Task Force on the Currency Participation Agreement


Function Name Organisation
Chair Jochen Metzger Deutsche Bundesbank
Rapporteur Dirk Bullmann European Central Bank
  Julie Holm Simonsen Danmarks Nationalbank
  Kirsten Gürtler Danmarks Nationalbank
  Sigrídur Logadóttir Central Bank of Iceland
  Gudmundur Kr. Tómasson Central Bank of Iceland
  May Helle Lund Norges Bank
  Kjetil Watne Norges Bank
  Felice Marlor Sveriges Riksbank
  Annika Lindquist Sveriges Riksbank
  Antony Beaves Bank of England
  David Sheppard Bank of England
  Yvon Lucas Banque de France
  Luca Rissolo Banca d’Italia
  Ariena van Wageningen De Nederlandsche Bank
  Michael Bushe Central Bank of Ireland
  Siegfried Vonderau 4CB
  Marc Bayle ECB
  Alexander Karpf ECB


1. Introduction

The Currency Participation Agreement (CPA) shall govern the relationship between the Eurosystem and non-euro area central banks that wish to make their currency available in T2S.

2. Mandate

The Task Force on the CPA (TFCPA) shall support the T2S Programme Board as a forum for the identification, analysis and preparation of resolutions of the issues necessary for the signature of the CPA, for both the development and operational phases of T2S.

In particular, the TFCPA shall seek to agree for approval by the relevant bodies the appropriate wording to be included in the CPA, taking into account all relevant documentation, in particular the T2S Guideline and the User Requirements Document, as well as any additional relevant decisions taken by the non-euro central banks and the Governing Council of the ECB.

Work on the CPA will be synchronised and run in parallel with the work on the Framework Agreement between the Eurosystem and the CSDs. The mandate of the TFCPA expires when the CPA, including all annexes and schedules, is adopted by the Governing Council of the ECB and the Boards of the non-euro area central banks that wish to make their currency available in T2S.

3. Composition

The TFCPA shall be composed of a balanced number of representatives (legal or business experts) from the ECB and the Eurosystem NCBs. Each non-euro area central bank which does not exclude the possibility of making its non-euro currency available in T2S is entitled to be represented by one legal expert and one business expert.

The chairperson of the TFCPA shall be appointed by the T2S Programme Board. The chairperson shall (1) decide on the frequency, format and agenda of the meetings; (2) invite external experts and/or T2S Programme Office members to the meetings on a specific topic. The rapporteur shall be a member of the T2S Programme Office at the ECB. He/she shall (1) co-ordinate the organisation of the meetings and the timely transmission of the relevant documents; (2) support the chairperson in preparations for the TFCPA meetings; (3) draft the outcome of the meetings; (4) support the chairperson in managing the relations with the relevant groups.

4. Working procedures

The TFCPA should meet as regularly as required to fulfil its mandate and upon invitation of its chairperson. The exact frequency and form of the meetings is ultimately a decision of the chairperson of the TFCPA. When considered feasible, written procedures may be applied.

The TFCPA will produce a monthly report, covering progress, risks and resources.