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

Payment systems and Market Infrastructure

Pricing scheme and various ways of participation in TARGET2

On 20 July 2006 the Governing Council, following extensive consultation with the banking community and on the basis of updated information on the estimated traffic at the start of TARGET2, amended slightly the pricing scheme for TARGET2. A communication explaining the amendments and the various ways of participating in TARGET2 was issued together with a press release on the ECB’s website on 21 July 2006.

TARGET2 and interactions with securities settlement systems

On 6 July 2006 the Governing Council decided to further explore, in cooperation with central securities depositories and other market participants, the creation of a new service – which may be called TARGET2-Securities – for securities settlement in the euro area. A press release was issued on the ECB’s website on 7 July 2006.

Advice on legislation

ECB Opinion on Cypriot preparation for adoption of the euro

On 28 June 2006, at the request of the Cypriot Ministry of Finance, the Governing Council adopted an Opinion on amendments to the Central Bank of Cyprus’s statutes in preparation for the adoption of the euro (CON/2006/33). The Opinion is available on the ECB’s website.

ECB Opinion on Belgian legislation on direct participation in securities settlement systems

On 5 July 2006, at the request of the Belgian Ministry of Finance, the Governing Council adopted an Opinion on an extension of the list of direct participants in securities settlement systems (CON/2006/34). The Opinion is available on the ECB’s website.

ECB Opinion on the EU’s ‘Pericles’ programme

On 5 July 2006, at the request of the EU Council, the Governing Council adopted an Opinion on an amendment to and an extension of the exchange, assistance and training programme for the protection of the euro against counterfeiting (the ‘Pericles’ programme) (CON/2006/35). The Opinion was published in the Official Journal of the EU on 14 July 2006 and is also available on the ECB’s website.

ECB Opinion on the conversion rate between the euro and the Slovenian tolar

On 6 July 2006, at the request of the EU Council, the Governing Council adopted an Opinion on the conversion rate between the euro and the Slovenian tolar and on other measures necessary for the introduction of the euro in Slovenia (CON/2006/36). The Opinion was published in the Official Journal of the EU on 14 July 2006 and is also available on the ECB’s website.

ECB Opinion on the Cypriot Central Depository and Central Registry for securities

On 11 July 2006, at the request of the Cypriot Ministry of Finance, the Governing Council adopted an Opinion on amendments to the regulatory framework of the Central Depository and Central Registry for securities (CON/2006/37). The Opinion is available on the ECB’s website.

Banknotes

Transitional regime relating to the recycling of euro banknotes

On 14 July 2006 the Governing Council adopted a transitional regime for the implementation in the new participating Member States of the Framework for the recycling of euro banknotes. The document will be published shortly on the ECB’s website.

ECB Guideline on the frontloading of euro banknotes and coins

On 14 July 2006 the Governing Council adopted a Guideline on preparations for the euro cash changeover and on frontloading and sub-frontloading of euro banknotes and coins outside the euro area (ECB/2006/9). The Guideline will be published shortly in the Official Journal of the EU and on the ECB’s website.

Corporate Governance

Participation of Banka Slovenije in Governing Council meetings

On 6 July 2006 the Governing Council decided to invite the Governor of Banka Slovenije as an observer in its meetings and to grant observer status to experts from Banka Slovenije in all ESCB/Eurosystem committees and their substructures whenever they met in Eurosystem composition. This decision entered into immediate effect following the decision of the EU Council on the abrogation of the derogation status for Slovenia, taken on 11 July 2006.

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