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

May 2009

Operational issues

Launch of one-year maturity longer-term refinancing operations

On 7 May 2009 the Governing Council decided to conduct liquidity-providing longer-term refinancing operations (LTROs) with a maturity of one year. A press release providing detailed information on these operations was published on that date on the ECB’s website.

Further temporary expansion of the list of assets eligible as collateral

On 7 May 2009 the Governing Council decided to prolong until the end of 2010 the temporary expansion of the list of eligible assets announced in a press release on 15 October 2008.

EIB to become an eligible Eurosystem counterparty

On 7 May 2009 the Governing Council decided, and the ECB announced in a press release, that the European Investment Bank (EIB) would become an eligible counterparty in the Eurosystem’s monetary policy operations on 8 July 2009.

Amendment to the ECB Guideline on monetary policy instruments and procedures

On 7 May 2009 the Governing Council adopted a Guideline amending Guideline ECB/2000/7 on monetary policy instruments and procedures of the Eurosystem (ECB/2009/10). The Guideline was published in the Official Journal of the EU on 19 May 2009 and is available on the ECB’s website.

Payment systems and market infrastructure

Amendment to the ECB Guideline on TARGET2

On 7 May 2009 the Governing Council adopted a Guideline amending Guideline ECB/2007/2 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2) (ECB/2009/9). The Guideline was published in the Official Journal of the EU on 19 May 2009 and is available on the ECB’s website.

TARGET Annual Report 2008

On 8 May 2009 the Governing Council took note of the TARGET Annual Report 2008. The Report provides background information on TARGET and describes its performance and the main developments that took place in 2008. It was published on 15 May 2009 on the ECB’s website.

Report on OTC derivatives and post-trading infrastructures

On 8 May 2009 the Governing Council took note of a report on over-the-counter (OTC) derivatives and post-trading infrastructures. This report provides an assessment of four major OTC derivative markets as well as the market for repo transactions. It also examines, for each market, the importance of the euro, the location of the market participants, and how and where the relevant financial products are traded, cleared and settled. Based on this analysis, the report provides some policy implications assessing the need for developing euro area post-trading infrastructures. The report will be published in due course as an ECB Occasional Paper.

TARGET2 Oversight assessment report

On 14 May 2009 the Governing Council approved a report on the assessment of the design of TARGET2 which concluded that the system complied with the Core Principles for Systemically Important Payment Systems and with the Eurosystem’s Business Continuity Oversight Expectations for Systemically Important Payment Systems. The Governing Council authorised its publication on the ECB’s website on 15 May 2009.

Financial stability and supervision

BSC report entitled “EU banks’ funding structures and policies”

On 8 May 2009 the Governing Council approved the publication of a report prepared by the Banking Supervision Committee on EU banks’ funding structures and policies. The report, which was published on the ECB’s website on 13 May 2009, examines the impact of the financial crisis on the sources and the cost of bank funding, as well as on the way banks are managing their funding structures.

Financial Stability Review - June 2009

On 20 May 2009 the Governing Council authorised the publication of the “Financial Stability Review - June 2009”. The review provides a comprehensive assessment of the capacity of the euro area financial system to absorb adverse disturbances and examines the main sources of risks and vulnerability to financial system stability. The review will be published on the ECB’s website on 15 June 2009.

Advice on legislation

ECB Opinion on Lithuanian legislation on the supervision of payment institutions

On 24 April 2009, at the request of the Lithuanian Ministry of Finance, the Governing Council adopted an Opinion on the supervision of payment institutions by Lietuvos bankas (CON/2009/40). The Opinion is available on the ECB’s website.

ECB Opinion on the increase in Portugal’s IMF quota

On 29 April 2009, at the request of the Portuguese Ministry of Finance and Public Administration, the Governing Council adopted an Opinion on the payment by the Banco de Portugal of the increase in Portugal’s quota in the International Monetary Fund (CON/2009/41). The Opinion is available on the ECB’s website.

ECB Opinion on Romanian legislation on statistics

On 4 May 2009, at the request of the Romanian National Institute of Statistics, the Governing Council adopted an Opinion on the organisation and functioning of official statistics in Romania (CON/2009/42). The Opinion is available on the ECB’s website.

ECB Opinion on correspondent banking services and related statistics in Romania

On 5 May 2009, at the request of Banca Naţională a României, the Governing Council adopted an Opinion on the liberalisation of correspondent banking services for payments in the national currency and on related statistical reporting requirements (CON/2009/43). The Opinion is available on the ECB’s website.

ECB Opinion on Magyar Nemzeti Bank’s legal framework

On 8 May 2009, at the request of the Hungarian Ministry of Finance, the Governing Council adopted an Opinion on alignments of the Magyar Nemzeti Bank’s legal framework to new administrative rules (CON/2009/44). The Opinion is available on the ECB’s website.

ECB Opinion on Deutsche Bundesbank staff

On 11 May 2009, at the request of the Deutsche Bundesbank, the Governing Council adopted an Opinion on the legal relationships applying to Deutsche Bundesbank staff (CON/2009/45). The Opinion is available on the ECB’s website.

ECB Opinion on the Banque centrale du Luxembourg’s oversight role

On 14 May 2009, at the request of the Banque centrale du Luxembourg, the Governing Council adopted an Opinion on broadening the Banque centrale du Luxembourg’s oversight role by a draft law on payment services, electronic money institutions and settlement finality in payment and securities settlement systems (CON/2009/46). The Opinion is available on the ECB’s website.

ECB Opinion on public sector remuneration and central bank independence in Latvia

On 18 May 2009, at the request of Latvijas Banka, the Governing Council adopted an Opinion on measures on public sector remuneration with regard to central bank independence (CON/2009/47). The Opinion is available on the ECB’s website.

Corporate governance

Amendment to the Conditions of Employment for Staff of the ECB

On 5 May 2009 the Governing Council decided to amend the pension scheme applicable to the members of staff of the ECB. These amendments, which will take effect from 1 June 2009, will be incorporated in the revised Annex III to the Conditions of Employment for Staff of the European Central Bank. This Annex contains the detailed provisions of the ECB’s Retirement Plan and will be made available shortly on the ECB’s website.

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