# C_2023012EN.01000301.xml

| 13.1.2023 | EN | Official Journal of the European Union | C 12/3 |
| --- | --- | --- | --- |

13.1.2023

EN

Official Journal of the European Union

C 12/3

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AGREEMENT

of 12 December 2022

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

(2023/C 12/02)

| 1. | Българска народна банка (Bulgarian National Bank) |
| --- | --- |
| 1, Knyaz Alexander I Sq. |
| 1000 София/Sofia |
| БЪЛГАРИЯ/BULGARIA |

1.

Българска народна банка (Bulgarian National Bank)

1, Knyaz Alexander I Sq.

1000 София/Sofia

БЪЛГАРИЯ/BULGARIA

| Česká národní banka |
| --- |
| Na Příkopě 28 |
| 115 03 Praha 1 |
| ČESKÁ REPUBLIKA |

Česká národní banka

Na Příkopě 28

115 03 Praha 1

ČESKÁ REPUBLIKA

| Danmarks Nationalbank |
| --- |
| Havnegade 5 |
| 1093 København K |
| DANMARK |

Danmarks Nationalbank

Havnegade 5

1093 København K

DANMARK

| Hrvatska narodna banka |
| --- |
| Trg hrvatskih velikana 3 |
| HR-10002 Zagreb |
| HRVATSKA |

Hrvatska narodna banka

Trg hrvatskih velikana 3

HR-10002 Zagreb

HRVATSKA

| Magyar Nemzeti Bank |
| --- |
| Budapest |
| Krisztina körút 55. |
| 1013 |
| MAGYARORSZÁG/HUNGARY |

Magyar Nemzeti Bank

Budapest

Krisztina körút 55.

1013

MAGYARORSZÁG/HUNGARY

| Narodowy Bank Polski |
| --- |
| ul. Świętokrzyska 11/21 |
| 00-919 Warszawa |
| POLSKA/POLAND |

Narodowy Bank Polski

ul. Świętokrzyska 11/21

00-919 Warszawa

POLSKA/POLAND

| Banca Naţională a României |
| --- |
| Strada Lipscani nr. 25, sector 3 |
| 030031 București |
| ROMÂNIA |

Banca Naţională a României

Strada Lipscani nr. 25, sector 3

030031 București

ROMÂNIA

| Sveriges Riksbank |
| --- |
| Brunkebergstorg 11 |
| SE-103 37 Stockholm |
| SVERIGE |

Sveriges Riksbank

Brunkebergstorg 11

SE-103 37 Stockholm

SVERIGE

and

| 2. | European Central Bank (ECB)

  (hereinafter the ‘Parties’) |
| --- | --- |

2.

European Central Bank (ECB)

(hereinafter the ‘Parties’)

Whereas:

| (1) | The European Council in its Resolution of 16 June 1997 (hereinafter the ‘Resolution’) agreed to set up an exchange rate mechanism (hereinafter ‘ERM II’) when the third stage of Economic and Monetary Union began on 1 January 1999. |
| --- | --- |

(1)

The European Council in its Resolution of 16 June 1997 (hereinafter the ‘Resolution’) agreed to set up an exchange rate mechanism (hereinafter ‘ERM II’) when the third stage of Economic and Monetary Union began on 1 January 1999.

| (2) | Under the terms of the Resolution, ERM II is designed to help ensure that non-euro area Member States participating in ERM II orient their policies to stability, foster convergence and thereby help the non-euro area Member States in their efforts to adopt the euro. |
| --- | --- |

(2)

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

| (3) | Croatia, as a Member State with a derogation, has participated in ERM II since 2020. Hrvatska narodna banka is a party to 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 (1), as amended by the Agreement of 21 December 2006 (2), by the Agreement of 14 December 2007 (3), by the Agreement of 8 December 2008 (4), by the Agreement of 13 December 2010 (5), by the Agreement of 21 June 2013, (6) by the Agreement of 6 December 2013 (7), by the Agreement of 13 November 2014 (8) and by the Agreement of 22 January 2020 (9) (hereinafter the ‘ERM II Central Bank Agreement’). |
| --- | --- |

(3)

Croatia, as a Member State with a derogation, has participated in ERM II since 2020. Hrvatska narodna banka is a party to 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 (1), as amended by the Agreement of 21 December 2006 (2), by the Agreement of 14 December 2007 (3), by the Agreement of 8 December 2008 (4), by the Agreement of 13 December 2010 (5), by the Agreement of 21 June 2013, (6) by the Agreement of 6 December 2013 (7), by the Agreement of 13 November 2014 (8) and by the Agreement of 22 January 2020 (9) (hereinafter the ‘ERM II Central Bank Agreement’).

| (4) | Pursuant to Article 1 of Council Decision (EU) 2022/1211 of 12 July 2022 on the adoption by Croatia of the euro on 1 January 2023 (10) the derogation in favour of Croatia referred to in Article 5 of the 2012 Act of Accession (11) is abrogated with effect from 1 January 2023. The euro will be Croatia’s currency from 1 January 2023 and Hrvatska narodna banka should no longer be party to the ERM II Central Bank Agreement from that date. |
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(4)

Pursuant to Article 1 of Council Decision (EU) 2022/1211 of 12 July 2022 on the adoption by Croatia of the euro on 1 January 2023 (10) the derogation in favour of Croatia referred to in Article 5 of the 2012 Act of Accession (11) is abrogated with effect from 1 January 2023. The euro will be Croatia’s currency from 1 January 2023 and Hrvatska narodna banka should no longer be party to the ERM II Central Bank Agreement from that date.

| (5) | It is therefore necessary to amend the ERM II Central Bank Agreement to take account of the abrogation of the derogation in favour of Croatia, |
| --- | --- |

(5)

It is therefore necessary to amend the ERM II Central Bank Agreement to take account of the abrogation of the derogation in favour of Croatia,

HAVE AGREED AS FOLLOWS:

Article 1

Amendment to the ERM II Central Bank Agreement in view of the abrogation of Croatia’s derogation

Hrvatska narodna banka shall no longer be party to the ERM II Central Bank Agreement from 1 January 2023.

Article 2

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 3

Final provisions

1.   This Agreement amends the ERM II Central Bank Agreement with effect from 1 January 2023.

2.   This Agreement shall be drawn up in English and duly signed by the Parties’ authorised representatives. The ECB, which shall retain the original Agreement, shall send a certified copy of the original Agreement to each euro area and non-euro area national central bank. The Agreement shall be published in the Official Journal of the European Union.

Done at Frankfurt am Main, 12 December 2022.

For

Българска народна банка (Bulgarian National Bank)

...

For

Česká národní banka

...

For

Danmarks Nationalbank

...

For

Hrvatska narodna banka

...

For

the Magyar Nemzeti Bank

...

For

Narodowy Bank Polski

...

For

Banca Naţională a României

...

For

Sveriges Riksbank

...

For

the European Central Bank

...

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(1)  OJ C 73, 25.3.2006, p. 21.

1

(2)  OJ C 14, 20.1.2007, p. 6.

2

(3)  OJ C 319, 29.12.2007, p. 7.

3

(4)  OJ C 16, 22.1.2009, p. 10.

4

(5)  OJ C 5, 8.1.2011, p. 3.

5

(6)  OJ C 187, 29.6.2013, p. 1.

6

(7)  OJ C 17, 21.1.2014, p. 1.

7

(8)  OJ C 64, 21.2.2015, p. 1.

8

(9)  OJ C 32 I, 1.2.2020, p. 1.

9

(10)  OJ L 187, 14.7.2022, p. 31.

10

(11)  OJ L 112, 24.4.2012, p. 21.

11

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ANNEX

CEILINGS ON ACCESS TO THE VERY SHORT-TERM FINANCING FACILITY REFERRED TO IN ARTICLES 8, 10 AND 11 OF THE ERM II CENTRAL BANK AGREEMENT

with effect from 1 January 2023

| (EUR million) |
| --- |
| Central banks party to this Agreement | Ceilings (1) |
| Българска народна банка (Bulgarian National Bank) | 810 |
| Česká národní banka | 1 320 |
| Danmarks Nationalbank | 1 250 |
| Magyar Nemzeti Bank | 1 130 |
| Narodowy Bank Polski | 3 680 |
| Banca Naţională a României | 1 860 |
| Sveriges Riksbank | 1 950 |
| European Central Bank | nil |

(EUR million)

Central banks party to this Agreement

Ceilings (1)

Българска народна банка (Bulgarian National Bank)

810

Česká národní banka

1 320

Danmarks Nationalbank

1 250

Magyar Nemzeti Bank

1 130

Narodowy Bank Polski

3 680

Banca Naţională a României

1 860

Sveriges Riksbank

1 950

European Central Bank

nil

| Euro area national central banks | Ceilings |
| --- | --- |
| Nationale Bank van België/Banque Nationale de Belgique | nil |
| Deutsche Bundesbank | nil |
| Eesti Pank | nil |
| Central Bank of Ireland | nil |
| Bank of Greece | nil |
| Banco de España | nil |
| Banque de France | nil |
| Banca d’Italia | nil |
| Central Bank of Cyprus | nil |
| Hrvatska narodna banka | nil |
| Latvijas Banka | nil |
| Lietuvos bankas | nil |
| Banque centrale du Luxembourg | nil |
| Central Bank of Malta | nil |
| De Nederlandsche Bank | nil |
| Oesterreichische Nationalbank | nil |
| Banco de Portugal | nil |
| Banka Slovenije | nil |
| Národná banka Slovenska | nil |
| Suomen Pankki | nil |

Euro area national central banks

Ceilings

Nationale Bank van België/Banque Nationale de Belgique

nil

Deutsche Bundesbank

nil

Eesti Pank

nil

Central Bank of Ireland

nil

Bank of Greece

nil

Banco de España

nil

Banque de France

nil

Banca d’Italia

nil

Central Bank of Cyprus

nil

Hrvatska narodna banka

nil

Latvijas Banka

nil

Lietuvos bankas

nil

Banque centrale du Luxembourg

nil

Central Bank of Malta

nil

De Nederlandsche Bank

nil

Oesterreichische Nationalbank

nil

Banco de Portugal

nil

Banka Slovenije

nil

Národná banka Slovenska

nil

Suomen Pankki

nil

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(1)  The amounts indicated are notional for central banks which do not participate in ERM II.

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