2000X0516 — EN — 30.11.2002 — 003.001 — 1
This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents
►B GUIDELINEOFTHEEUROPEANCENTRALBANK
of3February2000
on the management of the foreign reserve assets of the European Central Bank by the national
central banks and the legal documentation for operations involving the foreign reserve assets of
theEuropeanCentralBank
(ECB/2000/1)
(2000/516/EC)
(OJ L 207, 17.8.2000, p. 24)
Amended by:
Official Journal
No page date
►M1Guideline of the European Central Bank of 21 June 2001 (ECB/2001/5) L 190 26 12.7.2001
►M2Guideline of the European Central Bank of 16 November 2001 (ECB/
2001/12)L 310 31 28.11.2001
►M3Guideline of the European Central Bank of 26 September 2002 (ECB/
2002/6)L 270 14 8.10.2002
Corrected by:
►C1Corrigendum, OJ L 225, 5.9.2000, p. 15 (ECB/516/2000)
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GUIDELINEOFTHEEUROPEANCENTRALBANK
of3February2000
on the management of the foreign reserve assets of the European
CentralBankbythenationalcentralbanksandthelegaldocumen-tation for operations involving the foreign reserve assets of the
EuropeanCentralBank
(ECB/2000/1)
(2000/516/EC)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty establishing the European Community
(hereinafter referred to as the Treaty) and in particular to Article105(2), third indent, thereof and to Article 3.1, third indent, and Arti-cles 12.1, 14.3 and 30.6 of the Statute of the European System of
Central Banks and of the European Central Bank (hereinafter referred
to as the Statute),
Whereas:
(1)Pursuant to Article 30.1 of the Statute, the European Central
Bank (ECB) shall be provided by the national central banks ofMember States which have adopted the single currency (NCBs)with foreign reserve assets and shall have the full right to hold
and manage the foreign reserves that are transferred to it.
(2)Pursuant to Articles 9.2 and 12.1 of the Statute, the ECB maymanage certain of its activities through the NCBs and have
recourse to the NCBs to carry out certain of its operations, andthe ECB considers that the NCBs should manage the foreignreserves as agents of the ECB accordingly; the ECB considersit necessary for the NCBs acting as agents for the ECB in the
management of the ECB's foreign reserve assets to apply a
code of conduct and follow certain other procedures with theECB's counterparties.
(3)The involvement of NCBs in the management of the foreignreserve assets transferred to the ECB and the transactions relatedto suchmanagement entail th e need to prepare documentationfor operations involving the ECB's foreign reserves.
(4)In accordance withArticles 12.1 and 14.3 of th e Statute, ECBGuidelines form an integral part of Community law,
HAS ADOPTED THIS GUIDELINE:
Article 1
Definitions
For the purposes of this Guideline:
— ‘participating Member States’ shall mean all Member States which
have adopted the single currency in accordance with the Treaty,
— ‘NCBs’ shall mean national central banks of participating Member
States.
Article 2
AgencystatusofNCBs
1. Each NCB shall carry out operations involving the foreign reserve
assets of the ECB as an agent for the ECB, and by commencing such
operations shall be deemed to acknowledge that agency status. In rela-tion to all operations conducted by the NCBs on behalf of the ECB,each NCB shall disclose to all parties the ECB's status as principalwhen agreeing on each operation, both by name and by reference toan account number or identifier.2000X0516 — EN — 30.11.2002 — 003.001 — 2
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2. Each NCB shall, when carrying out operations involving the
foreign reserve assets of the ECB as an agent for the ECB, subordinateits own interests, or the interests of any entity for which it carries out
operations, to the interests of the ECB.
3. Each NCB shall, when asked by a counterparty of the ECB for
proof of the NCB's authority to carry out operations involving theforeign reserve assets of the ECB as an agent for the ECB, providesuchcounterparties withproof of a mandate of agency.
Article 3
Legaldocumentation
1. All operations involving the foreign reserve assets of the ECB
shall be conducted using legal documentation as required by thisArticle.
2. A document in the form attached as Annex 1 to this Guideline
shall be annexed to and form an integral part of every standard agree-
ment under which collateralised operations (including withoutlimitation repurchase agreements, reverse repurchase agreements, buy/sell-back agreements, sell/buy-back agreements, securities lendingagreements and tripartite repo arrangements) or over-the-counter deri-
vatives operations involving the foreign reserve assets of the ECB are
conducted.
3. There shall be in place with every counterparty a master netting
agreement in one of the forms attached as Annex 2 to this Guideline.
4. All collateralised operations involving the foreign reserve assets
of the ECB comprising repurchase agreements, reverse repurchaseagreements, buy/sell-back agreements and sell/buy-back agreementsand all over-the-counter derivatives operations involving the foreign
reserve assets of the ECB shall be documented under the standard
agreements listed in Annex 3 to the Guideline, in such forms as maybe approved or amended by the ECB from time to time.
5. The provision of financial services involving the foreign reserve
assets of the ECB by financial intermediaries, including without limita-tion banking, custodial and investment services obtained from
correspondents, custodians and depositories, settlement organisations
and central clearers for exchange-traded derivatives, shall be docu-mented under suchspecific agreements as may be approved by th eECB from time to time.
Article 4
Finalprovisions
This Guideline is addressed to the national central banks of partici-
pating Member States.
This Guideline is effective as from 3 February 2000.This Guideline shall be published in the Official Journal of the
European Communities .2000X0516 — EN — 30.11.2002 — 003.001 — 3
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ANNEX 1
ECBANNEX (1)
The provisions of this ECB Annex are to be annexed to and form an integral
part of any standard agreement under which collateralised operations (including
without limitation repurchase agreements, reverse repurchase agreements, buy/
sell back agreements and sell/buy back agreements) or over-the-counter deriva-
tive operations involving the foreign reserve assets of the ECB Guideline on the
management of the foreign reserve assets of the European Central Bank by the
national central banks and the legal documentation for operations involving the
foreign reserve assets of the European Central Bank (ECB/2000/1).
1. The provisions of this annex shall be supplemental terms and conditions
applying to [name the standard agreement to which this annex applies] dated
[date of agreement] (the Agreement) between the European Central Bank
(the ECB) and [name of counterparty] (the Counterparty). The provisions of
this Annex shall be annexed to, incorporated in and form an integral part of
the Agreement. If and to the extent that any provisions of the Agreement
(other than the provisions of this annex) or the ECB Master Netting Agree-
ment dated as of [date] (the Master Netting Agreement) between the ECB
and the Counterparty, including any other supplemental terms and conditions,
annex or schedule to the Agreement, contain provisions inconsistent with or
to the same or similar effect as the provisions of this Annex, the provisions
of this Annex shall prevail and apply in place of those provisions.
2. Except as required by law or regulation, the Counterparty agrees that it shall
keep confidential, and under no circumstances disclose to a third party, any
information or advice furnished by the ECB or any information concerning
the ECB obtained by the Counterparty as a result of it being a party to the
Agreement, including without limitation information regarding the existence
or terms of the Agreement (including this annex) or the relationship between
the Counterparty and the ECB created thereby, nor shall the Counterparty use
the name of the ECB in any advertising or promotional material.
3. The Counterpartty agrees to notify the ECB in writing as soon as reasonably
practicable of (i) any consolidation or amalgamation with, or merger with or
into, or transfer of all or substantially all of its assets to, another entity; (ii)
the appointment of any liquidator, receiver, administrator or analogous
officer or the commencement of any procedure for the winding-up or reorga-
nisation of the Counterparty or any other analogous procedure; or (iii) a
change in the Counterparty's name.
4. There shall be no waiver by the ECB of immunity from suit or the jurisdic-
tion of any court, or any relief against the ECB by way of injunction, order
for specific performance or for recovery of any property of the ECB or
attachment of its assets (whether before or after judgement), in every case
to the fullest extent permitted by applicable law.
5. There shall not apply in relation to the ECB any event of default or other
provision of any kind in which reference is made to the bankruptcy, insol-
vency or other analogous event of the ECB.
6. The Counterparty agrees that it has entered into the Agreement (including
this Annex) as principal and not as agent for any other entity and that it shall
enter into all transactions as principal.2000X0516 — EN — 30.11.2002 — 003.001 — 4
(1)►M2The original text of this annex is drafted in the English, French, German, Italian,
Portuguese and Spanishlanguages and is incorporated into master agreements drawn upin the English, French, German, Italian, Portuguese and Spanish languages. The transla-tion of this annex into other languages is for illustrative purposes only and shall not be
legally binding. ◄
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ANNEX 2
INDEX
Annex2a
Master Netting Agreement governed by Englishlaw
(for use with Counterparties incorporated in jurisdictions other than France,
Germany and the United States of America; drafted in the English language)
Annex2b
Master Netting Agreement governed by Frenchlaw(for use withCounterparties incorporated in France; drafted in th e French
language)
Annex2c
Master Netting Agreement governed by German law
(for use withCounterparties incorporated in Germany; drafted in th e German
language)
Annex2d
Master Netting Agreement governed by New York law
(for use withCounterparties incorporated in th e United States of America;
drafted in the English language)2000X0516 — EN — 30.11.2002 — 003.001 — 5
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ANNEX 2a
MasterNettingAgreementgovernedbyEnglishlaw
(for use with Counterparties incorporated in jurisdictions other than
France, Germany andthe UnitedStatesofAmerica; draftedintheEnglish
language)
MASTERNETTINGAGREEMENT
1.Scopeofagreement
1.1. The purpose of this Agreement (hereinafter referred to as the Agreement) is
to ensure that the ECB is able to net all existing positions under all
outstanding transactions made between the ECB and the Counterparty,
regardless of any agent or agents authorised to act on behalf of the ECB
through whom the transactions giving rise to those positions may have
been effected, including the central bank of any Member State of the
European Union which has adopted the euro as its currency, and regardless
of which office (including the head office and all branches) of the Counter-
party may be involved in suchtransactions, and after taking into account
the effect of any existing netting provisions in master or other agreements
between the ECB and the Counterparty and/or provisions of mandatory law
that operate with similar effect that may apply to certain of such transac-
tions.
1.2. In this Agreement, a ‘netting agreement’ means any agreement for the time
being in effect between the Parties (and including, without limitation, this
Agreement and agreements of the kind listed in Appendix 1 to this Agree-
ment), including suchmodifications and additions th ereto as may be agreed
between the ECB and the Counterparty (hereinafter referred to as the
Parties) from time to time, which contains provisions to the effect that,
should any event of default as defined for the purposes of such agreement
occur, there may be an early termination, liquidation, closing-out or accel-
eration of transactions or obligations under transactions or any analogous
event (a ‘default termination’) and the respective obligations of the Parties
under suchagreement may be combined, aggregated or set-off against each
other so as to produce a single net balance payable by one Party to the
other.
2.General
2.1. All transactions of whatever nature (hereinafter referred to as transactions)
entered into between the Parties at any time after the date of this Agree-
ment shall be governed by this Agreement, unless the Parties specifically
agree otherwise.
2.2. The Parties acknowledge that the terms of this Agreement, all transactions
governed by this Agreement, any amendments to the terms of such transac-
tions, and the single net balance payable under any netting agreement
constitute a single business and contractual relationship and arrangement.
2.3. The Counterparty has entered into this Agreement as principal and repre-
sents and warrants that it has entered and shall enter into all transactions
as principal.
2.4. This Agreement is supplemental to the netting agreements entered into
between the Parties prior to the date of this Agreement, and all further
netting agreements and transactions entered into between the Parties after
the date of this Agreement shall be supplemental to this Agreement.2000X0516 — EN — 30.11.2002 — 003.001 — 6
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3.Basecurrency
The base currency for the purposes of this Agreement shall be the US
dollar or, at the ECB's option, any other currency. Wherever it is necessary
in accordance with the terms of this Agreement to convert amounts into the
base currency, such amounts shall be converted at the daily reference rate
published by the ECB for the currency to be converted into the base
currency or, in the absence of such reference rate, at the rate of exchange
at which the ECB can buy or sell, as appropriate, such amounts with or
against the base currency on such day, all as determined by the ECB.
4.Crossacceleration
Should any default termination occur under any netting agreement
(including under Appendix 2 to this Agreement), then the ECB shall have
the right to declare, by written notice to the Counterparty, that a default
termination has occurred under each other netting agreement in respect of
which default termination has not occurred in accordance with the provi-
sions thereof.
5.Globalnetting
5.1. Should a default termination occur, the ECB shall, as soon as is reasonably
practicable, take an account of what is due from each Party to the other
under eachnetting agreement (including under Appendix 2 to th is Agree-
ment) in respect of which default termination has occurred and aggregate
the sums due from each Party to the other under such netting agreements
(including under Appendix 2 to this Agreement), in every case in or
converted into the base currency, and only the net balance of the account
shall be payable by the Party owing the larger aggregate sum.
5.2. Clause 5.1 shall continue to operate to the extent possible notwithstanding
the unenforceability under applicable law of any provisions contained in
any netting agreement (including under Appendix 2 of this Agreement).
6.Noticesandothercommunications
All notices, instructions and other communications to be given under this
Agreement shall be effective only upon receipt and shall be made in
writing (including by electronic means).
7.Severability
Each provision contained herein (including, without limitation, Appendix 2
to this Agreement) shall be treated as separate from any other provision
herein and shall be enforceable notwithstanding the unenforceability of
any suchoth er provision.
8.Non-assignability
The rights and obligations of the Counterparty under this Agreement may
not be assigned, charged, pledged or otherwise transferred or dealt with by
the Counterparty.
9.Governinglawandjurisdiction
9.1. This Agreement shall be governed by and construed in accordance with
Englishlaw.
9.2. For the benefit of the ECB, the Counterparty hereby irrevocably submits
for all purposes of or in connection with this Agreement to the jurisdiction
of the District Court ( Landgericht ) of Frankfurt am Main, Germany.
Nothing in this clause 9 shall limit the right of the ECB to take proceedingsbefore the courts of any other country of competent jurisdiction.2000X0516 — EN — 30.11.2002 — 003.001 — 7
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2000X0516 — EN — 30.11.2002 — 003.001 — 8
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Appendix 1
Nettingagreements (*)
1. ISDA Master Agreement (Multicurrency-Cross Border 1992)
2. PSA-ISMA Global Master Repurchase Agreement3. Convention-cadre AFB relative aux opérations de marché à terme
4. Convention-cadre AFB relative aux opérations de pension livrée
5. Rahmenvertrag für Finanztermingeschäfte6. Rahmenvertrag für echte Pensionsgeschäfte2000X0516 — EN — 30.11.2002 — 003.001 — 9
(*) This documentation is maintained by the ECB Legal Services and the legal depart-
ments of the national central banks.
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Appendix 2
Transactionsnotsubjecttoanynettingagreement
1. The provisions of this Appendix apply to transactions entered into between
the Parties that are not effectively subject to any other netting agreement.
2. Should:
(a) a default termination occur under any netting agreement, or
(b) an event that is defined as an event of default or other analogous event
under any netting agreement occur, which event would, assuming there
were outstanding transactions under any suchnetting agreement, result
in, or entitle the ECB to take steps which would result in, a default
termination under suchnetting agreement,
(any suchevent under (a) or (b) above is referred to in th is Appendix as an
‘event of default’), then all transactions to which this Appendix applies (but
not less than all, unless any such transaction may not be so closed out under
applicable law) under which obligations have or would otherwise have fallen
due by or after the date of such event of default (the ‘close out date’) may by
notice in writing from the ECB to the Counterparty be liquidated and closed-
out as described under paragraphs 3 and 4 of this Appendix, and the ECB
shall, without prejudice to paragraphs 3 and 4 of this Appendix, not be
obliged to make any further payments or deliveries under any such transac-
tions.
3. Should liquidation and close-out under paragraph 2 of this Appendix occur,
the ECB shall, as soon as is reasonably practicable, take an account of what
is due from each Party to the other, including, as necessary, determining in
respect of each transaction the ECB's total gain or loss, as the case may be,
resulting from the liquidation and close-out of such transaction as at the date
of suchliquidation and close-out, in every case in or converted into th e base
currency. The ECB shall then aggregate such gains and losses and only the
balance of the account shall be payable by the Counterparty, if the aggregate
losses exceed the aggregate gains, or by the ECB, if the aggregate gains
exceed the aggregate losses.
4. In determining in respect of each transaction the ECB's total gain or loss, the
ECB shall, subject to applicable law, use a commercially reasonable method
of calculation which (a) is based on, to the extent practicable and available,
quotations from at least four leading dealers in the relevant market operating
in the same financial centre, and (b) takes into account, where applicable, the
liquidation and close-out of such transaction earlier than its scheduled value
date or delivery date.
5. The Parties agree that the calculation of the net sum under paragraphs 3 and
4 of this Appendix is a reasonable pre-stimate of losses suffered.2000X0516 — EN — 30.11.2002 — 003.001 — 10
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ANNEX 2b
MasterNettingAgreementgovernedbyFrenchlaw
(forusewithCounterpartiesincorporatedinFrance; draftedintheFrench
language)
CONVENTION-CADREDECOMPENSATION
1.Champd'applicationdelaconvention
1.1 La présente convention (ci-après dénommée la ‘convention’) a pour objet de
permettre à la BCE de compenser l'ensemble des positions existantes dans
le cadre de l'ensemble des transactions en cours effectuées entre la BCE et
la contrepartie, sans distinction de l'agent ou des agents autorisés à agir pour
le compte de la BCE par l'intermédiaire duquel ou desquels les transactions
génératrices de ces positions ont pu être effectuées, y compris la banque
centrale de tout État membre de l'Union européenne ayant adopté l'euro
comme monnaie nationale, et sans distinction de l'établissement (y compris
le siège social et l'ensemble des succursales) de la contrepartie impliqué
dans ces transactions, et après prise en considération de l'incidence de toutes
les dispositions existantes relatives à la compensation qui figurent dans la
convention-cadre ou dans les autres conventions conclues entre la BCE et
la contrepartie et/ou des dispositions de la législation applicable ayant un
effet similaire et susceptibles de s'appliquer à certaines de ces transactions.
1.2 Dans la présente convention, on entend par ‘convention de compensation’
toute convention en vigueur entre les parties (y compris, sans restriction, la
présente convention et les conventions de l'espèce énumérées dans l'additif
1 de la présente convention), y compris les modifications et les avenants
aux textes susceptibles d'être convenus, s'il y a lieu, entre la BCE et la
contrepartie (ci-après dénommées les ‘parties’), qui comporte des disposi-
tions prévoyant, lors de la survenance d'un cas de défaillance tel que défini
dans le cadre de cette convention, une possibilité de résiliation, d'exigibilité
anticipées ou de ‘close out’ des transactions ou des obligations afférentes
aux transactions ou de tout événement analogue (une ‘résiliation pour
défaillance’), les obligations respectives des parties dans le cadre de cette
convention pouvant dès lors être regroupées, globalisées ou compensées
réciproquement de manière à donner lieu à un solde net unique payablepar l'une des parties à l'autre.
2.Dispositionsd'ordregénéral
2.1 L'ensemble des transactions de toute nature (ci-après dénommées ‘transac-
tions’) conclues entre les parties à tout moment après la date de la
présente convention sera régi par la présente convention, sauf si les parties
en décident spécifiquement autrement.
2.2 Les parties reconnaissent que les termes de la présente convention,
l'ensemble des transactions régies par elle, toutes les modifications appor-
tées aux termes de ces transactions et le solde net unique payable dans le
cadre de toute convention de compensation constituent une relation et un
accord professionnels et contractuels uniques.
2.3 La contrepartie a conclu cette convention en son nom propre; elle déclare et
atteste qu'elle a conclu et conclura toutes les transactions en son nom
propre.
2.4 La présente convention complète les conventions antérieures de compensa-
tion conclues antérieurement entre les parties; toutes les autres conventions2000X0516 — EN — 30.11.2002 — 003.001 — 11
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de l'espèce et transactions qui seront conclues ultérieurement entre les
parties compléteront la présente convention.
3.Devisederéférence
La devise de référence utilisée dans le cadre de cette convention sera le
dollar des États-Unis ou, au choix de la BCE, une autre devise. Dans les
cas où il sera nécessaire, conformément aux termes de la présente conven-
tion, de convertir les montants dans la devise de référence, la conversion
s'effectuera au taux de référence quotidien publié par la BCE pour la devise
à convertir dans la devise de référence ou, à défaut de ce taux de référence,
au taux de change auquel la BCE peut acheter ou vendre, selon le cas, ces
montants avec ou contre la devise de référence ce même jour, selon les
conditions définies par la BCE.
4.Clausededéfaillancecroisée
Lors de la survenance d'une résiliation pour défaillance dans le cadre d'une
convention de compensation (y compris dans le cadre de l'additif 2 de la
présente convention), la BCE sera habilitée à prononcer, par notification
écrite à la contrepartie, la résiliation pour défaillance de chacune des autres
conventions de compensation pour lesquelles il n'y a pas eu résilitation pour
défaillance dans les conditions prévues par les dispositions précitées.
5.Compensationglobale
5.1 Lors de la survenance d'une résiliation pour défaillance, la BCE comptabili-
sera dans les meilleurs délais les montants dus par chacune des parties à
l'autre au titre de chaque convention de compensation (y compris dans le
cadre de l'additif 2 de la présente convention) pour laquelle est intervenue
une résiliation pour défaillance et globalisera les sommes dues par chaque
partie à l'autre au titre de ces conventions de compensation (y compris
dans le cadre de l'additif 2 de la présente convention) libellées ou converties
dans tous les cas dans la devise de référence, seul le solde net étant payable
par la partie débitrice du montant brut le plus élevé.
5.2 La clause 5.1 restera en vigueur dans la mesure du possible nonobstant le
caractère inapplicable, en vertu de la loi en vigueur, de toute disposition
pouvant être contenues dans une convention de compensation (y compris
dans le cadre de l'additif 2 de la présente convention).
6.Notificationsetautrescommunications
L'ensemble des notifications, instructions et autres communications à donner
dans le cadre de la présente convention ne prendront effet qu'à la date de
leur réception et seront adressées par écrit (y compris par les moyens élec-
troniques).
7.Gestionséparée
Chacune des dispositions de la présente convention (y compris, sans restric-
tion, l'additif 2 de ladite convention) sera traitée isolément des autres
dispositions et sera applicable nonobstant le caractère inapplicable de ces
autres dispositions.
8.Incessibilité
Les droits et les obligations de la contrepartie dans le cadre de la présente
convention ne peuvent être cédés, transférés ou autrement négociés par la
contrepartie.
9.Loiapplicable,attributiondecompétences
9.1 La présente convention sera soumise au droit français et interprétée selon
ledit droit.
9.2 Dans l'intérêt de la BCE, la contrepartie soumet irrévocablement par la
présente convention tous les cas afférents à celle-ci ou s'y rapportant à la
compétence de la juridiction du tribunal ( Landgericht ) de Francfort-sur-le-
Main, Allemagne. Aucune disposition de cette clause 9 ne limitera le droit
de la BCE d'entamer une procédure judiciaire devant les tribunaux compé-
tents d'un autre pays.2000X0516 — EN — 30.11.2002 — 003.001 — 12
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2000X0516 — EN — 30.11.2002 — 003.001 — 13
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Additif 1
Conventionsdecompensation
1. Convention-cadre AFB relative aux opérations de marché à terme
2. Convention-cadre AFB relative aux opérations de pension livrée3. ISDA Master Agreement (Multicurrency-Cross Border 1992)
4. PSA-ISMA Global Master Repurchase Agreement
5. The Bond Market Association Master Repurchase Agreement6. Rahmenvertrag für Finanztermingeschäfte
7. Rahmenvertrag für echte Pensionsgeschäfte2000X0516 — EN — 30.11.2002 — 003.001 — 14
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Additif 2
Transactionsnonsoumisesàuneconventiondecompensation
1. Les dispositions du présent additif s'appliquent aux transactions conclues
entre les parties qui ne sont pas effectivement soumises à une autre conven-
tion de compensation.
2. Lors de la survenance:
(a) d'une résiliation pour défaillance dans le cadre d'une convention de
compensation ou
(b) d'un événement défini comme étant un cas de défaillance ou un événe-
ment analogue dans le cadre d'une quelconque convention de
compensation, lequel événement, dans l'hypothèse où des transactions
seraient en cours au titre de cette convention de compensation, amènerait
ou habiliterait la BCE à prendre des mesures qui entraîneraient une rési-
liation pour défaillance dans le cadre de ladite convention,
[les événements prévus aux points a) ou b) étant dénommés dans le présent
additif ‘cas de défaillance’],
l'ensemble des transactions concernées par le présent additif (sans exception,
sauf dans le cas où une transaction ne peut faire l'objet d'une résiliation dans
ces conditions aux termes de la loi applicable) dans le cadre desquelles les
obligations sont ou seraient arrivées à échéance à la date ou après la date
de survenance de ce cas de défaillance (la ‘date de résiliation’) pourrontêtre résiliées par notification écrite de la BCE à la contrepartie dans les
conditions prévues aux points 3 et 4 du présent additif et la BCE ne sera
pas tenue d'effectuer, sans préjudice des points 3 et 4 du présent additif,
d'effectuer d'autres paiements ou livraisons au titre de ces transactions.
3. En cas de résiliation selon les termes du point 2 du présent additif, la BCE
comptabilisera dans les meilleurs délais les sommes dues par chacune des
parties à l'autre, notamment, le cas échéant, en déterminant pour chaque
transaction la perte ou le gain total de la BCE résultant de la résiliation de
ladite transaction à la date de résiliation, le montant étant dans tous les cas
libellé ou converti dans la devise de référence. La BCE globalisera ensuite
ces gains et pertes et seul le solde net sera payable par la contrepartie si le
total des pertes excède celui des gains, ou par la BCE si le total des gains
excède celui des pertes.
4. Pour déterminer, dans le cadre de chaque transaction, le montant total du
gain ou de la perte de la BCE, celle-ci utilisera, sous réserve de la législation
applicable, une méthode de calcul commercialement raisonnable: a) fondée,
dans la mesure du possible, sur les cotations fournies par au moins quatre
intervenants de premier rang du marché considéré et opérant dans le même
centre financier et b) prenant en compte, le cas échéant, la résiliation de la
transaction intervenue antérieurement à la date de valeur ou de livraison
prévue.
5. Les parties conviennent que le calcul de la somme nette aux termes des
points 3 et 4 du présent additif constitue une estimation raisonnable des
pertes encourues.2000X0516 — EN — 30.11.2002 — 003.001 — 15
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ANNEX 2c
MasterNettingAgreementgovernedbyGermanlaw
(for use with Counterparties incorporated in Germany; drafted in the
Germanlanguage)
EZB-AUFRECHNUNGSVERTRAG
(‘MASTERNETTINGAGREEMENT’)
1.AnwendungsbereichdiesesVertrags
1.1. Der Zweck dieses Vertrages (im Folgenden: ‘Vertrag’) besteht darin, die
Verrechnung aller bestehenden Positionen aus allen offenen Geschäften
zwischen der EZB und dem Vertragspartner zu ermöglichen. Der Vertrag
schließt Geschäfte ein, die die EZB über Stellvertreter (z. B. Teilnehmer-
zentralbanken) abschließt. Er umfasst auch ferner alle diejenigen
Geschäfte, die über die Hauptverwaltung oder eine unselbständige
Zweigniederlassung des Vertragspartners mit der EZB abgeschlossen
werden. Der Vertrag berücksichtigt ferner alle sonst zwischen den Parteien
bestehenden Rahmenverträge oder sonstigen Vereinbarungen, die Aufrech-
nungsklauseln enthalten, sowie zwingende gesetzliche Vorschriften mit
ähnlichen Wirkungen.
1.2. Unter einem Aufrechnungsvertrag (Netting Agreement) im Sinne dieses
Vertrags (im Folgenden: ‘Aufrechnungsvertrag’) sind alle die zwischen
den Parteien getroffenen (einschließlich dieses Vertrags sowie der im
Anhang 1 zum Vertrag aufgeführten) Vereinbarungen in ihrer jeweiligen
Fassung zu verstehen, die Klauseln enthalten, wonach im Fall eines wich-
tigen Grundes (event of default) insbesondere eine vorzeitige Beendigung
eintritt oder eine Kündigung ausgesprochen werden kann (im folgenden:
‘Beendigung oder Kündigung aus wichtigem Grund’); ferner muss dort
vereinbart sein, dass infolge einer Beendigung oder Kündigung Geschäfte
oder Verpflichtungen fällig bzw. in verrechenbare, fällige Forderungen
umgewandelt werden, die anschließend zusammengefasst, ver- oder aufger-
echnet werden mit der Folge, dass lediglich ein einziger Nettosaldo durch
eine der beiden Parteien geschuldet wird.
2.Allgemeines
2.1. Für alle Geschäfte, die die Parteien nach Unterzeichnung dieses Vertrags
tätigen (im Folgenden ‘Einzelabschlüsse’), gelten die nachfolgenden
Bestimmungen, sofern die Parteien im Einzelabschluss nichts Abwei-
chendes vereinbaren.
2.2. Die Parteien sind sichdarüber einig, dass dieser Vertrag in seiner jewei-
ligen Fassung, alle Einzelabschlüsse, die von diesem Vertrag erfasst
werden, und die aus Aufrechnungsverträgen resultierenden Nettosalden ein
einheitliches Vertragsverhältnis bilden.
2.3. Die Vertragsparteien sichern zu, dass sie den Vertrag in eigenem Namen
abgeschlossen haben und alle Einzelabschlüsse ebenfalls in eigenem
Namen tätigen werden.2000X0516 — EN — 30.11.2002 — 003.001 — 16
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3.Vertragswährung(‘basecurrency’)
Vertragswährung ist der US-Dollar oder jede andere Währung, die die
Parteien vereinbaren. Die Umrechnung von auf andere Währungen
lautenden Beträgen in die Vertragswährung erfolgt jeweils zum täglichen
Referenzkurs, den die EZB für die umzurechnende Währung veröffentlicht
oder, hilfsweise, zum jeweiligen Marktkurs, zu dem die EZB an diesem
Geschäftstag den umzurechnenden Währungsbetrag gegen die Vertragswäh-
rung kaufen oder verkaufen kann.
4.Vertragsübergreifendes Kündigungs- oder Beendigungsrecht aus wich-
tigemGrund
Sofern die EZB ein Kündigungs- oder Beendigungsrecht aus wichtigem
Grund im Rahmen eines Aufrechnungsvertrags (sowie auch gemäß Anhang
2 zu diesem Vertrag) hat, erstreckt sich dieses Recht auch auf jeden
anderen Aufrech nungsvertrag, auchwenn nachden dortigen Vereinbar-
ungen ein vergleichbarer Kündigungs- oder Beendigungsgrund noch nicht
gegeben ist.
5.AllumfassendeAufrechnugsvereinbarung(‘globalnetting’)
5.1. Sollte eine Beendigung oder Kündigung aus wichtigem Grund stattfinden,
wird die EZB unverzüglichdie aus den jeweiligen Aufrech nungsverträgen
(sowie auchaus Anh ang 2 zu diesem Vertrag) resultierenden Nettosalden
errechnen und diese, nach Umrechnung in die Vertragswährung, zu einer
einzigen Forderung oder Verbindlichkeit zusammenfassen mit der Folge,
dass nurmehr dieser Betrag zwischen den Parteien geschuldet wird.
5.2. Z. 5.1 gilt ungeachtet dessen, dass Klauseln in Aufrechnungsverträgen
(einschließlich Anhang 2 zu diesem Vertrag) nach dem jeweils anwend-
baren Recht nicht wirksam bzw. nichtig sind.
6.ErklärungenundandereMitteilungen
Alle Erklärungen, Weisungen und andere Mitteilungen im Rahmen dieses
Vertrags sind nur dann wirksam, wenn sie in Schriftform oder in elektro-
nischer Form übermittelt werden und der Gegenseite auch zugegangen sind.
7.Teilbarkeit
Sollte eine Bestimmung dieses Vertrags (einschließlich des Anhangs 2)
ganz oder teilweise unwirksam sein oder werden, bleiben die übrigen
Bestimmungen wirksam. An Stelle der unwirksamen Bestimmungen tritt
eine wirksame Regelung, die dem wirtschaftlichen Zweck mit der unwirk-
samen Bestimmung soweit wie möglichRech nung trägt.
8.Abtretungsverbot
Die Rechte und Pflichten aus dem Vertrag darf der Vertragspartner weder
abtreten nochin sonstiger Weise h ierüber verfügen.
9.AnwendbaresRechtundGerichtsstand
9.1. Dieser Vertrag unterliegt dem Recht der Bundesrepublik Deutschland.9.2. Nicht ausschließlicher Gerichtsstand ist Frankfurt am Main.
2000X0516 — EN — 30.11.2002 — 003.001 — 17
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Anlage 1
ListederAufrechnungsverträge
1. Rahmenvertrag für Finanztermingeschäfte
2. Rahmenvertrag für echte Pensionsgeschäfte3. ISDA Master Agreement (Multicurrency-Cross Border 1992)
4. The Bond Market Association Master Repurchase Agreement
5. PSA-ISMA Global Master Repurchase Agreement6. Convention-cadre AFB relative aux opérations de marché à terme
7. Convention-cadre AFB relative aux opérations de pension livrée2000X0516 — EN — 30.11.2002 — 003.001 — 18
▼B
Anlage 2
Geschäfte,diekeinemAufrechnungsvertragunterliegen:
1. Vorschriften dieses Anhangs finden Anwendung auf solche Einzelabschlüsse
zwischen den Parteien, die von keinem anderen Aufrechnungsvertrag erfasst
werden.
2. Sofern
(a) eine Beendigung oder Kündigung aus wichtigem Grund nach Maßgabe
eines Aufrechnungsvertrags eintritt oder
(b) ein Beendigungs- oder Kündigungsgrund nachMaßgabe eines Aufrech -
nungsvertrags vorliegt, der zur Beendigung führen oder zur Kündigung
durch die EZB berechtigen würde, sofern Einzelabschlüsse im Rahmen
dieses Aufrechnungsvertrags getätigt worden wären, (im Folgenden:
‘beendigendes Ereignis im Sinne dieses Anhangs’)
und die EZB eine Kündigung im Hinblick auf diesen Anhang ausgesprochen
hat, dann können alle unter diesen Anhang fallenden Einzelabschlüsse gemäß
den Punkten 3 und 4 dieses Anhangs durch eine schriftliche Mitteilung der
EZB an den Vertragspartner beendigt und abgerechnet werden, sofern diese
Einzelabschlüsse Verpflichtungen enthalten, die im Zeitpunkt des Wirksam-
werdens der Beendigung oder Kündigung nochnich t fällig sind. Die
Hauptpflichten aus diesen Einzelgeschäften erlöschen, vorbehaltlich der
nachfolgenden Punkte 3 und 4 dieses Anhangs.
3. Sollte eine Beendigung oder Kündigung gemäß Punkt 2 dieses Anhangs
eintreten, wird die EZB unverzüglichdie beiderseitigen Ansprüch e ermitteln
und hierbei, sofern erforderlich, den aus jedem Einzelabschluss für die EZB
resultierenden Gewinn oder Verlust ermitteln, der sichaus der vorzeitigen
Kündigung oder Beendigung an dem Tag ergibt, an dem die Kündigung
oder Beendigung wirksam wird; sie wird ferner diese Positionen gegebenen-
falls in die Vertragswährung umrechnen. Die EZB fasst dann diese
Forderungen und Verbindlichkeiten zu einer einzigen Forderung oder Verbin-
dlichkeit zusammen mit der Folge, dass nurmehr dieser Betrag zwischen den
Parteien geschuldet wird.
4. Zur Ermittlung der Gewinne und Verluste der EZB aus den jeweiligen Einze-
labschlüssen wird die EZB, vorbehaltlich des anwendbaren Rechtes, eine für
beide Seiten angemessene Berechnungsmethode verwenden, die a), soweit
möglichund vorh anden, auf den von mindestens vier bedeutenden Marktteil-
nehmern an dem maßgeblichen Finanzplatz gestellten Kursen oder Preisen
beruht und b) hierbei in Rechnung stellt, dass die Beendigung oder Kündi-
gung des jeweiligen Einzelabschlusses vorzeitig stattgefunden hat.2000X0516 — EN — 30.11.2002 — 003.001 — 19
▼B
ANNEX 2d
MasterNettingAgreementgovernedbyNewYorklaw
(for usewithCounterpartiesincorporated in the UnitedStatesof America;
draftedintheEnglishlanguage)
MASTERNETTINGAGREEMENT
1.Scopeofagreement
1.1. The purpose of this Agreement (hereinafter referred to as the
Agreement) is to ensure that the ECB is able to net all existing
positions under all outstanding transactions made between the ECB
and the Counterparty, regardless of any agent or agents authorised
to act on behalf of the ECB through whom the transactions giving
rise to those positions may have been effected, including the central
bank of any Member State of the European Union which has
adopted the euro as its currency, and regardless of which office
(including the head office and all branches) of the Counterparty
may be involved in suchtransactions, and after taking into account
the effect of any existing netting provisions in master or other
agreements between the ECB and the Counterparty and/or provi-
sions of mandatory law that operate with similar effect that may
apply to certain of suchtransactions.
1.2. In this Agreement, a ‘netting agreement’ means any agreeement for
the time being in effect between the Parties (and including, without
limitation, this Agreement and agreements of the kind listed in
Appendix 1 to this Agreement), including such modifications and
additions thereto as may be agreed between the ECB and the Coun-
terparty (hereinafter referred to as the Parties), from time to time,
which contains provisions to the effect that, should any event of
default as defined for the purposes of such agreement occur, there
may be an early termination, liquidation, closing-out or acceleration
of transactions or obligations under transactions or any analogous
event (a ‘default termination’) and the respective obligations of the
parties under suchagreement may be combined, aggregated or
netted against eachoth er so as to produce a single net balance
payable by one Party to the other.
2.General
2.1. All transactions of whatever nature (hereinafter referred to as trans-
actions) entered into between the ECB and the parties at any time
after the date of this Agreement shall be governed by this Agree-
ment, unless the parties specifically agree otherwise.
2.2. The parties acknowledge that the terms of this Agreement, all trans-
actions governed by this Agreement, any amendments to the terms
of suchtransactions, and th e single net balance payable under any
netting agreement constitute a single business and contractual rela-
tionship and arrangement.
2.3. Each party represents and warrants to the other that it is a financial
institution for purposes of the US Deposit Insurance Corporation
Improvement Act of 1991 (hereinafter referred to as FIDICIA),
and the parties agree that this Agreement shall be a netting contract,
as defined in FDICIA, and that each receipt or payment obligation
under the Agreement shall be a covered contractual payment entitle-
ment or covered contractual payment obligation respectively, as
defined in and subject to FDICIA.2000X0516 — EN — 30.11.2002 — 003.001 — 20
▼B
2.4. The Counterparty has entered into this Agreement as principal and
represents and warrants that it has entered and shall enter into all
transactions as principal.
[2.5. The Counterparty represents and warrants to, and convenants and
agrees with the ECB, that:
(a) it has the power to execute and deliver this Agreement and any
other documentation relating to this Agreement to which it is a
party and that it is required to deliver; it has the power to
perform its obligations under this Agreement and any obliga-
tions under any netting agreement to which it is a party; it has
taken all necessary action to authorise such execution, deliery
and performance, including authorisations required under the
US Federal Deposit Insurance Act, as amended, including
amendments effected by the US Federal Institutions Reform,
Recovery and Enforcement Act of 1989, and under any agree-
ment, writ, decree or order entered into witha party's
supervisory authorities; and
(b) at all times during the term of this Agreement, it will continu-
ously include and maintain as part of its official written books
and records this Agreement, the netting agreements and
evidence of all necesary authorisations](1).
[2.5.] [2.6.] This Agreement is supplemental to the netting agreements entered
into between the parties prior to the date of this Agreement, and
all further netting agreements and transactions entered into between
the Parties after the date of this Agreement shall be supplemental to
this Agreement.
3.Basecurrency
The base currency for the purposes of this Agreement shall be the
US dollar or, at the ECB's option, any other currency. Wherever it
is necessary in accordance with the terms of this Agreement to
convert amounts into the base currency, such amounts shall be
converted at the daily reference rate published by the ECB for the
currency to be converted into the base currency or, in the absence
of such reference rate, at the rate of exchange at which the ECB can
buy or sell, as appropriate, suchamounts withor against th e base
currency on suchday, all as determined by th e ECB.
4.Crossacceleration
Should any default termination occur under any netting agreement
(including under Appendix 2 to this Agreement), then the ECB shall
have the right to declare, by written notice to the Counterparty, that
a default termination has occurred under each other netting agree-
ment in respect of which default termination has not occured in
accordance with the provisions thereof.
5.Globalnetting
5.1. Should a default termination occur, the ECB shall, as soon as is
reasonably practicable, take an account of what is due from each
party to the other under each netting agreement (including under
Appendix 2 of this Agreement) in respect of which default termina-
tion has occured and aggregate the sums due from each party to the
other under such netting agreements (including under Appendix 2 to
this Agreement), in every case in or converted into the base
currency, and only the net balance of the account shall be payable
by the party owing the larger aggregate sum.
5.2. Clause 5.1 shall continue to operate to the extent possible notwith-
standing the unenforceability under applicable law of any provisions
contained in any netting agreement (including under Appendix 2 to
this Agreement).
6.Noticesandothercommunications
All notices, instructions and other communications to be given
under this Agreement shall be effective only upon receipt and shall
be made in writing (including by electronic means).2000X0516 — EN — 30.11.2002 — 003.001 — 21
(1) Representation to be used where the Counterparty is a US depository institution.
▼B
7.Severability
Each provision contained herein (including, without limitation,
Appendix 2 to this Agreement) shall be treated as separate from
any other provision herein and shall be enforceable notwithstanding
the unenforceability of any such other provision.
8.Non-assignability
The rights and obligations of the Counterparty under this Agree-
ment may not be assigned, charged, pledged or otherwise
transferred or dealt withby th e Counterparty.
9.Governinglawandjurisdiction
9.1. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, United States of America.
9.2. For the benefit of the ECB, the Counterparty hereby irrevocably
submits for all purposes of or in connection withth is Agreement
to the jurisdiction of the District Court ( Landgericht ) of Frankfurt
am Main, Germany. Nothing in this clause 9 shall limit the right
of the ECB to take proceedings before the courts of any other
country of competent jurisdiction.
2000X0516 — EN — 30.11.2002 — 003.001 — 22
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Appendix 1
Nettingagreements
1. ISDA Master Agreement (Multicurrency-Cross Border 1992)
2. The Bond Market Association Master Repurchase Agreement3. PSA-ISMA Global Master Repurchase Agreement
4. Convention-cadre AFB relative aux opérations de marché à terme
5. Convention-cadre AFB relative aux opérations de pension livrée6. Rahmenvertrag für Finanztermingeschäfte
7. Rahmenvertrag für echte Pensionsgeschäfte2000X0516 — EN — 30.11.2002 — 003.001 — 23
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Appendix 2
Transactionsnotsubjecttoanynettingagreement
1. The provisions of this Appendix apply to transactions entered into between
the Parties that are not effectively subject to any other netting agreement.
2. Should:
(a) a default termination occur under any netting agreement, or
(b) an event that is defined as an event of default or other analogous event
under any netting agreement occur, which event would, assuming there
were outstanding transactions under any suchnetting agreement, result
in, or entitle the ECB to take steps which would result in, a default
termination under suchnetting agreement,
(any suchevent under (a) or (b) above is referred to in th is Appendix as an
‘event of default’), then all transactions to which this Appendix applies (but
not less than all, unless any such transaction may not be so closed out under
applicable law) under which obligations have or would otherwise have fallen
due by or after the date of such event of default (the ‘close out date’) may by
notice in writing from the ECB to the Counterparty be liquidated and closed-
out as described under paragraphs 3 and 4 of this Appendix, and the ECB
shall, without prejudice to paragraphs 3 and 4 of this Appendix, not be
obliged to make any further payments or deliveries under any such transac-
tions.
3. Should liquidation and close-out under paragraph 2 of this Appendix occur,
the ECB shall, as soon as is reasonably practicable, take an account of what
is due from each Party to the other, including, as necessary, determining in
respect of each transaction the ECB's total gain or loss, as the case may be,
resulting from the liquidation and close-out of such transaction as at the date
of suchliquidation and close-out, in every case in or converted into th e base
currency. The ECB shall then aggregate such gains and losses and only the
balance of the account shall be payable by the Counterparty, if the aggregate
losses exceed the aggregate gains, or by the ECB, if the aggregate gains
exceed the aggregate losses.
4. In determining in respect of each transaction the ECB's total gain or loss, the
ECB shall, subject to applicable law, use a commercially reasonable method
of calculation which (a) is based on, to the extent practicable and available,
quotations from at least four leading dealers in the relevant market operating
in the same financial centre, and (b) takes into account, where applicable, the
liquidation and close-out of such transaction earlier than its scheduled value
date or delivery date.
5. The Parties agree that the calculation of the net sum under paragraphs 3 and
4 of this Appendix is a reasonable pre-estimate of losses suffered.2000X0516 — EN — 30.11.2002 — 003.001 — 24
▼M2
ANNEX 3
Standard agreements for collateralised and over-the-counter derivatives
operations
1. All collateralised operations involving the foreign reserve assets of the ECB
comprising repurchase agreements, reverse repurchase agreements, buy/sell-
back agreements and sell/buy-back agreements are to be documented under
the following standard agreements, in such form as may be approved or
amended by the ECB from time to time: for counterparties organised orincorporated under the laws of the jurisdictions of the European Union or
under Swiss law, the FBE Master Agreement for Financial Transactions; for
counterparties organised or incorporated under the laws of a jurisdiction
outside the European Union, Switzerland or the United States, the ‘TBMA/
ISMA Global Master Repurchase Agreement, 2000 version’; and for counter-
parties organised or incorporated under US federal or state laws, ‘The Bond
Market Association Master Repurchase Agreement’.
2. All over-the-counter derivative operations involving the foreign reserve assets
of the ECB are to be documented under the following standard agreements,
in suchform as may be approved or amended by th e ECB from time to time;
for counterparties organised or incorporated under Frenchlaw, th e ‘Conven-
tion-cadre relative aux opérations de marché à terme’ ; for counterparties
organised or incorporated under German law, the ‘Rahmenvertrag für
Finanztermingeschäfte’ ; for counterparties organised or incorporated under
the laws of a jurisdiction outside France, Germany or the United States, the
‘1992 International Swaps and Derivatives Association Master Agreement’
(Multi-currency — cross-border, Englishlaw version); and for counterparties
organised or incorporated und US federal or state laws, the ‘1992 Interna-
tional Swaps and Derivatives Association Master Agreement’ (Multi-
currency — cross-border, New York law version).2000X0516 — EN — 30.11.2002 — 003.001 — 25
▼M3