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

December 2006

Monetary Policy

ECB Agreement on the operating procedures for an exchange rate mechanism in Stage Three of Economic and Monetary Union

Further to the meeting of the Governing Council on 21 December 2006, the Agreement between the European Central Bank and the national central banks of the Member States outside the euro area, amending the Agreement of 16 March 2006 between the European Central Bank and the national central banks of the Member States outside the euro area, laying down the operating procedures for an exchange rate mechanism in Stage Three of Economic and Monetary Union, was signed. This, which reflects the entry of the Bulgarian and Romanian national central banks into the ESCB and the entry of the Slovenian national central bank into the Eurosystem will be published in due course in the Official Journal of the EU and on the ECB’s website.

Operational issues

Allotment volume for the longer-term refinancing operations for 2007

On 21 December 2006 the Governing Council decided on the allotment volume for the longer-term refinancing operations for 2007. A press release containing further information has been published today on the ECB’s website.

ECB Guideline on the management of foreign reserve assets

On 21 December 2006 the Governing Council adopted a Guideline on the management of the foreign reserve assets of the European Central Bank by the national central banks and the legal documentation for operations involving such assets (ECB/2006/28). The Guideline will be published in due course in the Official Journal of the EU and on the ECB’s website.

Payment Systems and Market Infrastructure

CCBM Brochure

On 14 December 2006 the Governing Council authorised publication of an updated brochure entitled “CCBM procedures for Eurosystem counterparties” on the ECB’s website in January 2007.

Advice on legislation

ECB Opinion on changes to De Nederlandsche Bank’s statutes

On 7 December 2006, at the request of De Nederlandsche Bank, the Governing Council adopted an Opinion on the incorporation into De Nederlandsche Bank’s statutes of new principles of corporate governance (CON/2006/54). The Opinion is available on the ECB’s website.

ECB Opinion on changes to the Magyar Nemzeti Bank’s statutes

On 6 December 2006, at the request of the Hungarian Ministry of Finance, the Governing Council adopted an Opinion on aligning the Magyar Nemzeti Bank’s statutes with Community law (CON/2006/55).The Opinion is available on the ECB’s website.

ECB Opinion on Luxemburgish legislation on markets in financial instruments

On 11 December 2006, at the request of the Luxembourg Ministry of Finance, the Governing Council adopted an Opinion on markets in financial instruments (CON/2006/56). The Opinion is available on the ECB’s website.

ECB Opinion on Community legislation implementing the Directive on undertakings for collective investment in transferable securities

On 12 December 2006, on its own initiative, the Governing Council adopted an Opinion on implementing the Directive on undertakings for collective investment in transferable securities (UCITS) as regards the clarification of certain definitions (CON/2006/57). The Opinion will be published in due course in the Official Journal of the EU and on the ECB’s website.

ECB Opinion on Estonian minimum reserve requirements

On 14 December 2006, at the request of Eesti Pank, the Governing Council adopted an Opinion on minimum reserve requirements (CON/2006/59). The Opinion is available on the ECB’s website.

ECB Opinion on Maltese preparation for adoption of the euro

On 15 December 2006, at the request of the Central Bank of Malta, the Governing Council adopted an Opinion on amendments to the Central Bank of Malta’s statutes in preparation for the adoption of the euro (CON/2006/58). The Opinion is available on the ECB’s website.

ECB Opinion on Community legislation relating to acquisitions and increase of shareholdings

On 18 December 2006, at the request of the EU Council, the Governing Council adopted an Opinion on the prudential assessment of acquisitions and increase of shareholdings in the financial sector (CON/2006/60). The Opinion will be published in due course in the Official Journal of the EU and on the ECB’s website.

ECB Opinion on Portuguese legislation on coins

On 20 December 2006, at the request of the Portuguese Ministry of Finance and Public Administration, the Governing Council adopted an Opinion on the authentication of euro coins and the treatment of euro coins that are unfit for recycling (CON/2006/61). The Opinion is available on the ECB’s website.

Statistics

ECB Regulation on the consolidated balance sheet of the monetary financial institutions sector

On 14 December 2006 the Governing Council adopted a Regulation amending Regulation ECB/2001/13 on the consolidated balance sheet of the monetary financial institutions sector in order to take into account the adoption of the euro by Slovenia on 1 January 2007 and at the same time the entry of Bulgaria and Romania into the EU (ECB/2006/20). The Regulation will be published in due course in the Official Journal of the EU and on the ECB’s website.

ECB Guideline on government finance statistics

On 18 December 2006 the Governing Council adopted a Guideline amending Guideline ECB/2005/5 on the statistical reporting requirements of the European Central Bank and the procedures for exchanging statistical information within the European System of Central Banks in the field of government finance statistics (ECB/2006/27). The Guideline will be published in due course in the Official Journal of the EU and on the ECB’s website.

Corporate Governance

Code of Conduct for the members of the Governing Council

On 21 December 2006 the Governing Council agreed on a Memorandum of Understanding amending the Memorandum of Understanding on a Code of Conduct for the members of the Governing Council. It will be published in due course in the Official Journal of the EU and on the ECB’s website.

Six ECB Decisions on issues relating to the national central banks’ shares in the key for subscription to the ECB’s capital

On 15 December 2006 the Governing Council adopted: (i) a Decision on the national central banks’ percentage shares in the key for subscription to the European Central Bank’s capital (ECB/2006/21); (ii) a Decision laying down the measures necessary for the paying-up of the European Central Bank’s capital by the participating national central banks (ECB/2006/22); (iii) a Decision laying down the terms and conditions for transfers of the European Central Bank’s capital shares between the national central banks and for the adjustment of the paid-up capital (ECB/2006/23); (iv) a Decision laying down the measures necessary for the contribution to the European Central Bank’s accumulated equity value and for adjusting the national central banks’ claims equivalent to the transferred foreign reserve assets (ECB/2006/24); and (v) a Decision amending Decision ECB/2001/15 of 6 December 2001 on the issue of euro banknotes (ECB/2006/25). On 18 December the General Council adopted a Decision laying down the measures necessary for the paying-up of the European Central Bank’s capital by the non-participating national central banks (ECB/2006/26). The six Decisions, which reflect the entry of the Bulgarian and Romanian national central banks into the ESCB and the entry of the Slovenian national central bank into the Eurosystem, will be published in due course in the Official Journal of the EU and on the ECB’s website.

ECB Recommendation on the external auditors of the Oesterreichische Nationalbank

On 21 December 2006 the Governing Council adopted a Recommendation to the EU Council on the external auditors of the Oesterreichische Nationalbank (ECB/2006/29). The Recommendation will be published in due course in the Official Journal of the EU and on the ECB’s website.

Issuance of banknotes and coins

ECB Decision on the volume of coin issuance in 2007

On 24 November 2006 the Governing Council adopted a Decision on the approval of the volume of coin issuance in 2007 (ECB/2006/19). The decision was published in the Official Journal of the EU on 11 December 2006 and is also available on the ECB’s website.

Implementation of the framework for banknote recycling

On 18 December 2006 the Governing Council, having taken note of the progress made in relation to the implementation at national level of the “Framework for the detection of counterfeits and fitness sorting of euro banknotes by credit institutions and other professional cash handlers”, decided to extend the transitional period for six Member States. The relevant decision was published on the ECB’s website on 20 December 2006.

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