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

March 2005

Operational issues

Update of legal documentation used by the ECB with its foreign reserve counterparties

On 11 March 2005 the Governing Council adopted Guideline ECB/2005/6 amending Guideline ECB/2000/1 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 the foreign reserve assets of the European Central Bank. The Guideline updates the standard agreements which the ECB uses for foreign reserve transactions with its European Union (EU) and Swiss counterparties. The Guideline will be published in the Official Journal of the EU and on the ECB’s website.

Advice on legislation

ECB Opinion on Maltese statistical reporting requirements

On 28 February 2005, at the request of the Central Bank of Malta, the Governing Council adopted an Opinion on a draft directive No 5 on statistical reporting requirements (CON/2005/5). The Opinion was published on the ECB’s website on 8 March 2005.

ECB Opinion on the appointment of an Executive Board member

On 17 March 2005, pursuant to Article 112(2) of the EC Treaty, the Governing Council adopted an Opinion on the EU Council Recommendation of 8 March 2005 on the appointment of Mr Lorenzo Bini Smaghi as member of the ECB’s Executive Board (CON/2005/6). The Opinion was published on the ECB’s website on 17 March 2005 and will be published shortly in the Official Journal of the EU. A press release providing further information was issued on 17 March 2005.

ECB Opinion on the Hague Convention

On 17 March 2005, at the request of the EU Council, the Governing Council adopted an Opinion on a proposal for a Council decision concerning the signing of the Hague Convention on the Law applicable to certain rights in respect of securities held with an intermediary (CON/2005/7). The Opinion will be published shortly in the Official Journal of the EU and on the ECB’s website.

Guide to consultation of the ECB by national authorities

On 17 March 2005 the Governing Council approved the publication of a “Guide to consultation of the ECB by national authorities regarding draft legislative provisions”. The purpose of this Guide is to help national authorities, especially those in the new EU Member States, to fulfil their legal duty (under Article 105(4) of the EC Treaty) to consult the ECB when preparing legislation that comes within the ECB’s fields of competence. The Guide will be published on the ECB’s website in all official Community languages on 13 June 2005.

Statistics

Improving the accessibility of euro area statistics

The Governing Council decided to improve the accessibility of euro area statistics compiled by the European System of Central Banks. In future, those tables containing both the euro area statistics and the national contributions will be published simultaneously and consistently on the ECB’s website and on the websites of the national central banks wishing to do so.

Corporate governance

ECB’s Annual Accounts 2004

The Governing Council approved the audited Annual Accounts of the ECB for the financial year 2004. The Accounts and an accompanying press release were published on the ECB’s website on 14 March 2005.

Media contacts