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

July 2005

Operational issues

Eurosystem collateral framework: inclusion of collateral from G10 countries not belonging to the European Economic Area (EEA)

The Governing Council approved the addition, as of 1 July 2005, of selected euro-denominated debt instruments issued by entities established in those G10 countries that are not part of the EEA to the list of tier one assets eligible to be used as collateral in Eurosystem credit operations. These are the first such instruments to be added to the list, which is published on the ECB’s website. Further legal analysis regarding a number of other issuers and debt instruments is currently being carried out. Once this analysis has been completed, additional debt instruments may be included in the list.

Eurosystem collateral framework (single list): inclusion of non-marketable assets

The Governing Council approved the framework for the inclusion of non-marketable assets from all euro area countries in the future single list of eligible collateral for Eurosystem credit operations. This framework will cover bank loans and non-marketable retail mortgage-backed debt instruments. A press release outlining the main features of the framework was published on the ECB’s website on 22 July 2005.

Payment systems

Assessment of links between securities settlement systems in the euro area

The Governing Council updated its assessment of links between securities settlement systems against the “Standards for the use of EU securities settlement systems in ESCB credit operations” published in 1998. A press release containing further information was published on the ECB’s website on 28 June 2005.

Assessment of euro retail payment systems

The Governing Council authorised the publication of a report, prepared by the Payment and Settlement Systems Committee (PSSC), assessing euro retail payment systems against the applicable Core Principles for Systemically Important Payment Systems in line with the framework (the “Oversight standards for euro retail payment systems”) adopted by the Governing Council and published in June 2003. The report will be published shortly on the ECB’s website.

Financial stability and supervision

Public consultation of the Committee of European Banking Supervisors (CEBS)

The Governing Council approved a contribution to the public consultation of the CEBS on the consolidated financial reporting framework for credit institutions. The contribution was published on the ECB’s website on 20 July 2005.

Advice on legislation

ECB Opinion on the EU’s ‘Pericles’ programme

On 21 June 2005, at the request of the EU Council, the Governing Council adopted an Opinion on an extension of the exchange, assistance and training programme for the protection of the euro against counterfeiting (the ‘Pericles’ programme) (CON/2005/22). The Opinion was published in the Official Journal of the EU on 1 July 2005 and is also available on the ECB’s website.

ECB Opinion on the statistical reporting of cross-border services in Austria

On 11 July 2005, at the request of the Oesterreichische Nationalbank, the Governing Council adopted an Opinion on the reporting of cross-border services for balance of payments and international investment position statistics (CON/2005/23). The Opinion is available on the ECB’s website.

ECB Opinion on financial market supervision in the Czech Republic

On 15 July 2005, at the request of the Ministry of Finance of the Czech Republic, the Governing Council adopted an Opinion on the reorganisation of financial market supervision and on the oversight of payment and securities settlement systems (CON/2005/24). The Opinion is available on the ECB’s website.

Media contacts