Agreement of 21 December 2006

Author:Secretariat General
Profession:Council of the European Union
Pages:239-242
SUMMARY

Article 1- Article 2- Article 3- Article 4- Annex 'annex II : Ceilings on Access to the Very Short-Term Financing Facility Referred to in Articles 8,10 and 11 of the Central Bank Agreement with effect from 1 January 2007

 
INDEX
CONTENT

Page 239

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

THE EUROPEAN CENTRAL BANK (HEREINAFTER REFERRED TO AS THE 'ECB') AND THE NATIONAL CENTRAL BANKS OF THE MEMBER STATES OUTSIDE THE EURO AREA (HEREINAFTER REFERRED TO AS THE 'NON-EURO AREA NCBs' AND THE 'NON-EURO AREA MEMBER STATES' RESPECTIVELY),

Whereas:

(1) The European Council in its Resolution of 16 June 1997 (hereinafter referred to as the 'Resolution') agreed to set up an exchange rate mechanism (hereinafter referred to as 'ERM II') when the third stage of economic and monetary union began on 1 January 1999.

-1- Under the terms of the Resolution, ERM II is designed to help to ensure that non-euro area Member States participating in ERM II orient their pol icies to stability, foster convergence and thereby help them in their eorts to adopt the euro.

-2- Slovenia, as a Member State with a derogation, has participated in ERM II since 28 June 2004 and Banka Slovenije is party to the Agreement of 16 March 2006 between the European Central Bank and the national cen tral 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 88 (hereinafter referred to as the 'ERM II Central Bank Agreement').

-3- Pursuant to Article 1 of Council Decision 2006/495/EC of 11 July 2006 in accordance with Article 122(2) of the Treaty on the adoption by Slovenia of the single currency on 1 January 2007 89, the derogation in favour of Slovenia referred to in Article 4 of the 2003 Act of Accession 90 is abrogatedPage 240

-4- OJ C 73, 25.3.2006, p. 21. (89) OJ L 195,15.7.2006, p. 25. C) OJ L 236, 23.9.2003, p. 33. with eect from 1 January 2007. Banka Slovenije should therefore no longer be party to the ERM II Central Bank Agreement with eect from that date and the ERM II Central Bank Agreement should be amended accordingly.

-5- In view of the accession of Romania and Bulgaria to the European Union, their respective national central banks (NCBs) become part of the European System of Central Banks on 1 January 2007. The ERM II Central Bank Agreement should be amended accordingly,

HAVE AGREED AS FOLLOWS:

Article 1

Amendment to the ERM II Central Bank Agreement in view of the abrogation of Slovenia's derogation Banka Slovenije shall no longer be party to the ERM II Central Bank Agreement with eect from 1 January 2007.

Article 2

Amendments to the ERM II Central Bank Agreement in view of the accession of Romania and Bulgaria The Bulgarian National Bank and Banca Nationals a Rom‚niei shall become parties to the ERM II Central Bank Agreement with eect from 1 January 2007.

Article 3

Replacement of Annex II to the ERM II Central Bank Agreement

Annex II to the ERM II Central Bank Agreement is replaced by the text set out in the Annex to this Agreement.

Article 4

Final provisions

4.1 This Agreement shall enter into force on 1 January 2007.

4.2 This Agreement shall be drawn up in the English and duly signed by the parties. The ECB, which is required to retain the original Agreement, shall send a certied copy thereof to each euro area and non-euro area NCB. ThePage 241 Agreement shall be translated into all other ocial Community languages and be published in the C series of the Official Journal of the European Union.

Done at Frankfurt am Main, 21 December 2006.

For the European Central Bank

For the Magyar Nemzeti Bank

For the Bulgarian National Bank

For the Central Bank of Malta

For Cesk· n·rodnÌ banka

For Narodowy Bank Polski

For Danmarks Nationalbank

For Banca Nationals a Rom‚niei

For Eesti Pank

For Banka Slovenije

For the Central Bank of Cyprus

For N·rodn· banka Slovenska

For Latvijas Banka

For Sveriges Riksbank

For Lietuvos bankas

For the Bank of EnglandPage 242

Annex 'annex II : Ceilings on Access to the Very Short-Term Financing Facility Referred to in Articles 8,10 and 11 of the Central Bank Agreement with effect from 1 January 2007

(EUR million)

Central banks party to this Agreement Ceilings 1
Bulgarian National Bank 490
Cesk· n·rodnÌ banka 640
Danmarks Nationalbank 670
Eesti Pank 300
Central Bank of Cyprus 280
Latvijas Banka 330
Lietuvos bankas 370
Magyar Nemzeti Bank 620
Central Bank of Malta 270
Narodowy Bank Polski 1 610
Banca Nationals a Rom‚niei 950
N·rodn· banka Slovenska 440
Sveriges Riksbank 900
Bank of England 4 130
European Central Bank nil

Euro area NCBs Ceilings
Nationale Bank van BelgiÎ/Banque Nationale de Belgique nil
Deutsche Bundesbank nil
Bank of Greece nil
Banco de EspaÒa nil
Banque de France nil
Central Bank and Financial Services Authority of Ireland nil
Banca d'Italia nil
Banque centrale du Luxembourg nil
De Nederlandsche Bank nil
Oesterreichische Nationalbank nil
Banco de Portugal nil
Banka Slovenije nil
Suomen Pankki nil'

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[88] OJ C73, 25.3.2006, P.21.

[89] OJ L195, 15.7.2006, P.25.

[90] OJ L236, 23.9.2003, P.33.

[1] The amounts indicated are notional for central banks which do not participate in ERMII.