finance and the Banca d'Italia. In order to be consistent with Article 108 of the Treaty, any such conversion requires the consent of the Banca d’Italia.

text: 6. Article 101 of the Treaty prohibits monetary financing of Member States by national central banks (NCBs), including the direct purchase from Member States by NCBs of debt instruments. Regarding

text: Article 101

text: , the ECB has considered the conversion of the essentially non-marketable old government bonds currently reflected on the Banca d’Italia’s balance sheet into new marketable government bonds with an amount required to be of equal market value.

text: Article 1(2) of 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 permits the direct purchase from a Member State by an NCB of securities acquired from the Member State to ensure the conversion into negotiable fixed-maturity securities under market conditions of fixedmaturity claims acquired before 1 January 1994 which are not negotiable or not under market conditions, provided that the maturity of the securities is not subsequent to that of the aforementioned claims. As noted in the third recital of

text: Regulation (EC) No 3603/93

text: , it is desirable that NCBs should have on their balance sheets claims negotiable under market conditions, in particular to give the required flexibility to the monetary policy of the European System of Central Banks. Assuming that the maturity (i.e., the duration) of the new securities is not longer than that of the old government bonds, the proposed bond conversion would not contradict the said Regulation.

text: 8. From the point of view of financial reporting, the ECB is of the view that the proposed bond conversion would be beneficial, since it would transform non-marketable claims into marketable claims which would contribute to the transparency of the financial statement of the Eurosystem.

text: 9. However, the ECB notes with concern the context of the government debt conversion at this point in time. It notes that the conversion would result in a significant decline of government debt at a time when public debt in Italy is otherwise rising, partly due to insufficient structural fiscal consolidation. Therefore, what should be the primary objective of the conversion, i.e., the redemption of non-marketable debt, could be perceived as being secondary to the objective of a one-off reduction of government debt.

text: 10. The ECB is of the view that it must be carefully assessed whether the debt reduction in conjunction with expected fiscal developments is consistent with the aims of

text: Article 104(2)

text: (b) of the Treaty, which requires the debt ratio to be “…sufficiently diminishing and approaching the reference value at a satisfactory pace”.

text: 11. In line with the Code of best practices on the compilation and reporting of budgetary statistics by Member States as published by the European Commission, the ECB notes that there should be an examination of the impact of this operation on the government deficit.

text: 12. The ECB would like to emphasise that this opinion may be subject to further review and consideration in light of the agreement to be concluded between the Ministry for the Economy and Finance and the Banca d’Italia.

text: 13. This opinion will be published on the ECB’s website. Done at Frankfurt am Main on 6 December 2002. The President of the ECB [signed] Willem F. DUISENBERG


text: OJ L 189, 3.7.1998, p. 42. 2 OJ L 139, 11.5.1998, p. 1.

publisher: Europeiska centralbanken

sprak: en

title: Opinion of the European Central Bank of 13 December 2002 at the request of the Italian Ministry for the Economy and Finance on a draft provision of the 2003 Budget Law on banknotes and coins (CON/2002/31)

serie: con

text: OPINION OF THE EUROPEAN CENTRAL BANK of 13 December 2002 at the request of the Italian Ministry for the Economy and Finance on a draft provision of the 2003 Budget Law on banknotes and coins (

type: rubrik

text: 1. On 6 December 2002 the European Central Bank (ECB) received a request from the Italian Ministry for the Economy and Finance for an opinion on a draft provision of the 2003 Budget Law on banknotes and coins (hereinafter the ‘draft provision’).

type: stycke

text: 2. The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community, Article 4 of the Statute of the European System of Central Banks and of the European Central Bank and the first and third 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 , since the draft provision concerns currency matters and the Banca d’Italia. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council of the ECB has adopted this opinion.

text: 3. The first paragraph of the draft provision amends Article 3 of Law No 96 of 7 April 1997 and

text: Article 52

text: b of Legislative Decree No 213 of 24 June 1998, by inserting a new paragraph into each according to which banknotes and coins denominated in lira, respectively, can be converted into euro at all branches of the Banca d’Italia within ten years of the date on which they cease to be legal tender. In addition, the new provision to be inserted into the Legislative Decree would confirm the terms currently prescribed for the lapse of the right of conversion by Article 3(1) of Law No 96/1997 and

text: Article 52

text: b(1) of Legislative Decree 213/98, also for the purposes of the conversion into euro at the Banca d’Italia’s branches.

text: 4. As regards the timing of the lapse of the right of conversion of banknotes and coins denominated in lira into euro, the ECB notes that

text: Article 16 of Council Regulation (EC) No 974/98 of 3 May 1998

text: on the introduction of the euro states that the issuers of banknotes and coins of the Member States shall continue to accept, against euro at the conversion rate, the banknotes and coins previously issued by them ‘in accordance with the laws or practices’ of each participating Member State. The draft provision now expressly clarifies that the ordinary terms for the lapse of the right of conversion to legal tender under Italian law for banknotes and coins denominated in lira also apply for the purposes of the conversion into euro at the Banca d’Italia’s branches. The ECB welcome this provision as it enhances legal clarity.

text: 5. As regards coins, the ECB notes that the draft provision has regard to the possibility provided for by

text: Article 11 of Regulation (EC) No 974/98

text: , according to which ‘[e]xcept for the issuing authority and for those persons specifically designated by the national legislation of the issuing Member State, no party shall be obliged to accept more than 50 coins in any single payment’, and designates for the purpose of the unlimited conversion of coins denominated in lira into euro the Banca d’Italia.

text: 6. The second paragraph of the draft provision deals with the payment by the Banca d’Italia to the Government of the value of banknotes denominated in lira that have been withdrawn from circulation and which, 10 years after their withdrawal, still have not been submitted for exchange. The draft provision envisages the following: by 31 January 2003, the Ministry for the Economy and Finance and the Banca d’Italia will make an evaluation of the banknotes denominated in lira that, according to their forecasts, will be not submitted for exchange by 28 February 2012. The estimated total value will be paid by the Banca d’Italia to the Government according to the following timetable: 65% will be paid by 28 February 2003; up to 25% by 31 January 2008 having regard to the trend of reimbursements; and the residual value of the banknotes denominated in lira that have not by then been submitted for exchange by 31 March 2012. The ECB has no objection to this provision.

text: 7. It is understood that under Article 8(1) of Legislative Decree No 43 of 10 March 1998 the Banca d’Italia is empowered to draw up its financial statements in compliance with any decisions taken by the ECB in accordance with Article 26.4 of the Statute. The envisaged treatment of banknotes denominated in lira is compliant with Guideline ECB/2002/10 of 5 December 2002 on the legal framework for accounting and financial reporting in the European System of Central Banks, according to which the ‘banknotes in circulation figure’ shall exclude, as of 1 January 2003, banknotes denominated in national currency units. The ECB notes that for statistical purposes such national banknotes will also be excluded from ‘currency in circulation’ as from the same date.

text: 8. The draft provision states that if the actual value of banknotes denominated in lira to be converted into euro exceeds the estimated value, the Banca d’Italia shall convert the excess value using holdings on the Treasury’s account referred to in Article 4 of Law No 483 of 26 November 1993. The ECB welcomes the draft provision in so far as it limits possible central bank financing of the Government by the Banca d’Italia. The ECB notes that an additional safeguard is provided by Article 5 of Law No 483/93, which obliges the Treasury to cover any shortfalls on its deposit account.

text: 9. This opinion will be published on the ECB’s website. Done at Frankfurt am Main on 13 December 2002. The President of the ECB [signed] Willem F. DUISENBERG

type: vagledning

utgivare: ecb


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

text: amending Council Directives

text: and

text: and

text: European Parliament and Council Directive 2000/12/EC

text: , COM(2002) 625 final

text: See Common Position

text: (EC) No 52/2002

text: of 12 September 2002 adopted by the Council […] with a view to adopting a directive of the European Parliament and of the Council on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate, OJ C 253 E, 22.10.2002, p. 1. The Directive was adopted at second reading by the European Parliament on 20 November 2002.

text: COM(2002) 625 final. 5 EFC/ECFIN/598/02. 6 Comité des établissements de crédit et des entreprises d'investissement.

text: See in this respect Article L.141-4 of the Code, as amended by MURCEF law nº2001-1168 of 11 December 2001 regarding urgent measures of an economic and financial nature. 8 ECB Opinion

text: regarding a draft Finnish Act on emergency powers. 9 See in this respect the ECB opinion of 4 September 1998, CON/98/40 on a draft decree on the modernisation of the regulation of negotiable certificates of deposit, commercial paper and medium-term notes

text: Council Directive 93/22/EEC of 10 May 1993

text: on investment services in the securities field, OJ L 141, 11.6.1993, p. 27, Annex, Section C. 11 Directive

text: of the European Parliament and of the Council of 18 September 2000 amending Directive

text: relating to the taking up and pursuit of the business of credit institutions, OJ L 275, 27.10.2000, p. 37; Directive

text: of the European Parliament and of the Council of 18 September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions, OJ L 275, 27.10. 2000, p. 39. 12 The CRBF Regulation has not yet been endorsed by a formal approval of the Ministry of the Economy, which will determine its entry into force and its publication.

text: See ECB Opinion

text: of 4 January 2002 at the request of the Finnish Ministry of Finance on a draft proposal concerning the revision of the Credit Institution Act. 14 Common Position

text: (EC) No 8/2000

text: adopted by the Council on 29 November 1999 with a view to the adoption of Directive

text: of the European Parliament and of the Council on the taking up, pursuit and prudential supervision of the business of electronic money institutions (including the statement of Council's reasons), OJ C 26, 28.1.2000, p. 1. 15 Directive

text: of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions, OJ L 126, 26.5.2000, p. 1. 16 Directive

text: of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment ad securities settlement systems, EC OJ l166 of 11 June 1998, p. 45.

text: Decision ECB/2001/16 of 6 December 2001 on the allocation of monetary income of the national central banks of participating Member States from the financial year 2002, OJ L 337, 20.12.2001, p. 55. 18 Decision ECB/2001/15 of 6 December 2001 on the issue of euro banknotes, OJ L 337, 20.12.2001, p. 52.

title: Opinion of the European Central Bank of 18 December 2002 at the request of the French Minister of Economy, Finance and Industry on a draft law on financial security (CON/2002/32)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 18 December 2002 at the request of the French Minister of Economy, Finance and Industry on a draft law on financial security (

text: 1. On 13 November 2002 the European Central Bank (ECB) received a request from the French Ministry of Economy, Finance and Industry for an opinion on certain aspects of a draft law on financial security (the draft law). The provisions of the draft law submitted for consultation by the French authorities together with the statement of reasons deals with the modernisation of supervisory authorities (Title 1) and the security of savers and insured persons (Title 2).

text: 2. The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and on the second, third, fourth, fifth and sixth indents of

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions . The French authorities refer in particular, in the consultation letter, to the sixth indent of

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

text: which concerns the rules applicable to financial institutions "in so far as they materially influence the stability of financial institutions". The second, third, fourth and fifth indents of

text: Article 2(1)

text: should also be mentioned since certain provisions of the draft law affect a national central bank, and/or concern statistics, means of payment and payment and settlement systems. Although the ECB does not need to be consulted on the implementation of Community directives, some of the provisions of the draft law that intend to amend the French Monetary and Financial Code (the Code) in respect of e-money institutions affect means of payment and payment systems. As a consequence, this opinion also relates to these provisions. In accordance with the first sentence of Article 17(5) of the Rules of Procedure of the European Central Bank, the Governing Council of the ECB has adopted this opinion.

text: 3. A large part of the draft law relates to the modernisation of the French financial institutional framework (Title 1 of the draft law). This involves mainly the creation of the Financial Markets Authority - Autorité des marchés financiers - (AMF), as a result of the merger of the functions currently divided amongst the Commission des opérations de bourse (COB), the Conseil des marchés financiers (CMF) and the Conseil de discipline de la gestion financière (CDGF). This part of the draft law also deals inter alia with the reinforcement of cooperation between the Banking Commission and the Insurance Commission, the simplification of advisory procedures in the field of banking, insurance and financial regulation and with emergency situations in the context of financial markets.

text: 4. This opinion focuses primarily on these amendments as well as on some proposed changes included in Title 2 of the draft law which concern in particular the rules applying to money market instruments and to custody account keepers of financial instruments. Certain aspects of the implementation of the E-money Directive and a proposed amendment to the Statute of the Banque de France are also considered in the present opinion.

text: A. The creation of the Financial Markets Authority (AMF)

text: 5. The ECB welcomes the plans to modernise the French financial authorities and to simplify the French institutional and legal framework for financial regulation. The ECB welcomes in particular the intention of the French authorities to create the AMF, mainly as a result of the merger of the functions currently divided amongst the Commission des opérations de bourse (COB), the Conseil des marchés financiers (CMF) and the Conseil de discipline de la gestion financière (CDGF).

text: 6. The AMF, as an independent administrative authority and a legal person governed by administrative law, will have a sui generis status similar to that of the Banque de France. This authority will be mainly composed of a college of 16 representatives and of an entirely separate Sanctions Committee. The ECB welcomes the participation of the Banque de France as a full member in the college of the AMF, the composition of which will offer an appropriate balance between representatives of the public authorities and of the market. In the ECB’s view, the draft law should however ensure that the members appointed by the Minister for the College and the Sanctions Committee effectively cover the whole spectrum of market participants, i.e. issuers, financial intermediaries, market undertakings, individual and institutional investors but also representatives of market infrastructure. The ECB also welcomes the entitlement of some representatives of the Banque de France to participate, where required, in the specific ad hoc commissions set up by the College and that the AMF will have the possibility to receive Banque de France staff.

text: 7. As regards the missions and functions of the AMF, they are wide since the authority will be responsible for the protection of savings invested in financial instruments and all other investments giving rise to public offerings, investor information and the smooth functioning of markets for financial instruments. Without prejudice to the respective powers of the Banking Commission and of the Banque de France, the AMF will regulate the operation of the markets placed under its control, the persons making public offerings, as well as the persons who, by reason of their professional activity, are involved in operations relating to financial instruments invested by public offerings, or the persons who provide individual or collective portfolio management services and the collective investment undertakings that they manage. The ECB notes that an important element of modernisation and simplification of the French legal framework in the field of financial regulation will be the adoption by the AMF, for the fulfilment of its tasks, of a single General Regulation which will combine the COB Regulations and the CMF General Regulation and complement the provisions of the Monetary and Financial Code (legislative and regulatory parts). This General Regulation will be adopted by the College of the AMF and endorsed by the Minister of the Economy. It will govern the functioning of the markets under the control of the AMF as well as the persons making public offerings, take-over bids, business conduct rules and other professional obligations. It will also incorporate rules applicable to investment services providers, market undertakings, clearing houses and their members, and the management activities performed on behalf of third parties and collective investments. The General Regulation will also establish the legal framework applicable to custody account keeping services of financial instruments (see below), central depositories and settlement systems of financial instruments (without prejudice to the powers of the Banque de France in this area under Article L.141-4 of the Code).

text: 8. The General Regulation of the AMF will govern regulated markets of financial instruments and financial instruments markets, other than regulated markets. The draft law introduces therefore a legal basis for the regulation of the Alternative Trading System, the current CMF General Regulation being silent on the possibility to “regulate” non-regulated markets. The ECB understands that this provision anticipates to a certain extent the proposal for a directive of the European Parliament and of the Council on investment services and regulated markets adopted by the European Commission on 19 November 2002 which “recognises the emergence of a new generation of organised trading systems alongside regulated markets which should be subjected to obligations designed to preserve the efficient and orderly functioning of financial markets”.

text: 9. The ECB notes that the prior consultation of the Banque de France will not be required for the AMF General Regulation since a representative of the Banque de France appointed by the Governor will be a full member of the college of the AMF. However, the ECB recommends retaining, as is currently the case, the possibility for the Banque de France to adopt opinions and recommendations on the General Regulation where the Banque de France is specifically concerned.

text: 10. In respect of investigation powers, the AMF, in line with the current CMF powers, as provided in Article L.622-9 of the Code, will ensure, by carrying out on the spot inspections of documents, that clearing houses for financial instruments inter alia comply with applicable legislative and regulatory provisions. This applies also, under the draft law, to the operators of settlement systems for financial instruments. The ECB observes that Article 10 of the draft law (amending Article L.621-9 of the Code) specifies that these two provisions apply without prejudice to the powers conferred upon the Banque de France under Article L.141-4 of the Code.

text: 11. The statement of reasons notes that cooperation and understanding between the banking and financial authorities constitute a prerequisite for an efficient regulation of the financial sector. To this end, the French authorities point out that the AMF and the banking authorities (including the Banque de France and the Banking Commission) will have to conclude a protocol to establishing the cooperation and information exchange mechanisms in the areas where legally conferred powers are shared by these authorities or where they share an interest. This concerns for instance the supervision of custody account keepers for financial instrument and of members of clearing houses, the activity programmes of investment services providers and the surveillance of the negotiable debt securities market (see below). The ECB welcomes the fact that the reform of financial authorities foreseen by the draft law provides the opportunity to clarify the powers of the different financial authorities. To the extent this Protocol will affect some Banque de France and Eurosystem functions (for instance, in respect of clearing and settlement systems of financial instruments), the ECB would appreciate having the possibility to provide comments before the Protocol is formally adopted.

text: 12. Article 2 of the draft law amending Article L.621.1 of the Code provides that one of the tasks of the AMF will be to contribute to establishing European and international regulation of these markets. According to the statement of reasons, the purpose of this provision is to recall that the AMF acts in an international context and that this authority will actively participate in European or international fora such as the CESR, IOSCO or the Financial Stability Forum. The ECB welcomes this provision in so far as it legally acknowledges the European and international role to be played by the AMF. More generally, in line with the recommendations of the Report of the Committee of Wise Men on the regulation of the European securities markets of 15 February 2001, the creation of a single authority for financial markets, such as the AMF, contributes to the convergence of regulatory and supervisory structures identified by the Committee of Wise Men as a key condition for the success of the Lamfalussy approach to integrated EU financial markets.

text: 13. Lastly, the ECB proposes that the draft law provide for information sharing between the AMF and central banks, including the national central banks of the ESCB and the ECB, for the purpose of the performance of their respective tasks. First, the exchange of information with the central banks of the Eurosystem involves a cross-border dimension that is not yet acknowledged in the relevant provisions of the Code. Second, information conveyed to a central bank of the Eurosystem may be shared among the central banks of the Eurosystem. Therefore, a provision could be included in the draft law allowing the AMF to share information with central banks, including the national central banks of the ESCBand the ECB for the purpose of the performance of their respective tasks. This proposal is consistent with Article 12(1) of the Directive on the supplementary supervision of financial conglomerates and with Article 54(6) of the proposal for a directive of the European Parliament and of the Council on investment services and regulated markets (ISD) adopted by the European Commission on 19 November 2002 .

text: B. Reinforcement of the cooperation between the Banking Commission and the Insurance Commission and other institutional changes

text: 14. The ECB welcomes the reinforcement, within the draft law, of the existing cooperation between the Banking Commission and the Insurance Commission. In particular, Article L.613-3 of the Code will be amended to include the Chairman of the Insurance Commission as a member of the Banking Commission. In addition, the Code will provide that the Banking Commission and the Insurance Commission will meet at least twice a year, and, to the extent necessary, discuss topics of common interest. The ECB understands that a Charter of Cooperation was concluded between the two authorities on 24 October 2001 which notably allows their respective experts to take joint supervisory initiatives, in particular as regards on-site inspections. It also provides them with the possibility of sharing staff and information. For instance, a joint working group was recently established to study in particular the impact of credit derivatives on financial stability. This reinforced cooperation is also in line with the recent legislative and institutional developments at EU level, such as the abovementioned Directive on the supplementary supervision of financial conglomerates and the recent final Report of the Economic and Financial Committee on financial regulation, supervision and stability of 28 November 2002 which recommends a strengthened cross-sectoral activity amongst competent authorities, as a prerequisite for the preservation of financial stability.

text: 15. As regards the CECEI , a Committee chaired by the Governor of the Banque de France, Chairman of the Banking Commission (and including in particular the Director of the Treasury and the Chairman of the AMF), the ECB understands that its composition and core functions are not substantially affected by the draft law. The CECEI will continue to grant (and withdraw when necessary) licenses to credit institutions and investment firms (including custody-account keepers of financial instruments). In addition, some amendments are introduced concerning the role of this Committee in relation to certain types of companies providing e-money services (see H below) and to the activity programmes of investment services providers.

text: C. Simplification of the banking, insurance and financial regulation advisory procedures

text: 16. The ECB welcomes the provisions of the draft law that will simplify the banking, insurance and financial regulation advisory procedures. It welcomes in particular the creation of two advisory Committees, i.e. the Advisory Committee on the Financial Sector (CCSF) and the Advisory Committee on Financial Legislation and Regulation (CCLRF), since they will contribute to clarifying the French institutional framework in the financial sector for market operators in France and abroad. They will also increase the functional convergence between the different areas of the financial sector (banking, insurance and investment services sectors).

text: 17. First, the Advisory Committee of the Financial Sector (CCSF) will be common to the banking, insurance and investment services sectors, taking into account the increasing convergence of issues in these sectors. This Committee composed of industry and consumer representatives will study relationships between companies and users and perform the functions currently exercised by the Conseil national du crédit et du titre (CNCT), the Comité consultatif (Advisory Committee) and the Commission consultative de l’assurance (Advisory Insurance Commission). It will adopt opinions and recommendations of a general nature. Second, the Advisory Committee of Financial Legislation and Regulation (CCLRF) will replace the Comité de la réglementation bancaire et financière (CRBF) and the Conseil national des assurances (CNA). According to Article 22 of the draft law, this Committee will be consulted by the Minister of Economy and Finance on any draft law or ordinance as well on any every proposal for a Community directive dealing with issues related to banking, insurance and investment services. In addition, draft decrees and ministerial orders in these areas will only be adopted after consultation of the CCLRF. The Minister of the Economy and Finance, the Banque de France, the CECEI, the Banking Commission, the Advisory Committee of the Financial Sector, the AMF and some insurance authorities may make referrals to the CCLRF for this purpose. In case of a negative opinion, draft decrees or ministerial orders can only be adopted once a second deliberation of the Committee has taken place at the request of the Minister. The draft law provides that a decree will establish the composition, the conditions of appointment of the CCLRF members and the Committee’s rules.

text: 18. In the statement of reasons, the French authorities provide some additional information on the possible content of the decree envisaged in respect of the CCLRF. This Committee would be composed in a similar manner to the CRBF (including a representative of the Governor of the Banque de France, Chairman of the Banking Commission), except that it would include representatives from the insurance and investment services sectors, depending on the matters examined by the Committee. As for the CRBF, the Chairman will be the Minister of Economy, or his representative, with a casting vote.

text: 19. The scope of intervention of the CCLRF will be wider since it will cover banking, insurance and investment services sectors. Moreover, as mentioned above, the Committee will not only examine ministerial orders and decrees but also regulations, draft laws and proposed Community directives. However, unlike the CRBF, the new Committee does not have regulatory powers and its powers are only of an advisory nature. The Minister of Economy will be directly in charge of banking and financial regulation in the areas mentioned in Article L.611-2 of the Code, without prejudice to the missions conferred upon the ESCB in accordance with Article 105(2) of the Treaty (and not Article 106(2) of the Treaty, as mentioned in the Code). Since the CCLRF (in which the Banque de France should participate) will be consulted on any draft provisions related to the financial sector, the consulting authority might wish to consider involving this Committee in contributing to ensuring the implementation of the abovementioned

text: Council Decision 98/415/EC

text: D. Emergency measures relating to financial markets

text: 20. Article L.621-7-1 of the Code, once amended by the draft law, will provide that, in case of the AMF’s incapacity to act, emergency measures required by circumstances will be adopted by a decree. This provision mirrors an existing similar provision of the Code regarding the CMF. The ECB understands that this provision aims to provide the French authorities with the powers to adopt emergency measures in relation to financial markets should the AMF be unable to act. Since the proposed provision is included in the Section of the Code on the powers of the AMF, some of which, as mentioned above, are shared with the Banque de France in relation to Eurosystem activities (for instance, regarding clearing and settlement systems of financial instruments) , the attention of the French authorities is drawn to the recommendations contained in the ECB Opinion of 31 October 2002 concerning the possibility for Member States to adopt emergency measures for the financial markets. In the interests of clarification, the abovementioned draft provision could be amended as follows: “In case of (…) and without prejudice to the powers of the Banque de France in particular in the context of ESCB activities (…)”.

text: E. Rules on money market instruments

text: 21. A reform of the French rules applying to negotiable debt securities (TCN), as last amended in 1998 , is under way, comprising in particular the amendment by the draft law of certain provisions of the Code concerning TCN and aiming to further increase the competitiveness of the TCN market and facilitate conditions of issuance.

text: 22. As regards the rules on the organisation and supervision of the TCN market, the ECB notes that the French authorities intend to clarify within the Code the respective roles and functions of the AMF and of the Banque de France. For instance, Article L.213-4 of the Code, as amended, will provide that the financial documentation is to be submitted to the Banque de France which is in charge of ensuring that issuers comply with the conditions of issuance provided for in Article L.213-3 of the Code. Although there is no express provision in the draft law, the ECB understands that, under the new provisions on negotiable debt securities envisaged by the French authorities, the AMF, as for the debt securities markets, will be empowered in particular to ensure the surveillance of financial information continuously without having to deliver any visa, and the compliance of operators with business conduct rules. Moreover, as mentioned above, the surveillance of the TCN market should be part of the joint exercise to be undertaken respectively by the AMF and the Banque de France in the context of the adoption of the protocol between the two authorities. The ECB welcomes this clarification which should ultimately benefit TCN issuers, investors and other market participants.

text: 23. Under the draft law, the applicable provisions contained in the Code (and in particular Articles L.213-2 and L.213-4 of the Code) will also be amended to relax the applicable language regime and to provide the possibility for issuers, under certain circumstances, to submit financial documentation in a language customary in the sphere of finance other than French. Moreover, the current obligation imposed on TCN issuers to prove two years of existence will be repealed. The ECB welcomes these amendments since they should open the market to a wider range of issuers and contribute to a further integration of short-term securities markets in Europe.

text: 24. The ECB understands that some amendments to Decree nº92-137 of 13 February 1992 (which are not part of the present consultation) are envisaged by the French authorities. If the amendments to the Decree and any related regulation fall within the scope of the abovementioned Council Decision, the ECB would be available to provide its comments on the matter.

text: F. Rules relating to custody account keeping of financial instruments

text: 25. At present, the French legislation refers to custody account keeping services of financial instruments in Article L.622-7 of the Code which provides that the CMF General Regulation deals with the conditions for the authorisation of custody account keepers of financial instruments. The French authorities clarify in the draft law, within a specific and autonomous chapter of the Code (Article 33 of the draft law), the nature of the persons likely to be authorised to exercise such activity, i.e. corporate issuers making public offerings, French financial institutions subject to prudential supervision (credit institutions, investment firms or institutions such as La Poste), and “pure” custody account keepers of financial instruments, assimilated to investment firms, licensed by the CECEI, respectively supervised by the AMF for business conduct rules and by the Banking Commission for their management standards. Foreign legal persons (credit institutions, investment firms and custody account keepers) would be authorised to provide such services provided that the provisions applicable to them in their home country in terms of exercise of the activity and of supervision are equivalent to the rules applicable in France. The conditions will be specified in the AMF General Regulation. The statement of reasons indicates that this differentiated treatment of EEA providers compared to French providers is justified by the absence of harmonisation of such services in Europe.

text: 26. Under Directives

text: and

text: , EEA credit institutions and investment firms which were granted a licence in their home country and are entitled to provide custody account keeping financial instrument services are not subject to any additional licensing requirements under the law of the host country. It is noted, however, that the abovementioned proposal for a directive of the European Parliament and of the Council on investment services and regulated markets (ISD) adopted by the European Commission on 19 November 2002 considers safekeeping and administration of financial instruments for the account of clients (including custodianship and related services such as cash/collateral management) as “ancillary/non-core” services. Moreover, according to Article 5 of the proposal (“Scope of authorisation”), the “European passport” is not granted solely for the provision of ancillary services. The ECB notes that this situation currently prevails in the context of the existing ISD .

text: 27. The ECB acknowledges that the legal framework for the provision of custody account keeping services of financial instruments is not harmonised at European level. In France, the rules are detailed and binding, thus providing market participants with a high level of security. The ECB shares the view that, from a systemic perspective, custodians are a key component of the securities settlement chain and that the financial soundness stemming from a set of detailed rules may also play an important role in respect of the constitution and realisation of collateral. Therefore, the ECB believes that efforts for further harmonisation, possibly with a view to establishing minimum common standards (for instance in terms of business practices, capital adequacy, performance requirements) and an adequate legal framework should be pursued by the relevant fora to ensure a level playing field throughout Europe while further increasing confidence in the securities settlement chain.

text: G. Issue of electronic money, payment systems and money laundering

text: 28. The draft law introduces some amendments to the Code in respect of e-money institutions. The ECB understands in this respect that most of the provisions of the Directives on electronic money were recently implemented by a Regulation of the CRBF nº2002-13 of 21 November 2002 relating to electronic money and electronic money institutions .

text: 29. The provisions of the draft law amending Article L.511-7 II of the Code intend to implement

text: Article 8(1)

text: (b) and (c) of Directive

text: (the Directive) which allows Member States to waive the application of the Directive in certain defined cases. The waiver contained in Article 8 of Directive provides a derogation from the main provisions of the Directive which are intended to ensure sound and prudent operations and in particular the financial integrity of electronic money institutions. In this respect, the ECB had the opportunity to indicate, in a recent opinion on a draft Finnish Act , that, in the interest of the smooth functioning of the payments systems as well as for monetary policy reasons in general, it would favour a more restrictive use of the waiver.

text: 30. First, the ECB observes that the CECEI will be empowered to grant exemptions from credit institution licensing to those institutions fulfilling the conditions of

text: Article 8(1)

text: (b) and (c), as implemented under French law. According to the draft law, companies issuing electronic money who benefit from the waiver would as a consequence not be regarded as credit institutions. In this respect, the ECB would like to recall that Article 1(4) of the Directive provides that Member States must prohibit persons or undertakings that are not credit institutions from issuing electronic money. Furthermore, the Council’s common position concerning the Directive stated that even though the Member States have the option to waive the application of some or all of the provisions of the Directive and the application of Directive

text: , this does not affect the nature of the institutions concerned; they remain credit institutions, as defined in

text: Article 1

text: , point 1, first subparagraph of Directive

text: . In addition, the entitlement of monetary authorities to impose minimum reserve requirements is not affected. The question of which types of institution are regarded as credit institutions is important in the context of the ESCB’s operations and for credit institutions’ access to central banks’ payments systems as well as to the standing facilities, as they are instruments of Community monetary policy.

text: 31. Second, the draft law authorises the CECEI to grant the above exemption “unless it considers this to be incompatible with the payment systems”. The reference to payment systems in this provision of the draft law is, in the view of the ECB, relatively unclear. The ECB understands, however, that this provision intends to specify that the CECEI would grant such exemption unless it considers this to be incompatible with the security of means of payment. In addition, this provision is to be assessed in the context of the protection granted by the Settlement Finality Directive to credit institutions as participants in a system.

text: 32. Third, and subject to the above reservation, the ECB notes that these “exempted” institutions (which do not have the status of credit institutions) will however be subject to obligations to declare any suspicion under Article L.562-1 of the Code.

text: H. Discontinuation of the publication by the Banque de France of its weekly balance sheets and amendment to the Statute of the Banque de France

text: 33. Article L.144-5 of the Code, which is part of the Statute of the Banque de France, requires the balance sheets of the Banque de France to be published weekly. The draft law provides for the repeal of this requirement. According to Article 2(1) of Decision ECB/2001/16 of 6 December 2001 , the intra-Eurosystem balances on euro banknotes in circulation, as defined in

text: Article 1

text: (e) of that Decision, which result from the allocation of the euro banknote issued, are calculated on a monthly basis and are recorded in the books of the ECB and the NCBs on the first business day of the month with a value date of the last business day of the preceding month. By extension, the recording of the allocation to NCBs of their share of the liability arising from the total value of euro banknotes in circulation, as a result of the application of Article 4 of Decision ECB/2001/15 of 6 December 2001 on the issue of euro banknotes, occurs with the same frequency. The publication by an NCB of its balance sheet more frequently than at the end of a month would disclose liabilities for euro banknotes in circulation that reflect day-to-day accounting transactions occurring between the periodic allocations recorded in its books. This would therefore conflict with Article 4 of Decision ECB/2001/15. Accordingly, on 4 July 2002 the Governing Council of the ECB recommended that those euro area NCBs which currently publish weekly balance sheets discontinue their publication. The ECB therefore welcomes this repeal.

text: 34. This opinion will be published on the ECB’s website. Done at Frankfurt am Main on 18 December 2002. The President of the ECB [signed] Willem F. DUISENBERG


title: Opinion of the European Central Bank of 17 January 2003 at the request of De Nederlandsche Bank on a draft of the Balance of Payment Reporting Instructions 2003 (CON/2003/1)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 17 January 2003 at the request of De Nederlandsche Bank on a draft of the Balance of Payment Reporting Instructions 2003 (

text: 1. On 18 December 2002 the European Central Bank (ECB) received a request from De Nederlandsche Bank (hereinafter the “Bank”) for an opinion on a draft of the Balance of Payment Reporting Instructions 2003 (hereinafter the “draft instructions”).

text: 2. The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community, Article 4 of the Statute of the European System of Central Banks and of the European Central Bank and the fourth indent 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 . In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank , the Governing Council of the ECB has adopted this opinion.

text: 3. Section 7(1)(a) of the External Financial Relations Act 1994 imposes a general obligation to provide the Bank, in conformity with the relevant instructions issued by the Bank, with all information and data material to the balance of payments of the Netherlands. The draft instructions are based on this Section and they replace the current Reporting Instructions for External Payments 2000 from 1 April 2003. The new data collection system imposes an obligation on residents designated by the Bank as reporting institutions to report directly to the Bank. Reporting institutions will no longer be required to report individual transactions to the Bank. Instead, they will be required to provide periodical statements of their transactions with non-residents and their positions against them. The draft instructions also allow reporting institutions to transmit, upon prior agreement by the Bank, a consolidated report on behalf of several reporting institutions that belong to the same group. The reporting institution compiling the consolidated report will be responsible for complying with the reporting requirements of the reporting institutions covered by the consolidated report. Reporting institutions may also appoint a representative to compile individual or consolidated reports on their behalf and transmit them to the Bank. In this case reporting institutions remain responsible for complying with the reporting requirements. The information to be supplied to the Bank will be determined by the reporting profile, or profiles, allocated to a specific reporting institution. A reporting institution will be required to transmit reports to the Bank in accordance with the reporting forms and explanatory notes provided.

text: 4. The ECB welcomes the draft instructions as they clarify the Bank’s responsibility in compiling and publishing balance-of-payments statistics. Also, the draft instructions clearly define reporting institutions’ reporting obligations, whilst giving the Bank some leeway to require additional information where relevant. In doing so, the draft instructions ensure compliance by the Bank with Guideline ECB/2000/4 of 11 May 2000 on the statistical reporting requirements of the ECB in the field of balance-of-payment statistics, the international reserves template and international investment position statistics . In this context it might be useful to add to the recitals of the draft instructions or the accompanying Explanatory Note a reference to this Guideline.

text: 5. Section 2 of the draft instructions also states the purpose for which reporting institutions will be required to provide statistical information and data to the Bank. Inserting a reference to the international investment position statistics could be considered in this context, as they provide useful information and analytical value on their own and complement the balance-of-payment statistics.

text: 6. Section 8(1) of the draft instructions refers to the delivery of a quarterly statement relating to credit institutions’ services to non-residents. The services are understood to cover any business carried out by credit institutions with their customers. However, this may be ambiguous as the term “services” in the balance of payments specifically covers credit institutions’ commercial relationship with their (non-resident) clients, such as the supply of financial and other business and insurance services, although not financial transactions and positions with accounts abroad. Whilst the reporting forms contain clear definitions specifying which transactions and positions need to be reported to the Bank, it may be considered to review the wording of the draft Instructions so that they also contain this clarification.

text: 7. Sections 14 and 15 of the draft instructions revoke the current Reporting Instructions for External Payments 2000 from 1 April 2003. Section 13 contains a transitional arrangement and specifies that information and data relating to the period prior to the entry into force of the draft instructions must be compiled on the basis of the current Reporting Instructions for External Payments 2000. In order to avoid any misunderstanding, it might be useful to clarify here that this applies even where this reporting occurs after 1 April 2003.

text: 8. The ECB confirms that it has no objection to the competent national authorities making this opinion publicly available at their discretion. This opinion will be published on the ECB’s website six months after the date of its adoption. Done at Frankfurt am Main on 17 January 2003. The President of the ECB [signed] Willem F. DUISENBERG


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

text: Council Directive 85/611/EEC of 20 December 1985

text: on the coordination of laws. Regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), OJ L 375, 31.12.1985, p. 3.

title: Opinion of the European Central Bank of 28 February 2003 at the request of the Danish Financial Supervisory Authority on a draft law replacing the Financial Business Act and a draft law on the Mortgage Loans and Mortgage Bonds Act (CON/2003/2)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 28 February 2003 at the request of the Danish Financial Supervisory Authority on a draft law replacing the Financial Business Act and a draft law on the Mortgage Loans and Mortgage Bonds Act (

text: 1. On 24 January 2003 the European Central Bank (ECB) received a request via Danmarks Nationalbank from the Finanstilsynet (Danish Financial Supervisory Authority) on behalf of the Økonomi- og Erhvervsministeriet (Ministry of Economics and Business Affairs) for an opinion on a draft law replacing the Lov om finansiel virksomhed (Financial Business Act) and a draft law on the Lov om realkredit og realkreditobligationer m.v. (Mortgage Loans and Mortgage Bonds Act).

text: 2. The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and Article 2(1), fifth and sixth indents concerning payment systems and the stability of financial institutions and markets, of

text: 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 legislative proposals, amongst other things, contain provisions concerning (i) electronic money institutions, (ii) license to run financial businesses, (iii) best practice, (iv) management and speculative transactions, (v) divulging confidential information, (vi) solvency (vii) investment of funds and liquidity and (viii) interest-only loans for a period of up to 10 years to private real estate and weekend cottages owners. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council of the ECB has adopted this opinion.

text: 3. In December 2000 and February 2002 the ECB was consulted on two draft laws relating to the Lov om finansiel virksomhed (CON/00/32) and (

text: ). The intention behind these drafts was to ensure the simplification and increased consistency of Danish financial business legislation. In both instances the ECB welcomed the fact that a further review of the financial business legislation would be carried out at a later stage. This objective is now one of the aims of the current draft laws. The ECB welcomes the fact that the current drafts contribute to legal reform by further harmonising, codifying and restructuring legislation. The current draft laws contribute to harmonisation by proposing, amongst other things, a considerable reduction in the number of financial laws and provisions. Thus, the Lov om banker og sparekasser (The Commercial Banks and Savings Banks, etc. Consolidated Act), the Lov om fondsmæglerselskaber (Stockbroker Companies Act), the Lov om realkredit (Mortgage Credit Act), the Lov om forsikringsvirksomhed (Insurance Companies Act), the Lov om udstedere af elektroniske penge (Electronic Money Institutions Act) and the Lov om sparevirksomheder (Savings Banks Act) would all be repealed.

text: 4. The bulk of the provisions in the draft Financial Business Act, which replaces the current Financial Business Act, constitute the provisions contained in the latter together with the provisions of the six abovementioned repealed Acts. As a consequence, the majority of its provisions do not actually change the present state of the law. It should be noted that a number of the provisions taken over from existing legislation have not yet been reviewed in the Danish legislative process. Consideration should be given to the further harmonisation and streamlining of these provisions. The draft laws propose substantial amendments on certain matters of relevance to the ECB and these are addressed below.The draft Mortgage Loans and Mortgage Bonds Act is also part of the financial law reform. The bulk of its provisions are taken over from the Mortgage Credit Act, which is repealed by the draft law. The most substantial change is the proposal to allow mortgage bond institutions to offer owners of private real estate and weekend cottages interest-only mortgages for a period of up to 10 years (as is already the case for professional borrowers).

text: 5. To the extent that the draft laws implement directives such as

text: Council Directive 93/6/EEC of 15 March 1993

text: on the capital adequacy of investments firms and credit institutions and

text: Council Directive 93/22/EEC of 10 May 1993

text: on investment services in the securities field , the Danish authorities are not obliged to consult the ECB, in accordance with

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

text: 6. The existing provisions of the Lov om udstedere af elekroniske penge (Electronic Money Institutions Act), which implements Directive

text: of the European Parliament and of the Council of 18 September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions , are transferred to chapter 19 of the draft Financial Business Act, c.f. Section 1(8) of the draft law. The ECB considers, however, that Section 1(8) should also refer to chapter 2 (“Definitions”), since this would avoid any interpretative doubts as to whether electronic money institutions are covered by the definition of credit institutions contained in Section 5 of the draft Financial Business Act in accordance with

text: Article 1 of Directive 2000/12/EC

text: of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions , as amended by Directive

text: of the European Parliament and of the Council of 18 September 2000 . According to the definition contained in

text: Article 1(1)

text: b a credit institution shall, apart from the traditional credit institutions governed by

text: Article 1(1)

text: a, mean ‘an electronic money institution within the meaning of Directive

text: … ’. Both in the interests of the smooth functioning of payments systems and for monetary policy reasons in general the ECB aims to achieve a consistent definition of credit institutions throughout the European Communities.

text: 7. The substantial content of the provisions on “best practices” (chapter 6 of the draft Financial Business Act) is taken over from the existing rules on which the ECB commented positively in connection with (CON/00/32) and (

text: ). The changes currently proposed further simplify the rules on best practices by stating that detailed provisions for specific types of financial entities shall be established in the future in executive orders. The provisions on management and speculative transactions (chapter 8 of the draft Financial Business Act) uphold the existing rules laying down certain qualifications and integrity requirements for the members of the boards of financial institutions. In this connection the ECB takes note of Section 350 of the draft Financial Business Act, according to which the Financial Supervisory Authority is competent to oblige a financial entity to remove a member of its board if the board member is no longer able to fulfil his/her duties. The ECB welcomes the increased powers vested in the Financial Supervisory Authority in this area which bring it into line with international supervisory standards and has positive implications for the maintenance of financial stability and for crisis management. Furthermore, the ECB welcomes the way in which the provisions relating to the persons and financial activities covered by the prohibition against speculative transactions are amended, in particular by Section 76 of the draft Financial Business Act. The ECB understands that the existing prohibition applies only to persons fulfilling certain types of job category whilst the proposed scope is directed at the actual tasks that company employees perform. The prohibition is thus more precisely targeted at the type of risks that the rules are intended to counter. The fact is also welcomed that, due to the long-standing Danish policy of a fixed exchange rate between the Danish kroner and the euro, the existing restriction on euro positions is abolished and no longer covered by the prohibition against speculative transactions. The provisions on adjustment or termination of business (chapter 14 of the draft Financial Business Act) are largely unchanged and remain in accordance with secondary Community legislation. The ECB notes that Section 203 now specifically mentions that merger with or acquisition by foreign institutions also requires the authorisation of the Danish Financial Supervisory Authority and welcomes the legal clarity created by this provision.

text: 8. The most important innovation proposed by the draft Mortgage Loans and Mortgage Bonds Act (Section 4) is the liberalisation that allows mortgage bond institutions to offer owners of private real estate and weekend cottages the option of paying only the interest and no principal (interest-only loan) for a period of up to 10 years (as it is already the case for professional borrowers). To date these owners have not been allowed to amortise their mortgages more slowly i.e. to pay less principal than according to a 30-year annuity. It is noted, however, that; · the proposal only provides for a slower repayment profile, with a greater part of the repayment on the final maturity date, and does not allow for an extension of the maximum maturity of a mortgage, which remains unchanged at 30 years (35 years if special guarantees are available); and · the unchanged maximum limit for the size of the mortgage relative to the value of the underlying real estate needs to be respected throughout the duration of the mortgage; and finally · the so-called “balancing”-principle ensures that the mortgage bond institutions will need to hedge any interest rate risk that may result from granting any such loans with a slower repayment profile. Accordingly it is understood that the proposal, which offers Danish owners of real estate certain financing opportunities that are already available in other EU countries, does not substantially change the risk profile of mortgage bond institutions and the bonds they are issuing. The ECB therefore assumes that the proposal would have no impact as regards the compliance of Danish mortgage bonds with

text: Article 22(4) of Council Directive 85/611/EEC

text: . Compliance with the UCITS Directive means that from a risk profile viewpoint the proposal does not impact upon the eligibility of these bonds as underlying collateral for Eurosystem credit. However, new aspects of Danish Mortgage Bonds would obviously also need to comply with the other criteria listed in the ‘General documentation on ESCB monetary policy instruments and procedures’ annexed to the Guideline of the European Central Bank of 7 March 2002 amending Guideline ECB/2000/7 on monetary policy instruments and procedures of the Eurosystem (ECB/2002/2) in order to qualify as collateral for Eurosystem credit.

text: 9. The ECB confirms that it has no objection to the competent national authorities making this opinion publicly available at their discretion. This opinion will be published on the ECB’s website six months after the date of its adoption. Done at Frankfurt am Main on 28 February 2003. The President of the ECB [signed] Willem F. DUISENBERG


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

text: ECBS står för Europeiska centralbankssystemet.

sprak: sv

title: Europeiska centralbankens yttrande av den 5 mars 2003 på begäran av Sveriges riksdag om ett förslag till ändring av riksdagsordningen (CON/2003/3)

text: EUROPEISKA CENTRALBANKENS YTTRANDE av den 5 mars 2003 på begäran av Sveriges riksdag om ett förslag till ändring av riksdagsordningen (

text: 1. Den 7 februari 2003 mottog Europeiska centralbanken en begäran om yttrande från Sveriges riksdag över ett förslag till ändring av riksdagsordningen (RO) samt vissa ändringar av riksbankslagen (lag (1988:1385) om Sveriges riksbank) (nedan kallat lagförslaget).

text: 2. ECB:s behörighet att avge ett yttrande grundas på artikel 105.4 i Fördraget om upprättandet av Europeiska gemenskapen och artikel 2.1 tredje 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 berör Sveriges riksbank. I enlighet med första meningen i artikel 17.5 i ECB:s arbetsordning har detta yttrande antagits av ECB-rådet.

text: 3. Trots att lagförslaget gäller RO, som utgör en central del av den svenska lagstiftningen med regler för arbetet i riksdagen och dess utskott och organ, har det endast begränsad betydelse för ECB. Av intresse för ECB är främst de föreslagna ändringarna rörande riksbanksfullmäktige och Riksbankens direktion samt vissa ändringar av riksbankslagen.

text: 4. Enligt de föreslagna ändringarna skall bestämmelser om behörighet att vara ledamot av riksbanksfullmäktige införas i riksdagsordningen (tilläggsbestämmelse 8.6.1), utöver de likalydande bestämmelser som redan finns i riksbankslagen (2 kap. 1 §). Dessutom föreslås att det införs en precisering i RO (tilläggsbestämmelse 8.6.1) och i riksbankslagen (2 kap. 1 §) rörande entledigandet av ledamöter från uppdraget i riksbanksfullmäktige. Enligt gällande regler i riksbankslagen (2 kap. 1 §) skall riksdagen entlediga en ledamot från uppdraget i fullmäktige om denne tar en sådan anställning eller ett sådant uppdrag som är oförenligt med ställningen som ledamot av riksbanksfullmäktige. Enligt lagförslaget skall dessa regler även föras in i tilläggsbestämmelse 8.6.1 i RO och kompletteras med bestämmelser som anger vilket riksdagsorgan som skall föreslå riksdagen ett entledigande. Efter de föreslagna ändringarna i RO och riksbankslagen kommer denna uppgift att ligga på finansutskottet. Enligt lagförslaget bibehålls dessutom rätten för riksbanksfullmäktige och Riksbankens direktion att lägga förslag till riksdagen inom sina respektive behörighetsområden och en hänvisning införs i riksbankslagen (4 kap. 1 §) till detta avsnitt i RO (tilläggsbestämmelse 3.8.3).

text: 5. ECB begränsar sitt yttrande till ovan angivna ändringsförslag, som främst synes vara av lagteknisk art. Preciseringen att förslag om entledigande av ledamöter från uppdraget i riksbanksfullmäktige skall handläggas av finansutskottet förefaller lämplig. ECB ställer sig också positiv till att riksbanksfullmäktige och Riksbankens direktion enligt lagförslaget även fortsättningsvis kommer att ha möjlighet att lägga förslag till riksdagen inom sina respektive behörighetsområden. Nämnas kan även att riksbanksfullmäktige inte är ett beslutsfattande organ, som – för det fall att Sverige inför euron – skulle delta i beslut rörande ECBS-relaterade frågor . Direktionen däremot är ett beslutsfattande organ som omfattas av de krav på oberoende som gäller för en centralbank. Lagförslaget innebär inte någon förändring av direktionens, eller dess ledamöters, ställning. Mot bakgrund av dessa överväganden har ECB ingen erinran mot de föreslagna ändringarna.

text: 6. ECB bekräftar att den inte har någon invändning mot att behöriga nationella myndigheter offentliggör detta yttrande om de så önskar. Detta yttrande kommer att offentliggöras på ECB:s webbplats sex månader efter det att det antagits. Utfärdat i Frankfurt am Main den 5 mars 2003. Willem F. DUISENBERG [Namnteckning] ECB:s ordförande


text: Article 56

text: No 2 reads as follows: “The Bank is not entitled to: […] 2.: engage in trade, or otherwise have a direct interest in any commercial, industrial or other enterprise; […]”

text: See footnote 3 for the text of

text: Article 56

text: No 2. 4 Article 16(1) of Law 2190/1920 reads as follows: “A company limited by shares may not acquire its own shares”. 5 Article 72 of the Statute reads as follows: “The provision of the laws on corporations (sociétés anonymes) and Banks shall not apply to the Bank of Greece when in conflict with this Statute”. 6 Article 16(2) of Law 2190/1920 reads as follows: “This provision shall not apply in the case of a) acquisitions made in view of amortisation of the capital…, b) acquisitions made in view of reduction of capital …, c) acquisitions by way of compulsory attachment in satisfaction of the company’s own claims, d) acquisitions made by banking companies by order of a third party e) acquisitions made gratuitously provided they have been paid off completely, f) acquisitions made for the purpose of distribution of shares to the company personnel or to the personnel of a company connected herewith…” Article 16(5) of Law 2190/1920 reads as follows: “Companies the shares of which are quoted on the Athens Stock Exchange may, following a decision of the General Meeting of Shareholders taken by virtue of the provisions of

text: Articles 29

text: paras 1 and 2 and 31, para 1, acquire their own shares through the Stock Exchange up to 10% of the total of their shares …”

text: Article 45

text: reads as follows: “[….] The Bank shall pay interest on such accounts. The interest rate shall be determined in an agreement to be entered into between the parties concerned and shall in any case reflect the market terms and conditions.”

text: st st Article 5 of Law 2948/2001 reads as follows: “1. From 1 March 2002 up to 1 March 2012 drachmae banknotes shall continue to be accepted for exchange with euro banknotes from the Bank of Greece, pursuant to Article 68 of its Statute. st st 2. From the 1 March 2002 up to 1 March 2004 drachmae coins shall continue to be accepted for exchange with euro banknotes from the Bank of Greece and the public financial offices [….]”

title: Opinion of the European Central Bank of 28 March 2003 at the request of the Bank of Greece on amendments to the Statute of the Bank of Greece (CON/2003/4)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 28 March 2003 at the request of the Bank of Greece on amendments to the Statute of the Bank of Greece (

text: 1. On 26 February 2003, the European Central Bank (ECB) received a request from the Bank of Greece for an opinion on proposed amendments to its Statute. The Bank of Greece informed the ECB that it would present these amendments at the general meeting of the Bank of Greece’s shareholders scheduled for 22 April 2003 and, following approval by such general meeting, to the Greek Parliament for ratification.

text: 2. In accordance with the second indent of Article 105(4) of the Treaty establishing the European Community and the second indent of Article 4(a) of the Statute of the European System of Central Banks and of the European Central Bank (ESCB Statute) and the third indent 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, the ECB is competent to deliver an opinion since the provisions concern the Statute of the Bank of Greece. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council of the ECB has adopted this opinion.

text: 3. Most of the proposed amendments concern technical modifications to: general provisions (

text: Article 2

text: ), the General Council (

text: Article 27

text: ), the Monetary Policy Council (

text: Article 35

text: A), accounts and statements (

text: Article 52

text: ), monetary policy instruments (

text: Article 55

text: D,

text: Article 56

text: No 4 and

text: Article 58

text: ) and the withdrawal of banknotes denominated in drachmae (

text: Article 68

text: ). In addition, there are several insertions related to auditors (

text: Article 44

text: ) and the business of the bank and monetary policy instruments (

text: Article 55

text: Nos 5 and 18,

text: Article 55

text: B,

text: Article 56

text: Nos 3 and 5). Each paragraph below will describe the proposed amendments, explain their rationale and provide for the ECB’s views separately for each amendment. Additions to the Statute of the Bank of Greece are underlined, whilst deletions are crossed out.

text: 4. Section (e) of

text: Article 2

text: 'The main tasks of the Bank of Greece shall be to:

text: e) promote and oversee the smooth operation and efficiency of payment systems and means of payment, as well as of trading, settlement or clearing systems for over-the-counter (OTC) transactions in securities and other financial instruments, in accordance with

text: Article 55

text: no. 5 hereof;

text: This amendment is mainly intended to establish, for reasons of legal certainty, the authority of the Bank of Greece over means of payment. The ECB welcomes this clarification, which does not give rise to any specific observations from the ESCB’s perspective.

text: 5. Section (i) of

text: Article 27

text: It is proposed that this Article read as follows: 'The General Council shall decide on the following matters:

text: i) matters connected with the acquisition of immovable property required for the business of the Bank and the temporary acquisition and sale of similar property under

text: Article 58

text: under

text: Articles 56

text: n° 3 and 58;

text: This amendment is intended to align the General Council’s authority to acquire immovable property with the new content of the relevant substantive provisions of the Statute . The above arrangement is a matter internal to the Bank of Greece and does not give rise to any specific observations from the ESCB’s perspective.

text: Article 35

text: A It is proposed that this Article read as follows: 'The Monetary Policy Council shall be responsible for decisions pertaining to monetary policy definition and implementation and to the conduct of exchange rate policy, the operation and efficiency of payment systems and means of payment and the issue of banknotes. These tasks shall be exercised by virtue of Acts of the said Council. 1 See paragraphs 13 and 16 of this opinion for

text: Article 56

text: Nos 3 and 58, respectively.

text: This amendment is intended to align the content of this provision with that of Section (e) of

text: Article 2

text: (see paragraph 4 above). The ECB’s opinion applies here mutatis mutandis as well, i.e. the ECB welcomes the clarification which does not give rise to any specific observations from the ESCB’s perspective. To avoid misunderstanding, and as already noted in the ECB’s Opinion CON/00/07 of 17 April 2000 on previous amendments to the Statute of the Bank of Greece, the powers of the Monetary Policy Council of the Bank of Greece have to be read in conjunction with Article 2 of the Statute of the Bank of Greece. This Article recognises expressly that such powers have to be executed in the framework of and in accordance with the ESCB legal framework.

text: Article 44

text: It is proposed that this Article read as follows: 'The first General Meeting of Shareholders and, subsequently, the Annual General Meeting shall elect three qualified persons and two substitutes as Auditors, to examine and report upon the balance sheet of the Bank to be presented at the next Annual General Meeting, and shall determine their fees. No Councillor or other officer of the Bank shall be eligible as Auditor during his term of office. Instead of the above natural persons, the General Meeting may elect as auditors a corporation or syndicate of Chartered Accountants.

text: The new wording of the provision enables the Bank of Greece to appoint not only physical persons registered as auditors but also auditing firms that are, for example, organised as public companies limited by shares. The ECB notes that this does not rule out the possibility, for reasons of convenience, of the audit provided for by the Statute of the Bank of Greece coinciding with the audit prescribed by the Statute of the ESCB. The ECB welcomes this extension of the Bank of Greece’s choice of auditors since it reflects current auditing practice.

text: Article 52

text: It is proposed that this Article read as follows:

text: 'The Bank shall draw up a statement of its assets and liabilities as at the 15 and last day of each month, and shall publish it not later than a week after these dates within a week.' This provision is in accordance with the prevailing practice within the ESCB and is therefore fully supported by the ECB.

text: Article 55

text: No 5

text: 5. establish operating rules and oversee payment systems and settlement systems for over-the counter transactions, with a view to ensuring the efficiency and soundness of these systems and in particular to reducing systemic risk and strengthening competition; the Bank may also manage such systems without prejudice to the rules applicable each time in the ESCB legal framework. Moreover, it may set rules and oversee the operational reliability and legal safety of means of payment with a view to safeguarding their efficiency. These systems shall include systems for netting, settlement and clearing of payments, as well as systems for the settlement and clearing of over-the counter transactions in securities, in physical or book-entry form, and other financial instruments. The Bank shall take all the necessary measures for the application of the rules set forth by the ECB with a view to ensuring efficient and sound clearing and payment systems in the sense of Article 22 of the ESCB Statute.

text: The proposed amendment is intended to align

text: Article 55

text: No 5 with the amendment to Section (e) of

text: Article 2

text: (see paragraph 4 above). It specifies the powers of the Bank of Greece concerning means of payment. The ECB’s opinion applies here mutatis mutandis as well, i.e. the ECB welcomes the clarification of the powers of the Bank of Greece over means of payment. However, in order to avoid any misunderstanding, the ECB recommends introducing the sentence 'in accordance with the provisions, if any, applicable each time in the ESCB legal framework' at the end of the above amendment. Such addition, similarly to other provisions of the Statute of the Bank of Greece, takes into account the applicable ESCB rules.

text: Article 55

text: No 18 It is proposed that this Article read as follows: 'The business of the Bank shall be restricted to the following operations. The Bank, acting in accordance with the provisions applicable each time in the ESCB legal framework, may:

text: 18. by securing and keeping the required technical equipment and necessary personnel, undertake the striking of metal coins and medals also on behalf of the Greek government as

text: well as or of third parties. Moreover, the Bank may engage in printing activities of any nature whatsoever and dispose of the articles produced hereunder by way of derogation from the provision of

text: Article 56

text: No 2 hereof;

text: The proposed amendment is intended to clarify that the Bank of Greece on its own behalf may also carry out the activities provided for therein. In addition, the proposed insertion of the second sentence enables the Bank of Greece to utilise its plant, equipment and personnel by broadening the scope of its business, both to engage in printing activities of any kind and to sell the goods produced in its plant. Moreover, the proposed insertion provides a legal basis for activities traditionally undertaken by the Bank of Greece, which have so far been legitimised on an ad hoc basis, by statutory ratification of the agreements concluded from time to time. The above arrangement is a matter internal to the Bank of Greece and does not give rise to any specific observations from the ESCB’s perspective.

text: Article 55

text: B It is proposed that this Article read as follows: 'The Bank, through the Monetary Policy Council, shall establish a framework of administrative sanctions and specify in detail how they are to be applied to persons who violate the provisions pertaining to the tasks of the Monetary Policy Council under

text: Article 35

text: A. These sanctions shall include in particular the following:

text: f) a fine in favour of the Greek State, calculated either as a rate of up to 40 per cent on the amount of the violation, or as a lump sum of up to two hundred thousand euro (€200,000) or, in case of relapse, up to three hundred thousand euro (€300,000), provided that the imposition of this sanction is not in conflict with the rules in force from time to time within the European System of Central Banks. The above ceilings may be adjusted by an act of the Monetary Policy Council.

text: By adding a 'fine in favour of the Greek State' to the list of sanctions in

text: Article 55

text: B, the Bank of Greece is empowered to impose sanctions on entities other than credit institutions, when they breach provisions falling under the powers of the Monetary Policy Council. The ECB has noted with satisfaction that such sanctions may not be imposed if they conflict with ESCB rules, notably concerning breaches for which the ESCB rules restrictively list the sanctions imposed that exclude fines. However, the ECB would like to recommend caution when applying this Article. The

text: absence of rules within the ESCB in certain areas may be deliberate and thus preclude a national authority from assuming responsibility in this respect. For example, the TARGET legal documentation does not provide for a system of fines, and thus the Bank of Greece may not create such a system as far as TARGET-related matters are concerned. Therefore, the Bank of Greece is encouraged to liaise with the ECB in those cases where doubts might exist as to whether application of the Article could perhaps conflict with existing or possible future ESCB policies.

text: Article 55

text: D It is proposed that this Article read as follows: 'Without prejudice to the provisions of Article 5 of the ESCB Statute and of complementary European Union legislation adopted in application thereof, the Bank of Greece, in addition to its controlling authority in the context of prudential supervision, shall have the right to examine and make copies of all the books and records belonging to any natural person or legal entity engaged in any sort of enterprise, provided that, in the Bank’s judgement there are indications of a violation in the conduct of any activity which is related to the tasks of the Bank of Greece, under

text: Article 2

text: thereof.

text: The above provision, according to its current wording, provides for the Bank of Greece’s power to examine the books and records of persons not supervised by it 'provided that, in the Bank’s judgement, there are indications of a violation in the conduct of any activity which is related to the task of the Bank of Greece, under

text: Article 2

text: hereof.' The deletion of the phrase 'under

text: Article 2

text: hereof', which refers to the Bank of Greece’s main activities only, is intended to make unambiguously clear that the above power to examine books and records extends to all activities related to the tasks of the Bank of Greece and not only to its main activities. The ECB welcomes this clarification, which does not give rise to any specific observations from the ESCB’s perspective.

text: Article 56

text: No 3 It is proposed that this Article read as follows: 'The Bank is not entitled to:

text: 3. become the possessor of immovable property, except insofar as it is necessary for its own business, and with the exception provided for in

text: Article 58

text: as well as with the exception of acquisitions under a specific provision of law or by universal or quasi-universal succession.

text: A justified decision of the General Council may permit the maintenance or acquisition of immovable property provided that it serves a specific interest of the Bank;' The proposed amendment is intended to relax the above prohibition, which, however, is maintained as the main rule and is associated with the prohibition of trade provided for in the immediately preceding paragraph . Specifically, its intention is to enable the Bank of Greece to maintain its immovable property (e.g. its branch buildings) in the event that its business shrinks and/or to acquire immovable property within the context of a broader transfer of property, imposed by law or initiated for reasons of general concern (e.g. social security buildings, where the Bank of Greece itself provides social security coverage for its staff). The above arrangement is a matter internal to the Bank of Greece and does not give rise to any specific observations from the ESCB’s perspective.

text: Article 56

text: No 4 It is proposed that this Article read as follows: 'The Bank is not entitled to:

text: 4. purchase its own shares, or the shares of any other Bank, or corporation, except for the

text: shares of the Bank for International Settlements;'

text: The new wording of this provision repeals the prohibition on acquisition by the Bank of Greece of its own shares, which, at the time of its introduction, referred to a rule applicable to all public companies limited by shares so as to harmonise its Statute with the current derogations from the general prohibition, which, however, continues to be the main rule according to Article 16(1) of Law 2190/1920 . As a result of the repeal of that prohibition, in conjunction with the express provision of Article 72 of the Statute , the cases of legitimate acquisition referred to in

text: Article 16(2)

text: and (5) of Law 2190/1920 also apply to the Bank of Greece. Such cases of legitimate acquisition derive from EC Directive [...]. The above arrangement is a matter internal to the Bank of Greece and does not give rise to any specific observations from the ESCB’s perspective.

text: Article 56

text: No 5

text: 'The Bank is not entitled to:

text: 5. pay interest on deposits or current accounts with the Bank. The Bank may, in derogation to the general prohibition, pay interest to the Greek State as provided for in

text: Article 45

text: , as well as on deposits of other Banks in Greece. Furthermore, interest may be paid on time deposits kept with the Bank in foreign convertible exchange, of other Banks, or of natural persons or legal entities established abroad as well as on advances made to the Bank by the said persons and in the cases where payment of interest is provided for by the rules in force from time to time within the European System of Central Banks.

text: According to the current wording of the above provision, one of the exceptions to the continuing basic prohibition of payment of interest by the Bank of Greece on deposits or accounts is its right to pay interest 'on time deposits kept with the Bank in foreign convertible exchange, of other Banks, or of natural persons or legal entities established abroad, as well as on advances made to the Bank in foreign convertible exchange by the said person'. The repeal of this condition for payment of interest on deposits (i.e. to be in foreign convertible exchange) is proposed in response to reasonable requests by legal entities established abroad (e.g. the Commission of the European Communities), particularly in relation to deposits in currencies of EU Member States in the name of legal entities established abroad, on which interest used to accrue, as long as they were deposits in foreign exchange, but this ceased to apply on conversion into euro deposits. The ECB welcomes this clarification, which does not give rise to any observations from the ESCB’s perspective.

text: Article 58

text: In the case of failure to repay a debt due to the Bank, any immovable property coming into the possession of the Bank under this article shall be realised as speedily as possible by public auction or private sale. No such property may be retained by the Bank for its own purposes, unless required for the carrying on of the business of the Bank without prejudice to

text: Article 56

text: No 3.

text: Article 58

text: with the amended provision on acquisition of immovable property as per

text: Article 56

text: No 3 (see paragraph 13 above). The above arrangement is a matter internal to the Bank of Greece and does not give rise to any specific observations from the ESCB’s perspective.

text: Article 68

text: It is proposed that this Article read as follows: 'In the event of calling in of any series of banknotes denominated in drachmae, the General Council shall determine and publicly announce the period within which the said notes should be presented for exchange. After expiration of such period, the banknotes denominated in drachmae recalled shall cease to be legal tender except within the Bank of Greece. Two years After the expiration of the latest date publicly announced for the calling in of a series of banknotes denominated in drachmae, the Bank is entitled to deduct from the amount of note circulation the amount of the banknotes denominated in drachmae of the series then outstanding and unpaid, and the notes shall no longer be considered in circulation. Ten years after the expiration of the same as above date, these notes shall be considered as having been prescribed and the bearer of same shall have no valid claim whatsoever arising therefrom.' In so far as this paragraph and the preceding paragraph (i.e.

text: Article 68

text: in whole) concern withdrawal of illegal tender, it could be totally repealed. However, this is not, for the time being, considered by the Bank of Greece, as the drachma withdrawal procedure is still in progress and both the Bank of Greece General Council decision on withdrawal and the exchange of drachmae and Article 5 of Law 2948/2001 on the same issue expressly refer to

text: Article 68

text: . Since there can be no confusion as to the meaning of the first paragraph of

text: Article 68

text: now that the drachma has been replaced by the euro, the ECB does not have any reservations on this point. However, the ECB would of course recommend revising the first paragraph so as to reflect the actual situation once the above reasons not to do so have disappeared (it being acknowledged that this may only be in 2012 when the exchange period for drachmae against euro banknotes has expired). In addition, the Bank of Greece’s right 'to deduct from the amount of note circulation the amount of the banknotes denominated in drachma of the series then outstanding and unpaid' so that 'the notes shall no longer be considered in circulation' (first sentence of the provision), as it is exclusively associated with currency in circulation, can no longer be subject to a time limit (since it would now concern a totally withdrawn currency) and can only be exercised from the moment of withdrawal onwards. Therefore, the proposed amendment abolishes the time limit (of two years), so that this issue will

text: not seem to be addressed contra litteram legis. The ECB welcomes this clarification, which does not give rise to any specific observations from the ESCB’s perspective.

text: 18. The ECB confirms that it has no objection to the competent national authorities making this opinion publicly available at their discretion. This opinion will be published on the ECB’s website six months after the date of its adoption. Done at Frankfurt am Main on 28 March 2003.

text: The President of the ECB

text: [signed] Willem F. DUISENBERG


title: Europeiska centralbankens yttrande av den 11 april 2003 på begäran av Europeiska unionens råd över ett förslag till rådets beslut om det statistiska underlag som skall användas vid ändring av fördelningsnyckeln för tecknande av Europeiska centralbankens kapital (CON/2003/5)

text: 1. Den 24 mars 2003 mottog Europeiska centralbanken (ECB) en begäran från Europeiska unionens råd om yttrande över ett förslag till rådets beslut om det statistiska underlag som skall användas vid ändring av fördelningsnyckeln för tecknande av Europeiska centralbankens kapital (förslaget).

text: 2. ECB:s behörighet att avge ett yttrande grundar sig på artikel 107.6 i Fördraget om upprättandet av Europeiska gemenskapen. I enlighet med första meningen i artikel 17.5 i ECB:s arbetsordning har detta yttrande antagits av ECB-rådet.

text: 3. Förslaget syftar till att ange de regler som kommissionen skall följa när den tar fram det statistiska underlag som skall användas för den femårsvisa översynen av de nationella centralbankernas vikter i fördelningsnyckeln för teckning av ECB:s kapital. Det skall ersätta

text: rådets beslut 98/382/EG av den 5 juni 1998

text: om det statistiska underlag som skall användas vid fastställande av fördelningsnyckeln för tecknande av Europeiska centralbankens kapital(1), som endast rör den ursprungliga fördelningsnyckeln. De viktigaste skillnaderna mellan det beslutet och förslaget är att det senare i) fastställer permanenta regler som skall gälla inte enbart för de regelbundet återkommande framtida ändringarna utan även för ändringar som föranleds av utvidgningen av Europeiska centralbankssystemet genom anslutningen av nya medlemsstater till Europeiska unionen, och ii) beaktar den senaste utvecklingen när det gäller statistiska metoder, särskilt det europeiska nationalräkenskapssystemet som antogs av rådet genom förordning

text: (EG) nr 2223/96

text: av den 25 juni 1996 om det europeiska national- och regionalräkenskapssystemet i gemenskapen(2).

text: 4. ECB välkomnar förslaget, och särskilt att det därigenom fastställs regler inte enbart för nästa och de regelbundet återkommande ändringarna av fördelningsnyckeln utan även för de ändringar som kommer att behövas efter utvidgningar. ECB stöder även principen att det är kommissionen (Eurostat) som även i fortsättningen skall samla in de statistiska uppgifterna i enlighet med utarbetade metoder. ECB anser att den utvärdering är viktig som görs av kommittén för det statistiska programmet, som inrättades med stöd av

text: rådets beslut 89/382/EEG

text: (3), när det gäller uppgifter om populationen, och av den kommitté som inrättades med stöd av

text: rådets direktiv 89/130/EEG

text: (4), när det gäller uppgifter om bruttonationalprodukten. ECB välkomnar slutligen att kommissionen skall överlämna de nödvändiga uppgifterna separat för varje medlemsstat senast två månader före den dag då ändringen av de nationella centralbankernas vikt i fördelningsnyckeln för teckning av ECB:s kapital träder i kraft.

text: 5. Detta yttrande skall offentliggöras i Europeiska unionens officiella tidning.

text: Utfärdat i Frankfurt am Main den 11 april 2003.

text: Willem F. Duisenberg

text: Ordförande

text: (1) EGT L 171, 17.6.1998, s. 33.

text: (2) EGT L 310, 30.11.1996, s. 1. Senast ändrad genom

text: Europaparlamentets och rådets förordning (EG) nr 359/2002

text: (EGT L 58, 28.2.2002, s. 1).

text: (3) Rådets beslut

text: , Euratom, av den 19 juni 1989 om inrättande av en kommitté för Europeiska gemenskapernas statistiska program (EGT L 181, 28.6.1989, s. 47).

text: (4) Rådets direktiv

text: , Euratom, av den 13 februari 1989 om harmonisering av beräkningen av bruttonationalinkomst till marknadspriser (EGT L 49, 21.2.1989, s. 26).