text: Detta yttrande grundar sig på den version av förslaget till förordning som ECB formellt ombads yttra sig över, d.v.s. versionen av den 26 juli 2005. ECB känner dock till att förslaget till förordning har bearbetas ytterligare i rådets arbetsgrupper under det brittiska ordförandeskapet.

text: Därutöver grundar sig ECB:s behörighet att avge ett yttrande på

text: artikel 22 i stadgan

text: för Europeiska centralbankssystemet och Europeiska centralbanken enligt vilken ECB:s och de nationella centralbankernas uppgifter bl.a. innefattar att säkerställa effektiva och sunda clearing- och betalningssystem inom gemenskapen och i förbindelser med tredje land.

text: D.v.s. den information som krävs enligt kapitel II och III i förslaget till förordning. ECB gjorde en liknande kommentar i punkt 12 i ECB:s yttrande

text: av den 4 februari 2005 på begäran av Europeiska unionens råd över ett förslag till Europaparlamentets och rådets direktiv om åtgärder för att förhindra att det finansiella systemet används för penningtvätt, inbegripet finansiering av terrorism (EUT C 40, 17.2.2005, s. 9). I det yttrandet påpekade ECB att operatörerna av betalningssystem endast kan kontrollera om viss information inom ett område finns eller inte; de kan inte kontrollera vilken kvalitet informationen har, eller om den är fullständig, korrekt eller meningsfull. ECB rekommenderade därför att operatörerna av betalningssystem skall undantas från kravet att identifiera den verkliga huvudmannen, utan att det påverkar deras skyldighet att säkerställa att de betalningsorder som införs i sådana system effektivt kan spåras genom att deltagarna i systemet på ett lämpligt sätt kan identifieras.

text: Skäl 34

text: i

text: Europaparlamentets och rådets direktiv 2005/60/EG av den 26 oktober 2005

text: om åtgärder för att förhindra att det finansiella systemet används för penningtvätt och finansiering av terrorism (EUT L 309, 25.11.2005, s.15)

text: Tillgänglig på FATF:s webbplats www.fatf-gafi.org

text: Förslag till Europaparlamentets och rådets direktiv om betalningstjänster på den inre marknaden och ändring av direktiven

text: och

text: , 1 december 2005, KOM(2005) 603 slutlig; tillgänglig på kommissionens webbplats www.europa.eu.int. (finns ej på svenska).

text: Samtidigt vill ECB uppmärksamma den något förvillande terminologin i tolkningsmeddelandet, där det hänvisas till användningen av kort som betalningssystem när man konstaterar att kortbetalningar som görs i kreditöverföringssyfte omfattas av SR VII.

text: Kursiverad text visar var ECB föreslår att text skall strykas.

text: Text med fet stil visar var ECB föreslår att ny text skall införas.

title: Europeiska centralbankens yttrande av den  15 december 2005  över ett förslag till en EG-förordning om information om betalaren som skall åtfölja överföringar av medel (CON/2005/56)

text: Den 14 oktober 2005 mottog Europeiska centralbanken (ECB) en begäran från Europeiska unionens råd om ett yttrande över ett förslag till Europaparlamentets och rådets förordning om information om betalaren som skall åtfölja överföringar av medel (KOM(2005) 343 slutlig), (nedan kallat förslaget till förordning).

text: ECB:s behörighet att avge ett yttrande grundar sig i första hand på artikel 105.4 första strecksatsen i förening med artikel 105.2 fjärde strecksatsen i Fördraget om upprättandet av Europeiska gemenskapen, eftersom förslaget till förordning berör en av de grundläggande uppgifterna för Europeiska centralbankssystemet (ECBS), nämligen att främja väl fungerande betalningssystem. I enlighet med artikel 17.5 första meningen i arbetsordningen för Europeiska centralbanken har detta yttrande antagits av ECB-rådet.

text: 1. Skyldigheter för förmedlande betalningsleverantörer

text: 1.1 Definitionen av förmedlande betalningsleverantör i artikel 3.6 i förslaget till förordning avser sådana betalningsleverantörer som varken är betalarens eller betalningsmottagarens betalningsleverantör och som medverkar i genomförandet av en överföring. Eftersom både operatörer av betalnings-, clearing- och avvecklingssystem samt tillhandahållare av meddelandetjänster medverkar i genomförandet av överföringar av medel tycks de omfattas av förslaget till förordning.

text: 1.2 Sådana operatörer och tillhandahållare av tjänster har dock inte någon direkt kundrelation med betalarna eller betalningsmottagarna och innehar därför inte all den information som behövs enligt förslaget till förordning. Därför bör skyldigheter endast åläggas sådana kreditinstitut som har direkt kundkontakt eller sådana finansenheter som är en del av betalningskedjan för överföring av medel, eftersom sådana enheter innehar den information som behövs.

text: 1.3 Mot bakgrund av detta rekommenderar ECB starkt att det införs ett uttryckligt undantag för både operatörer av betalnings-, clearing- och avvecklingssystem samt tillhandahållare av meddelandetjänster från den föreslagna förordningens tillämpningsområde samt att en motivering till detta införs i skälen. Detta undantag skulle inte påverka dessa systemoperatörers skyldighet att se till att de betalningsuppdrag som införs i dessa system effektivt kan spåras genom att deltagarna i systemet identifieras på ett lämpligt sätt. I detta sammanhang noterar ECB att det tredje direktivet om penningtvätt innehåller ett skäl där det klargörs att fysiska och juridiska personer som enbart tillhandahåller kreditinstitut eller finansiella institut med meddelanden om överföring av tillgångar eller andra former av stödsystem för detta ändamål eller clearingsystem och avvecklingssystem inte omfattas av det direktivets bestämmelser.

text: 1.4 Vidare behandlas i artikel 13.2 i förslaget till förordning vilka skyldigheter en förmedlande betalningsoperatör har om han inte får fullständig informationen om betalaren. Punkterna 12 och 13 i det reviderade tolkningsmeddelandet för den särskilda rekommendationen VII: Överföringar på elektronisk väg (Revised Interpretative Note to Special Recommendation VII: Wire Transfers) (nedan kallat tolkningsmeddelandet) som utarbetats av arbetsgruppen för finansiella åtgärder (FATF) innehåller inte något liknande informationskrav. I detta avseende anser ECB att man inte genom förslaget bör göra den förmedlande betalningsrapportören ansvarig för att informera betalningsmottagarens betalningsleverantör om att informationen är ofullständig. Det vore mer lämpligt om denna skyldighet ålades de direkt involverande parterna, nämligen betalarens betalningsleverantör och betalningsmottagarens betalningsleverantör, eftersom dessa ändå innehar den information som krävs i enlighet med bestämmelserna i kapitlen II och III i förslaget till förordning. De enda skyldigheter som en förmedlande betalningsleverantör bör ha är de som följer av artikel 12 och artikel 13.1 i förslaget till förordning, nämligen att tillse att all mottagen information om betalaren som åtföljer en överföring av medel skall bevaras vid den fortsatta överföringen samt att all sådan information bevaras under fem års tid. Därför bör artikel 13.2 i förslaget till förordning helt utgå.

text: 2. Definitioner

text: 2.1 En allmän synpunkt är att det vore önskvärt att säkerställa största möjliga överensstämmelse mellan definitionerna i artikel 4 i förslaget till direktiv om betalningstjänster på den inre marknaden och definitionerna i förslaget till förordning, särskilt definitionen av användare av betalningstjänster i artikel 3.8 i förslaget till förordning.

text: 2.2 Den särskilda rekommendationen nr VII om överföringar på elektronisk väg (nedan kallad SR VII) som utarbetats av FATF omfattar uttryckligen finansinstitut, inklusive penningöverföringsoperatörer. I förslaget till förordning finns ingen uttrycklig hänvisning till penningöverföringsoperatörer. Högst sannolikt kommer definitionen av betalningsleverantör i artikel 3.5 i förslaget till förordning att även omfatta penningöverföringsoperatörer, men en hänvisning till penningöverföringsoperatörer skulle kunna införas för att säkerställa att förslaget till förordning uttryckligen överensstämmer med SR VII.

text: 2.3 Därutöver bör en definition av unik identifikationskod tas med, vilken bör spegla de olika möjliga kombinationer av uppgifter som behövs för att identifiera en betalare.

text: 3. Affärstransaktioner

text: 3.1 ECB noterar att man i skäl 6 i förslaget till förordning, under vissa förutsättningar, tillåter undantag för överföringar som härrör från affärstransaktioner. En definition av termen affärstransaktion saknas, men av artikel 2.2 framgår att förslaget till förordning inte [skall] tillämpas på överföringar av medel som härrör från en affärstransaktion som utförs med hjälp av kredit- eller bankkort eller andra liknande betalningsinstrument.

text: 3.2 I punkt 10 a i tolkningsmeddelandet används inte termen affärs-. Istället fastslås där att SR VII inte omfattar överföringar som är resultatet av transaktioner som utförts med hjälp av ett kredit- eller bankkort, förutsatt att kredit- eller bankkortsnumren följer alla överföringar som är resultatet av transaktionen. I punkt 10 a fastslås dock även att när kredit- eller bankkort används som betalningssystem för att utföra en penningöverföring, omfattas dessa av SR VII, och den nödvändiga information skall inkluderas i meddelandet. Detta innebär att SR VII gör en distinktion mellan kortbetalningar som görs i syfte att betala varor och tjänster (som inte omfattas av SR VII) och kortbetalningar som görs i kreditöverföringssyfte (som omfattas). ECB förslår att skäl 6 samt artikel 2.2 första stycket i förslaget till förordning omformuleras för att säkerställa större överensstämmelse med tolkningsmeddelandet.

text: 3.3 Artikel 2.2 i förslaget till förordning tycks utgå från antagandet att en betalares och/eller betalningsmottagares betalningsleverantör alltid har möjlighet att avgöra huruvida bank- eller kreditkort har använts för att betala för varor och tjänster eller för att göra kreditöverföringar. Detta antagande är emellertid inte alltid riktigt, eftersom alla typer av betalningsinstrument kan användas för sådana transaktioner. När en betalning utförs med hjälp av ett kredit- eller bankkort är det bara ägaren/operatören av kredit- eller bankkortssystemet som mottar information från vilket det underliggande syftet med transaktionen kan härledas. Betalarens och betalningsmottagarens betalningsleverantör mottar endast den information som behövs för att avveckla transaktionen på deras kunds konto, d.v.s. de får ingen information om transaktionens underliggande syfte. Att införa en skyldighet för betalningsleverantörer att kontrollera syftet med sådana transaktioner skulle inte främja väl fungerande betalningssystem. Trots att ECB har förståelse för önskemålet att undanta transaktioner som genomförs med kredit- eller bankkort i syfte att betala för varor och tjänster från kravet att inkludera fullständig information om betalaren, torde förslaget vara ogenomförbart eftersom de aktörer som berörs av förslaget till förordning saknar möjlighet att i alla situationer identifiera det underliggande syftet med en betalning. Syftet med artikel 2.2 kan emellertid vara att betalningen (via betalarens betalningsleverantör) av fakturan avseende de underliggande kreditkortstransaktionerna som utförts av betalaren inte är del av en kreditöverföring som skulle kunna ha initierats med hjälp av kreditkortet, utan är en helt separat kreditöverföring från betalaren till kreditkortsföretaget. Om detta är fallet har ECB inget att invända mot innehållet i artikel 2.2, men skulle i rättssäkerhetens intresse förslå att denna avsikt förtydligas i förslaget till förordning.

text: 4. Batchöverföringar

text: I artikel 7.2 i förslaget till förordning regleras batchöverföringar till betalningsmottagare utanför gemenskapen. Sådana överföringar avser enskilda överföringar från en betalare till olika betalningsmottagare, där överföringarna sammanförs i en batch och sedan vanligtvis plockas isär av den första betalningsleverantören i kedjan eller av en betalningssystemsoperatör för att därefter sorteras efter betalningsmottagarnas betalningsleverantörer. Därför kommer varken betalningsmottagaren eller dennes betalningsleverantör att kunna veta att de medel som tas emot ursprungligen överförts i form av en batchöverföring. Om betalningsmottagaren är etablerad i ett land som är medlem i FATF, skall det berörda landet även tillämpa SR VII. Följaktligen skulle betalningsmottagarens betalningsleverantör behöva kontakta antingen betalarens betalningsleverantör inom gemenskapen eller den förste förmedlande betalningsleverantören för att kunna få den relevanta informationen. Det bör därför uppmärksammas att användningen av batchöverföringar vid gränsöverskridande överföringar kommer att leda till ett stort antal förfrågningar om information om betalaren.

text: 5. Överenskommelser med territorier eller länder utanför gemenskapen

text: Enligt artikel 18 i förslaget till förordning kan Europeiska kommissionen bemyndiga en medlemsstat att ingå överenskommelser med länder eller territorier utanför gemenskapen som innehåller undantag från förslaget till förordning. Sådana överenskommelser får endast bemyndigas om ett antal villkor uppfylls. Mot bakgrund av konsolideringen av EU:s finansmarknader och utvecklingen av det gemensamma betalningsområdet för euron verkar det första och det tredje villkoret (d.v.s. att landet eller territoriet ingår i en monetär union med den berörda medlemsstaten eller utgör en del av den berörda medlemsstatens valutaområde samt att landet eller territoriet kräver att betalningsleverantörer som verkar inom dess jurisdiktion tillämpar samma regler som de som fastställs i förslaget till förordning) vara tillräckliga för att uppnå målet med kravet på bemyndigande. Därför kan det andra villkoret (att landet eller territoriet är medlem i den berörda medlemsstatens betalnings- och clearingsystem) strykas.

text: 6. Ändringsförslag

text: Ändringsförslag presenteras i bilagan i de fall där de råd som givits ovan skulle leda till ändringar i förslaget till förordning.

text: Utfärdat i Frankfurt am Main den 15 december 2005.

text: Jean-Claude Trichet

text: ECB:s ordförande

text: BILAGA

text: KOMMISSIONENS FÖRSLAG | ECB:S ÄNDRINGSFÖRSLAG

text: [Förslag att införa ett nytt skäl 6 och att numrera om de påföljande skälen i enlighet med detta.] | Kraven i denna förordning bör uppfyllas av de enheter i betalningskedjan som genomför överföringar av medel och har en kundrelation med betalaren och betalningsmottagaren. Eftersom varken operatörer av betalnings-, clearing- och avvecklingssystem eller tillhandahållare av meddelandetjänster har en sådan kundrelation, är de undantagna från denna förordnings tillämpningsområde.

text: Motivering – se punkt 1.1 och 1.3 i yttrandet

text: 6) Eftersom risken för att det rör sig om penningtvätt eller finansiering av terrorism är lägre vid överföringar som härrör från en affärstransaktion eller när betalaren och betalningsmottagaren är betalningsleverantörer som agerar för egen räkning bör dylika överföringar lämpligen inte omfattas av denna förordning, på villkor att det alltid är möjligt att spåra dem tillbaka till betalaren. | 6) När risken för att det rör sig om penningtvätt eller finansiering av terrorism är lägre vid överföringar av medel bör dylika överföringar lämpligen inte omfattas av denna förordning. Dessa undantag omfattar kredit- eller bankkort, bankomatuttag, direktdebitering, trunkerade checkar (truncated cheques), betalning av skatter, böter och andra avgifter och där både betalaren och betalningsmottagaren är betalningsleverantörer som agerar för egen räkning. För att bättre beakta hur de nationella betalningssystemen ser ut kan medlemsstaterna dessutom välja att undanta elektroniska girobetalningar på villkor att det alltid är möjligt att spåra dem tillbaka till betalaren. När medlemsstaterna har tillämpat undantaget för digitalpengar enligt direktiv

text: bör detta undantag även tillämpas i denna förordning förutsatt att det överförda beloppet inte överstiger 1000 EUR.

text: Motivering – se punkt 3.1-3.3 i yttrandet

text: 2. Denna förordning skall inte tillämpas på överföringar av medel som härrör från en affärstransaktion som utförs med hjälp av kredit- eller bankkort eller andra liknande betalningsinstrument, under förutsättning att en unik identifikationskod åtföljer alla överföringar av medel som härrör från denna affärstransaktion och gör det möjligt att spåra transaktionen tillbaka till betalaren. | 2. Denna förordning skall inte tillämpas på överföringar av medel som härrör från en transaktion som utförs med hjälp av kredit- eller bankkort eller andra liknande betalningsinstrument, förutom när ett kredit- eller bankkort används för att verkställa kreditöverföringen, förutsatt att en unik identifikationskod åtföljer alla överföringar av medel som härrör från denna transaktion och gör det möjligt att spåra transaktionen tillbaka till betalaren.

text: [Förslag att införa ett nytt andra stycke i

text: artikel 2.2

text: och att numrera om det nuvarande andra stycket i

text: artikel 2.2

text: så att det blir det tredje stycket till denna artikel.] | Denna förordning skall inte tillämpas på operatörer av betalnings-, clearing- och avvecklingssystem eller på tillhandahållare av meddelandetjänster.

text: Motivering – se punkt 1.1-1.3 i yttrandet

text: 5. betalningsleverantör: en fysisk eller juridisk person vars affärsverksamhet omfattar tillhandahållande av betalningstjänster till användare av sådana tjänster. | 5. betalningsleverantör: en fysisk eller juridisk person, inklusive penningöverföringsoperatörer vars affärsverksamhet omfattar tillhandahållande av betalningstjänster till användare av sådana tjänster.

text: Motivering – se punkt 2.2 i yttrandet

text: 8. användare av betalningstjänster: en fysisk eller juridisk person som i egenskap av betalare eller betalningsmottagare utnyttjar en betalningstjänst. | 8. användare av betalningstjänster: en fysisk eller juridisk person som i egenskap av antingen betalare eller betalningsmottagare, eller bådadera, utnyttjar en betalningstjänst.

text: Motivering – se punkt 2.1 i yttrandet

text: [För närvarande finns det ingen

text: artikel 3.10

text: . Förslaget är att lägga till en ny definition.] | 10. unik identifikationskod: en kombination av bokstäver, siffror eller symboler som fastställts av betalningsleverantören i enlighet med protokollen för det betalnings- och avvecklingssystem eller system för meddelanden som används för att verkställa överföringen.

text: Motivering – se punkt 2.3 i yttrandet

text: 2. Om en förmedlande betalningsleverantör, i det fall som avses i punkt 1, inte får fullständig information om betalaren skall han informera betalningsmottagarens betalningsleverantör om detta vid överföringen av medlen. | [utgår.]

text: Motivering – se punkt 1.4 i yttrandet

text: b) Det är medlem i den berörda medlemsstatens betalnings- och clearingsystem. | b) [utgår.]

text: Motivering – se punkt 5 i yttrandet


text: OJ L 189, 3.7.1998, p. 42. 2 OJ L 139, 11.5.98, p. 1. Regulation as amended by

text: Regulation (EC) No 2596/2000

text: (OJ L 300, 29.11.2000, p. 2).

text: See the English language version of

text: Regulation (EC) No 974/98

text: and all the other official language versions, with the exception of the Greek language version. 4 Act concerning the conditions of accession of the Czech Republic, the Republic of Estonia, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Republic of Hungary, the Republic of Malta, the Republic of Poland, the Republic of Slovenia and the Slovak Republic and the adjustments to the Treaties on which the European Union is founded (OJ L 236, 23.9.2003, p. 33). 5 See paragraph 10 of ECB Opinion

text: of 14 June 2005 at the request of Lietuvos Bankas on a draft law on the adoption of the euro and Section 2.4 of ECB Opinion

text: of 1 December 2005 on a proposal for a Council Regulation amending

text: Regulation (EC) No 974/98

text: on the introduction of the euro. 6 Article 693 of the draft law.

text: See ‘The Impact of the introduction of the euro on capital markets’, Commission Communication (Euro Paper No 03, July 1997; available on the European Commission’s website at www.europa.eu.int ), p. 3. 8 Second

text: Council Directive 77/91/EEC of 13 December 1976

text: on coordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, in respect of the formation of public limited liability companies and the maintenance and alteration of their capital, with a view to making such safeguards equivalent (OJ L 26, 31.1.1977, p. 1). Directive as last amended by the Act concerning the conditions of accession.

publisher: Europeiska centralbanken

sprak: en

title: Opinion of the European Central Bank of 16 December 2005 at the request of the Slovene Ministry of Economic Affairs on the provisions of the draft Companies Act concerning redenomination resulting from the introduction of the euro (CON/2005/57)

serie: con

text: OPINION OF THE EUROPEAN CENTRAL BANK of 16 December 2005 at the request of the Slovene Ministry of Economic Affairs on the provisions of the draft Companies Act concerning redenomination resulting from the introduction of the euro (

type: rubrik

text: 1. On 22 November 2005 the European Central Bank (ECB) received a request from the Slovene Ministry of Economic Affairs for an opinion on the provisions of the draft Companies Act concerning redenomination resulting from the introduction of the euro (hereinafter the ‘draft law’).

type: stycke

text: 2. The ECB’s competence to deliver an opinion is based on the first and sixth indents of

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

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft law contains provisions concerning currency matters and the stability of equity 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: 3. The draft law is the first Slovene legal act addressing the euro changeover on which the ECB has been consulted. Its objective is to lay down simplified rules in relation to the redenomination into euro of the capital of public limited companies and limited liability companies. The ECB understands the draft law to be a first phase in the process of preparing the Slovene legal system for the introduction of the euro. It assumes that the draft law will be supplemented by additional legislation, in particular the law governing the introduction of the euro referred to in the draft law’s transitional and final provisions.

text: 4. The ECB welcomes the Slovene Government’s initiative to start preparing early for the introduction of the euro, to ensure the timely implementation of the measures necessary for the transition.

text: 5. However, regarding the name of the single currency, the ECB notes that the Slovene language version of the draft law refers to the ‘evro’ in the nominative singular case as opposed to the ‘euro’. The ECB would like to remind the Slovene authorities that

text: Article 2 of Council Regulation (EC) No 974/98 of 3 May 1998

text: on the introduction of the euro stipulates that ‘… the currency of the participating Member States shall be the euro’ . Recital 2 to this Regulation notes that, at its meeting in Madrid on 15 and 16 December 1995, the European Council considered that ‘… the name of the single currency must be the same in all the official languages of the European Union, taking into account the existence of different alphabets’. Taken together, these two provisions make it clear that the name of the single currency is the ‘euro’ and that this name should be identical in all legal acts published in Community languages. Furthermore, the ECB would like to note that new Member States are under an unquestionable legal obligation to comply with decisions taken by the European Council, pursuant to Article 5(3) of the Act concerning the conditions of accession . Thus, the conclusions of the Madrid European Council with regard to the name of the single currency are binding on the new Member States. The Community, as the exclusive holder of competence in monetary matters, determines alone the name of the single currency. As a single currency, the name of the euro needs to be identical in the nominative singular case in all Community languages to ensure that its singleness is apparent. On the basis of these legal considerations, and in view of the supremacy of Community law, the ECB is of the opinion that the name of the single currency in the nominative singular case is legally required to be consistently rendered in all national legal acts as the ‘euro’ .

text: 6. Moreover, the reference in the draft law to ‘… conversion rate defined in the law governing the introduction of the euro’ is not appropriate since Community secondary law on monetary matters, including the conversion rates adopted in accordance with Article 123(5) of the Treaty establishing the European Community, are directly applicable in the Member States. The conversion rate will be defined in a Community regulation.

text: 7. The provisions on redenomination of corporate equity do not of themselves raise any concerns; on the contrary, they appear to be helpful provisions which will facilitate the changeover process. The draft law facilitates the redenomination of the capital of public limited companies and limited liability companies by means of a simplified procedure, without any additional costs for companies, and settles the rounding problems that may occur as a result of such redenomination. It introduces provisions regarding the methods and procedure for converting the nominal values of shares and the share capital of public limited companies and limited liability companies, as well as details regarding the euro changeover procedure for these companies.

text: 8. Moreover, the draft law provides for non-par value shares as an alternative to redenomination of shares into euro. This solution was recommended by the European Commission as with non-par value shares there is no need for physical exchange of share certificates . The share prices can be adjusted by simple splitting and there is no need for capital adjustment. Furthermore, such shares are allowed by the Second Company Law Directive . The provisions regarding the introduction of non-par value shares are welcome since they introduce flexibility and simplicity.

text: 9. This opinion will be published on the ECB’s website. Done at Frankfurt am Main, 16 December 2005. [signed] The President of the ECB Jean-Claude TRICHET

type: vagledning

utgivare: ecb


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

text: See paragraphs 8 and 10 of ECB Opinion

text: of 6 October 2005 at the request of the Italian Ministry of Economy and Finance on an amendment to the draft law on the protection of savings concerning the Banca d’Italia. See paragraphs 4 of ECB Opinion

text: of 11 May 2004 at the request of the Italian Ministry of Economy and Finance on a draft law on the protection of savings.

title: Opinion of the European Central Bank of 23 December 2005 at the request of the Italian Ministry of Economy and Finance on an amendment to the draft law on the protection of savings concerning the Banca d’Italia (CON/2005/58)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 23 December 2005 at the request of the Italian Ministry of Economy and Finance on an amendment to the draft law on the protection of savings concerning the Banca d’Italia (

text: 1. On 21 December 2005 the European Central Bank (ECB) received a request from the Italian Ministry of Economy and Finance for an opinion on a draft article that will be inserted in the draft law on the protection of savings (hereinafter the ‘draft article’).

text: 2. The ECB’s competence to deliver an opinion is based on the third indent of

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft article contains provisions concerning a national central bank (NCB). 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: 3. The ECB notes that it has been already consulted twice on previous drafts of this provision and welcomes the Italian Government’s decision to consult the ECB again on this new draft article. The ECB notes with pleasure that the Italian Government has endorsed most of the comments made in such previous opinions. More specifically, the ECB particularly welcomes the fact that specific amendments have been introduced to the draft article to introduce the principle of collegiality for the Directorate’s decision-making on measures related to non-ESCB tasks and a mandate of six years for its members, renewable once, similar to that one introduced for the Governor.

text: 4. The ECB notes that the draft article will modify the current procedure for both the appointment and the revocation of the Governor in the cases indicated by Article 14.2 of the Statute of the European System of Central Banks and of the European Central Bank: he/she will be appointed with a decree of the President of the Republic, upon proposal of the President of the Council of Ministers, after deliberation of the Council of Ministers, having heard the opinion of the Banca d’Italia’s Board of Directors. The draft article complies with the Treaty. The ECB also notes that paragraph 7 of the draft article envisages that the Banca d’Italia’s statute will provide for staggered appointment of the members of the Directorate to ensure a degree of continuity in its functioning and welcomes it. The ECB stands ready to provide an assessment of such aspects in a future opinion on the amendments to be introduced into the Statute of Banca d’Italia.

text: 5. According to the draft article a Government regulation will specify the procedure for the transfer of Banca d’Italia’s shares owned by entities other than the State and other public bodies within three years from entry into force of the law. The ECB recalls the comments made in its earlier opinion as regards the need for ensuring the compatibility of both the financing of the planned transfer of the Banca d’Italia’s shares to the State with the principles established by the Treaty as regards monetary financing and fiscal policies . The ECB stands ready to provide an assessment of such aspects in a future opinion on the above-mentioned draft Government regulation.

text: 6. Furthermore, the ECB recalls its earlier comments as regards the need for preserving the Banca d’Italia’s financial independence upon transfer of the shares and to review the role of the Board of Director. The ECB takes note that the draft article envisages a modification of the Banca d'Italia’s Statute to redefine the functions of such body and stands ready to provide an assessment of the overall internal governance in a future opinion.

text: 7. Finally, the ECB notes that the draft article provides for the abrogation of the current provisions of Law No. 287 of 10 October 1990 concerning the exercise of the antitrust functions as regards the banking system and the transfer of the powers from the Banca d'Italia to the “Autorità garante della concorrenza e del mercato” (AGCM). More specifically, the draft article provides that when acquisitions of significant holdings in banks and banking mergers occur, the authorizations of both Banca d’Italia and AGCM – pertaining, respectively, to sound and prudent management issues and to the competitive effects – are necessary and will be adopted in one single measure. Co-ordination between the two authorities is also required.

text: 8. The ECB highlights that, as already commented on an earlier version of the draft article , while coordination between authorities is highly needed to avoid an overly complex framework for supervised entities, it is appropriate to maintain a clear distinction between procedures leading to antitrust and banking supervision decisions. However, cases might occur in which a banking merger would be deemed necessary on stability grounds, although it raises concerns for its effects on competition. To address such issue, the draft article might envisage a provision similar to that contained in the draft law submitted for consultation in 2004, according to which the AGCM would be entitled to authorise concentrations upon request of the Banca d'Italia based on stability grounds.

text: 9. This opinion will be published on the ECB’s website. Done at Frankfurt am Main, 23 December 2005. [ signed ] The President of the ECB Jean-Claude TRICHET


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

title: Opinion of the European Central Bank of 30 December 2005 at the request of the Estonian Parliament on a draft law amending the Eesti Pank Act (CON/2005/59)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 30 December 2005 at the request of the Estonian Parliament on a draft law amending the Eesti Pank Act (

text: 1. On 7 November 2005 the European Central Bank (ECB) received a request from Riigikogu (the Estonian Parliament) for an opinion on a draft law amending the Eesti Pank Act (hereinafter the ‘draft law’).

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 contains provisions concerning the national central bank. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the European Central Bank has adopted this opinion.

text: 3. The ECB understands that the main objective of the draft law,which will enter into force at the date established by a decision of the Council of the European Union on the abrogation of the derogation of the Republic of Estonia pursuant to the procedure provided by Article 122(2) of the Treaty, is to bring the Eesti Pank Act into line with the Treaty establishing the European Community and the Statute of the European System of Central Banks and of the European Central Bank. In the Convergence Report 2004 , the ECB noted that Estonian law, and in particular the Eesti Pank Act, does not anticipate Eesti Pank’s legal integration into the Eurosystem and therefore there is a need to adapt the law to comply with the requirements under Article 109 of the Treaty. In its Convergence Report the ECB also strongly recommended that, for reasons of legal certainty, a change should be made to Article 111 of the Estonian Constitution.

text: 4. The ECB generally welcomes the draft law and, in particular the adaptions which are made with a view to the future inclusion of Eesti Pank in the Eurosystem. However, the ECB would like to point out some provisions which still require some further refinements. In this context it should be noted that Article 109 of the Treaty requires Member States to ensure that national legislation is compatible with the Treaty and the Statute; any incompatibilities must therefore be removed. The Treaty and the Statute do not prescribe the manner in which national legislation must be adapted. Legislation may be adapted by making references to the Treaty and the Statute, by incorporating provisions thereof while referring to them, by deleting incompatibilities or by a combination of these methods.

text: 5. The ECB notes that Article 1 of the draft law states that Eesti Pank is a member of the European System of Central Banks (ESCB). The ECB understands that Eesti Pank, in performing the tasks of the ESCB, shall act in accordance with the guidelines and instructions of the ECB. Therefore the ECB would welcome it if the reference to the legislation of the ECB in the draft Article 1(3) of the Eesti Pank Act were to be placed immediately after the reference to the Statute, in order to reflect the hierarchy of legal acts.

text: 6. The ECB welcomes Article 2 of the draft law which states that Eesti Pank’s primary objective is to maintain price stability. The ECB notes that Eesti Pank’s other objectives have been amended so as to bring them into line with Community law. In this context, however, although the draft law already contains a general reference to the Treaty, the ECB would welcome a specific reference to Article 105(1) of the Treaty. This would reinforce the ECB’s understanding that compliance with the objectives under the draft Article 2(1) of the Eesti Pank Act takes priority over compliance with the objectives under the draft Article 4(4) of the Eesti Pank Act, which implies that support of the general economic policies of the Community takes priority over support of the economic policy of the Estonian Government. It is also noted that the list of Eesti Pank’s tasks still contains some imperfections: first, the wording of the draft

text: Article 2(2)

text: (2) does not follow the wording of Article 105(2) of the Treaty and the third indent of Article 3(1) of the Statute; and second, in the light of the NCB’s functional independence, it is recommended that the draft

text: Article 2(2)

text: (8) of the Eesti Pank Act should also refer to Article 2(2) of the Eesti Pank Act.

text: 7. The ECB notes the improved wording of Article 3 of the draft law and welcomes the clear reference to the principle of central bank independence. The ECB also welcomes the introduction of Article 16 of the draft law, which stipulates that the holding and management of foreign exchange reserves shall be organised pursuant to law, the Statute of Eesti Pank, and the guidelines of the Governing Council of the ECB. Similarly, Article 17 of the draft law on the preparation of the annual report brings the Eesti Pank Act into line with Article 26.4 of the Statute.

text: 8. The ECB notes that according to Article 10(4) of the Eesti Pank Act, a Deputy Governor may deputise for the Governor in his absence. In this context, the ECB welcomes that the draft law now also provides for the independence of the Deputy Governors by establishing a term of office of five years and by extending the scope of Article 10(3) of the Eesti Pank Act to also include the Deputy Governors. The draft law does not make it clear whether Deputy Governors can be reappointed, and the ECB would welcome clarification of this point. The ECB would also welcome clarification of whether, under Article 10(4) of the Eesti Pank Act, the Supervisory Council may designate a substitute for the Governor only from among the Deputy Governors.

text: 9. Article 19 of the draft law states that the Deputy Governors who are in office on the date of entry into force of the draft law will each be deemed to have been appointed for a term of five years from that date. This regime raises some concerns with regard to the stability of the governance system, as their terms of office will all expire at the same time. Under Article 50 of the Statute, the members of the ECB’s Executive Board were initially appointed for less than a full term, as a transitional measure. A similar provision concerning the Deputy Governors would be welcome.

text: 10. The ECB notes that the draft law does not change Article 11(1) of the Eesti Pank Act. Under the first indent of Article 11(1) of the Eesti Pank Act, the Governor of Eesti Pank is exclusively responsible for, among other things, shaping monetary and banking policies. This provision does not recognise the responsibilities of the ECB’s decision-making bodies. It is therefore recommended that the words ‘monetary and’ should be deleted from the first indent of Article 11(1) of the Eesti Pank Act.

text: 11. The ECB notes that Article 12 of the draft law amends Article 14 of the Eesti Pank Act and sets out the rights of Eesti Pank in order to achieve the objectives stipulated in Article 2 of the Act. Although the list of rights largely complies with the Statute, the article would clearly benefit from references to the Statute, as the current wording fails to refer to the ECB’s competencies with regard to open market and credit operations, minimum reserves, clearing and payment systems, etc. Also, it would be preferable for the list of rights in Article 12 of the draft law to provide for implementing measures for the other instruments of monetary control referred to in Article 20 of the Statute.

text: 12. The ECB welcomes Article 13 of the draft law which brings the Eesti Pank Act into line with Article 106 of the Treaty and Article 16 of the Statute. For the sake of clarity, it would be preferable to refer to banknotes and coins as ‘euro banknotes and coins’ throughout the draft law.

text: 13. The ECB notes that Article 14 of the draft law repeals Article 15(5) of the Eesti Pank Act. The ECB understands that there will be no need to quote the exchange rate of the Estonian kroon against foreign currencies, once the euro has been introduced as the legal tender in Estonia.

text: 14. Article 18 of the draft law aims to bring the Eesti Pank Act into line with the Official Statistics Act. Against this background, the ECB notes that certain obligations of NCBs relating to the collection of statistical information arise from Article 5.2 of the Statute, which is not referred to in the draft law. Therefore, the draft law should be amended so as to refer to the Statute.

text: 15. There is one issue which was highlighted in the ECB’s Convergence Report 2004 which the draft law does not address. Namely, the seventh indent of

text: Article 9(2)

text: in conjunction with Article 31(1) of the Eesti Pank Act, which provides that the Supervisory Board is to appoint independent auditors for Eesti Pank’s accounts, does not recognise the Community’s and ECB’s competence in this field under Article 27.1 of the Statute. Furthermore, the last sentence of Article 31(1) of the Eesti Pank Act does not recognise the powers of Eesti Pank’s Supervisory Board nor the Community’s and ECB’s competence.

text: 16. This opinion will be published on the ECB’s website. Done at Frankfurt am Main, 30 December 2005. [signed] The President of the ECB Jean-Claude TRICHET


text: OJ L 189, 3.7.1998, p. 42. 2 Convergence Report 2004, pp. 225-226.

text: See ECB Opinion

text: of 26 October 2005 at the request of Lietuvos bankas on a draft law amending Article 125 of the Constitution of the Republic of Lithuania; European Central Bank Convergence Report 2004, pp. 225- 226.

text: OJ L 318, 27.11.1998, p. 8.

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. 6 Cf. Article 103(2) of the Treaty and Council Regulation No 3603/93 of 13 December 1993 specifying definitions for the application of the prohibitions referred to in Articles

text: and

text: b (1) of the Treaty (OJ L 332, 31.12.1993, p. 1). 7 Cf. ECB Opinion

text: of 2 September 2002 at the request of the Swedish Ministry of Finance on a draft legislative proposal establishing the National Audit, including proposed amendments to the Sveriges Riksbank Act (1988:1385).

title: Opinion of the European Central Bank of 30 December 2005 at the request of Lietuvos bankas on a draft law amending the Lietuvos bankas Act (CON/2005/60)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 30 December 2005 at the request of Lietuvos bankas on a draft law amending the Lietuvos bankas Act (

text: 1. On 9 November 2005 the European Central Bank (ECB) received a request from Lietuvos bankas for an opinion on a draft law amending the Lietuvos bankas Act (hereinafter the ‘draft law’).

text: 2. The ECB’s competence to deliver an opinion is based on the first, third and fifth indents of

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

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

text: 3. The ECB understands that the main objective of the draft law is to bring the Lietuvos bankas Act into line with the Treaty establishing the European Community and the Statute of the European System of Central Banks and of the European Central Bank. In the ECB’s Convergence Report 2004 , the ECB noted that Lithuanian legislation concerning Lietuvos bankas’s operations, including Lithuania’s Constitution, the Lietuvos bankas Act, the Act on money and the Act on credibility of the litas, required adaptation pursuant to Article 109 of the Treaty.

text: 4. The ECB notes that the draft law represents a comprehensive revision of the Lietuvos bankas Act. It welcomes the adaptations proposed in the draft law. Once enacted, and subject to the following comments, the draft law will contribute to the completion of the legislative adaptations required for the abrogation of Lithuania’s derogation. The ECB notes that the draft law is intended to enter into force on the day on which Lithuania’s derogation is abrogated pursuant to the procedure provided by Article 122(2) of the Treaty.

text: 5. As a general remark, the ECB notes that the grounds for dismissal of the Chairperson of Lietuvos bankas’s Board as laid down in Lithuania’s Constitution are not compatible with Article 14.2 of the Statute. Articles 75 and 84(13) of the Constitution allow the Chairperson to be dismissed following a vote of no confidence, which is not a ground for dismissal under Article 14.2 of the Statute. Moreover, Article 125(2) of the Constitution, which provides that Lietuvos bankas has the exclusive right to issue currency, still requires adaptation in order to bring it into line with the Treaty and the Statute . The ECB also notes that certain of Lietuvos bankas’s functions and duties are provided for in other legal acts, such as the Act on money and the Act on credibility of the litas. The ECB draws Lietuvos bankas’s attention to the fact that such legal acts must be brought into line with the Treaty and the Statute prior to the abrogation of Lithuania’s derogation.

text: 6. The ECB welcomes the fact that Article 1 of the draft law clarifies that Lietuvos bankas will be an integral part of the European System of Central Banks (ESCB) and that it will carry out the ESCB’s tasks in accordance with the guidelines and instructions of the ECB, as required by Article 14.3 of the Statute. Article 1 of the draft law also states that the assets of Lietuvos bankas belong to Lietuvos bankas and that Lietuvos bankas manages, uses and disposes of these assets in accordance with the terms prescribed by Community law and the Lietuvos bankas Act. The ECB understands that this provision reinforces Lietuvos bankas’s right to manage its resources and contributes to the achievement of the ESCB’s objectives. This provision of the draft law is welcome.

text: 7. The ECB also welcomes the provisions of Article 2 of the draft law which states that, in accordance with the requirements of the Treaty, Lietuvos bankas has the right to issue banknotes and coins.

text: 8. The reformulated statutory objectives of Lietuvos bankas (Article 3 of the draft law) are now consistent with Article 105(1) of the Treaty and Article 2 of the Statute. However, Lietuvos bankas might consider referring to the ‘general economic policies in the Community’ instead of ‘Community general economic policies’, in order to reflect the wording used in the Treaty.

text: 9. The ECB notes that Article 4 of the draft law makes a distinction between ESCB-related tasks and the other tasks of Lietuvos bankas, listing the issuance of banknotes and coins among the former. However, the issuance of coins is the prerogative of Member States and not an ESCB task.

text: 10. Under Article 4 of the draft law Lietuvos bankas, as part of its other tasks, would be entitled to grant loans to credit institutions, secured by adequate collateral in accordance with the procedure, conditions and terms established by Lietuvos bankas. The ECB understands that Article 4 of the draft law provides for a mechanism to tackle a financial crisis if Lietuvos bankas deems emergency liquidity assistance to be necessary and appropriate in particular exceptional circumstances. The ECB welcomes the fact that Article 4 of the draft law states that this assistance should be provided ‘without prejudice to the requirements derived from [Lietuvos bankas’s] participation in the European System of Central Banks’, thus providing a safeguard to ensure compliance with the prohibition on monetary financing contained in Article 101 of the Treaty.

text: 11. According to Article 4 of the draft law, Lietuvos bankas, acting as an integral part of the ESCB, defines monetary policy in conjunction with other members of the ESCB and implements it. Since, under Article 12.1 of the Statute, the Community’s monetary policy is exclusively formulated by the Governing Council with the result that such monetary policy will extend to Lithuania upon the adoption of the euro by Lithuania, the draft law should be amended to state that Lietuvos bankas ‘implements monetary policy’ without reference to the definition of monetary policy.

text: 12. The ECB also notes that under Article 4 of the draft law Lietuvos bankas is to promote the sound and efficient operation of payment and securities settlement systems. This provision of the draft law replicates

text: Article 8(1)

text: (8) of the existing Lietuvos bankas Act. For the sake of clarity, Lietuvos bankas could consider amending this provision to expressly include clearing systems.

text: 13. Article 4 of the draft law provides that Lietuvos bankas is to collect from state institutions and economic entities the statistical information necessary for the performance of the ESCB’s tasks and Lietuvos bankas’s tasks. Under Article 28 of the draft law, state and municipal institutions and economic entities are to provide Lietuvos bankas with the information required for the performance of its functions. Lietuvos bankas might consider whether Article 4 of the draft law should also refer to the municipal institutions from which statistical information is to be collected. In addition, Article 28 of the draft law states that Lietuvos bankas may provide information to the ECB, the NCBs of the other Member States and other institutions, if such information is required for the performance of their functions, provided that Lithuanian laws do not prohibit the provision of such information. For the sake of clarity, the ECB suggests that Article 28 of the draft law should specify that this prohibition does not apply to the provision of statistical information to the ECB, which is subject to the confidentiality regime laid down in

text: Article 8 of Council Regulation (EC) 2533/98 of 23 November 1998

text: concerning the collection of statistical information by the European Central Bank .

text: 14. The draft law also amends the Lietuvos bankas Act in relation to the powers of Lietuvos bankas’s Board. In particular, Article 5 of the draft law provides, among other things, that the Board shall approve the allocation of the profit for the financial year. The ECB understands that the rules for the allocation of profits are laid down in Article 23(3) of the Lietuvos bankas Act. Lietuvos bankas should consider the possibility of including a reference to

text: Article 23(3)

text: in the provisions in the draft law dealing with the powers of the Board.

text: 15. Article 6 of the draft law expressly states that the Deputy Chairpersons and the Members of the Board of Lietuvos bankas have the right to appeal to the Vilnius District Court against any decision to dismiss them prior to the expiry of their terms of office. The ECB welcomes this provision which reinforces the personal independence required of the members of the decision-making bodies of NCBs under Article 108 of the Treaty. This provision of the draft law must enter into force immediately, and not await the adoption of the euro in Lithuania.

text: 16. Article 7 of the draft law amends the voting rules of Lietuvos bankas’s Board. In particular, the draft law states that the decisions of the Board shall be adopted with a majority of at least three votes. The ECB welcomes this provision, since it reinforces the principle of collegiality in the decision making of Lietuvos bankas.

text: 17. The ECB understands that Article 8(2) of the draft law refers to Lietuvos bankas’s support of the participation of its staff members in cultural and sporting events organised by other central banks. The ECB notes that this activity is not specifically ESCB-related, and recommends that Lietuvos bankas clarifies in the draft law that it may support the participation of its staff members in cultural and sporting events organised by foreign central banks or international monetary institutions.

text: 18. Article 9 of the draft law repeals the reference to the detailed lists of information which constitutes banking secrets and provides a more general definition of banking secrecy. In particular, the ECB notes that Article 38 of the Statute requires that any ESCB-related information falling within the category of non-public information should be covered by the obligation of professional secrecy. The reformulation of the definition of bank secrecy in Article 9 of the draft law is therefore welcome.

text: 19. The ECB notes that the draft law materially amends Chapter 4 of the Lietuvos bankas Act, which deals with monetary policy issues. In particular, the draft law contains provisions similar to those of Articles 17 and 18 of the Statute. The ECB welcomes this amendment, since it reflects a fundamental change in the definition and implementation of monetary policy in Lithuania. As from the day on which Lithuania’s derogation is abrogated, the responsibility for defining and implementing Lithuania’s monetary policy will be vested in the ESCB. It is suggested that the title of Article 25 of the Lietuvos bankas Act should be amended to reflect the content of this article, i.e.: ‘Opening of accounts and monetary policy operations’. In addition, the reference to monetary policy being defined in conjunction with other ESCB members in the proposed new wording of Article 25 of the Lietuvos bankas Act should be removed, as monetary policy for the euro area is exclusively formulated by the Governing Council.

text: 20. The draft law also amends Chapter 5 of the Lietuvos bankas Act with a view to providing that Lietuvos bankas should manage its foreign reserves in accordance with the requirements of Community law. Under Article 105(2) of the Treaty, one of the basic tasks to be carried out through the ESCB is to hold and manage the official foreign reserves of the Member States. The ECB notes that the draft law does not amend Article 36 of the Lietuvos bankas Act, which states that Lietuvos bankas may, on its own initiative, or in accordance with an agreement with the Lithuanian Government, enter into settlement agreements with foreign public and/or private institutions on behalf of the Lithuanian Government. The draft law should more precisely reflect the fact that the Lithuanian Government may not influence the management of the official foreign reserves held by Lietuvos bankas. The management of the official foreign reserves will be carried out independently by Lietuvos bankas as an integral part of the ESCB, upon the adoption of the euro by Lithuania .

text: 21. Article 29 of the draft law concerns sanctions for non-compliance with statistical obligations and confers on Lietuvos bankas a right to impose sanctions with respect to infringements in the field of statistics, in so far as non-ESCB tasks are concerned. As certain situations relating to the ESCB’s statistics may not be covered by the ECB’s sanctions regime, it is suggested that Article 29 of the draft law should state that Lietuvos bankas has a right to impose fines and penalties on economic entities for breaches of the requirement to submit statistical information to Lietuvos bankas, in so far as such breaches do not fall within the scope of the ECB’s sanctions regime.

text: 22. The ECB notes that Article 37 of the Lietuvos bankas Act provides for the prohibition on monetary financing without, however, referring to the relevant provisions of Community law. The Lietuvos bankas Act should state that the prohibition on monetary financing derives from Article 101 of the Treaty and that the definitions for the application of this prohibition are specified by the Council in accordance with the Treaty . Alternatively,

text: Article 37

text: could simply be deleted since the relevant provisions of Community law, namely Article 101 of the Treaty and Regulation No 3603/93, are directly applicable in the Member States.

text: 23. The ECB also notes that Lithuanian law should contain safeguards against interference by government institutions in Lietuvos bankas’s activities and, in particular, ESCB-related tasks. The ECB observes that, under the Act on the State Audit Office, this Office is empowered to check whether the State’s property is being effectively managed. The ECB emphasises that the activities of the State Audit Office should not interfere with the review undertaken by the external auditor of Lietuvos bankas approved under the procedure which would be applicable to Lithuania upon the adoption of the euro by Lithuania, set out in Community law. To this end, the Lietuvos bankas Act and any other legal acts should include sufficient safeguards concerning the review of Lietuvos bankas’s activities to ensure the independence of Lietuvos bankas .

text: 24. This opinion will be published on the ECB’s website. Done at Frankfurt am Main, 30 December 2005. [signed] The President of the ECB Jean-Claude TRICHET


text: OJ L 189, 3.7.1998, p. 42. 2 Act No 566/1992 Coll. on Národná banka Slovenska, as amended. 3 OJ L 58, 3.3.2003, p. 1.

title: Opinion of the European Central Bank of 30 December 2005 at the request of the Ministry of Finance of the Slovak Republic on a draft Ministry of Finance measure stipulating the structure and identification of items in individual financial statements, the content of such items and the extent of financial statements data subject to disclosure by Národná banka Slovenska (CON/2005/61)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 30 December 2005 at the request of the Ministry of Finance of the Slovak Republic on a draft Ministry of Finance measure stipulating the structure and identification of items in individual financial statements, the content of such items and the extent of financial statements data subject to disclosure by Národná banka Slovenska (

text: 1. On 8 December 2005 the European Central Bank (ECB) received a request from the Ministry of Finance of the Slovak Republic for an opinion on a draft Ministry of Finance measure stipulating the structure and identification of items in individual financial statements, the content of such items and the extent of financial statements data subject to disclosure by Národná banka Slovenska (hereinafter the ‘draft measure’).

text: 2. The ECB’s competence to deliver an opinion is based on 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 measure contains provisions concerning a national central bank (NCB). 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: 3. The main objective of the draft measure is to provide for the structure and identification of items in individual financial statements, the content of such items and the extent of financial statements data which are subject to disclosure by Národná banka Slovenska (NBS). The explanatory memorandum accompanying the draft measure states that under the draft measure, NBS should prepare its financial statements on the basis of International Financial Reporting Standards (IFRS) in order to allow monitoring of the performance of tasks and individual objectives under the NBS Act .

text: 4. The ECB notes that the competence to decide on the accounting and financial reporting standards to be used by NBS lies with the national legislator. The ECB however wishes to draw attention to the accounting and financial reporting regime of the European System of Central Banks (ESCB) as required under Article 26.4 of the Statute and laid down in Guideline ECB/2002/10 of 5 December 2002 on the legal framework for accounting and financial reporting in the European System of Central Banks (hereinafter the ‘Accounting Guideline’). Although the Accounting Guideline does not lay down binding rules for the NCBs’ national reports and financial accounts,

text: Article 2(2)

text: stipulates that ‘[i]n order to achieve consistency and comparability between the ESCB and national regimes’, the ECB recommends that NCBs should, to the extent possible, follow the rules set out in this Guideline for their national reports and financial accounts. The ECB understands that the Slovak Ministry of Finance only intends to make NBS subject to IFRS for a temporary period. The ECB notes that from the introduction of the euro in Slovakia, NBS will fall under the scope of application of the Accounting Guideline for ESCB accounting and financial reporting purposes, and recommends that from that moment onwards NBS should follow the rules set out in the Accounting Guideline for its national financial accounts. The ECB also notes that maintaining two separate accounting regimes (one for ESCB reporting, and one for national financial accounts) may prove to be financially and operationally burdensome.

text: 5. This opinion will be published on the ECB’s website. Done at Frankfurt am Main, 30 December 2005. [signed] The President of the ECB Jean-Claude TRICHET


text: OJ L 189, 3.7.1998, p. 42. 2 Available on the ECB’s website at http://www.ecb.int/mopo/pdf/implement/assets/sssstandards1998.pdf.

text: Available on the website of the Bank for International Settlements at http://www.bis.org/publ/cpss46.pdf. 4 Available on the ECB’s website at http://www.ecb.int/pub/pdf/other/ssseuacc-assessmenten.pdf.

title: Opinion of the European Central Bank of 4 January 2006 at the request of Magyar Nemzeti Bank on a draft regulation on the general terms and conditions and operating rules of organisations providing clearing house activities (CON/2006/1)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 4 January 2006 at the request of Magyar Nemzeti Bank on a draft regulation on the general terms and conditions and operating rules of organisations providing clearing house activities (

text: 1. On 18 October 2005 the European Central Bank (ECB) received a request from Magyar Nemzeti Bank for an opinion on a draft regulation on the general terms and conditions and operating rules of organisations providing clearing house activities (hereinafter the ‘draft regulation’).

text: 2. The ECB’s competence to deliver an opinion is based on the second, third, fifth and sixth indents of

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions1 , as the draft regulation contains provisions concerning means of payment, Magyar Nemzeti Bank, payment and settlement systems and rules that materially influence the stability of financial institutions and markets. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

text: 3. The draft regulation – in conjunction with Law CXX of 2001 on capital markets (hereinafter the ‘Capital Markets Law’) – sets out requirements in relation to the general terms and conditions and operating rules for organisations providing clearing house activities that may include preconditions to performing such activities while addressing, in particular, the regulation of the risk management aspects of such operating rules.

text: 4. The draft regulation allows Magyar Nemzeti Bank to introduce requirements in relation to the general terms and conditions and operating rules applied by Hungarian securities clearing and settlement systems hereby taking into account the ‘Standards for the use of EU securities settlement systems in ESCB credit operations’ published by the European Monetary Institute (EMI) in 1998 and the ‘Recommendations for securities settlement systems’ published by the Committee on Payment and Settlement Systems of the central banks of the Group of Ten countries and the Technical Committee of the International Organization of Securities Commissions (hereinafter referred to as ‘CPSS-IOSCO recommendations’) in 2001.

text: 5. The ECB notes that the draft regulation is based on the current framework of KELER Rt. (a central clearing house and depositary, hereinafter referred to as ‘KELER’). KELER, as indicated in the explanatory memorandum provided by Magyar Nemzeti Bank to the ECB, acts as: (a) a clearing house; (b) a central counterparty (CCP); (c) a central securities depository (CSD); (d) a settlement bank for investment service providers other than banks; and (e) a registrar. In other Member States the different functions are performed by different entities subject to different requirements. Whilst it is understood that for the sake of consistency the draft regulation uses the same definitions as the Capital Markets Law, however, instead of regulating the entity’s terms and conditions as such, the draft regulation could clarify the requirements for the different functions. It could also clarify whether the fact that functions involving different risks are performed by the same entity on the same platform requires additional risk control measures

text: 6. In this respect the ECB points out that, in its publication entitled ‘Assessment of accession countries’ securities settlement systems’ in 2004 , it recommended creating for KELER ‘a legal structure which prevents any spillover of risks from the entity providing CCP services to the entity providing securities settlement services’. Hence, the draft regulation may need to be amended in the future to address this recommendation, by means inter alia of a separate set of legal provisions governing the general terms and conditions (and operating rules) of CCP and CSD functions, respectively.

text: 7. This distinction will also allow the identification of the standards considered relevant to assessing each function’s risks. In particular, Eurosystem user standards will only apply to CSDs used in monetary policy operations and will not apply to CCPs or investment banks. On the other hand, there are two sets of CPSS-IOSCO recommendations, which will apply to CSDs (and eventually custodians) and to CCPs. It is important to note that compliance with CPSS-IOSCO recommendations may be insufficient to fully fulfil future EU oversight standards since such standards may be more demanding than the CPSS-IOSCO recommendations.

text: 8. The ECB notes that the following definitions in

text: Article 2

text: are inconsistent with those definitions in the two sets of standards (Eurosystem standards and CPSS-IOSCO recommendations) with which the draft regulation should be consistent: settlement period, delivery versus payment, usual market movements, real-time gross settlement and settlement finality. The ECB recommends using widely-accepted standard definitions as far as possible.

text: 9. Moreover, the risk management requirements in the draft regulation, due to the latter’s limited scope, do not fully address Eurosystem user standards and the CPSS-IOSCO oversight recommendations regarding trade confirmation, governance, risks in cross-border links and the availability of adequate backup facilities. As a general comment, the ECB considers it advisable to comply with all the relevant Eurosystem standards and CPSS-IOSCO recommendations and finds the appropriate amendment of Hungarian legislation on the abovementioned points desirable.

text: 10. This opinion will be published on the ECB’s website. Done at Frankfurt am Main, 4 January 2006. [ signed ] The President of the ECB Jean-Claude TRICHET


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

title: Opinion of the European Central Bank of 6 January 2006 at the request of Magyar Nemzeti Bank on a draft regulation on the reproduction of the Hungarian legal tender and the euro (CON/2006/2)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 6 January 2006 at the request of Magyar Nemzeti Bank on a draft regulation on the reproduction of the Hungarian legal tender and the euro (

text: 1. On 21 November 2005, the European Central Bank (ECB) received a request from Magyar Nemzeti Bank (MNB) for an opinion on a draft regulation on the reproduction of the Hungarian legal tender and the euro (hereinafter the ‘draft regulation’).

text: 2. The ECB’s competence to deliver an opinion is based on the first, second and third indents of

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

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft regulation concerns currency matters, means of payment and a national central bank’s tasks. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the ECB, the Governing Council has adopted this opinion.

text: 3. The draft regulation intends to protect forint and euro banknotes and coins against illegal or noncompliant reproductions. It should be noted that this opinion will not address the rules on the reproduction of forint banknotes or coins. Article 10 of the draft regulation states that euro banknote reproductions are governed by the rules of the ECB on the production of euro banknote reproductions and the enforcement of measures to counter non-compliant reproductions of euro banknotes. This Article also provides that euro coin reproductions shall be governed by the rules of the Commission on the copyright protection of the common face design of the euro coins in force. In addition, Article 14 of the draft regulation lists EU legal acts with which the draft regulation is considered to comply with.

text: 4. The ECB takes this opportunity to point out again the importance of the rules on the reproduction of euro banknotes. In order to protect the euro banknotes’ integrity as a means of payment, the general public must be able to distinguish genuine euro banknotes from reproductions. In this context, the ECB welcomes the draft regulation’s general reference to the fact that the reproduction of euro banknotes is subject to the rules of the ECB. The ECB understands that the draft regulation intends to ensure that the ECB reproduction rules apply also in Hungary.

text: 5. The ECB would like to stress that it holds the copyright on the design of the euro banknotes. The ECB, or the NCBs on its behalf, may enforce such copyright, irrespective of the applicability of the abovementioned ECB reproduction rules, with regard to reproductions issued or distributed in breach of this copyright, if the Member State’s legislation provides for copyright protection. Since

text: Article 10(2)

text: refers to the copyright protection of euro coins, the ECB would welcome, to avoid any misconception that euro banknotes might not be copyright protected in Hungary, a reference in

text: Article 10(1)

text: to the ECB’s copyright in euro banknotes and that Hungarian copyright laws protect this right.

text: 6. Finally, the ECB would like to point out that it does not express an opinion concerning the reproduction of euro coins. However, it notes in general that similar treatment of the provisions on coins and banknotes when making references would be merited.

text: 7. This opinion will be published on the ECB’s website. Done at Frankfurt am Main, 6 January 2006. [signed] The President of the ECB Jean-Claude TRICHET


text: Convergence Report 2004, p. 36.

title: Opinion of the European Central Bank of 13 January 2006 at the request of Eesti Pank on a draft decree establishing a procedure to calculate and comply with reserve requirements and draft decree amending Decree No 12 of 12 July 2002 on credit institutions’ prudential ratios (CON/2006/3)

text: [EN]

text: OPINION OF THE EUROPEAN CENTRAL BANK Of 13 January 2006 at the request of Eesti Pank on a draft decree establishing a procedure to calculate and comply with reserve requirements and draft decree amending Decree No 12 of 12 July 2002 on credit institutions’ prudential ratios (

text: 1. On 30 December 2005 the European Central Bank (ECB) received a request from Eesti Pank for an opinion on a draft decree establishing a procedure to calculate and comply with reserve requirements and a draft decree amending Decree No 12 of 12 July 2002 on credit institutions (hereinafter ‘draft decrees’).

text: 2. The ECB’s competence to deliver an opinion is based on Article 105(4) of the Treaty and the sixth indent of

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the legislative proposal contains provisions concerning rules applicable to financial institutions insofar as they materially influence the stability of financial institutions and markets. In addition, under

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

text: , the authorities of Member States other than participating Member States are obliged to consult the ECB on any draft legislative provisions on the instruments of monetary policy. 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: 3. The main objective of the draft decrees is to take precautionary financial sector policy measures to address the potential risks related to continuing strong credit growth, in particular the brisk increase in home mortgages. In particular, the draft decrees increase the risk weighting from 50% to 100% for all loans secured by mortgages on residential property located in Estonia in the capital adequacy calculation. By repealing a provision in Decree No 12 of 2 July 2002 on credit institutions’ prudential ratios, as amended, the risk weighting of 50% (category III) no longer applies to loans secured by first-ranking mortgages on residential property located in Estonia. Instead, these loans will be classified as category IV risks weighted as 100%.

text: 4. In addition, the draft decrees provide that where the risk weighting of the loans secured by firstranking mortgages on residential property remains below 100% in the calculation of the compulsory reserve requirement for all credit institutions, including the branches of foreign credit institutions, loans issued with the aim of purchasing and/or renoving housing are to be included in the reserve requirement calculation basis to the extent by which the actually applied risk weighting remains below 100%.

text: 5. The minimum reserve requirement for credit institutions is one of Eesti Pank’s main policy instruments. It operates a currency board system under which the Estonian kroon’s exchange rate has been fixed against the euro. Due to the currency board arrangement, Eesti Pank does not carry out open market operations.

text: 6. The legal framework underlying the Eurosystem’s minimum reserve system is laid down in: (i) Article 19 of the Statute of the European System of Central Banks and the European Central Bank; and (ii)

text: Council Regulation (EC) No 2531/98 of 23 November 1998

text: concerning the application of minimum reserves by the European Central Bank ; and (iii) Regulation ECB/2003/9 of 12 September 2003 on the application of minimum reserves ; and (iv) relating to the definition and calculation of the reserve base, Regulation ECB/2001/13 of 22 November 2001 concerning the consolidated balance sheet of the monetary financial institutions sector . The purpose of these legal acts, which are directly applicable to and binding on euro area credit institutions, is to ensure that the terms and conditions for the Eurosystem’s minimum reserve system are uniform throughout the euro area. In the Eurosystem's framework, reserve requirements primarily pursue the aims of stabilising money market interest rates, and creating or enlarging a structural liquidity shortage. Moreover, reserve requirements are calculated from banks' liabilities, particularly deposits and debt securities issued.

text: 7. The current Estonian minimum reserve system therefore differs quite substantially from the Eurosystem’s reserve requirement framework. In its 2004 Convergence Report, the ECB noted that Estonian law does not anticipate Eesti Pank’s legal integration into the Eurosystem . The draft decree establishing a procedure to calculate and comply with reserve requirements would further widen the divergence between the two. According to the draft decree, reserve requirements safeguard financial stability by requiring banks to hold liquidity buffers. The draft decree modifies the Estonian minimum reserve system by including banks’ assets, i.e. loans secured by mortgages on residential property located in Estonia and hence deviating from a pure liability-based reserve requirement calculation.

text: 8. These significant differences from the legal framework under which the Eurosystem operates will have to be eliminated on adoption of the euro by Estonia. Furthermore, the ECB may have to consider introducing transitional arrangements for the application of the Eurosystem’s minimum reserve system for the introduction of the euro in Estonia, as was the case when Greece adopted the euro on 1 January 2001. This may involve a transitional maintenance period for credit institutions located in Estonia as well as transitional provisions for credit institutions located in other participating Member States.

text: 9. The draft decree establishing a procedure to calculate and comply with the reserve requirement has been drafted on the basis of Article 14(4) of Eesti Pank Act. However, the Decree on the same subject currently in force has been drafted on the basis of Article 14(4) of Eesti Pank Act and Article 80(5) of the Credit Institutions Act, which provides that ‘Eesti Pank shall establish the uniform rate of liquid assets to be deposited with Eesti Pank and the procedure for the use of such assets’. Therefore, ECB would welcome a clarification of the legal basis for the draft decree and the relationship with Article 80(5) of the Credit Institutions Act.

text: 10. The ECB notes that Article 9.3 of Appendix 1 of the draft decree establishing a procedure to calculate and comply with reserve requirements does not list all EU Member States. Moreover, under

text: Article 9.4

text: liquidity portfolio may contain only such debt securities that meet the criteria specified in subsections of

text: Article 9.4

text: . In that context, the draft decree treats the euro area Member States Government’s issues differently from the other EU Member States Governments’ issues in euro in terms of required minimum credit rating.

text: 11. The ECB would welcome use of terms and concepts derived from Community law in the draft decrees. In particular,

text: Article 9.3

text: , and

text: Articles 9.3

text: .1, 9.4.1 and 9.4.2 of Appendix 1 to the draft decree establishing a procedure to calculate and comply with reserve requirements refer to ‘supranational issuers of the EU’ and ‘euro area countries’ instead of ‘supranational debt instruments’ and ‘euro area Member States’.

text: 12. This opinion will be published on the ECB’s website. Done at Frankfurt am Main, 13 January 2006. [signed] The President of the ECB Jean-Claude TRICHET


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

text: Cf. paragraphs 5 to 7 of ECB Opinion

text: of 2 September 2002 at the request of the Swedish Ministry of Finance on a draft legislative proposal establishing the National Audit, including proposed amendments to the Sveriges Riksbank Act (1988:1385) . 3 Cf. paragraph 15 of ECB Opinion

text: of 10 October 2005 at the request of the Central Bank of Cyprus on a draft directive on the maintenance of minimum reserves with the Central Bank of Cyprus and paragraphs 10 to 14 of ECB Opinion

text: of 1 April 2005 at the request of Lietuvos bankas on certain draft rules on minimum reserve requirements for credit institutions.

text: 5 a derogation from the application of the Consolidated Banking Directive until 31 December 2007 , into the CBC’s minimum reserve regime. This amendment is also reflected in the proposed revision of Section 41(1) of the CBC Law. The incorporation of cooperative credit societies into the CBC’s minimum reserve regime would smoothen their transition to the Eurosystem’s minimum reserve framework.

text: See Article 103(2) 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, OJ L 332, 31.12.1993, p. 1.

text: OJ L 139, 11.5.1998, p. 1. Regulation as amended by

text: Regulation (EC) No 2596/2000

text: (OJ L 300, 29.11.2000, p. 2). This conclusion is also reinforced by the wording of recital 7 to

text: Council Regulation (EC) No 1103/97 of 17 June 1997

text: on certain provisions relating to the introduction of the euro, OJ L 162, 19.6.1997, p. 1. Regulation as amended by

text: Regulation (EC) No 2595/2000

text: (OJ L 300, 29.11.2000, p. 1).

title: Opinion of the European Central Bank of 27 January 2006 at the request of the Central Bank of Cyprus on a draft law amending the Central Bank of Cyprus Laws of 2002 and 2003 (CON/2006/4)

text: OPINION OF THE EUROPEAN CENTRAL BANK of 27 January 2006 at the request of the Central Bank of Cyprus on a draft law amending the Central Bank of Cyprus Laws of 2002 and 2003 (

text: On 30 November 2005 the European Central Bank (ECB) received a request from the Central Bank of Cyprus (CBC) for an opinion on a draft law amending the Central Bank of Cyprus Laws of 2002 and 2003 (hereinafter the ‘draft law’). The ECB’s competence to deliver an opinion is based on the first, third, fourth and fifth indents of

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

text: on the consultation of the European Central Bank by national authorities regarding draft legislative provisions , as the draft law relates to currency matters, a national central bank (NCB), the collection of statistics and payment and settlement systems. In accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

text: 1 General remarks

text: 1.1 The ECB welcomes the draft law, the main objective of which is to make the Central Bank of Cyprus Laws of 2002 and 2003 (hereinafter the ‘CBC Law’) compatible with the Treaty establishing the European Community and the Statute of the European System of Central Banks and of the European Central Bank, thereby laying a firm foundation for the legal integration of the CBC into the Eurosystem when Cyprus adopts the euro.

text: 2 Audit Office and Auditor General

text: 2.1 Section 52 of the draft law amends Section 60(1) of the CBC Law (‘Audit of the annual financial statements’) to provide that ‘[t]he annual financial statements of the Bank shall be audited by independent external auditors, in accordance with the provisions of Article 27 of the Statute’. Article 27 of the Statute provides that the accounts of NCBs of the Member States that have adopted the euro (hereinafter the ‘Eurosystem NCBs’) shall be audited by auditors that are: (i) independent; and (ii) external. These requirements mean that the auditors must be independent

text: from and external to: (i) the ECB; and (ii) the NCBs and their shareholders. The established practice is to appoint private auditors or firms of auditors as external auditors for Eurosystem NCBs with a specific independent audit mandate for a certain period of time. 2.2 The ECB understands that the CBC’s annual financial statements are currently audited by the Cypriot Auditor General and that, in accordance with Article 116(4) of the Cypriot Constitution, the Auditor General’s annual report on the exercise of his functions and duties is submitted to the Cypriot President, who causes it to be laid before the House of Representatives. The ECB notes that under Article 115 of the Cypriot Constitution, the Audit Office is an independent public authority, and the Auditor General is not to retire or to be removed from office except on the same grounds and in the same manner as a judge of the Supreme Court. Pursuant to Article 116(1) of the Cypriot Constitution, the Auditor General’s task is to control, on behalf of the Republic, ‘all disbursements and receipts and audit and inspect all accounts of moneys and other assets administered, and of liabilities incurred, by or under the authority of the Republic...’. It follows that notwithstanding the Auditor General’s independence as enshrined in the Cypriot Constitution, the Audit Office is not an external auditor within the meaning of Article 27.1 of the Statute, but rather an independent Cypriot public authority. 2.3 In the light of the above, a party other than the Audit Office will need to be appointed as the CBC’s external auditor in the future. However, this will not prevent the Audit Office from continuing to perform a control function, provided that its auditing activities: (i) do not interfere with the review of European System of Central Banks (ESCB) related tasks of the CBC to be undertaken by the CBC’s independent external auditors to be approved by the Council of the European Union in accordance with Article 27 of the Statute; and (ii) do not jeopardise the CBC’s independence . The ECB notes in this regard that certain Eurosystem NCBs are currently subject to such additional external auditing outside the scope of Article 27 of the Statute.

text: 3 Application of minimum reserve requirements to cooperative credit societies

text: 3.1 The draft law amends Section 2 of the CBC Law (‘Interpretation’) by, inter alia, inserting a new definition of the term ‘credit institution’ that includes cooperative credit societies, banks and electronic money institutions. The ECB welcomes this extended definition of ‘credit institution’ which is consistent with a number of recent ECB opinions , and is designed to already at this time allow for the future incorporation of Cypriot cooperative credit societies, which have been granted

text: 4 Monetary financing safeguards

text: 4.1 Section 46(3) of the CBC Law (‘Deposits’) provides that the CBC is entitled to grant advances or loans to banks against adequate collateral for fixed periods and for purposes which the CBC may designate. The ECB understands that the purpose of this provision is to provide for the possibility of emergency liquidity assistance. The ECB notes that, while similar provisions can be found in the statutes of several NCBs, a proviso should be added to Section 46(3) that such advances or loans should be provided without prejudice to the requirements derived from the participation of the CBC in the ESCB. Besides, compliance with the prohibition on monetary financing laid down in Article 101 of the Treaty must be ensured. 4.2 Section 49(1) of the CBC Law (‘Prohibition of credit facilities to the Government’) provides for the prohibition on monetary financing, without, however, referring to the relevant provisions of Community law. The CBC Law should state that the prohibition on monetary financing derives from Article 101 of the Treaty and that the definitions for the application of this prohibition are specified by the Council of the European Union in accordance with the Treaty . Alternatively, this Section could be deleted, since the relevant provisions of Community law, namely Article 101 of the Treaty and

text: Regulation (EC) No 3603/93

text: , are directly applicable in the Member States.

text: 5 Technical comments

text: 5.1 Statistical reporting requirements The draft law amends Section 64 of the CBC Law (‘Obligation to report data for the purpose of balance of payments’) by, inter alia, inserting a proviso recognising the priority to be accorded to 4 Directive

text: of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions, OJ L 126, 26.5.2000. Directive as last amended by Directive

text: (OJ L 145, 30.4.2004, p. 1.) 5 Cf. Annex VII to the Act concerning the conditions of accession of the Czech Republic the Republic of Estonia, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, The Republic of Hungary, the Republic of Malta, the Republic of Poland, the Republic of Slovenia and the Slovak Republic and the adjustments to the Treaties on which the European Union is founded (OJ L 236, 23.9.2003, p. 819) entitled ‘List referred to in Article 24 of the Act of Accession: Cyprus’, which provides under Title 2 (Freedom to Provide Services) as follows: ‘In Cyprus, Directive

text: shall not apply to the Cooperative Credit and Savings Societies, in so far as they are not in conformity with the provisions of this Directive, until 31 December 2007. As from the date of accession and until the end of the above period the Cypriot authorities shall inform the Commission at the beginning of each year about the number of nonconforming Cooperative Credit and Savings Societies which continue to be excluded, as well as the market share that they represent.’

text: the ECB’s statistical reporting requirements under Article 5 of the Statute. The ECB takes the view that this general proviso may instead be inserted into Section 63 of the CBC Law (‘Obligation to report data to the Bank’), as the priority for ECB statistical reporting requirements relates not only to balance of payment statistics and to the financial accounts of the individual sectors of the economy, but also to the entire range of statistical information in which the ECB has an interest and which is covered by Section 63 of the CBC Law. For the rest, the ECB agrees with the proposed changes to the CBC’s statistical reporting requirements.

text: 5.2 Payment and settlement systems 5.2.1 The ECB notes that although the draft law abolishes the Cypriot Monetary Policy Committee and provides that the CBC’s Governor has the exclusive competence to carry out the tasks and to exercise the powers conferred upon the CBC by the Treaty and the Statute, it does not expressly provide where the Monetary Policy Committee’s current powers with regard to the oversight of payment and settlement systems will vest when Cyprus adopts the euro. In the interests of transparency and legal certainty, the ECB would therefore invite the CBC to consider expressly vesting the power to oversee payment and settlement systems in the CBC’s Governor or its Board of Directors. 5.2.2 The draft law amends Section 6(2)(g) of the CBC Law to state that one of the CBC’s main tasks is the promotion, regulation and oversight of the smooth functioning of payment and settlement systems. For reasons of clarity, the ECB suggests that this provision should refer to clearing systems in addition to payment and settlement systems.

text: 5.3 Monetary policy instruments 5.3.1 The draft law inserts a new Section 42 into the CBC Law providing that ‘[t]he Bank may issue securities for the purpose of intervening in the money market’. The ECB notes that the issuance of debt instruments for monetary policy purposes by individual NCBs after their Member States have adopted the euro is subject to the Eurosystem’s rules on monetary policy instruments and procedures, something which the CBC Law should clearly reflect. 5.3.2 Regarding Section 41 of the CBC Law (‘Requirement of banks to maintain assets with the Bank’), as amended by the draft law, the ECB would invite the CBC to consider: (i) referring only to ‘minimum reserves’ in the proposed new text in the interests of consistency and legal certainty, as Section 35 of the draft law currently uses the terms ‘minimum reserves’ and ‘mandatory reserves’ interchangeably; and (ii) inserting a reference to Article 19 of the Statute or otherwise amending the wording of the new Section 41 of the CBC Law in the interests of legal certainty, as the proposed wording of Section 36 of the draft law is too generic and does not specify the source of the rules to which it refers.

text: 5.4 References to the Cyprus pound The draft law amends Section 28 of the CBC Law to replace references in the CBC Law to the Cyprus pound with references to the ‘euro’. The ECB considers that this provision is unnecessary as all references in Cypriot legal acts and other legal instruments to the Cypriot national currency will automatically be understood as references to the single currency from the date that Cyprus adopts the euro in accordance with

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

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

text: Done at Frankfurt am Main, 27 January 2006.

text: [signed]

text: The President of the ECB

text: Jean-Claude TRICHET