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

January 2005

Operational issues

Volume of longer-term refinancing operations in 2005

The Governing Council decided on the allotment volume for the longer-term refinancing operations for 2005. A press release with further information has been published today on the ECB’s website.

New procedures for the transfer of securities used as collateral for Eurosystem credit operations

The Governing Council decided that relayed links between securities settlement systems may be used for the cross-border transfer of securities used as collateral for Eurosystem credit operations. A press release with further information has been published today on the ECB’s website.

Advice on legislation

Opinion on the draft State Budget Law for 2005 amending Law 41/1999 of 12 December 1999 on payment and securities settlement systems and Law 13/1994 of 1 June 1994 on the autonomy of the Banco de España (CON/2004/39)

The Opinion was requested by the Spanish Ministry for Economic Affairs and Finance and was adopted by the Governing Council on 23 December 2004. It was published on the ECB’s website on 24 December 2004.

Statistics

Quality and availability of statistics

The annual assessment has been carried out of whether the availability and quality of statistics meet the ECB’s requirements. This involves, among other things, assessing the quality of the quarterly financial accounts, in line with Article 7 of Guideline ECB/2002/7, and reporting on the quality of the euro area balance of payments and international investment position statistics, as required by Guideline ECB/2004/15. The report, including quantitative quality indicators, and a press release giving further information have been published today on the ECB’s website.

Organisation

Eurosystem Mission Statement

The Governing Council adopted the Eurosystem Mission Statement, which refers to the Eurosystem’s strategic intents and a set of organisational principles. These three texts were published on 13 January 2005 on the websites of the Eurosystem central banks.

Conclusion of the design competition for the new ECB premises

Having evaluated the revised design concepts of the three prize-winning designs for the ECB’s new premises in Frankfurt am Main, the Governing Council chose the proposal of the Vienna-based office COOP HIMMELB(L)AU as the design. A press release with further information was published on the ECB’s website on 13 January 2005

Chairs of Eurosystem/ESCB committees

The Governing Council appointed Chairs of two Eurosystem/ESCB committees: Mr Klaus Gressenbauer was appointed Chair of the Internal Auditors Committee (IAC) and Mr Wolfgang Schill was appointed Chair of the Monetary Policy Committee (MPC). Both terms of office take immediate effect and will expire on 31 August 2007.

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