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

August 2008

Operational Issues

Measures to enhance the US dollar Term Auction Facility (TAF)

On 29 July 2008 the Governing Council decided, in conjunction with the Federal Reserve, to enhance the US dollar liquidity-providing operations by establishing a cycle of 84-day TAF operations while continuing to conduct operations with a maturity of 28 days. The overall amount of outstanding US dollar liquidity-providing operations in the context of the TAF will remain at USD 50 billion, with the exception of a temporary increase to USD 55 billion in the first operation of the transition phase. This decision was announced in a press release issued on 30 July 2008 in parallel with communications made by the Federal Reserve and the Swiss National Bank.

Renewal of supplementary longer-term refinancing operations

On 31 July 2008 the Governing Council decided to renew the two supplementary three-month longer-term refinancing operations (LTROs) that were allotted on 21 May 2008 and 11 June 2008. The first one will mature on 14 August 2008 and the second one on 11 September 2008 respectively. The measure aims to consolidate the progress achieved so far in the normalisation of the euro money market. This decision was announced in a press release issued on 31 July 2008.

Advice on legislation

ECB Opinion on Austrian legislation on insurance

On 18 July 2008, at the request of the Austrian Ministry of Finance, the Governing Council adopted an Opinion on the introduction of investment-oriented life assurance and conduct of business rules for insurance companies (CON/2008/30). The Opinion is available on the ECB’s website.

ECB Opinion on amendments to Banca Naţională a României’s statutes

On 21 July 2008, at the request of the Romanian Parliament, the Governing Council adopted an Opinion on amendments to the Statute of Banca Naţională a României (CON/2008/31). The Opinion is available on the ECB’s website.

ECB Opinion on the Polish deposit protection scheme

On 23 July 2008, at the request of the Polish Minister for Finance, the Governing Council adopted an Opinion on amendments relating to the governance, supervision and mode of financing of the deposit protection scheme, in particular as regards the participation of Narodowy Bank Polski (CON/2008/32). The Opinion is available on the ECB’s website.

ECB Opinion on the establishment of the audit committee of the Nationale Bank van België/Banque Nationale de Belgique

On 31 July 2008, at the request of the Belgian Ministry of Finance, the Governing Council adopted an Opinion on the establishment of the audit committee of the Nationale Bank van België/Banque Nationale de Belgique (CON/2008/33). The Opinion is available on the ECB’s website.

ECB Opinion on the financial independence of Sveriges Riksbank

On 4 August 2008, at the request of the Swedish Ministry of Finance, the Governing Council adopted an Opinion on the financial independence of Sveriges Riksbank (CON/2008/34). The Opinion is available on the ECB’s website.

ECB Opinion on the Danish 25-øre coin ceasing to be legal tender

On 4 August 2008, at the request of the Danish Ministry of Economic and Business Affairs, the Governing Council adopted an Opinion on withdrawing the smallest denomination coin as legal tender (CON/2008/35). The Opinion is available on the ECB’s website.

ECB Opinion on Latvian legislation on banknotes and coins

On 5 August 2008, at the request of Latvijas Banka, the Governing Council adopted an Opinion on legislation on banknotes and coins (CON/2008/36). The Opinion is available on the ECB’s website.

ECB Opinion on amendments to Community legislation on settlement finality in payment and securities settlement systems and on financial collateral arrangements

On 7 August 2008, at the request of the Council of the European Union, the Governing Council adopted an Opinion on the amendment to the Directive on settlement finality in payment and securities settlement systems and the Directive on financial collateral arrangements as regards linked systems and credit claims (CON/2008/37). The Opinion will be published shortly in the Official Journal of the EU and on the ECB’s website.

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