Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates) September 2005

Financial stability and supervision

Large EU banks’ exposures to hedge funds

On 15 September 2005 the Governing Council authorised the publication of a report on “Large EU banks’ exposures to hedge funds” prepared by the Banking Supervision Committee. The report is expected to contribute to a wider understanding of the relationship between banks and hedge funds and the related financial stability implications. It will be published on the ECB’s website in October 2005.

EU banking structures

On 15 September 2005 the Governing Council authorised the publication of a report on “EU banking structures” prepared by the Banking Supervision Committee. The report focuses on structural developments in 2005 that may potentially affect banking stability. It will be published shortly on the ECB’s website.

Statistics and payment systems

Cross-border payments in euro

On 15 September 2005 the Governing Council decided to propose that the European Commission raise the threshold for balance of payments reporting to EUR 50,000 as of 2008 and maintain the current threshold of EUR 12,500 in the meantime. This would allow Member States that apply a reporting system mainly based on bank settlements to use the period until 2008 to implement alternative methods of collecting data required for balance of payments statistics.

Advice on legislation

ECB Opinion on the collection of statistical data in the Netherlands

On 9 August 2005, at the request of De Nederlandsche Bank, the Governing Council adopted an Opinion on cooperation between De Nederlandsche Bank and the Centraal Bureau voor de Statistiek on the statistical reporting requirements of the ECB (CON/2005/27). The Opinion is available on the ECB’s website.

ECB Opinion on Cypriot implementation of the Settlement Finality Directive

On 10 August 2005, at the request of the Central Bank of Cyprus, the Governing Council adopted an Opinion on amendments to the Law implementing Directive 98/26/EC on settlement finality in payment and securities settlement systems (Settlement Finality Directive) (CON/2005/28). The Opinion is available on the ECB’s website.

ECB Opinion on the financing of the Austrian contribution to an IMF trust fund

On 11 August 2005, at the request of the Austrian Federal Ministry of Justice, the Governing Council adopted an Opinion on the financing by the Oesterreichische Nationalbank of a contribution by Austria to the IMF trust fund for low income countries affected by natural disasters (CON/2005/29). The Opinion is available on the ECB’s website.

ECB Opinion on the rules for payment of the Banco de España’s profits

On 11 August 2005, at the request of the Spanish Secretary of State for the Economy, the Governing Council adopted an Opinion on the rules for payment of the Banco de España’s profits to the Treasury (CON/2005/30). The Opinion is available on the ECB’s website.

ECB Opinion on the statistical reporting system in Belgium

On 29 August 2005, at the request of the Belgian Ministry of Finance, the Governing Council adopted an Opinion on the introduction of a direct reporting system for balance of payments and international investment position statistics (CON/2005/31). The Opinion is available on the ECB’s website.

ECB Opinion on payment instruments statistics in Lithuania

On 15 September 2005, at the request of Lietuvos bankas, the Governing Council adopted an Opinion on Lietuvos bankas’ statistical reporting requirements regarding payment instruments (CON/2005/32). The Opinion will be published on the ECB’s website on 19 September 2005.

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