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

November 2006

Operational issues

Assessment of links between securities settlement systems against user standards for Eurosystem credit operations

On 7 November 2006 the Governing Council updated the assessment of links between securities settlement systems eligible for the settlement of Eurosystem credit operations against the standards published in 1998. A press release has been published on the ECB’s website on 10 November 2006

ECB Regulation on minimum reserves

On 2 November 2006 the Governing Council adopted a Regulation concerning transitional provisions for the application of minimum reserves by the European Central Bank following the introduction of the euro in Slovenia (ECB/2006/15). The Regulation was published in the Official Journal of the EU on 7 November 2006 and is also available on the ECB’s website.

Payment systems and market infrastructure

The participation of Eesti Pank in TARGET

On 2 November 2006 the Governing Council, having verified the implementation of the relevant TARGET legal framework, approved the participation of Eesti Pank in TARGET as of 20 November 2006.

Progress report on TARGET2

On 16 November 2006 the Governing Council decided, on the basis of the fifth progress report on TARGET2, on the pricing scheme for ancillary systems. The above-mentioned report together with a press release will be published on the ECB’s website on 20 November 2006.

Single Euro Payments Area (SEPA) – report on cards

On 16 November 2006 the Governing Council authorised the publication of a report presenting the Eurosystem’s view on a SEPA for cards. The English version of the report, together with a press release in all the languages of the euro area countries, will be published on Monday, 20 November 2006 on the ECB’s website. The other euro area language versions of the report will be published shortly on the websites of the Eurosystem.

Financial stability and supervision

EU banking stability

On 30 October 2006 the Governing Council authorised the publication of a report on “EU banking sector stability”, which reviews the recent performance of the EU banking sector in 2005 and the first half of 2006. It was published on the ECB’s website on 7 November 2006.

Financial stability review – December 2006

On 16 November 2006 the Governing Council authorised the publication of the “Financial Stability Review – December 2006”. The Review provides a comprehensive assessment of the capacity of the euro area financial system to absorb adverse disturbances and examines the main sources of risks to and vulnerability of the stability of the euro area financial system. It will be published on the ECB’s website on 11 December 2006.

BSC report on international financial reporting standards and financial stability

On 16 November 2006 the Governing Council authorised the publication of a BSC report on the “Assessment of accounting standards from a financial stability perspective”. It focuses on the recent introduction of the new accounting framework in Europe and analyses its possible consequences for the banking sector and other financial firms from a system-wide financial stability perspective. The report will be published on the ECB’s website in mid-December 2006.

Advice on legislation

ECB Opinion on Latvian monetary policy instruments

On 23 October 2006, at the request of Latvijas Banka, the Governing Council adopted an Opinion on monetary policy instruments (CON/2006/49). The Opinion is available on the ECB’s website.

ECB Opinion on Cypriot preparation for adoption of the euro

On 26 October 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/2006/50). The Opinion is available on the ECB’s website.

ECB Opinion on supervisory powers in Italy

On 3 November 2006, at the request of the Italian Ministry of Economic Affairs and Finance, the Governing Council adopted an Opinion on the allocation of powers between supervisory authorities (CON/2006/51). The Opinion is available on the ECB’s website.

ECB Opinion on Latvijas Banka’s securities settlement system

On 14 November 2006, at the request of Latvijas Banka, the Governing Council adopted an Opinion on Latvijas Banka’s securities settlement system (CON/2006/52). The Opinion is available on the ECB’s website.

ECB Opinion on Polish supervision of clearing and settlement operators

On 16 November 2006, at the request of the Polish Minister for Finance, the Governing Council adopted an Opinion on the supervision of clearing and settlement operators (CON/2006/53). The Opinion is available on the ECB’s website.

Corporate Governance

ECB Guideline on accounting and financial reporting

On 10 November 2006 the Governing Council adopted a Guideline on the legal framework for accounting and financial reporting in the European System of Central Banks (ECB/2006/16). The Guideline will be published later this year in the Official Journal of the EU and on the ECB’s website.

ECB Decision on the ECB’s annual accounts

On 10 November 2006 the Governing Council adopted a Decision on the annual accounts of the European Central Bank (ECB/2006/17). The Decision will be published later this year in the Official Journal of the EU and on the ECB’s website.

ECB Recommendation on the external auditors of the Banco de España

On 13 November 2006 the Governing Council adopted a Recommendation to the EU Council on the external auditors of the Banco de España (ECB/2006/18). The Recommendation will be published shortly in the Official Journal of the EU and on the ECB’s website.

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