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

May 2008

Operational Issues

Expansion of US dollar liquidity-providing operations

On 24 April 2008 the Governing Council decided, in conjunction with the Federal Reserve System and in the context of the Term Auction Facility, to increase the amount of US dollar liquidity provided to the counterparties of the Eurosystem to USD 25 billion in each bi-weekly auction. A press release on the joint action announced by the ECB, the Federal Reserve System and the Swiss National Bank to expand their liquidity measures was published on the ECB’s website on 2 May 2008.

Indicative calendars for Eurosystem tender operations and reserve maintenance periods

On 13 May 2008 the Governing Council approved the indicative calendars for Eurosystem tender operations and reserve maintenance periods in 2009. Details are provided in two press releases, which were published on the ECB’s website today.

Payment Systems

The ECB’s response to a public consultation by the UK authorities on payment systems oversight

On 29 April 2008 the Governing Council approved the ECB’s response to a public consultation reviewing arrangements relating to financial stability and depositor protection in the United Kingdom. The Governing Council welcomed a proposal to formalise the legal basis for the Bank of England’s role in payment systems oversight but expressed its concerns regarding a proposal to limit the Bank of England’s responsibility to the oversight of large-value payment systems only and cautioned against granting oversight responsibilities to an entity other than a central bank.

Migration to TARGET2

On 8 May 2008 the Governing Council took note of the planned migration to TARGET2 of the third and last migration group (composed of Denmark, Estonia, Greece, Italy, Poland and the ECB), scheduled for 19 May 2008, upon acknowledgement of successful completion of the tests. A related press release informing the participants was published on the ECB’s website on 9 May 2008. On 19 May 2008 the successful migration of this third and last group was confirmed in a press release on the ECB’s website.

Payment Systems and Market Infrastructure

Release of TARGET2-Securities (T2S) documentation to central securities depositories (CSDs)

On 21 May 2008 the Governing Council decided, before taking its final decision on whether to proceed with the T2S project in summer 2008, to assess the level of support among CSDs, their willingness to enter into a contractual arrangement with the Eurosystem and whether they would join the project once it were in operation. To that end, the Governing Council authorised the circulation on 23 May 2008 of documentation related to T2S. CSDs have until 4 July 2008 to respond. A related press release was published today on the ECB’s website.

Financial Stability and Supervision

ECB Financial Stability Review June 2008

On 21 May 2008 the Governing Council authorised the publication of the “Financial Stability Review – June 2008”. The review provides a comprehensive assessment of the ability of the euro area’s financial system to absorb adverse disturbances and examines the main sources of risks to, and vulnerability of, the stability of the euro area’s financial system. This edition of the review will be published on the ECB’s website on 9 June 2008.

Advice on Legislation

ECB Opinion on Slovak legislation relating to payment systems and to certain laws

On 25 April 2008, at the request of Národná banka Slovenska, the Governing Council adopted an Opinion on the legislative regime regarding payment systems to ensure its compatibility with the Treaty and to facilitate a smooth migration of the domestic payment system to TARGET2 (CON/2008/18). The Opinion is available on the ECB’s website.

ECB Opinion on the introduction of the EU regulatory procedure with scrutiny regarding some statistical instruments

On 5 May 2008, at the request of the EU Council, the Governing Council adopted an Opinion on the introduction of the regulatory procedure with scrutiny regarding some statistical instruments (CON/2008/19). The Opinion was published in the Official Journal of the EU on 14 May 2008 and is available on the ECB’s website.

ECB Opinion on Polish legislation relating to trading in financial instruments and capital market regulation

On 21 May 2008, at the request of the Polish Minister for Finance, the Governing Council adopted an Opinion on Narodowy Bank Polski’s role regarding securities clearing and settlement systems and the central securities depository system (CON/2008/20). The Opinion will be published shortly on the ECB’s website.

ECB Opinion on a draft law on Česká národní banka

On 21 May 2008, at the request of Česká národní banka, the Governing Council adopted an Opinion on a draft law on Česká národní banka (CON/2008/21). The Opinion will be published shortly on the ECB’s website.

Corporate Governance

ECB Recommendation on the external auditors of the ECB

On 30 April 2008 the Governing Council adopted a Recommendation to the EU Council on the external auditors of the ECB (ECB/2008/2). The Recommendation was published in the Official Journal of the EU on 9 May 2008 and is also available on the ECB’s website.

Banknotes

ECB Decision on security accreditation procedures for manufacturers of euro secure items

On 15 May 2008 the Governing Council adopted a Decision on security accreditation procedures for manufacturers of euro secure items for euro banknotes (ECB/2008/3). The Decision will be published shortly in the Official Journal of the EU and on the ECB’s website.

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