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

Operational Issues

ECB Guideline on the management of foreign reserve assets

On 20 June 2008, 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 (recast) (ECB/2008/5). The Guideline will be published in the Official Journal of the EU on 19 July 2008 and will also be available on the ECB’s website.

Payment Systems and Market Infrastructure

Second public consultation on CCBM2 (Collateral Central Bank Management)

On 10 July 2008 the Governing Council authorised the publication of the outcome of the second public consultation on the draft CCBM2 User Requirements.

TARGET2-Securities – launch of the project

On 17 July 2008 the Governing Council decided to launch the TARGET2-Securities project and to provide the resources required until its completion. This is the result of the feedback received in response to the invitation issued by the Governing Council to all European central securities depositories inviting them to join the TARGET2-Securities initiative. The Governing Council also decided to assign the development and operation of TARGET2-Securities to the Deutsche Bundesbank, the Banco de España, the Banque de France and the Banca d’Italia. A press release was published yesterday on the ECB’s website.

CCBM2 – launch of the project

On 17 July 2008 the Governing Council decided to launch the CCBM2 project. It also assigned the development and operation of CCBM2 to the Nationale Bank van België/Banque Nationale de Belgique and De Nederlandsche Bank, with a view to commencing live operations earlier than – or at the latest together with – TARGET2-Securities, subject to the outcome of further detailed analysis of the synergies with TARGET2-Securities. The Governing Council also approved the revised CCBM2 User Requirements and authorised their publication on the ECB’s website. This version of the User Requirements takes due account of the input received in the context of the second public consultation on CCBM2 and will form the basis for drafting the detailed specifications for CCBM2. A press release was published yesterday on the ECB’s website.

Advice on Legislation

ECB Opinion on Slovak legislation relating to dual display and rounding rules

On 1 July 2008, at the request of the Slovak Ministry of Labour, Social Affairs and Family, the Governing Council adopted an Opinion on dual display and rounding rules in the labour and social security sectors (CON/2008/27). The Opinion is available on the ECB’s website.

ECB Opinion on the introduction of the euro in Slovakia

On 3 July 2008, at the request of the Council of the European Union, the Governing Council adopted an Opinion on the introduction of the euro in Slovakia and on the conversion rate to the euro for the Slovak koruna (CON/2008/28). The Opinion was published in the Official Journal of the EU on 17 July 2008 and is also available on the ECB’s website.

ECB Opinion on Bulgarian legislation on statistics

On 9 July 2008, at the request of the Bulgarian Prime Minister, the Governing Council adopted an Opinion on the amendments to the law relating to statistics (CON/2008/29). The Opinion is available on the ECB’s website.

Corporate Governance

Participation of Národná banka Slovenska in Governing Council meetings before 1 January 2009

In line with past practice the Governing Council invited the Governor of Národná banka Slovenska to participate in its meetings as an observer. It also decided to grant observer status to experts from Národná banka Slovenska with respect to all Eurosystem/ESCB committees and their sub-structures whenever they meet in the Eurosystem composition. This decision entered into effect following the decision of the EU Council of 8 July 2008 to abrogate the derogation of Slovakia.

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