# C_2007014EN.01000601.xml

| 20.1.2007 | EN | Official Journal of the European Union | C 14/6 |
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20.1.2007

EN

Official Journal of the European Union

C 14/6

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AGREEMENT

AGREEMENT

of 21 December 2006

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 14/03)

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. |
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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 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) | 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 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) (hereinafter referred to as the 'ERM II Central Bank Agreement'). |
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(3)

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 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) (hereinafter referred to as the 'ERM II Central Bank Agreement').

1

| (4) | 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 (2), the derogation in favour of Slovenia referred to in Article 4 of the 2003 Act of Accession (3) is abrogated with effect from 1 January 2007. Banka Slovenije should therefore no longer be party to the ERM II Central Bank Agreement with effect from that date and the ERM II Central Bank Agreement should be amended accordingly. |
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(4)

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 (2), the derogation in favour of Slovenia referred to in Article 4 of the 2003 Act of Accession (3) is abrogated with effect from 1 January 2007. Banka Slovenije should therefore no longer be party to the ERM II Central Bank Agreement with effect from that date and the ERM II Central Bank Agreement should be amended accordingly.

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3

| (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, |
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(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 effect 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 Naţională a României shall become parties to the ERM II Central Bank Agreement with effect 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. |
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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 certified copy thereof to each euro area and non-euro area NCB. The Agreement shall be translated into all other official Community languages and be published in the C series of the Official Journal of the European Union. |
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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 certified copy thereof to each euro area and non-euro area NCB. The Agreement shall be translated into all other official Community languages and be published in the C series of the Official Journal of the European Union.

Official Journal of the European Union

Done at Frankfurt am Main, 21 December 2006.

For the

European Central Bank

For 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 Naţională a României

For

Banka Slovenije

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 L 195, 15.7.2006, p. 25.

2

(3)  OJ L 236, 23.9.2003, p. 33.

3

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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 2007

| (EUR million) |
| --- |
| Central banks party to this Agreement | Ceilings (1) |
| Bulgarian National Bank | 490 |
| Ceská národní 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 Naţională a României | 950 |
| Národná banka Slovenska | 440 |
| Sveriges Riksbank | 900 |
| Bank of England | 4 130 |
| European Central Bank | nil |

(EUR million)

Central banks party to this Agreement

Ceilings (1)

Bulgarian National Bank

490

Ceská národní 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 Naţională a României

950

Národná banka Slovenska

440

Sveriges Riksbank

900

Bank of England

4 130

European Central Bank

nil

| Euro area NCBs | Ceilings |
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| Nationale Bank van België/Banque Nationale de Belgique | nil |
| Deutsche Bundesbank | nil |
| Bank of Greece | nil |
| Banco de España | 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’ |

Euro area NCBs

Ceilings

Nationale Bank van België/Banque Nationale de Belgique

nil

Deutsche Bundesbank

nil

Bank of Greece

nil

Banco de España

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

1

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