text: the annual accounts and consolidated accounts of banks and other financial institutions and

text: on the annual accounts and consolidated accounts of insurance undertakings, OJ L 224, 16.8.2006, p. 1. 4 Article 3 of the draft law, introducing a new

text: Article 96(2)

text: in the Companies Code. 5 Article 3 of the draft law, introducing a new

text: Article 96(3)

text: in the Companies Code, drawing on

text: Commission Recommendation 2004/913/EC of 14 December 2004

text: fostering an appropriate regime for the remuneration of directors of listed companies, OJ L 385, 29.12.2004, p. 55. 6 Article 6 and 7 of the draft law, respectively introducing a new Section IIIter and a new

text: Article 526

text: quarter in the Companies Code. 7 Article 14 of the draft law, introducing a new

text: Article 520

text: bis in the Companies Code. 8 According to the explanatory memorandum, the normal expiry of the directors’ term of office is covered and the limit applies regardless of the party (i.e. director or company) who takes the initiative regarding the termination (explanatory memorandum to the draft law, pp. 16 and 17). 9 Under the draft law, such compensation must not exceed the lowest of the two following amounts: (i) the remuneration that would be due for the remaining duration of the legal relationship which is terminated; or (ii) the remuneration corresponding to one-year’s salary, or when this amount is higher, a compensation equal to one fourth of the annual remuneration per period of five years of service with a maximum of 18 months’ remuneration. 10

text: Articles 23

text: to 32 of the draft law. This system is composed of the various laws whose application is supervised by the Commissie voor het Bank-, Financie- en Assurantiewezen/Commission Bancaire, Financière et des Assurances, which establish a prohibition on carrying out the function of, in particular, director of a supervised institution which applies to persons who have been convicted of certain offences.

text: See ECB Opinion

text: of 9 July 2002 at the request of the Belgian Ministry of Finance on a draft for a new Article 879 of the Companies Code, introduced by the Programme Law, as well as several articles interpreting and amending the Organic Law of the Nationale Bank van België/Banque Nationale de Belgique, introduced by paragraphs 6 to 10 of Article 141 of the draft law on the prudential supervision of the financial sector and financial services.

text: Article 28(3)

text: and Article 30(5) of the NBB’s Statute. 15 See in particular Article 10 of the draft law, introducing an

text: Article 554

text: in the Companies Code.

title: Opinion of the European Central Bank of 22 December 2008 at the request of the Belgian Ministry of Justice on a draft law aimed at enhancing the rules on the functioning of company bodies, in particular by introducing into the Companies Code provisions regarding a corporate governance statement and the establishment of a remuneration committee, by limiting severance payments for certain company representatives and by reforming the system of statutory disabilities in the banking and financial sector (CON/2008/91)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 22 December 2008 at the request of the Belgian Ministry of Justice on a draft law aimed at enhancing the rules on the functioning of company bodies, in particular by introducing into the Companies Code provisions regarding a corporate governance statement and the establishment of a remuneration committee, by limiting severance payments for certain company representatives and by reforming the system of statutory disabilities in the banking and financial sector (

text: ) Introduction and legal basis

text: On 5 December 2008 the European Central Bank (ECB) received a request from the Nationale Bank van België/Banque Nationale de Belgique (NBB), acting on behalf of the Belgian Ministry of Justice, for an opinion on a draft law aimed at enhancing the rules on the functioning of company bodies, in particular by introducing into the Companies Code provisions regarding a corporate governance statement and the establishment of a remuneration committee, by limiting severance payments for certain company representatives and by reforming the system of statutory disabilities in the banking and financial sector (hereinafter the ‘draft law’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the third indent of

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft law relates to the NBB. In accordance with the consultation request, this opinion focuses on the application to the members of the NBB’s Board of Directors, including the Governor, of the provision of the draft law establishing a limit on severance payments. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

text: 1. Purpose of the draft law

text: On a general note, the draft law is motivated by the Belgian authorities’ wish to increase confidence in the financial sector . The draft law has a triple purpose. First, it transposes into Belgian law certain provisions of Directive

text: which require listed companies to include a corporate governance statement in 1 OJ L 189, 3.7.1998, p. 42. 3 Directive

text: of the European Parliament and of the Council of 14 June 2006 amending Council Directives

text: on the annual accounts of certain types of companies,

text: on consolidated accounts,

text: on

text: their annual report ; beyond this transposition, the draft law also requires such companies to include a

text: remuneration report in their corporate governance statement and to establish within their board of

text: directors a remuneration committee composed of non-executive directors and entrusted with advisory

text: tasks . Second, it introduces a limit on severance payments that may be awarded to executive directors of

text: listed companies and to persons entrusted with their day-to-day management . This limit would apply to

text: the total compensation awarded to an executive director of a listed company (or of a subsidiary thereof)

text: when they cease to carry out their mandate in the listed company . Third, it aims at reforming the system

text: of statutory disabilities in the banking and financial sector .

text: 2. General observations

text: The limit placed on severance payments by Article 14 of the draft law applies to all listed companies

text: including the NBB as a consequence of its having the legal status of a listed company . The draft law,

text: the objective of which is to “dispel, in the interest of investors’ confidence in the financial markets, the

text: concerns raised with regard to the exorbitant severance payments which may be awarded to certain

text: company representatives when they cease to carry out their mandate in listed companies” , does not

text: target specifically the decision-making bodies of the national central bank and does not raise any issues as

text: concerns compliance with the principle of personal independence. In this context it should be noted that

text: the members of the NBB’s Board of Directors, including the Governor, continue to fall within the scope

text: of Article 14.2 of the Statute of the European System of Central Banks and of the European Central Bank

text: which provides that they may only be relieved from office if they no longer fulfil the conditions required

text: for the performance of their duties or have been guilty of serious misconduct.

text: 3. Specific comments

text: The ECB understands that the draft law is without prejudice to Article 2 of the Law of 22 February 1998 establishing the Organic Statute of the Nationale Bank van België/Banque Nationale de Belgique which establishes the supplementary nature of the provisions concerning public limited liability companies and that, hence, the competence to approve the annual report on operations and the accounts presented to the general meeting which lies with the NBB’s Council of Regency would not be affected by the draft law .

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


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

text: Law on public finance, published in Uradni list Republike Slovenije No 79/1999.

text: Law on banking published in Uradni list Republike Slovenije No 131/2006.

text: See paragraph 2.4 of ECB Opinion

text: of 25 November at the request of the Slovenian Ministry of Finance on a draft law amending the Law on public finance, available on the ECB’s website at www.ecb.europa.eu.

text: See Title IV, Section 1 of the Guide to consultation of the European Central Bank by national authorities regarding draft legislative provisions, available on the ECB’s website at www.ecb.europa.eu.

text: See paragraph 3.4 of Opinion

text: Concerning the methodology for benchmarking the pricing, please also see the ‘Communication from the Commission - The recapitalisation of financial institutions in the current financial crisis: limitation of aid to the minimum necessary and safeguards against undue distortions of competition’ C(2008) 8259 final of 5 December 2008.

text: See Article 6 of the draft decree.

text: See Article 8 of the draft decree.

text: OJ L 332, 31.12.1993, p. 1.

text: See

text: recital 7

text: of

text: Council Regulation (EC) No 3603/93

publisher: Europeiska centralbanken

sprak: en

title: Opinion of the European Central Bank of 22 December 2008 at the request of the Slovenian Ministry of Finance on a draft decree laying down criteria and conditions for granting loans under Article 81.a of the Law on public finance (CON/2008/92)

serie: con

text: OPINION OF THE EUROPEAN CENTRAL BANK of 22 December 2008 at the request of the Slovenian Ministry of Finance on a draft decree laying down criteria and conditions for granting loans under Article 81.a of the Law on public finance (

text: ) Introduction and legal basis

type: rubrik

text: On 16 December 2008 the European Central Bank (ECB) received a request from the Slovenian Ministry of Finance (hereinafter the ‘Ministry’) for an opinion on a draft decree laying down criteria and conditions for granting loans under Article 81.a of the Law on public finance (hereinafter the ‘draft decree’). The draft Decree was adopted by the Slovenian Government on 18 December 2008. The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the sixth indent of

text: 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 decree relates to rules applicable to financial institutions insofar as they materially influence the stability of financial institutions and markets. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

type: stycke

text: 1. Purpose of the draft Decree

text: 1.1 The legal basis for the adoption of the draft decree is the Law on public finance (hereinafter the ‘Law’) which provides for four categories of measures for limiting the effects of the global financial crisis in Slovenia and maintaining the stability of the domestic financial system. One of these measures is the provision of State loans to credit institutions and other financial companies.

text: Article 88

text: .a(1) of the Law requires the Government to adopt separate decrees for each of these measures setting out the criteria, conditions and charges for their implementation. 1.2 Solvent credit institutions that hold a valid licence to provide banking services issued by Banka Slovenije and have their corporate seat in Slovenia are eligible for a State loan. State loans may be granted to those credit institutions which fulfil minimum capital requirements under the Law on

text: banking but which, due to the effects of the global financial crisis, are not able, even with State guarantees, to acquire funds in the financial and interbank markets to finance their obligations and operating costs. 1.3 Credit institutions must use the funds obtained through a State loan to enhance economic activities and ensure appropriate credit for the support of the economy and the population. The Slovene Export and Development Bank (hereinafter the ‘SID Bank’) is responsible for assessing whether a credit institution fulfils the relevant conditions for obtaining a State loan. Upon reaching an affirmative decision, the SID Bank advises the Ministry to recommend that the Government adopt a decision granting the loan. As the competent supervisory authority, Banka Slovenije provides its assessment of the necessity and appropriateness of granting individual loans to credit institutions and is notified by the Government of the adoption of any decision granting such a loan. 1.4 The decision to grant a loan must set out the terms and conditions of the loan agreement as well as other commitments accepted by the beneficiary, e.g. restrictions on the income and other benefits of the company’s management, including options over the company’s shares, and restrictions with respect to dividend payments and other shareholder rights. The maturity of the loans may range from one year up to a maximum five years and may not exceed the maturity of the resources that the State acquires by issuing debt securities on the financial market or by taking loans at the time of granting loans. The annual interest rate of the loan consists of the cost of borrowing with the State guarantee arising from issuing debt securities or from taking loans of comparable maturity and the credit risk margin based on a long-term credit assessment of the credit institution by internationally recognised rating agencies. 1.5 The draft decree is a temporary measure and will only apply until 31 December 2010.

text: 2. General observations

text: 2.1 The ECB was consulted by the Ministry on the draft decree on 16 December 2008 and was asked to give priority to the consultation request as the pressing need to adopt the draft decree did not allow for a normal consultation period. No specific deadline for the adoption of the ECB opinion was indicated and the ECB was not notified of the advanced status of the adoption procedure. The draft decree was then adopted on 18 December 2008, without any prior notification of the ECB. The ECB reiterates the position which it has previously communicated to the Slovenian authorities that even cases of particular urgency do not abrogate the duty of the national authorities under Article 105(4) of the Treaty to consult the ECB on national draft legislative provisions falling within its fields of competence. In the present case, the ECB was consulted, but no time limit was set for the submission of the ECB’s opinion and no notice was given that the law were to be

text: adopted two days after the request for an opinion. The ECB has been flexible and able to respond within extremely short time limits to consultation requests received during this year’s financial turmoil, but would have welcomed being consulted on the present Slovenian draft decree at an earlier stage in order to ensure that the adopting authority would have had sufficient time to take the ECB’s considerations into account. It follows from

text: Article 3(4) of Decision 98/415/EC

text: that once a consultation request has been submitted to the ECB, Member States are obliged to suspend the process of adoption of draft legislative provisions, pending receipt of the ECB’s opinion or the expiry of a time limit set for the submission of the ECB opinion in accordance with Decision

text: . 2.2 The draft decree was adopted on the basis of the Law on which the ECB issued its Opinion

text: . The ECB is now consulted on legislation implementing the Law. Accordingly, the observations made in Opinion

text: also apply to the draft decree.

text: 3. Specific observations

text: 3.1 Costs of State loans imposed on receiving credit institutions Pursuant to Article 9 of the draft decree, the amount of the annual interest rate for a loan is set by the Government when granting the loan. This is based on a proposal by the SID Bank and the Ministry and is calculated taking into account the cost of borrowing with the State guarantee arising from issuing debt securities or from taking loans increased by the credit risk margin. The latter is based on a long-term credit assessment of the credit institution by internationally recognised rating agencies. In addition, the SID Bank charges an up-front fee of 25 basis points for processing the State loan application. In Opinion

text: , the ECB emphasises that it is crucial to ensure the coordination of the pricing of State measures under the Law within the euro area and the EU, given that a level playing field is of the essence. Such prices should be risk-based and market-oriented, and determined on the basis of the costs of a corresponding instrument in the market. In this respect, the ECB appreciates the additional information provided in the Annex to the draft decree . 3.2 Central bank involvement in the support measures The ECB understands that under the draft decree, Banka Slovenije is responsible for various tasks related to the implementation of the measures. In particular, Banka Slovenije will be responsible for assessing the necessity and appropriateness of granting a loan to a credit institution, indicating whether the credit institution concerned is eligible for the loan under the Law and the draft decree

text: and whether granting the loan is the most appropriate measure to achieve the aim of the Law . In addition, Banka Slovenije provides its opinion on the maturity of the loan to be granted . In line with its previous opinions, the ECB reminds the Slovenian authorities that the tasks performed by Banka Slovenije must comply with the monetary financing prohibition under Article 101 of the Treaty and

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

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

text: and

text: b(1) of the Treaty . Compliance with the prohibition of monetary financing in relation to Banka Slovenije’s activities under the draft decree will, inter alia, require appropriate remuneration of such activities. It is also expected that tasks to be performed by Banka Slovenije for the benefit of the State support measures will be conducted in a manner fully compatible with Banka Slovenije’s institutional and financial independence, which is a safeguard for the proper performance of Banka Slovenije’s tasks under the Treaty and the Statute of the European System of Central Banks and of the European Central Bank. Moreover, the ECB understands that the entire cost of the loans granted by the Slovenian State is exclusively financed from the State funds acquired by additional State borrowing in accordance with

text: Article 81

text: .a of the Law. The ECB understands that such additional State borrowing will not include prefinancing or refinancing of the State budget by Banka Slovenije, e.g. in the form of extension of overdraft credit facilities by Banka Slovenije to the Slovenian State or in the form of Banka Slovenije’s direct acquisition of the Slovenian State’s debt instruments. In this respect, the ECB reminds the Slovenian authorities that, under Article 101(1) of the Treaty, central banks are prohibited from extending credit to, or purchasing debt instruments directly from, the public sector and/or Community institutions or bodies, i.e. debt instruments issued in the primary market. At the same time, debt instrument purchases made on the secondary market must not be used to circumvent the objective of Article 101(1) of the Treaty . 3.3 Exchange of confidential information Under the draft decree, Banka Slovenije is required to provide to the SID Bank an assessment of the necessity and appropriateness of granting individual loans to credit institutions. Banka Slovenije, as the competent supervisory authority, has access to confidential information about individual credit institutions. It may thus occur that this information is disclosed to the SID Bank as part of Banka Slovenije’s assessment. Given the sensitive nature of supervisory information, the ECB reminds the Slovenian authorities of the importance of safeguarding the confidentiality and the need for a valid legal basis for any exchange of such information.

text: This opinion will be published on the ECB’s website. Done at Frankfurt am Main, 22 December 2008. [signed]

text: The President of the ECB

text: Jean-Claude TRICHET

type: vagledning

utgivare: ecb


text: KOM(2008) 640 slutlig.

text: Europaparlamentets och rådets förordning (EG) nr 2560/2001 av den 19 december 2001

text: om gränsöverskridande betalningar i euro, EGT L 344, 28.12.2001, s. 13.

text: I enlighet med artikel 1.3 i förslaget till förordning ska bankerna fortfarande rapportera om sina egna gränsöverskridande finansiella och icke-finansiella transaktioner.

text: Detta gäller i synnerhet små och medelstora företag som tar emot betalningar från och/eller skickar betalningar till utländska bankkonton (dvs. bankkonton med en utländsk landskod). Detta kan ge en fingervisning om att dessa små och medelstora företag sannolikt kan komma att delta i gränsöverskridande transaktioner. (Landskoden i) IBAN-numret i SEPA-meddelandet kan användas för att identifiera dessa små och medelstora företag.

text: Om denna åtgärd vidtas, måste man uppmana Europeiska betalningsrådet (EPC) att ändra det nuvarande fältet för betalarens bosättningsland, som för närvarande är frivilligt i SEPA-meddelandet, så att det blir obligatoriskt (och eventuellt enas om en kodifiering).

text: Europaparlamentets och rådets direktiv 2007/64/EG av den 13 november 2007

text: om betaltjänster på den inre marknaden och om ändring av direktiven

text: och

text: samt upphävande av direktiv

text: , EUT L 319, 5.12.2007, s. 1.

sprak: sv

title: Europeiska centralbankens yttrande av den 6 januari 2009 om ett förslag till Europaparlamentets och rådets förordning om gränsöverskridande betalningar i gemenskapen (CON/2009/1)

text: Inledning och rättslig grund

text: Den 31 oktober 2008 mottog Europeiska centralbanken (ECB) en begäran från Europeiska unionens råd om ett yttrande över ett förslag till Europaparlamentets och rådets förordning om gränsöverskridande betalningar i gemenskapen, som ersätter och upphäver förordning

text: (EG) nr 2560/2001

text: (nedan kallat förslaget till förordning).

text: ECB:s behörighet att avge ett yttrande grundar sig på artikel 105.4 i fördraget om upprättandet av Europeiska gemenskapen samt artiklarna

text: 4 a

text: och

text: i stadgan för Europeiska centralbankssystemet och Europeiska centralbanken, eftersom förslaget till förordning innehåller bestämmelser som rör väl fungerande betalningssystem och insamlandet av betalningsbalansstatistik. I enlighet med

text: artikel 17.5

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

text: Allmänna kommentarer

text: ECB noterar att tillämpningsområdet för förslaget till förordning inte enbart omfattar gränsöverskridande elektroniska betalningstransaktioner och kredittransfereringar, utan även gränsöverskridande direktdebitering. Detta är i linje med ansträngningarna för att uppnå en inre marknad för betaltjänster och i synnerhet med genomförandet av det gemensamma eurobetalningsområdet (Single Euro Payments Area, SEPA), och är något som välkomnas varmt av ECB. Men förslaget till förordning väcker också en del frågor som behandlas mer ingående här nedan och som bör övervägas noga.

text: Specifika kommentarer

text: 1. Bestämmelser om betalningsbalansrapportering

text: 1.1 Vad gäller de föreslagna bestämmelserna om betalningsbalansrapporteringen anser ECB att det är av största vikt att finna en lösning som varken äventyrar de grundläggande användarbehoven för euroområdet respektive den nationella betalningsbalansstatistiken eller genomförandet av SEPA inom givna tidsramar.

text: 1.2 Utvecklingen av SEPA innebär att det inte är möjligt att bibehålla system för betalningsbalansrapportering som i huvudsak baseras på betalningsdata, vad gäller betalningar i euro inom EU. Reformen av dessa system kan dels leda till betydligt lägre rapporteringskrav för bankerna, men även till att icke-banker får en ökad rapporteringsbörda, något som i möjligaste mån bör undvikas (t.ex. genom att man tillämpar korrekta undersöknings- och urvalsmetoder). Samtidigt ska det säkerställas att betalningsbalansstatistiken kan fortsätta att sammanställas med den höga tillförlitlighet, frekvens och aktualitet som krävs för ECB:s utformning av den monetära politiken.

text: 1.3 ECB välkomnar förslaget i

text: artikel 5.1

text: att taket för undantag när det gäller betalningsbalansrapportering ska höjas till 50000 EUR och är medveten om att detta redan har införts i majoriteten av medlemsstaterna som antingen påbörjat, eller redan helt har övergått till, att samla in uppgifter genom alternativa källor (administrativa uppgifter eller undersökningar/direkt rapportering) snarare än från betalningssystem, eller har utvecklat kompletterande källor till betalningsdata.

text: 1.4 Stora företag spelar en avgörande roll för sammanställningen av betalningsbalansstatistik. Ofta samlar de emellertid betalningarna centralt i specialiserade enheter, så att företagets betalningar i allt högre grad skiljs från dess ekonomiska transaktioner. Sådana stora företag måste därför täckas fullt ut om man använder ett enkätbaserat system. För mindre enheter kan stickprovskontroller tillämpas.

text: 1.5 I syfte att fastställa riktvärden och avgränsa tillämpningsområdet för undersökningar som rör betalningsbalansrapportering föreslår ECB att andra administrativa och statistiska datakällor, som datafiler avseende mervärdesskatt, INTRASTAT, företagsregister samt statistik rörande företagsstrukturer, ska förbättras där detta behövs och är möjligt, så att de kan användas för att fastställa vilka enheter som ska undersökas eller för att samla in information om gränsöverskridande transaktioner. Eventuellt pågår redan ett informationsutbyte mellan dem som sammanställer betalningsbalansstatistik om hur sådana uppgifter kan utnyttjas på bästa sätt. Omvänt gäller att de bestämmelser som rör dessa källor ska underlätta fastställandet av gränsöverskridande transaktioner, särskilt i fråga om tjänster, utan att detta ökar rapporteringsbördan för uppgiftslämnarna.

text: 1.6 ECB välkomnar införandet av

text: artikel 5.3

text: , där det klargörs att statistiska krav som inte har någon påverkan på betaltjänstleverantörernas direkthantering av SEPA-betalningar och som kan automatiseras helt av betaltjänstleverantörer inte ska omfattas av några tak för undantag.

text: 1.7 ECB anser att betalningsdata kan vara ett användbart verktyg, i synnerhet för att fastställa vilken rapporterande population som ska undersökas, dvs. att upprätta och föra ett register över internationellt verksamma företag. Det rör sig om information som är lättillgänglig för bankerna och som helt automatiserat och med rimliga intervall kan lämnas till dem som sammanställer betalningsbalansstatistik. Sådan information omfattar dels de obligatoriska fälten i SEPA-meddelandet (bl.a. betalarens och betalningsmottagarens internationella bankkontonummer (IBAN)), dels andra referensuppgifter som måste användas och/eller lagras av bankerna (t.ex. för att bekämpa penningtvätt och förhindra finansiering av terrorism), som t.ex. kontoinnehavares adress. Dessa uppgifter kan i sin tur länkas till de nationella statistiska företagsregistren. Detta tillvägagångssätt bör kunna tillämpas om respektive nationell sammanställare av betalningsbalansstatistik så önskar. Eftersom villkoren i

text: artikel 5.3

text: är uppfyllda behöver denna metod inte omfattas av något rapporteringstak.

text: 1.8 Vad gäller SEPA kommer icke-finansiella enheter framöver att kunna välja att inneha ett bankkonto hos en bank med hemvist i ett annat EU-land. Om och när detta sker, kommer den information som anges i artikel 5.3 i förslaget till förordning – som bygger på antagandet att bankerna och bankernas kontoinnehavare normalt har sitt hemvist i samma land – kanske inte längre utgöra en tillfredsställande bedömningsgrund för den rapporterande populationen. För att bistå kommissionen är ECB beredd ytterligare reda ut i vilken omfattning detta fenomen har utvecklats. Om det har blivit av betydande karaktär, bör man överväga att låta bankerna i det land där betalaren har sitt hemvist ingå i SEPA-meddelandet. Detta skulle resultera i att betalningsmottagarens bank i samtliga fall skulle kunna genomföra en automatiserad och otvetydig identifiering av gränsöverskridande betalningar. Detta förfarande bör tillämpas utan någon tröskel.

text: 1.9 För att ytterligare minska rapporteringsbördan för såväl finansiella som icke-finansiella aktörer stöder ECB samtliga initiativ som underlättar informationsutbytet mellan dem som sammanställer betalningsbalansstatistik enbart i statistiska syften. Detta kan få till följd att rättsliga hinder mot informationsutbyte mellan EU:s statistikmyndigheter måste undanröjas samtidigt som det nödvändiga insynsskyddet upprätthålls. För att bistå kommissionen är ECB redo att undersöka olika sätt att komma vidare inom det här området.

text: 1.10 Vad gäller förslaget att avskaffa avvecklingsbaserade nationella rapporteringskrav om betaltjänstleverantörer från och med den 1 januari 2012, som anges i artikel 5.2 i förslaget till förordning, framhåller ECB att det behövs en tillfällig lösning för medlemsstater som fortfarande är beroende av avvecklingsbaserad rapportering till dess att en fullständigt harmoniserad europeisk lösning har tagits fram. En sådan tillfällig lösning har diskuterats inom Eurosystemet, vilket har resulterat i följande förslag från ECB: ECB rekommenderar vidare att man noggrant följer händelseutvecklingen under de kommande åren och beaktar utvecklingen på det tekniska området när det gäller SEPA och de statistiska insamlingsmetoderna.

text: för att rapporteringen ska vara fullständigt harmoniserad under denna övergångsperiod bör ett enda fält användas i SEPA-betalningsmeddelandet (inklusive en kodlista och en metod för att använda denna kodlista). Kunderna i de medlemsstater som inför denna metod kommer att uppmanas att lämna uppgifterna genom att fylla i ett befintligt vitt fält som är valfritt i SEPA-meddelandet (fältet Rättslig rapportering). Gemensamma användningsföreskrifter bör tillämpas av bankerna i samtliga dessa medlemsstater, för att därigenom inrätta ett frivilligt område med ytterligare tilläggstjänst (Additional Optional Service, AOS). Dessa användningsföreskrifter skulle enbart gälla mellan de medlemsstater som bestämmer sig för att införa metoden. EPC bör informeras och uppmanas att hjälpa till med att samordna genomförandet av AOS,

text: banker och kunder med hemvist i medlemsstater som inte inför denna metod kommer varken att behöva anta användningsföreskrifterna eller införa, överföra eller läsa betalningsbalanskoderna. Infrastrukturer som tillhandahåller betaltjänster inom Europa behöver bara anta användningsföreskrifterna om de erbjuder tjänster till banker och kunder med hemvist i medlemsstater som tillämpar denna metod,

text: hela processen förutsätter att man använder en harmoniserad kodlista om de underliggande transaktionernas ekonomiska karaktär samt en metod för att tillämpa denna kodlista. En sådan kodlista tillhandahålls av ECB. Så snart den kodade informationen införs i SEPA-meddelandet, kommer den att behandlas helt automatiserat av bankerna utan att hindra direkthanteringen av betalningen.

text: 2. Översynsklausul – användning av bankidentifieringskoden (Bank Identifier Code, BIC)

text: 2.1 Enligt artikel 12.1 i förslaget till förordning ska kommissionen senast i december 2012 förelägga Europaparlamentet, rådet, Europeiska ekonomiska och sociala kommittén samt ECB en rapport om användningen av IBAN och BIC i samband med automatiserade betalningar, åtföljd av ett lämpligt förslag. Under förutsättning att denna bestämmelse har till syfte att underlätta och effektivisera betalningsinitiering, stöder ECB möjligheten att detaljhandelskunder inte längre måste använda BIC om det är tekniskt möjligt att enbart använda IBAN, eftersom man då skulle slippa ange två olika identifieringskoder.

text: 2.2 IBAN infördes som ett obligatoriskt krav för likvärdiga avgifter enligt förordning

text: (EG) nr 2560/2001

text: och har enligt ECB visat sig vara en hörnsten i standardiseringen av betalningar i samband med SEPA eftersom det förbättrar direkthanteringen och underlättar verifieringen av kontonummer. ECB skulle därför starkt rekommendera att användningen av IBAN fortsätter att vara obligatorisk. Vidare noterar ECB att om det införs ett likartat standardformat för värdepapperskonton som är jämförbart med IBAN-systemet, skulle detta leda till en förbättring av lagvalssystemet för förmedlade värdepapper.

text: 3. Avgifter för gränsöverskridande betalningar och motsvarande nationella betalningar

text: I artikel 3.1 i förslaget till förordning fastställs principen om att avgifterna ska vara desamma för gränsöverskridande betalningar och motsvarande nationella betalningar till samma värde. Det enda kriteriet för att fastställa vad som är en motsvarande nationell betalning i förslaget till förordning är hänvisningen till värdet av sådana motsvarande betalningar. ECB har här vissa betänkligheter om att denna bestämmelse kanske inte ger betaltjänstleverantörerna tillfredsställande tolkningsriktlinjer vad gäller begreppet motsvarande nationella betalningar. ECB föreslår därför att det ska införas ett stycke där de grundläggande bedömningskriterierna fastställs för att säkerställa en enhetlig tillämpning inom gemenskapen i stället för att ge betaltjänstleverantörerna ett stort tolkningsutrymme.

text: 4. Tillämpningsområde

text: Förordning

text: (EG) nr 2560/2001

text: gäller för institut och i

text: artikel 2 e i den förordningen

text: definieras de som varje fysisk eller juridisk person som i sin affärsverksamhet utför gränsöverskridande betalningar. Av detta följer att varken ECB eller de nationella centralbankerna omfattas av förordning

text: (EG) nr 2560/2001

text: . Denna situation förändras genom artikel 2.5 i förslaget till förordning, som gäller för betaltjänstleverantörer som bl.a. definieras som någon av de kategorier som avses i

text: artikel 1.1 i direktiv 2007/64/EG

text: (nedan kallat PSD). I artikel 1.1 i PSD fastställs olika kategorier av betaltjänstleverantörer, däribland ECB och de nationella centralbankerna när de inte agerar i egenskap av monetär myndighet. Ovannämnda bestämmelser innebär att förslaget till förordning skulle vara tillämpligt på gränsöverskridande betalningar upp till 50000 EUR, om dessa betalningar har gjorts av ECB eller de nationella centralbankerna när de inte agerar som monetär myndighet och när dessa transaktioner inte görs för egen räkning. ECB välkomnar att förslaget till förordning utvidgar tillämpningsområde i det hänseendet, vilket är i linje med principerna för SEPA.

text: 5. Ytterligare kommentarer av rättslig natur

text: 5.1 ECB ställer sig bakom förordningsförslagets mål att följa god lagstiftningsstandard och är positiv till att strukturen på definitionerna förenklas. Det tycks emellertid föreligga en viss överlappning mellan begreppen gränsöverskridande betalningar och betalningstransaktion i

text: artikel 2.1

text: respektive 2.7 i förslaget till förordning.

text: 5.2 Enligt ECB bör ett definierat begrepp som förekommer i mer än en av gemenskapens sekundrättsakter, så långt detta är möjligt, ges en identisk definition i all lagstiftning så att rättssäkerheten ökar; detta gäller särskilt för rättsakter som har ett nära innehållsmässigt samband. Det förekommer emellertid några skillnader mellan begreppet betalningsinstrument enligt definitionen i artikel 4.23 i PSD och motsvarigheten i artikel 2.2 i förslaget till förordning. I PSD förekommer en hänvisning till betalningsorder, medan definitionen i förslaget till förordning hänvisar till betalningstransaktion. Detta är olyckligt och kan skapa förvirring, särskilt eftersom både betalningsorder och betalningstransaktion är definierade begrepp i såväl förslaget till förordning som PSD. ECB föreslår därför att denna definition harmoniseras i de båda rättsakterna.

text: 5.3 Eftersom förslaget till förordning inte innehåller några bestämmelser om insyn beträffande avgifter motsvarande

text: artikel 4 i förordning (EG) nr 2560/2001

text: , rekommenderar ECB att man överväger huruvida man i förslaget till förordning bör göra en hänvisning till tillämpliga bestämmelser i PSD vad gäller villkor och informationskrav för betaltjänster.

text: 6. Ändringsförslag

text: De ändringsförslag av artiklarna 2.1 och 3 i förslaget till förordning som blir resultatet av rekommendationerna ovan framgår av bilagan.

text: BILAGA

text: Kommissionens förslag | ECB:s ändringsförslag

text: Artikel 2.1

text: gränsöverskridande betalning: en elektronisk betalningstransaktion som initierats av en betalare eller av eller via en betalningsmottagare och som utförs av en betaltjänstleverantör eller dess filial i en medlemsstat, för att till en betalningsmottagares förfogande ställa ett penningbelopp via dennes betaltjänstleverantör eller dess filial i en annan medlemsstat |

text: Artikel 2.1

text: Motivering – se punkt 5.1 i yttrandet

text: Artikel 3.3

text: Ingen text |

text: Artikel 3.3

text: Likvärdigheten av en gränsöverskridande betalning och motsvarande nationell betalning ska bedömas utifrån kriterier som genom vilken kanal den initierats, hastighet, automatiseringsgrad, kundrelation och nivå på den tjänst som erbjuds kunden

text: Motivering – se punkt 3 i yttrandet


text: See paragraph 2.4 of ECB Opinion

text: of 25 November at the request of the Slovenian Ministry of Finance on a draft law amending the Law on public finance.

text: See Title IV, Section 1 of the Guide to consultation of the European Central Bank by national authorities regarding draft legislative provisions, available on the ECB’s website at www.ecb.europa.eu.

text: According to these principles: (i) interventions should be timely and the support should in principle be temporary; (ii) the interests of taxpayers should be protected; (iii) existing shareholders should bear the due consequences of the intervention; (iv) the Government should be in a position to bring about a change of management; (v) management should not retain undue benefits; (vi) governments may have, inter alia, the power to intervene in remuneration; (vii) legitimate interest of competitors must be protected, in particular through the State aid rules; and (viii) negative spill-over effects should be avoided.

text: Available on the website of the French Presidency at www.ue2008.fr.

text: See, in particular, ECB Opinion

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

text: of 27 November 2008 at the request of the Greek Ministry of Economy and Finance on a draft law on enhancing liquidity of the economy to address the impact of the international financial crisis and on a draft decision on its implementation.

text: See, e.g. paragraph 2.1.2 of ECB Opinion

text: of 29 October 2008 at the request of the Swedish Ministry of Finance on a draft ordinance on State guarantees for banks etc.

text: On this aspect see, in particular, ECB Opinion

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

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

text: and ECB Opinion

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

text: of 13 November 2008 at the request of the Spanish Ministry for Economic Affairs and Finance on a draft order implementing Royal Decree-Law 7/2008 authorising State guarantees.

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

text: See the Commission’s Press release of 23 December 2008, IP/08/2054.

text: See paragraph 3.2 of ECB Opinion

text: of 28 November 2008 at the request of the Polish Minister for Finance on a draft law on the provision of State Treasury support to financial institutions.

text: See paragraph 3.4 of ECB Opinion

text: See e.g. paragraph 3.2 of ECB Opinion

text: and paragraph 3.7 of ECB Opinion

text: of 1 December 2008 at the request of the Hungarian Ministry of Finance on a draft law on strengthening the financial intermediary system, as well as paragraph 3.2 of ECB Opinion

text: of 19 December 2008 at the request of the Slovenian Ministry of Finance on a draft decree laying down criteria and conditions for granting guarantees under

text: Article 86

text: .a of the Law on public finance.

text: See paragraph 3.2 of ECB Opinion

text: OJ L 332, 31.12.1993, p. 1.

title: Opinion of the European Central Bank of 7 January 2009 at the request of the Latvian Ministry of Finance on a draft regulation establishing procedures for issue and supervision of bank loan guarantees (CON/2009/2)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 7 January 2009 at the request of the Latvian Ministry of Finance on a draft regulation establishing procedures for issue and supervision of bank loan guarantees (

text: ) Introduction and legal basis

text: On 29 December 2008 the European Central Bank (ECB) received a request from the Latvian Ministry of Finance for an opinion on a draft regulation establishing procedures for issue and supervision of bank loan guarantees (hereinafter the ‘draft regulation’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the sixth indent of

text: 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 regulation relates to rules applicable to financial institutions insofar as they materially influence the stability of financial institutions and markets. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

text: 1. Purpose of the draft regulation

text: The main objective of the draft regulation is to establish a procedure whereby the Latvian Minister for Finance may issue guarantees in the name of the State for loans of banks registered in Latvia in order to reduce general economic risks, avoid social and economic crisis, or minimise the impact thereof, and to ensure availability of financing in the event of extraordinary situations. The draft regulation also establishes a procedure for the servicing and supervision of the guarantees.

text: 2. General observations

text: 2.1 The legal basis for the adoption of the draft regulation is Article 37(6) of the Law on budget and financial management.

text: Article 37(6)

text: was added to the Law on budget and financial management on 14 November 2008 as part of Latvian measures to stabilise the financial markets. Another part of

text: the stabilisation measures was a Law on bank takeovers which was adopted on 18 December 2008. It should be noted that the ECB was not consulted on the amendments to the Law on budget and financial management and that the ECB received the consultation request regarding the draft law on bank takeovers on 29 December 2008, after that law was adopted. Regarding these two stabilisation measures, therefore, the ECB reiterates its previous position that even cases of particular urgency do not release national authorities from their duty under Article 105(4) of the Treaty to consult the ECB on draft legislative provisions falling within its fields of competence. The ECB has been flexible and has responded within short time limits to consultation requests received during the financial turmoil and reminds the Latvian authorities of the need to consult it on draft legislation at a stage in the legislative process that allows sufficient time to take into account its views. It follows from

text: Article 3(4) of Decision 98/415/EC

text: that once a consultation request has been submitted to the ECB, Member States are obliged to suspend the process of adoption of draft legislative provisions, pending receipt of the ECB’s opinion or the expiry of a time limit set for the submission of the ECB’s opinion, in accordance with Decision

text: . 2.2 The ECB has issued a number of opinions on State measures taken by Member States to address the global financial crisis, which all emphasise the importance of a common approach aimed at restoring confidence in financial markets. Similarly, the ECB notes that the conclusions adopted at the Ecofin meeting on 7 October 2008 highlighted common principles to guide Member States’ actions . Moreover, the ECB notes that on 12 October 2008 the Heads of State of the euro area issued a ‘Declaration on a concerted European action plan of the euro area countries’ (hereinafter the ‘Declaration’), in which they confirmed their commitment to act together in a decisive and comprehensive way in order to restore confidence and the proper functioning of the financial system and to restore appropriate and efficient financing conditions for the economy. They agreed on common principles to be followed by the EU and euro area governments, central banks and supervisors, to avoid national measures adversely affecting the functioning of the single market and the other Member States. This coordinated approach includes initiatives aimed at ensuring appropriate liquidity, facilitating the funding of banks by various means, providing additional capital resources to financial institutions and recapitalising distressed banks. These principles were also endorsed for all Member States by the European Council on 16 October 2008. As pointed out

text: in relevant ECB opinions , it is of utmost importance that the operations conducted by national

text: authorities do not interfere by any means with euro area monetary policy and/or with the

text: Eurosystem’s refinancing operations. In this context, as regards the Latvian support measures

text: proposed under the draft regulation, the ECB considers that they should aim at: (a) addressing the

text: funding problems of liquidity-constrained solvent banks by improving the functioning of the market

text: for bank debt of longer term maturity; (b) preserving the level playing field among financial

text: institutions and avoiding market distortions; and (c) ensuring consistency with the management of

text: liquidity by Latvijas Banka .

text: 3. Specific observations

text: 3.1 Implementation of the support measures

text: As stated in its

text: Article 17

text: , the draft regulation is a temporary measure and will only apply until 31

text: December 2009. The ECB notes that this provision is in line with the principles stated in the

text: Declaration which point to the temporary features of such support schemes.

text: 3.2 Selection of beneficiary credit institutions

text: Pursuant to Article 3 of the draft regulation, only branches of banks registered outside Latvia are

text: ineligible to benefit from the State guarantee arrangements. The ECB therefore understands that the

text: draft regulation applies to all solvent Latvian banks, including Latvian subsidiaries of foreign

text: banks. The ECB welcomes the non-discriminatory application of the above provisions, as it avoids

text: distortion of the level playing field as regards the treatment of domestic financial institutions and

text: subsidiaries of foreign institutions . This also appears to be in line with the Commission’s

text: guidance on the eligibility criteria for beneficiary institutions .

text: 3.3 Scope of the obligations covered by State guarantees

text: Pursuant to Article 2 of the draft regulation, a guarantee may be issued in respect of existing loans with a maturity of no more than three years, and in respect of loans taken out to refinance such loans with a maturity of no less than six months and no more than three years. The ECB understands that the draft regulation could not be intended to apply to interbank deposits, subordinated liabilities and collateralised liabilities such as covered bonds . The ECB notes however that this intention is not made expressly clear in the text of the draft regulation and that it is unclear in particular whether the guarantees provided by the Latvian State cover interbank deposits. The ECB therefore recommends that the draft regulation further clarifies the coverage of State guarantees. In this respect, the ECB reiterates that State guarantees to cover interbank deposits should be avoided as they have the potential to interfere with the conduct of a central bank’s liquidity-providing operations, and thus with the transmission of monetary policy decisions .

text: 3.4 Charges imposed on receiving credit institutions

text: Pursuant to Articles 11 and 12 of the draft regulation, remuneration for the provision of guarantees will consist of a credit risk margin based on five-year credit default swap spreads of 40 large euro area banks. In addition the Ministry of Finance will charge 50 basis points for processing the fee and a 10 basis points annual servicing fee. In its previous opinions , the ECB has emphasised that it is crucial to ensure the coordination of the pricing of State guarantees within the euro area and the EU, given that a level playing field is of the essence. The price of a State guarantee should be risk-based and market-oriented, and determined on the basis of the costs of a corresponding guarantee in the market. In this respect, the ECB appreciates the additional information provided. It is important that the pricing of the State guarantee should link the level of charges to be paid by the receiving credit institutions with the residual maturity of the guaranteed obligations and with maturities exceeding one year. The ECB also stresses the need for further harmonisation within the euro area to ensure that government support measures do not have a negative impact on the single monetary policy of the euro area .

text: 3.5 Central bank involvement in the support measures

text: The ECB understands that the Ministry of Finance will consult Latvijas Banka in order to prepare a draft decision to issue a guarantee or refusal to issue a guarantee. The ECB appreciates that the draft regulation recognises Latvijas Banka’s expertise in this way and that it is expected that

text: Latvijas Banka’s involvement will not go beyond an advisory and procedural role. The ECB also expects that Latvijas Banka will fully comply with the prohibition on monetary financing laid down in Article 101(1) of the Treaty , interpreted in line with

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

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

text: and

text: b(1) of the Treaty and that Latvijas Banka will conduct such function in a manner fully compatible with its institutional and financial independence thereby safeguarding the proper performance of its tasks under the Treaty and the Statute of the European System of Central Banks and of the European Central Bank.

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

text: Done at Frankfurt am Main, 7 January 2009.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


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

text: Law on public finance, published in Uradni list Republike Slovenije No 79/1999.

text: Law on banking, published in Uradni list Republike Slovenije No 131/2006. 4 ECB Opinion

text: of 25 November at the request of the Slovenian Ministry of Finance on a draft law amending the Law on public finance. All ECB opinions are available on the ECB’s website at www.ecb.europa.eu.

text: The Declaration is available on the French Presidency’s website at www.ue2008.fr. 6 See the Recommendations of the Governing Council of the European Central Bank on the pricing of recapitalisations issued on 20 November 2008, available on the ECB’s website at www.ecb.europa.eu.

text: See e.g. paragraph 3.8 of ECB Opinion

text: of 13 November 2008 at the request of the Finnish Ministry of Finance on a draft government proposal for laws amending the Law on the Government Guarantee Fund and the Law on credit institutions. 8 See Article 7 of the draft decree. 9 See paragraph 3.3 of ECB Opinion

text: of 19 December 2008 at the request of the Slovenian Ministry of Finance on a draft decree laying down criteria and conditions for granting guarantees under

text: Article 86

text: .a of the Law on public finance and paragraph 3.2 of ECB Opinion

text: of 22 December 2008 at the request of the Slovenian Ministry of Finance on a draft decree laying down criteria and conditions for granting loans under

text: Article 81

text: .a of the Law on public finance. 10 OJ L 332, 31.12.1993, p. 1.

title: Opinion of the European Central Bank of 8 January 2009 at the request of the Slovenian Ministry of Finance on a draft decree laying down criteria and conditions for the implementation of State capital investments and for the conversion of State claims into capital shares under Article 81.a of the Law on public finance (CON/2009/3)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 8 January 2009 at the request of the Slovenian Ministry of Finance on a draft decree laying down criteria and conditions for the implementation of State capital investments and for the conversion of State claims into capital shares under Article 81.a of the Law on public finance (

text: ) Introduction and legal basis

text: On 30 December 2008 the European Central Bank (ECB) received a request from the Slovenian Ministry of Finance (hereinafter the ‘Ministry’) for an opinion on a draft decree laying down criteria and conditions for the implementation of State capital investments and for the conversion of State claims into capital shares under Article 81.a of the Law on public finance (hereinafter the ‘draft decree’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the sixth 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 decree relates to rules applicable to financial institutions insofar as they materially influence the stability of financial institutions and markets. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

text: 1. Purpose of the draft decree

text: 1.1 The legal basis for the adoption of the draft decree is the Law on public finance (hereinafter the ‘Law’) which provides for four categories of measures to limit the effects of the global financial crisis in Slovenia and maintain the stability of the domestic financial system. One of these measures is the implementation of State capital investments in credit institutions, insurance companies, reinsurance companies and pension companies with their seat in Slovenia.

text: Article 88

text: .a(1) of the Law requires the Government to adopt separate decrees for each of these measures setting out the criteria, conditions and charges for their implementation. This opinion

text: focuses on those aspects of the draft decree that concern State capital investments in credit institutions. 1.2 Under the draft decree, the credit institutions that may obtain State capital investments are credit institutions as defined in the Law on banking with their seat in Slovenia, which due to the effects of the global financial crisis will probably not be able to fulfil minimum capital requirements under the legislation in force without State capital investments. 1.3 State capital investments will take the form of ordinary or preference shares or any other instruments with the characteristics of basic capital as defined in the legislation in force. The rights to be acquired by the State arising from capital investment in the form of preference shares (i.e. voting rights, rights to a dividend, certain rights in the event of a reduction in the share capital of the credit institution in order to cover losses, rights to a share of the estate in bankruptcy or liquidation) are defined in detail in the draft decree. 1.4 The Ministry will be responsible for processing applications for State capital investments. If it assesses, on the basis of an assessment of the need for and appropriateness of State capital investments provided by Banka Slovenije as the competent supervisory authority, that a credit institution is entitled to obtain State capital investment, it can propose to the Government that it should adopt a decision approving State capital investment in that credit institution. Terms and conditions as well as commitments to be accepted by the beneficiary (e.g. restrictions on the income and other benefits of the company’s management, including options over the company’s shares, and restrictions with respect to dividend payments and other shareholder rights) will be defined in such Government decision and the Government will notify Banka Slovenije of the adoption of the decision. 1.5 In the event of realisation of a guarantee granted to a credit institution under

text: Article 86

text: .a of the Law or in the event of a State claim in respect of a loan under

text: Article 81

text: .a of the Law arising against a credit institution, the Government can adopt a decision to convert State claims into capital shares in that credit institution if the State is not otherwise able to enforce them against the credit institution. For such a debt to equity swap, the rules on obtaining State capital investments apply mutatis mutandis. 1.6 In accordance with Article 15 of the draft decree, the decree will apply until 31 December 2010.

text: 2. General observations

text: It is proposed to adopt the draft decree on the basis of the Law on which the ECB has already issued an Opinion,

text: . As the ECB is now being consulted on legislation implementing the Law, the observations made in Opinion

text: also apply to the draft decree.

text: 3. Specific observations

text: 3.1 Conditions for State capital investments and relationship with the single monetary policy of the

text: euro area

text: 3.1.1 In line with the ‘Declaration on a concerted European action plan of the euro area countries’ issued by the Heads of State of the euro area on 12 October 2008 (hereinafter the ‘Declaration’) , Member States must act in a coordinated manner to avoid significant differences in national implementation having a counter-productive effect and creating distortions in global banking markets. The Declaration acknowledges the need to work in cooperation with the ECB to ensure consistency with the Eurosystem’s management of liquidity and compatibility with its operational framework. Against this background, the ECB reiterates that uncoordinated decisions among Member States should be avoided as they may lead to a fragmentation of the euro area money market. In this respect, the ECB makes the following observations, which are important from a monetary policy perspective, as regards State capital investments under the draft decree. 3.1.2 In accordance with Article 5 of the draft decree, State capital investments take the form of ordinary or preference shares or any other instruments with the characteristics of basic capital as defined in the legislation in force. In this respect the ECB notes that the recapitalisation measures considered in Member States are aimed at strengthening the capital position of fundamentally sound financial institutions, in order to improve the functioning and stability of the banking system and to ensure the proper financing of the economy. In particular, a consistent approach should be used in defining the conditions for recapitalisations and the pricing of the instruments intended to provide Tier 1 capital to financial institutions. The ECB underlines the importance of appropriate pricing for recapitalisations to reflect the goals of enhancing the stability of the financial system, facilitating a return to normal market conditions and ensuring the proper financing of the economy. Against this background, the ECB has published recommendations of its Governing Council on the pricing of recapitalisations (hereinafter the ‘Recommendations’) . The ECB highlights that the pricing conditions for capital support should be risk-based and market-oriented, determined by taking into consideration the specific risk of both the specific instrument chosen for injecting capital and the institution concerned. Specific features of the instruments for capital injections (such as preference shares) should be appropriately chosen so that, while encouraging an early end to the State’s capital support of banks, they should not result in an excessive increase in the cost of capital. 3.1.3 Pursuant to Article 15 of the draft decree, the decree will apply until 31 December 2010. In line with the Declaration, the ECB emphasises that harmonisation regarding the expiry of national financial support schemes across the EU and in particular within the euro area is of crucial importance. Although Article 1 of the draft decree mentions that capital investments under the Law

text: and the draft decree will be of a temporary nature and introduced in order to limit the effects of the global financial crisis as well as to maintain the stability of the financial system, the draft decree should expressly provide for the temporary nature of the Slovenian State’s intervention. Furthermore, in line with previous ECB opinions , it should be ensured that such measures are in accordance with the requirements of Community competition law, in particular State aid rules, and that the State’s role as shareholder is limited in time. In this respect, and in accordance with the Recommendations, the draft decree should set out terms for the redemption or conversion of the instruments either on the basis of a period of time or the development of market conditions. This would serve to ensure the temporary nature of the State’s involvement and discourage financial institutions from maintaining such involvement for an extensive period of time.

text: 3.2 Central bank involvement in the support measures

text: 3.2.1 The ECB understands that under the draft decree, Banka Slovenije is responsible for assessing the need for and appropriateness of State capital investment in a credit institution, indicating whether the credit institution concerned fulfils the conditions for State capital investment under the Law and the draft decree and whether State capital investment is the most appropriate measure to achieve the Law’s aims . 3.2.2 In line with its previous opinions , the ECB reminds the Slovenian authorities that the tasks performed by Banka Slovenije must comply with the monetary financing prohibition under Article 101 of the Treaty and

text: and

text: b(1) of the Treaty . It is also expected Banka Slovenije will perform any tasks in connection with State support measures in a manner fully compatible with its institutional and financial independence thereby safeguarding the proper performance of its tasks under the Treaty and the Statute of the European System of Central Banks and of the European Central Bank. 3.2.3 Moreover, the ECB understands that the entire cost of implementing State capital investments will be exclusively financed from State funds acquired by additional State borrowing in accordance with

text: Article 81

text: .a of the Law. The ECB understands that such additional State borrowing will not include prefinancing or refinancing of the State budget by Banka Slovenije, e.g. by Banka Slovenije extending overdraft credit facilities to the Slovenian State or directly acquiring State debt instruments.

text: This opinion will be published on the ECB’s website. Done at Frankfurt am Main, 8 January 2009. [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


text: OJ L 189, 3.7.1998, p. 42. 2 See the Explanatory memorandum to the draft law, in particular p. 4. 3 Pursuant to the ‘3 % rule’, the net financial proceeds in excess of 3 % of the difference between the average amount, calculated on an annual basis, of the NBB’s profit-earning assets and remunerated liabilities is assigned to the Belgian State (current Article 29 of the Law of 22 February 1998 establishing the Organic Statute of the Nationale Bank van België/Banque Nationale de Belgique, hereinafter the ‘NBB Law’). This provision is repealed by Article 2 of the draft law. 4 Under the current Article 32 of the NBB Law, one fifth of the NBB’s annual profit is allocated to the Belgian State, after payment of a first dividend of 6 % of the NBB’s capital to shareholders and allocation of 10 % of the remainder of the annual profits to the reserve fund, and 8 % of the same remainder to the NBB’s staff or to institutions in its favour.

text: Article 3 of the draft law, amending Article 32 of the NBB Law. 6 The draft law introduces provisions enabling the maintenance of an available reserve. The available reserve can be used to offset losses or for the distribution of profits (see the Explanatory memorandum to the draft law, p. 5). 7 On the concept of central bank independence and in particular financial independence, see the ECB’s Convergence Report May 2008, p. 17 and in particular p. 20 et seq.; see also ECB Opinion

text: of 2 December 2008 at the request of the Spanish State Secretary for Economic Affairs on a draft royal decree on the arrangements for paying the Banco de España’s profits to the Treasury. All ECB opinions are available on the ECB’s website at www.ecb.europa.eu. 8 See ECB Opinion

text: of 21 February 2008 at the request of the German Ministry of Finance on a draft law amending the Law on the Deutsche Bundesbank; also ECB Opinion

text: of 21 February 2008 at the request of the Italian Ministry of Economic Affairs and Finance on some provisions of the Law on the State annual and pluriannual budget (2008 Budget law).

text: Article 3 of the draft law, introducing a new Article

text: ° in the NBB law. See also the clarification in the Explanatory memorandum to the draft law that such decisions are not subject to the monitoring and suspension powers of the Minister of Finance’s representative (p. 7). 10 See paragraph 1 and footnote 4 above. 11 Article 50 of the NBB’s statutes in conjunction with Article 31 of the NBB Law. The ECB understands that the NBB’s reserve fund comprises retained earnings and is notably intended to supplement any shortfall in the annual profit up to a dividend of 6 % of the NBB’s capital (Article 31 of the NBB Law). In such case, any amount drawn on the reserve fund must be refunded to the reserve if, in the following year, such refund can be made without reducing the profit for distribution to below 6 % of the NBB’s capital. 12 Article 4 of the draft law. 13 See the Explanatory memorandum to the draft law, comments concerning

text: Article 4

text: , p. 8.

title: Opinion of the European Central Bank of 16 January 2009 at the request of the Belgian Minister for Finance on a draft law amending the financial provisions of the Law of 22 February 1998 establishing the Organic Statute of the Nationale Bank van België/Banque Nationale de Belgique (CON/2009/4)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 16 January 2009 at the request of the Belgian Minister for Finance on a draft law amending the financial provisions of the Law of 22 February 1998 establishing the Organic Statute of the Nationale Bank van België/Banque Nationale de Belgique (

text: ) Introduction and legal basis

text: On 9 December 2008 the European Central Bank (ECB) received a request from the Nationale Bank van België/Banque Nationale de Belgique (NBB), acting on behalf of the Belgian Minister for Finance, for an opinion on a draft law amending the financial provisions of the Law of 22 February 1998 establishing the Organic Statute of the Nationale Bank van België/Banque Nationale de Belgique (hereinafter the ‘draft law’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the third 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 law relates to the NBB. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

text: 1. Purpose of the draft law

text: The purpose of the draft law is to adapt the current rules governing the distribution of the NBB’s income to ensure that after payments of the NBB’s costs, maintenance of its reserves and remuneration of its capital, the balance of the NBB’s income is allocated to the Belgian State, without prejudice to the rights of the NBB’s shareholders including rights to dividends . To this end, the draft law introduces two changes. First, it repeals the current so called ‘3 % rule’ which determines how much of its financial proceeds the NBB may retain to cover its costs, maintain its reserves and remunerate its capital . Second, 4 5 it amends the current rule governing the distribution of the NBB’s annual profits by providing that :

text: (i) from the excess of these profits after allocation to shareholders of a first dividend of 6 % of the NBB’s capital, an amount proposed by the NBB’s Board of Directors and established by its Council of Regency is independently allocated to the reserve fund or to the available reserves ; (ii) then, from the second excess, a second dividend established by the Council of Regency of a minimum of 50 % of the net proceeds from assets forming the counterpart to the reserve fund and available reserves is allocated to shareholders; and (iii) finally, the balance is allocated to the State. The ECB understands that as these provisions enter into force on 1 January 2009, they do not modify the rules governing the distribution of the NBB’s income for the financial year 2008.

text: 2. General observations

text: 2.1 The draft law should be analysed from the angle of the requirements of central bank independence, namely financial independence . The concept of financial independence should be assessed from the perspective of whether any third party is able to exercise either direct or indirect influence not only over the tasks of a national central bank (NCB), but also over its ability - understood both operationally in terms of manpower , and financially in terms of appropriate financial resources - to fulfil its mandate. The NCBs must also, at all times, have sufficient financial means to carry out their other functions, i.e. to perform their national tasks, to meet their international obligations and properly cover their administrative and operational expenses. It should be noted that Articles 28.1 and 30.4 of the Statute of the European System of Central Banks and of the European Central Bank provide for further calls on the NCBs to make further contributions to the capital of the ECB and to make further transfers of foreign reserves. The principle of financial independence requires that compliance with these provisions leaves an NCB’s ability to perform its functions unimpaired. With regard to profit allocation, an NCB’s statutes may prescribe how profits are to be allocated. In the absence of such provisions, the decision on allocation of profits should be taken by the NCB’s decision-making bodies on professional grounds, and should not be subject to the discretion of third parties unless there is an express safeguard clause stating that this is without prejudice to the financial means necessary for carrying out the NCB’s tasks related to the European System of Central Banks. 2.2 The ECB generally welcomes the draft law as it makes the rules governing distribution of the NBB’s income clearer and allows the NBB’s bodies the necessary discretion to decide on the allocation of profits. In this respect, the draft law expressly refers to the independence of the NBB’s

text: bodies in deciding on the NBB’s reserves policy . The ECB also understands that, as is already the case under the current rules, if the NBB’s annual profits are lower than 6 % of its capital, the 10 11 amount of this first dividend is drawn on the NBB’s reserve fund . If the reserve fund is insufficient to cover this amount, distributed profits would be adjusted accordingly.

text: 3. Specific comments

text: Besides amending the financial provisions of the NBB Law, the draft law allows the NBB’s ordinary general meeting of shareholders to be postponed to the last Monday of May (instead of March, as is currently the case) . The ECB understands that this postponement takes account of the extension of the legal deadlines for making the necessary documents available to shareholders prior to the general meeting and, in this context, aims to avoid a situation where the ECB’s results might be deducible from the NBB’s annual accounts before the ECB publishes its own annual accounts. In this respect, the Explanatory memorandum to the draft law would benefit from a clarification that the ECB’s annual accounts are published on the ECB’s website before the publication of the ECB’s annual report, which takes place in April.

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

text: Done at Frankfurt am Main, 16 January 2009.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


title: Opinion of the European Central Bank of 22 January 2009 at the request of the Austrian Ministry of Finance on a draft Federal law on the increase of Austria’s quota with the International Monetary Fund (CON/2009/5)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 22 January 2009 at the request of the Austrian Ministry of Finance on a draft Federal law on the increase of Austria’s quota with the International Monetary Fund (

text: ) Introduction and legal basis

text: On 22 December 2008, the European Central Bank (ECB) received a request from the Austrian Ministry of Finance for an opinion on a draft Federal law on the increase of Austria’s quota with the International Monetary Fund (hereinafter the ‘draft law’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the third indent of

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft law relates to the Oesterreichische Nationalbank (OeNB). In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

text: 1. Purpose of the draft law

text: On 28 April 2008, the Board of Governors of the International Monetary Fund (IMF) adopted a resolution on ‘Reform of Quota and Voice’ proposing an amendment to the IMF’s Articles of Agreement. When the proposed amendment becomes effective (i.e. only after it has been accepted by three fifths of the members of the IMF having 85 % of the total voting power), there could be an increase in the IMF quota for up to 54 countries, including Austria, provided that each of those countries, within 30 days of the entry into effect of the amendment, both consents to the increase and pays the amount of the increased quota to the IMF. The objective of the draft law is to authorise the OeNB to pay for the proposed increase in Austria’s IMF quota , which would be an increase of 241.6 million special drawing rights (SDRs) thereby bringing Austria’s quota to a total of 2 113.9 million SDRs. As stated in the explanatory memorandum to the draft law, the OeNB paid the initial Austrian quota in 1971 and has paid all subsequent quota increases, meaning that it should also pay the latest proposed increase in quota. The payment would result in an exchange of assets and liabilities on the balance sheet of the OeNB, which would acquire the IMF quota in return for the said 241.6 million SDRs.

text: 2. General observations

text: The ECB reminds the Ministry of Finance that the tasks performed by the OeNB must comply with the monetary financing prohibition under Article 101 of the Treaty and

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

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

text: and

text: b(1) of the Treaty . As stated in the explanatory memorandum to the draft law, pursuant to

text: Article 7 of Council Regulation (EC) No 3603/93

text: , the financing by national central banks of obligations falling upon the public sector vis-à-vis the IMF is not regarded as a credit facility within the meaning of Article 101 of the Treaty. Therefore, the ECB notes that any payment by the OeNB of the proposed increase in Austria’s IMF quota complies with

text: Article 7 of Regulation (EC) No 3603/93

text: and does not infringe the monetary financing prohibition.

text: Done at Frankfurt am Main, 22 January 2009.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET


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

text: See paragraph 2.1 of this opinion and also ECB Opinion

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

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

text: See paragraph 2.3 of ECB Opinion

text: . See other ECB opinions on interbank deposits (e.g. ECB Opinions

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

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

text: of 25 November 2008 at the request of the Slovenian Ministry of Finance on a draft law amending the Law on public finance).

text: See e.g. paragraph 3.8 of ECB Opinion

text: of 13 November 2008 at the request of the Finnish Ministry of Finance on a draft government proposal for laws amending the Law on the Government Guarantee Fund and the Law on credit institutions.

text: See e.g. ECB Opinion

text: of 8 January 2009 at the request of the Slovenian Ministry of Finance on a draft decree laying down criteria and conditions for the implementation of State capital investments and for the conversion of State claims into capital shares under

text: Article 81

text: .a of the Law on public finance.

text: See the Recommendations of the Governing Council of the European Central Bank on the pricing of recapitalisations issued on 20 November 2008, available on the ECB’s website at www.ecb.europa.eu.

text: Cf the Council conclusions on bank capital, as adopted by the Council (ECOFIN) on 20 January 2009.

text: See § 3 of the Law on financial stability.

text: See paragraph 3.2 of ECB Opinion

text: See ECB Opinion

text: of 10 September 2008 at the request of the Banque centrale du Luxembourg on amendments to the draft law improving the legislative framework for Luxembourg as a financial centre and amending the Law of 23 December 1998 on monetary status and on the Banque centrale du Luxembourg.

title: Opinion of the European Central Bank of 26 January 2009 at the request of the Danish Ministry of Economic and Business Affairs on a proposal for a Law on State investments in credit institutions and a proposal for a Law amending the Law on financial stability (CON/2009/6)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 26 January 2009 at the request of the Danish Ministry of Economic and Business Affairs on a proposal for a Law on State investments in credit institutions and a proposal for a Law amending the Law on financial stability (

text: ) Introduction and legal basis

text: On 21 January 2009 the European Central Bank (ECB) received a request from Danmarks Nationalbank on behalf of the Danish Ministry of Economic and Business Affairs for an opinion on a proposal for a Law on State investments in credit institutions and a proposal for a Law amending the Law on financial stability (hereinafter together the ‘draft laws’). The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty establishing the European Community and the sixth indent of

text: 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 laws relate to rules applicable to financial institutions insofar as they materially influence the stability of financial institutions and markets. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

text: 1. Purpose of the proposals

text: 1.1 The draft laws are motivated by the current financial market crisis and together take the form of a banking package to strengthen the capital base of credit institutions and mortgage credit institutions (hereinafter the ‘credit institutions’). The aim is to provide financial robustness to ensure financing for the activities of sound businesses and households, and at the same time to strengthen the confidence of businesses and households in the financial sector. 1.2 The draft laws will establish a regime under which credit institutions can apply for capital injections from the State. The capital injections will be provided in the form of tier-1 hybrid core capital subject to the conditions specified in the draft laws.

text: 1.3 The Law on financial stability of 10 October 2008 established a State guarantee scheme for simple creditors and depositors, and is currently limited to two years, expiring on 30 September 2010 . The proposal for a Law amending the Law on financial stability introduces a three-year extension/transitional State guarantee regime for credit institutions to beyond 30 September 2010 combined with phasing out of the guarantees over this period. Under the new transitional scheme, credit institutions may until 31 December 2010, on an individual basis, apply for a State guarantee for specific issues of new unsecured debt and for supplementary collateral requirements for issues of junior covered bonds of up to three years’ maturity. Under the proposal, the State guarantee will also be open to mortgage credit institutions for their covered bonds business. In addition, the proposal also gives the Company for winding-up distressed banks (hereinafter the ‘WUC’) a wider range of instruments to facilitate the winding-up process. The proposal makes it clear that the general and unconditional State guarantee under the current Law on financial stability will expire on 30 September 2010 , to be replaced by the modified transitional regime laid down in the proposal and by the regime introduced by the proposal for a Law on State investments in credit institutions. 1.4 The proposal for a Law on State investments in credit institutions establishes a scheme under which the State will be allowed to provide credit institutions in Denmark with hybrid core capital (capital investment) and to issue underwriting guarantees. As a corollary to the supply of State lending and guarantees, the credit package restricts the financial legislation in a number of ways, inter alia by setting limits for the variable part of remuneration for board members of credit institutions making use of the State support scheme, as well as prohibitions or restrictions on dividend payments and on capitalisation of undertakings within a group other than credit institutions. 1.5 The proposal for a Law on State investments in credit institutions applies to Danish credit institutions and to subsidiaries of foreign credit institutions located in Denmark, but not to foreign subsidiaries of Danish credit institutions. According to the terms and conditions for investments of hybrid core capital, ‘subsidiaries of foreign financial groups shall, as far as possible, use the capital provided to secure consolidation and lending in Denmark’. 1.6 The State capital injected as tier-1 hybrid core capital into credit institutions is intended as a temporary interest-bearing loan. The interest rate will be determined individually for each credit institution, on the basis of objective criteria on the assessed risk connected with the loan, and is estimated to be in the range of 9 to 12 % annually, and on average about 10 %. According to the general commentary on the draft law, it is intended that the terms will provide sufficient economic incentives for credit institutions to replace the State loans with private capital. 1.7 As an alternative to the injection of hybrid core capital, credit institutions will have the option of applying for a State guarantee underwriting the raising of private capital.

text: 2. General observations

text: 2.1 ECB Opinion

text: could not be taken into consideration before the adoption of the proposed Law on financial stability on 10 October 2008. This new consultation concerns an amendment to the Law on financial stability and the ECB therefore reiterates the position it has previously communicated in ECB Opinion

text: . Moreover, to the extent that the current proposal for a Law amending the Law on financial stability does not properly address the issues raised in ECB Opinion

text: , and that these continue to be relevant in the light of subsequent developments, the ECB’s views in that opinion remain valid. 2.2 In the general commentary on the draft laws, it is pointed out that: (i) whereas the State guarantees under the Law on financial stability were meant as a short term measure to unfreeze credit-giving, and were to end by 30 September 2010, developments on the financial markets still create insecurity as to whether and under which conditions it will be possible for credit institutions to raise capital when the State guarantee expires, meaning that there remains a need to secure the medium-term raising of liquidity; (ii) credit institutions have considerable funding difficulties and may be forced to reduce their lending, thereby worsening the economic downturn; and (iii) the Danish financial stability scheme was agreed before any coordinated action was agreed at European level among the euro area Member States by the Paris Agreement of 12 October 2008, which was later confirmed by the European Council. Since then several Member States have adopted schemes of up to five years duration, which the Law on financial stability does not allow, thereby putting Danish credit institutions at a disadvantage in raising capital. 2.3 Moreover and in particular in line with the Declaration of 12 October 2008 made at the summit of the euro area Member States in Paris, the ECB noted that EU Member States have to act in a coordinated manner to avoid significant differences in national implementation having a counterproductive effect, creating distortions in global banking markets. In particular, the ECB notes that uncoordinated decisions to guarantee interbank deposits in some Member States should be avoided as they may involve a fragmentation of money markets .

text: 3. Specific observations

text: Draft law amending the Law on financial stability

text: 3.1 The ECB appreciates that the unlimited State guarantee will expire on 30 September 2010 as originally provided for in the existing Law on financial stability, and that the proposal for an

text: extension/transitional arrangement or phasing out after 30 September 2010 under the proposal for a Law amending the Law on financial stability will base such extension or transitional arrangement on the assessment of specific issues of unsecured debt instruments by each individual credit institution. However, the ECB reiterates its view, in line with its recent opinions, that the State guarantee under the existing scheme should not cover interbank deposits. Indeed, such guarantees have the potential to interfere with the conduct of a central bank’s liquidity-providing operations, and therefore in this case the transmission of the monetary policy decisions of Danmarks Nationalbank. 3.2 The ECB notes that the transitional scheme will also apply to State guarantees for supplementary collateral required for the issuance by mortgage credit institutions of covered bonds, with the objective of creating a level playing field. Furthermore, regarding the three-year extension of the guarantee scheme, the ECB emphasises, in line with the Declaration of 12 October 2008, that harmonisation regarding the expiry of national financial support schemes across the EU is of crucial importance. 3.3 Whereas the State guarantee scheme for credit institutions will be limited to a three-year transitional scheme and also contains a considerable own risk element borne by the financial sector, the proposal for a Law on State investment in credit institutions does not contain similar explicit exit rules. According to the general commentary, State investment is only meant to be of a temporary nature, with sufficient economic incentives for the credit institutions to replace State capital with private capital. In line with previous ECB opinions , it should be ensured that such measures are in accordance with the requirements of Community competition law, in particular State aid rules, and that the State’s role is limited in time. In this respect, the draft Law on State investment in credit institutions should set out in more precise terms the incentives that will be put in place for the redemption or conversion of the instruments either on the basis of a period of time or the development of market conditions. This would serve to ensure the temporary nature of the State’s involvement and discourage financial institutions from maintaining such involvement for an extensive period of time. 3.4 According to the proposal for a Law amending the Law on financial stability, credit institutions will pay a fee for the State guarantee to be determined individually for each credit institution . Those credit institutions which are members of the Private Contingency Association already pay a fee for the currently available guarantee, and for the period after 30 September 2010 they will have to pay a fee to cover new issues.

text: Draft law on State investments in credit institutions

text: 3.5 The proposal for a Law on State investment in credit institutions is very broadly formulated regarding the terms and conditions for agreements on such investment, and specifically leaves it to the Minister for Economic and Business Affairs to lay down detailed rules regarding the terms and conditions as well as rules for calculating the remuneration of such investment. The commentary on the proposal contains some guidelines and assumptions regarding the remuneration, but for reasons of legal clarity these should also be reflected in the text of the draft law itself. 3.6 The ECB notes that the recapitalisation measures considered in Member States are aimed at strengthening the capital position of fundamentally sound financial institutions, in order to improve the functioning and stability of the banking system and to ensure the proper financing of the economy. In particular, a consistent approach should be used in defining the conditions for recapitalisations and the pricing of the instruments intended to provide tier-1 capital to financial institutions. The ECB underlines the importance of appropriate pricing for recapitalisations to reflect the goals of enhancing the stability of the financial system, facilitating a return to normal market conditions and ensuring the proper financing of the economy . Against this background, the Governing Council of the ECB has formulated recommendations on the pricing of recapitalisations . In particular, the pricing conditions for capital support should be risk-based and market-oriented, determined by taking into consideration the specific risk of both the specific instrument chosen for injecting capital and the institution concerned. Specific features of the instruments for capital injections should be appropriately chosen so that, while encouraging an early end to the State’s capital support of banks, they should not result in an excessive increase in the cost of capital. 3.7 Furthermore, pursuant to Chapter 2 paragraph 3 of the proposal for a Law on State investments in credit institutions, credit institutions that receive capital investment in accordance with this law must, following the capital investment, have a core capital at the time of recapitalisation of at least 12 %. In this respect, the ECB acknowledges that this provision is compliant with the EU Council Conclusions of 20 January 2009 on Bank Capital which state that ‘the provision of capital to the banking sector is not intended to create new, higher statutory capital requirements for the banking sector. Banks’ capital requirements should continue to be assessed on a case-by-case basis, in line with existing EU regulation, based on their individual risk-profile and rigorous stress-testing. It should be recognised that capital provides a buffer both to withstand the challenging economic conditions and to maintain lending to creditworthy borrowers’ .

text: 3.8 The ECB wishes to underline the importance it attaches to ensuring that the Law on State investments in credit institutions, and any subsequent executive orders, are in line with generally agreed principles for recapitalisation measures and preserve a level playing field as described above in line with the recommendations expressed in several recent ECB opinions.

text: State guarantee and the prohibition on monetary financing

text: 3.9 ECB Opinion

text: noted that the State will be the sole owner of the WUC ,which will be able to borrow to cover its financing needs , and that the WUC should not be allowed to benefit from any type of lending or overdraft facilities from Danmarks Nationalbank to ensure compliance with the prohibition on monetary financing. Danmarks Nationalbank had confirmed that it did not intend to lend or provide any financing to the WUC . It is noted that the provision of emergency liquidity assistance is a central bank function, which consists in giving support in exceptional circumstances and on a case-by-case basis to temporarily illiquid but solvent credit institutions . 4. In the proposal for a Law on State investment in credit institutions, the Minister for Economic and Business Affairs can draw on the State’s account with Danmarks Nationalbank for the payment of hybrid core capital to those credit institutions with which such an agreement is made. The cost will be included immediately in the current supply law . The ECB understands that the express indication in the proposal that the cost of supplying hybrid core capital will be included immediately in the current supply law will ensure compliance with the prohibition on monetary financing.

text: Done at Frankfurt am Main, 26 January 2009.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET