# C_2011005EN.01000301.xml

| 8.1.2011 | EN | Official Journal of the European Union | C 5/3 |
| -------- | -- | -------------------------------------- | ----- |

---

AGREEMENT

of 13 December 2010

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

2011/C 5/04

| 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 Danmarks Nationalbank Havnegade 5 1093 København K DANMARK Eesti Pank Estonia pst. 13 15095 Tallinn EESTI/ESTONIA Latvijas Banka K. Valdemara iela 2a Rīga, LV-1050 LATVIJA Lietuvos bankas Totorių g. 4 LT-01121 Vilnius LIETUVA/LITHUANIA Magyar Nemzeti Bank Budapest Szabadság tér 8–9. 1054 MAGYARORSZÁG/HUNGARY Narodowy Bank Polski ul. Świętokrzyska 11/21 00-919 Warszawa POLSKA/POLAND Banca Națională a României Str. Lipscani nr. 25, sector 3 030031 București ROMÂNIA Sveriges Riksbank Brunkebergstorg 11 SE-103 37 Stockholm SVERIGE Bank of England Threadneedle Street London EC2R 8AH UNITED KINGDOM | 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 | Danmarks Nationalbank | Havnegade 5 | 1093 København K | DANMARK | Eesti Pank | Estonia pst. 13 | 15095 Tallinn | EESTI/ESTONIA | Latvijas Banka | K. Valdemara iela 2a | Rīga, LV-1050 | LATVIJA | Lietuvos bankas | Totorių g. 4 | LT-01121 Vilnius | LIETUVA/LITHUANIA | Magyar Nemzeti Bank | Budapest | Szabadság tér 8–9. | 1054 | MAGYARORSZÁG/HUNGARY | Narodowy Bank Polski | ul. Świętokrzyska 11/21 | 00-919 Warszawa | POLSKA/POLAND | Banca Națională a României | Str. Lipscani nr. 25, sector 3 | 030031 București | ROMÂNIA | Sveriges Riksbank | Brunkebergstorg 11 | SE-103 37 Stockholm | SVERIGE | Bank of England | Threadneedle Street | London | EC2R 8AH | UNITED KINGDOM |
| ------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------- | ------------------------ | ---------------- | ----------------- | ------------------- | ------------- | -------------- | --------------- | --------------------- | ----------- | ---------------- | ------- | ---------- | --------------- | ------------- | ------------- | -------------- | -------------------- | ------------- | ------- | --------------- | ------------ | ---------------- | ----------------- | ------------------- | -------- | ------------------ | ---- | -------------------- | -------------------- | ----------------------- | --------------- | ------------- | -------------------------- | ------------------------------ | ---------------- | ------- | ----------------- | ------------------ | ------------------- | ------- | --------------- | ------------------- | ------ | -------- | -------------- |
| 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Danmarks Nationalbank | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Havnegade 5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1093 København K | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| DANMARK | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Eesti Pank | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Estonia pst. 13 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 15095 Tallinn | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| EESTI/ESTONIA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Latvijas Banka | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| K. Valdemara iela 2a | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Rīga, LV-1050 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| LATVIJA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Lietuvos bankas | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Totorių g. 4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| LT-01121 Vilnius | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| LIETUVA/LITHUANIA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Magyar Nemzeti Bank | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Budapest | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Szabadság tér 8–9. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1054 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| MAGYARORSZÁG/HUNGARY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Narodowy Bank Polski | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ul. Świętokrzyska 11/21 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 00-919 Warszawa | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| POLSKA/POLAND | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Banca Națională a României | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Str. Lipscani nr. 25, sector 3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 030031 București | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ROMÂNIA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Sveriges Riksbank | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Brunkebergstorg 11 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SE-103 37 Stockholm | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SVERIGE | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Bank of England | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Threadneedle Street | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| London | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| EC2R 8AH | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| UNITED KINGDOM | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

and

| 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 the ‘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. |
| --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |

| (3) | Estonia, as a Member State with a derogation, has participated in ERM II since 28 June 2004. Eesti Pank 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 ) and by the Agreement of 8 December 2008( 4 ) (hereinafter collectively referred to as the ‘ERM II Central Bank Agreement’). |
| --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |

| (4) | Pursuant to Article 1 of Council Decision 2010/416/EU of 13 July 2010 in accordance with Article 140(2) of the Treaty on the adoption by Estonia of the euro on 1 January 2011( 5 ) the derogation in favour of Estonia referred to in Article 4 of the 2003 Act of Accession is abrogated with effect from 1 January 2011. The euro will be Estonia’s currency from 1 January 2011 and Eesti Pank 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 Estonia, |
| --- | ---------------------------------------------------------------------------------------------------------------------------------------------- |

HAVE AGREED AS FOLLOWS:

Article 1

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

Eesti Pank shall no longer be party to the ERM II Central Bank Agreement from 1 January 2011.

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 2011.

2.   This Agreement shall be drawn up in English and duly signed by the Parties’ duly 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, on 13 December 2010. For Българска народна банка (Bulgarian National Bank) ...
For Česká národní banka ...
For Danmarks Nationalbank ...
For Eesti Pank ...
For Latvijas Banka ...
For Lietuvos bankas ...
For the Magyar Nemzeti Bank ...
For Narodowy Bank Polski ...
For Banca Națională a României ...
For Sveriges Riksbank ...
For the Bank of England ...
For the European Central Bank ...

---

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

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

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

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

( 5 )  OJ L 196, 28.7.2010, p. 24.

---

ANNEX ‘ANNEX II 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 2011 (EUR million) Central banks party to this Agreement
Ceilings( 1 ) Българска народна банка (Bulgarian National Bank)
530 Česká národní banka
710 Danmarks Nationalbank
720 Latvijas Banka
340 Lietuvos bankas
380 Magyar Nemzeti Bank
690 Narodowy Bank Polski
1 800 Banca Națională a României
1 030 Sveriges Riksbank
960 Bank of England
4 840 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 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’
( 1 )  The amounts indicated are notional for central banks which do not participate in ERM II.

---