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            GUIDELINE OF THE EUROPEAN CENTRAL BANK         

of 7 April 2006         

on the Eurosystem’s provision of reserve management services in euro to central banks and countries located outside the euro area and to international organisations

(ECB/2006/4)

(2006/294/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 12.1, Article 14.3 and Article 23 thereof,

Whereas:

HAS ADOPTED THIS GUIDELINE:

Article 1

Definitions

For the purposes of this Guideline:

Article 2

List of Eurosystem reserve management services

Eurosystem reserve management services shall consist of the following:

Article 3

Provision of services by ESPs and ISPs

1.   Within the framework of the Eurosystem reserve management services, a distinction is made between Eurosystem members as being either an ESP or an ISP.

2.   In addition to the services indicated in Article 2, each ESP may also offer other reserve management services to customers. An ESP shall determine such services on an individual basis and such services shall not be subject to this Guideline.

3.   An ISP shall be subject to this Guideline and the requirements of Eurosystem reserve management services as regards one or more Eurosystem reserve management services, or part of such service, which such an ISP provides and which form(s) part of the complete set of Eurosystem reserve management services. Furthermore, each ISP may also offer other reserve management services to customers and shall determine such services on an individual basis. Such services shall not be subject to this Guideline.

Article 4

Information regarding Eurosystem reserve management services

1.   Eurosystem members shall provide the authorised ECB personnel with any relevant information on the provision of Eurosystem reserve management services to new and existing customers and inform the authorised ECB personnel when a potential customer approaches them.

2.   Before Eurosystem members disclose the identity of an existing, new or potential customer, they shall endeavour to obtain the customer’s consent to the disclosure.

3.   If consent is not obtained, the Eurosystem member concerned shall provide the authorised ECB personnel with the required information without revealing the identity of the customer.

Article 5

Prohibition and suspension of Eurosystem reserve management services

1.   The ECB will maintain for consultation by the Eurosystem members a list of existing, new or potential customers whose reserves are affected by a freezing order or similar measure imposed either by one of the EU Member States on the basis of a United Nations Security Council resolution or by the European Union.

2.   If on the basis of a measure or decision, other than those referred to in paragraph 1, adopted for national policy or national interest reasons by a Eurosystem member or by the Member State in which the Eurosystem member is located, the Eurosystem member suspends the provision of Eurosystem reserve management services to an existing customer or refuses to provide such services to a new or potential customer, this member shall promptly notify the authorised ECB personnel thereof. The authorised ECB personnel shall promptly inform the other Eurosystem members thereof. Any such measure or decision shall not prevent the other Eurosystem members from providing Eurosystem reserve management services to such customers.

3.   Article 4(2) and (3) shall apply to any disclosure of the identity of an existing, new or potential customer made pursuant to paragraph 2.

Article 6

Responsibility for Eurosystem reserve management services

1.   Each Eurosystem member shall be responsible for the execution of any contractual arrangements with its customers that it considers appropriate for the provision of Eurosystem reserve management services.

2.   Subject to any specific provisions applicable to, or agreed upon by a Eurosystem member, each Eurosystem member that provides Eurosystem reserve management services or any part thereof to its customers, shall be liable for any such services that it provides.

Article 7

Additional minimum common features in contractual arrangements with customers

Eurosystem members shall ensure that their contractual arrangements with customers are consistent with this Guideline and with the following additional minimum common features. The contractual arrangements shall:

Article 8

Role of the ECB

The ECB will coordinate the general provision of Eurosystem reserve management services and the related information framework. Any Eurosystem member that becomes an ESP or that terminates its status as an ESP shall inform the ECB thereof.

Article 9

Final provisions

1.   This Guideline is addressed to the participating NCBs.

2.   Guideline ECB/2004/13 is repealed. References to the repealed Guideline shall be construed as references to this Guideline.

3.   This Guideline shall enter into force on 12 April 2006. It shall apply from 1 July 2006.

Done at Frankfurt am Main, 7 April 2006.

For the Governing Council of the ECB

The President of the ECB

Jean-Claude TRICHET            

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(1)OJ L 241, 13.7.2004, p. 68. Guideline as amended by Guideline ECB/2004/20 (OJ L 385, 29.12.2004, p. 85).

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