Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates) January 2006

Operational issues

Eligibility criteria for asset-backed securities

On 30 December 2005 the Governing Council adopted amendments to the so-called General Documentation on Eurosystem monetary policy instruments and procedures in order to clarify the criteria on which the eligibility of asset-backed securities for use in Eurosystem credit operations is assessed. A press release containing further information has been published today on the ECB’s website.

Payment systems and market infrastructure

TARGET legal framework

On 30 December 2005 the Governing Council adopted a Guideline on a Trans-European Automated Real-time Gross settlement Express Transfer (‘TARGET’) system (ECB/2005/16). The Guideline integrates the existing five Guidelines on TARGET, thereby simplifying the legal framework for TARGET. The Guideline will be published shortly in the Official Journal of the EU and on the ECB’s website.

Advice on legislation

ECB Opinion on changes to Slovene company law in preparation for the adoption of the euro

On 16 December 2005, at the request of the Slovene Ministry of Economic Affairs, the Governing Council adopted an Opinion on the redenomination of the capital of public limited companies and limited liability companies and the introduction of no-par value shares resulting from the introduction of the euro (CON/2005/57). The Opinion is available on the ECB’s website.

ECB Opinion on changes to the Banca d’Italia’s structure and internal governance

On 23 December 2005, at the request of the Italian Ministry of Economy and Finance, the Governing Council adopted an Opinion on a revised proposal on changes to the Banca d’Italia’s structure and internal governance resulting from a law on the protection of savings (CON/2005/58). The Opinion is available on the ECB’s website.

ECB Opinion on Estonian preparation for the adoption of the euro

On 30 December 2005, at the request of the Estonian Parliament, the Governing Council adopted an Opinion on amendments to Eesti Pank’s statutes in preparation for the adoption of the euro (CON/2005/59). The Opinion is available on the ECB’s website.

ECB Opinion on Lithuanian preparation for the adoption of the euro

On 30 December 2005, at the request of Lietuvos bankas, the Governing Council adopted an Opinion on amendments to Lietuvos bankas’ statutes in preparation for the adoption of the euro (CON/2005/60). The Opinion is available on the ECB’s website.

ECB Opinion on Slovak accounting and financial reporting standards

On 30 December 2005, at the request of the Slovak Ministry of Finance, the Governing Council adopted an Opinion on the accounting and financial reporting standards to be applied by Národná banka Slovenska (CON/2005/61). The Opinion is available on the ECB’s website.

ECB Opinion on Hungarian clearing house activities

On 4 January 2006, at the request of Magyar Nemzeti Bank, the Governing Council adopted an Opinion on the general terms and conditions and operating rules of organisations providing clearing house activities (CON/2006/1). The Opinion is available on the ECB’s website.

ECB Opinion on Hungarian measures to protect banknotes and coins

On 6 January 2006, at the request of Magyar Nemzeti Bank, the Governing Council adopted an Opinion on the protection of forint and euro banknotes and coins against illegal or non-compliant reproductions (CON/2006/2). The Opinion is available on the ECB’s website.

Corporate governance

Chairmanship of the International Relations Committee (IRC)

On 12 January 2006 the Governing Council appointed Mr Henk Brouwer (Executive Director of De Nederlandsche Bank) as chairman of the IRC with immediate effect. His term of office will expire on 31 August 2007, so as to coincide with the expiry of the terms of office of all Eurosystem/ESCB committee chairpersons and of the Budget Committee chairman, who were (re)appointed by the Governing Council on 22 July 2004 for a three-year period.

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