Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)

August 2007

Operational issues

ECB Guideline on management of the ECB’s foreign reserve assets

On 20 July 2007 the Governing Council adopted a Guideline amending Guideline ECB/2006/28 on the management of the foreign reserve assets of the European Central Bank by the national central banks and the legal documentation for operations involving such assets (ECB/2007/6). The Guideline will be published shortly in the Official Journal of the EU and on the ECB’s website.

Supplementary longer-term refinancing operation

On 22 August 2007 the Governing Council decided to conduct a supplementary liquidity-providing longer-term refinancing operation with a maturity of three months for an amount of €40 billion, aimed at supporting the normalisation of the functioning of the euro money market. This decision was announced in a press release issued on the same day.

Payment systems and market infrastructure

“First assessment of relayed links between securities settlement systems in the euro area”

On 26 July 2007 the Governing Council approved an assessment of relayed links between securities settlement systems in the euro area, in line with its decision in January 2005 that relayed links may be used in the collateralisation of the credit operations of the Eurosystem. The list of eligible relayed links and the list of eligible securities settlement systems, updated accordingly, are published on the ECB’s website.

Advice on legislation

ECB Opinion on German legislation relating to investment funds

On 18 July 2007, at the request of the German Ministry of Finance, the Governing Council adopted an Opinion on the introduction of a new regulatory and supervisory environment to improve the international competitiveness of the investment fund industry, harmonising the law with Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (CON/2007/21). The Opinion is available on the ECB’s website.

ECB Opinion on the Romanian minimum reserves regime

On 1 August 2007, at the request of Banca Naţională a României, the Governing Council adopted an Opinion on the minimum reserves regime (CON/2007/22). The Opinion will be available shortly on the ECB’s website.

Statistics

ECB Regulation on investment funds statistics

On 27 July 2007 the Governing Council adopted a Regulation concerning statistics on the assets and liabilities of investment funds (ECB/2007/8). The Regulation will be published shortly in the Official Journal of the EU and on the ECB’s website.

ECB Guideline on monetary, financial institutions and markets statistics

On 1 August 2007 the Governing Council adopted a Guideline on monetary, financial institutions and markets statistics (recast) (ECB/2007/9). The process of recasting has involved extensively restructuring and updating the previous Guideline (Guideline ECB/2003/2 of 6 February 2003 concerning certain statistical reporting requirements of the ECB and the procedures for reporting by the national central banks of statistical information in the field of money and banking statistics, as amended), which is repealed by the new Guideline. The Guideline will be published in due course in the Official Journal of the EU and on the ECB’s website.

Media contacts