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

June 2005

Payment systems

TARGET2 milestones

The Governing Council noted that the period of extensive user consultation for TARGET2 had been concluded. The Eurosystem remains strongly committed to delivering TARGET2 in 2007. It is foreseen that the go-live date for the first migration window will be during the second half of that year. This timetable will ensure that all comments made by the various players are taken into account and that banks have enough time to prepare for the testing of TARGET2. Further details on the timetable will be provided at the SIBOS exhibition (September 2005).

Connection of Narodowy Bank Polski to TARGET

The Governing Council authorised the publication of a report assessing the connection of SORBNET-EURO to TARGET via the Italian national RTGS system BIREL against the Core Principles for Systemically Important Payment Systems (Bank for International Settlements, January 2001). The report will be published shortly on the ECB’s website.

Advice on legislation

ECB Recommendation on the external auditor of De Nederlandsche Bank

On 20 May 2005 the Governing Council adopted a Recommendation to the EU Council on the external auditor of De Nederlandsche Bank (ECB/2005/9). The Recommendation will be published shortly in the Official Journal of the EU and on the ECB’s website.

ECB Opinion on financial collateral arrangements in Luxembourg

On 25 May 2005, at the request of the Ministry of Finance of Luxembourg, the Governing Council adopted an Opinion on a draft law on financial collateral arrangements (CON/2005/12). The Opinion was published on the ECB’s website on 25 May 2005.

ECB Opinion on the reporting by Cypriot monetary financial institutions of their monthly balance sheets

On 30 May 2005, at the request of the Central Bank of Cyprus, the Governing Council adopted an Opinion on a draft directive on the reporting by monetary financial institutions of their monthly balance sheets (CON/2005/13). The Opinion was published on the ECB’s website on 30 May 2005.

ECB Opinion concerning a Hungarian regulation on minimum reserves

On 31 May 2005, at the request of Magyar Nemzeti Bank, the Governing Council adopted an Opinion on a draft regulation on the calculation, method of allocation and placement of minimum reserves (CON/2005/14). The Opinion was published on the ECB’s website on 31 May 2005.

ECB Opinion on a Danish law concerning certain means of payment

On 31 May 2005, at the request of the Danish Competition Authority, the Governing Council adopted an Opinion on a proposal for a law amending the Act on certain means of payment (CON/2005/15). The Opinion was published on the ECB’s website on 31 May 2005.

ECB Opinion on Community statistics on the structure and activity of foreign affiliates

On 31 May 2005, at the request of the EU Council, the Governing Council adopted an Opinion concerning a proposal for a regulation of the European Parliament and of the Council on Community statistics on the structure and activity of foreign affiliates (CON/2005/16). The Opinion was published in the Official Journal of the EU on 14 June 2005 and on the ECB’s website on 15 June 2005.

ECB Opinion on speeding up and clarifying the implementation of the excessive deficit procedure

On 3 June 2005, at the request of the EU Council, the Governing Council adopted an Opinion on a proposal for a Council regulation amending Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure (CON/2005/17). The Opinion was published in the Official Journal of the EU on 14 June 2005 and on the ECB’s website on 15 June 2005.

ECB Opinion on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies

On 3 June 2005, at the request of the EU Council, the Governing Council adopted an Opinion on a proposal for a Council regulation amending Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies (CON/2005/18). The Opinion was published in the Official Journal of the EU on 14 June 2005 and on the ECB’s website on 15 June 2005.

ECB Opinion on the protection of Hungarian and foreign legal tender against counterfeiting

On 7 June 2005, at the request of Magyar Nemzeti Bank, the Governing Council adopted an Opinion on a draft regulation on technical tasks and other duties related to the protection of Hungarian and foreign legal tender against counterfeiting (CON/2005/19). The Opinion was published on the ECB’s website on 7 June 2005.

ECB Opinion on the draft law amending the Law on Latvijas Banka

On 14 June 2005, at the request of Latvijas Banka, the Governing Council adopted an Opinion on the draft law amending the Law on Latvijas Banka (CON/2005/20). The Opinion was published on the ECB’s website on 16 June 2005.

ECB Opinion on a Lithuanian law on the adoption of the euro

On 14 June 2005, at the request of Lietuvos bankas, the Governing Council adopted an Opinion on a draft law on the adoption of the euro (CON/2005/21). The Opinion was published on the ECB’s website on 16 June 2005.

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