Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
February 2005
Operational issues
Eurosystem collateral framework (single list): issues relating to bank loans
Further to an earlier decision to include bank loans in the future single list of eligible collateral for Eurosystem credit operations (see the ECB’s press release of 5 August 2004), the Governing Council decided that, as from 1 January 2012, a unified regime would be in place for the use of bank loans as collateral with a single threshold of €500,000 and a common Eurosystem credit assessment framework. An intermediate regime will be put in place starting on 1 January 2007, under which a number of euro area NCBs will already opt for a threshold of at least €500,000. No limits will be applied to the use of bank loans by a counterparty. In 2010 this intermediate regime will be reviewed to prepare the transition to the unified regime in 2012.
The implementation of monetary policy in the euro area: General Documentation on Eurosystem monetary policy instruments and procedures
The Governing Council approved the revised General Documentation and adopted Guideline ECB/2005/2, amending Guideline ECB/2000/7, to which the General Documentation is annexed. The General Documentation will be published in the Official Journal of the EU on 30 May 2005, when the new Guideline enters into force. For information purposes, these documents will be posted on the ECB’s website on 21 February 2005 in all official Community languages.
Payment systems
TARGET2 progress report
The TARGET2 progress report was published on the ECB’s website on 8 February 2005. It gives details on three main issues: service, pricing and migration to TARGET2.
Connection of Narodowy Bank Polski to TARGET
The Governing Council agreed to allow Narodowy Bank Polski to connect its RTGS system to the TARGET system. This decision will take effect on 7 March 2005. Guideline ECB/2005/1, which provides the legal framework for establishing this connection, was adopted on 21 January 2005 and published in the Official Journal of the EU on 3 February 2005 and subsequently on the ECB’s website.
Financial stability and supervision
The Commission’s review of the application of the Lamfalussy framework to EU securities market legislation – the Eurosystem’s contribution to the Commission’s public consultation
The Governing Council approved the Eurosystem’s contribution to the Commission’s public consultation on the Commission’s review of the application of the Lamfalussy framework to EU securities market legislation. The Eurosystem gave a generally positive assessment of how the Lamfalussy process was working and made some specific proposals for further improvements. The Eurosystem’s contribution was sent to the Commission on 17 February 2005 and will be published shortly on the ECB’s website.
Advice on legislation
ECB Opinion on a proposal for a directive of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering, including terrorist financing (CON/2005/2)
The Opinion was requested by the Council of the European Union and was adopted by the Governing Council on 4 February 2005. It was published in the Official Journal of the EU on 17 February 2005 and on the ECB’s website on 18 February 2005.
ECB Opinion on a draft regulation on the processing and distribution of forint banknotes and coins (CON/2005/3)
The Opinion was requested by Magyar Nemzeti Bank and was adopted by the Governing Council on 9 February 2005. It was published on the ECB’s website on 10 February 2005.
ECB Opinion on a proposal for directives of the European Parliament and of the Council re-casting Directive 2000/12/EC 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 and Council Directive 93/6/EEC of 15 March 1993 on the capital adequacy of investment firms and credit institutions (CON/2005/4)
The Opinion was requested by the Council of the European Union and was adopted by the Governing Council on 17 February 2005. It will be published on the ECB’s website on 21 February 2005 and in the Official Journal of the EU.
Statistics
ECB Guideline on government finance statistics
The Governing Council adopted a Guideline laying down the procedures for exchanging statistical information within the ESCB in the field of government finance statistics (ECB/2005/5). The Guideline will be published in the Official Journal of the EU and on the ECB’s website.
Update of the ECB Guideline on money and banking statistics
The Governing Council adopted a Guideline amending Guideline ECB/2003/2, in order to reflect some changes in requirements and formats for the exchange of money and banking statistics within the Eurosystem (ECB/2005/4). The Guideline will be published in the Official Journal of the EU and on the ECB’s website.
Corporate governance
ECB Recommendation on the external auditors of the Banco de Portugal
The Governing Council adopted a Recommendation to the EU Council on the external auditors of the Banco de Portugal (ECB/2005/3). The Recommendation will be published shortly on the ECB’s website and in the Official Journal of the EU.
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