# C_2007319EN.01000701.xml

| 29.12.2007 | EN | Official Journal of the European Union | C 319/7 |
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29.12.2007

EN

Official Journal of the European Union

C 319/7

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AGREEMENT

AGREEMENT

of 14 December 2007

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

(2007/C 319/04)

THE EUROPEAN CENTRAL BANK (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 (EMU) began on 1 January 1999. |
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(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 (EMU) began on 1 January 1999.

| (2) | 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 policies to stability, foster convergence and thereby help them in their efforts to adopt the euro. |
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(2)

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 policies to stability, foster convergence and thereby help them in their efforts to adopt the euro.

| (3) | Cyprus, as a Member State with a derogation, has participated since 2 May 2005 in ERM II; whereas the Central Bank of Cyprus is 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), amended by the Agreement of 21 December 2006 (2) (together hereinafter referred to as the ‘ERM II Central Bank Agreement’). |
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(3)

Cyprus, as a Member State with a derogation, has participated since 2 May 2005 in ERM II; whereas the Central Bank of Cyprus is 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), amended by the Agreement of 21 December 2006 (2) (together hereinafter referred to as the ‘ERM II Central Bank Agreement’).

1

2

| (4) | Malta, as a Member State with a derogation, has participated since 2 May 2005 in ERM II; whereas the Central Bank of Malta is party to the ERM II Central Bank Agreement. |
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(4)

Malta, as a Member State with a derogation, has participated since 2 May 2005 in ERM II; whereas the Central Bank of Malta is party to the ERM II Central Bank Agreement.

| (5) | Pursuant to Article 1 of Council Decision 2007/503/EC of 10 July 2007 in accordance with Article 122(2) of the Treaty on the adoption by Cyprus of the single currency on 1 January 2008 (3) the derogation in favour of Cyprus referred to in Article 4 of the 2003 Act of Accession is abrogated with effect from 1 January 2008; whereas the euro will be Cyprus' currency from 1 January 2008; whereas the Central Bank of Cyprus should no longer be party to the ERM II Central Bank Agreement from that date. |
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(5)

Pursuant to Article 1 of Council Decision 2007/503/EC of 10 July 2007 in accordance with Article 122(2) of the Treaty on the adoption by Cyprus of the single currency on 1 January 2008 (3) the derogation in favour of Cyprus referred to in Article 4 of the 2003 Act of Accession is abrogated with effect from 1 January 2008; whereas the euro will be Cyprus' currency from 1 January 2008; whereas the Central Bank of Cyprus should no longer be party to the ERM II Central Bank Agreement from that date.

3

| (6) | Pursuant to Article 1 of Council Decision 2007/504/EC of 10 July 2007 in accordance with Article 122(2) of the Treaty on the adoption by Malta of the single currency on 1 January 2008 (4) the derogation in favour of Malta referred to in Article 4 of the 2003 Act of Accession is abrogated with effect from 1 January 2008; whereas the euro will be Malta's currency from 1 January 2008; whereas the Central Bank of Malta should no longer be party to the ERM II Central Bank Agreement from that date. |
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(6)

Pursuant to Article 1 of Council Decision 2007/504/EC of 10 July 2007 in accordance with Article 122(2) of the Treaty on the adoption by Malta of the single currency on 1 January 2008 (4) the derogation in favour of Malta referred to in Article 4 of the 2003 Act of Accession is abrogated with effect from 1 January 2008; whereas the euro will be Malta's currency from 1 January 2008; whereas the Central Bank of Malta should no longer be party to the ERM II Central Bank Agreement from that date.

4

| (7) | It is therefore necessary to amend the ERM II Central Bank Agreement to take account of the abrogation of the derogations in favour of Cyprus and Malta, |
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(7)

It is therefore necessary to amend the ERM II Central Bank Agreement to take account of the abrogation of the derogations in favour of Cyprus and Malta,

HAVE AGREED AS FOLLOWS:

Article 1

Amendment to the ERM II Central Bank Agreement in view of the abrogation of a Member State's derogation

| 1.1 | The Central Bank of Cyprus shall no longer be party to the ERM II Central Bank Agreement from 1 January 2008. |
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1.1

The Central Bank of Cyprus shall no longer be party to the ERM II Central Bank Agreement from 1 January 2008.

| 1.2 | The Central Bank of Malta shall no longer be party to the ERM II Central Bank Agreement from 1 January 2008. |
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1.2

The Central Bank of Malta shall no longer be party to the ERM II Central Bank Agreement from 1 January 2008.

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

| 3.1. | This Agreement amends, with effect from 1 January 2008, the ERM II Central Bank Agreement. |
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3.1.

This Agreement amends, with effect from 1 January 2008, the ERM II Central Bank Agreement.

| 3.2. | This Agreement shall be drawn up in the English language and duly signed by the parties. The ECB, which shall retain the original Agreement, shall send a certified copy thereof to each euro area and non-euro area NCB. The Agreement shall be published in the Official Journal of the European Union. |
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3.2.

This Agreement shall be drawn up in the English language and duly signed by the parties. The ECB, which shall retain the original Agreement, shall send a certified copy thereof to each euro area and non-euro area NCB. The Agreement shall be published in the Official Journal of the European Union.

Official Journal of the European Union

Done at Frankfurt am Main, 14 December 2007.

For the

European Central Bank

For

Българска народна банка/the Bulgarian National Bank

For

Česká národní banka

For

Danmarks Nationalbank

For

Eesti Pank

For the

Central Bank of Cyprus

For

Latvijas Banka

For

Lietuvos bankas

For the

Magyar Nemzeti Bank

For the

Central Bank of Malta

For

Narodowy Bank Polski

For

Banca Națională a României

For

Národná banka Slovenska

For

Sveriges Riksbank

For the

Bank of England

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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 L 186, 18.7.2007, p. 29.

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(4)  OJ L 186, 18.7.2007, p. 32.

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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 2008

| (EUR million) |
| --- |
| Central banks party to this Agreement | Ceilings (1) |
| Българска народна банка/the Bulgarian National Bank | 510 |
| Česká národní banka | 660 |
| Danmarks Nationalbank | 700 |
| Eesti Pank | 300 |
| Latvijas Banka | 330 |
| Lietuvos bankas | 380 |
| Magyar Nemzeti Bank | 640 |
| Narodowy Bank Polski | 1 700 |
| Banca Naţională a României | 1 000 |
| Národná banka Slovenska | 450 |
| Sveriges Riksbank | 940 |
| Bank of England | 4 390 |
| European Central Bank | nil |

(EUR million)

Central banks party to this Agreement

Ceilings (1)

Българска народна банка/the Bulgarian National Bank

510

Česká národní banka

660

Danmarks Nationalbank

700

Eesti Pank

300

Latvijas Banka

330

Lietuvos bankas

380

Magyar Nemzeti Bank

640

Narodowy Bank Polski

1 700

Banca Naţională a României

1 000

Národná banka Slovenska

450

Sveriges Riksbank

940

Bank of England

4 390

European Central Bank

nil

| Euro area NCBs | Ceilings |
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| Nationale Bank van België/Banque Nationale de Belgique | nil |
| Deutsche Bundesbank | nil |
| Central Bank and Financial Services Authority 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 |
| Suomen Pankki | nil’ |

Euro area NCBs

Ceilings

Nationale Bank van België/Banque Nationale de Belgique

nil

Deutsche Bundesbank

nil

Central Bank and Financial Services Authority 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

Suomen Pankki

nil’

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

1

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