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

November 2008

Operational Issues

ECB Decision on minimum reserves

On 28 October 2008 the Governing Council adopted a Decision on transitional provisions for the application of minimum reserves by the European Central Bank following the introduction of the euro in Slovakia (ECB/2008/14). The Decision will be published shortly in the Official Journal of the EU and on the ECB’s website.

ECB Guideline on rules relating to eligible collateral

On 21 November 2008 the Governing Council adopted a Guideline on temporary changes to the rules relating to eligibility of collateral (ECB/2008/18). The Guideline will be published shortly in the Official Journal of the EU and on the ECB’s website.

Payment systems and market Infrastructure

Remote access by NCBs to Euroclear Central Securities Depositories (CSDs)

On 30 October 2008 the Governing Council authorised the Nationale Bank van België/Banque Nationale de Belgique, the Banque de France and De Nederlandsche Bank to open a direct account with the other CSDs of the Euroclear Group located outside each country’s jurisdiction which migrated (or which are going to migrate) to the new Euroclear platform for Euronext securities, namely the Euroclear Settlement of Euronext-zone Securities (ESES).

ECB sixth progress report on SEPA

On 20 November 2008 the Governing Council authorised the publication of the sixth progress report on the Single Euro Payments Area (SEPA). The report highlights areas where greater efforts are needed to make the SEPA project a success and gives guidance on which measures should be taken. The English version of the report and a press release in all euro area languages will be published on the ECB’s website on 24 November 2008. The other euro area language versions of the report will be published shortly on the websites of the respective Eurosystem central banks.

Financial stability and supervision

BSC report on EU banks’ liquidity stress-testing techniques and contingency funding plans

On 20 November 2008 the Governing Council authorised the publication of the BSC report on EU banks’ liquidity stress-testing techniques and contingency funding plans, prepared by the Banking Supervision Committee. This report, based inter alia on relevant practices among 84 banks and the experience of supervisory authorities and central banks, provides a typology of EU banks’ liquidity stress-testing techniques and contingency funding plans and assesses their ability to absorb liquidity shocks. The report is available on the ECB’s website.

Financial Stability Review – December 2008

On 20 November 2008 the Governing Council authorised the publication of the “Financial Stability Review – December 2008”. 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 and vulnerability to financial system stability. The review will be published on the ECB’s website on 15 December 2008.

Advice on legislation

ECB Opinion on financial stability measures in Sweden

On 24 October 2008, at the request of the Swedish Ministry of Finance, the Governing Council adopted an Opinion on stabilising measures for the financial system (CON/2008/59). The Opinion is available on the ECB’s website.

ECB Opinion on the Spanish fund for the acquisition of financial assets

On 27 October 2008, at the request of the Spanish State Secretary for Economic Affairs, the Governing Council adopted an Opinion on the operations of the fund for the acquisition of financial assets (CON/2008/60). The Opinion is available on the ECB’s website.

ECB Opinion on Belgian legislation on deposits and insurance products

On 28 October 2008, at the request of the Belgian Minister for Finance, the Governing Council adopted an Opinion on the protection of deposits and certain life insurance products (CON/2008/61). The Opinion is available on the ECB’s website.

ECB Opinion on guarantees to banks and credit market companies in Sweden

On 29 October 2008, at the request of the Swedish Ministry of Finance, the Governing Council adopted an Opinion on the provision of State guarantees to banks and credit market companies (CON/2008/62). The Opinion is available on the ECB’s website.

ECB Opinion on Community legislation on the Committee of European Banking Supervisors

On 7 November 2008, at the request of the EU Commission, the Governing Council adopted an Opinion on a new decision on the Committee of European Banking Supervisors (CON/2008/63). The Opinion will be published shortly in the Official Journal of the EU and on the ECB’s website.

ECB Opinion on Belgian legislation on managing issuer information

On 12 November 2008, at the request of the Belgian Minister for Justice, the Governing Council adopted an Opinion on the management of information about the issuers in the context of the dematerialisation of their securities (CON/2008/64). The Opinion is available on the ECB’s website.

ECB Opinion on financial stability measures in Italy

On 12 November 2008, at the request of Banca d’Italia on behalf of the Italian Ministry of Economic Affairs and Finance, the Governing Council adopted an Opinion on measures implementing the guarantee of the stability of the credit system (CON/2008/65). The Opinion is available on the ECB’s website.

ECB Opinion on Lithuanian legislation relating to minimum reserve requirements

On 13 November 2008, at the request of Lietuvos bankas, the Governing Council adopted an Opinion on amendments to the minimum reserve requirements (CON/2008/66). The Opinion is available on the ECB’s website.

ECB Opinion on legislation related to State guarantees in Spain

On 13 November 2008, at the request of the Spanish Ministry of Economic Affairs and Finance, the Governing Council adopted an Opinion on the requirements for granting State guarantees (CON/2008/67). The Opinion is available on the ECB’s website.

ECB Opinion on financial stability measures in Finland

On 13 November 2008, at the request of the Finnish Ministry of Finance, the Governing Council adopted an Opinion on financial stability measures in relation to the Government guarantee fund (CON/2008/68). The Opinion is available on the ECB’s website.

ECB Opinion on financial support measure in Ireland

On 17 November 2008, at the request of the Irish Minister for Finance, the Governing Council adopted an Opinion on the extension of the scope of the Deposit Guarantee Scheme (CON/2008/69). The Opinion is available on the ECB’s website.

ECB Opinion on Community legislation on deposit-guarantee schemes

On 17 November 2008, at the request of the Council of the European Union, the Governing Council adopted an Opinion on amendments to the Directive on deposit-guarantee schemes as regards the coverage level and the payment delay (CON/2008/70). The Opinion will be published shortly in the Official Journal of the EU and on the ECB’s website

ECB Opinion on the Bulgarian financial institutions register

On 18 November 2008, at the request of Българска народна банка (the Bulgarian National Bank), the Governing Council adopted an Opinion on the establishment of a register of financial institutions managed by Българска народна банка (the Bulgarian National Bank) (CON/2008/71). The Opinion is available on the ECB’s website.

ECB Opinion on Romanian foreign reserves legislation

On 19 November 2008, at the request of the Romanian Parliament, the Governing Council adopted an Opinion on use of foreign reserves for tourism (CON/2008/72). The Opinion is available on the ECB’s website.

Corporate Governance

Chairmanship of the Accounting and Monetary Income Committee (AMICO)

On 6 November 2008 the Governing Council appointed Mr Werner Studener, who will become the ECB’s Deputy Director General Administration on 1 March 2009, as the new chairman of AMICO with effect from the same date. His term as AMICO Chairman will expire on 31 August 2010 so as to coincide with the expiry of the terms of office of all Eurosystem/ESCB committee chairpersons and the Budget Committee chairman, who were (re)appointed by the Governing Council on 19 July 2007 for a three-year period.

ECB Recommendation on the external auditors of the Banque centrale du Luxembourg

On 17 November 2008 the Governing Council adopted a Recommendation to the Council of the European Union on the external auditors of the Banque centrale du Luxembourg (ECB/2008/16). The Recommendation will be published shortly in the Official Journal of the EU and on the ECB’s website.

ECB Decision on joint Eurosystem procurement

On 17 November 2008 the Governing Council adopted a Decision laying down the framework for joint Eurosystem procurement (ECB/2008/17). The Decision will be published shortly in the Official Journal of the EU and on the ECB’s website.

Financial stability and supervision

    BSC report on EU banks’ liquidity stress-testing techniques and contingency funding plans
  • Available by end of November

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