2000X0516 — EN — 03.02.2000 — 000.001 — 1
This document is meant purely as a documentation tool and the institutions do not assume any liability for its contents
►B GUIDELINE OF THE EUROPEAN CENTRAL BANK
of 3 February 2000
on the management of the foreign reserve assets of the European Central Bank by the national
centralbanksandthelegaldocumentationforoperationsinvolvingtheforeignreserveassetsofthe
European Central Bank
(ECB/2000/1)
(2000/516/EC)
(OJ L 207, 17.8.2000, p. 24)
Corrected by:
►C1 Corrigendum, OJ L 225, 5.9.2000, p. 15 (2000/516/EC)
▼B
GUIDELINE OF THE EUROPEAN CENTRAL BANK
of 3 February 2000
on the management of the foreign reserve assets of the European
Central Bank by the national central banks and the legaldocumentation for operations involving the foreign reserve assets
of the European Central Bank
(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 Article 105(2),third indent, thereof and to Article 3.1, third indent, and Articles 12.1,14.3 and 30.6 of the Statute of the European System of Central Banksand 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 of Member
States which have adopted the single currency (NCBs) withforeign reserve assets and shall have the full right to hold andmanage the foreign reserves that are transferred to it.
(2) Pursuant to Articles 9.2 and 12.1 of the Statute, the ECB may
manage certain of its activities through the NCBs and have
recourse to the NCBs to carry out certain of its operations, and theECB considers that the NCBs should manage the foreign reservesas agents of the ECB accordingly; the ECB considers it necessaryfor 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 the ECB's counterparties.
(3) The involvement of NCBs in the management of the foreignreserve assets transferred to the ECB and the transactions relatedto such management entail the need to prepare documentation for
operations involving the ECB's foreign reserves.
(4) In accordance with Articles 12.1 and 14.3 of the Statute, ECB
Guidelines 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
Agency status of NCBs
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. Inrelation to all operations conducted by the NCBs on behalf of the ECB,each NCB shall disclose to all parties the ECB's status as principal whenagreeing on each operation, both by name and by reference to anaccount number or identifier.
2. Each NCB shall, when carrying out operations involving the
foreign reserve assets of the ECB as an agent for the ECB, subordinate2000X0516 — EN — 03.02.2000 — 000.001 — 2
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its 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 the
foreign reserve assets of the ECB as an agent for the ECB, provide suchcounterparties with proof of a mandate of agency.
Article 3
Legal documentation
1. All operations involving the foreign reserve assets of the ECB shall
be conducted using legal documentation as required by this Article.
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 agreementunder which collateralised operations (including without limitationrepurchase agreements, reverse repurchase agreements, buy/sell-back
agreements, sell/buy-back agreements, securities lending agreements
and tripartite repo arrangements) or over-the-counter derivativesoperations involving the foreign reserve assets of the ECB areconducted.
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 repurchase
agreements, buy/sell-back agreements and sell/buy-back agreementsand all over-the-counter derivatives operations involving the foreignreserve assets of the ECB shall be documented under the standardagreements listed in Annex 3 to the Guideline, in such forms as may beapproved 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 withoutlimitation banking, custodial and investment services obtained fromcorrespondents, custodians and depositories, settlement organisationsand central clearers for exchange-traded derivatives, shall be docu-mented under such specific agreements as may be approved by the ECB
from time to time.
Article 4
Final provisions
This Guideline is addressed to the national central banks of participating
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 — 03.02.2000 — 000.001 — 3
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ANNEX 1
ECB ANNEX (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
derivative operations involving the foreign reserve assets of the ECB Guideline
on the management of the foreign reserve assets of the European Central Bank bythe 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 Agreement 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 reorganisation 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 jurisdiction
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,insolvency 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 — 03.02.2000 — 000.001 — 4
(1)►C1The original text of this annex is drafted in the English language and is
incorporated into master agreements drawn up in the English, French and German
languages. The master agreements drawn up in the English language are governed byEnglish or New York law, the master agreements drawn up in the French language aregoverned by French law and the master agreements drawn up in the German languageare governed by German law. The translation of this annex into other languages is for
illustrative purposes only and shall not be legally binding. ◄
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ANNEX 2
INDEX
Annex 2a
Master Netting Agreement governed by English law
(for use with Counterparties incorporated in jurisdictions other than France,
Germany and the United States of America; drafted in the English language)
Annex 2b
Master Netting Agreement governed by French law(for use with Counterparties incorporated in France; drafted in the French
language)
Annex 2c
Master Netting Agreement governed by German law
(for use with Counterparties incorporated in Germany; drafted in the German
language)
Annex 2d
Master Netting Agreement governed by New York law
(for use with Counterparties incorporated in the United States of America; drafted
in the English language)2000X0516 — EN — 03.02.2000 — 000.001 — 5
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ANNEX 2a
Master Netting Agreement governed by English law
(forusewithCounterpartiesincorporatedinjurisdictionsotherthanFrance,
GermanyandtheUnitedStatesofAmerica;draftedintheEnglishlanguage)
MASTER NETTING AGREEMENT
1.Scope of agreement
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 such transactions, 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 transactions.
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
Agreement), including such modifications and additions thereto 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
acceleration of transactions or obligations under transactions or any
analogous event (a ‘default termination’) and the respective obligations of
the Parties under such agreement 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 Agreement
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
transactions, 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
represents 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.
3.Base currency
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 the2000X0516 — EN — 03.02.2000 — 000.001 — 6
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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.Cross acceleration
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 provisions
thereof.
5.Global netting
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 to this
Agreement) 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.Notices and other communications
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
such other 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.Governing law and jurisdiction
9.1. This Agreement shall be governed by and construed in accordance with
English law.
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 proceedings before the
courts of any other country of competent jurisdiction.2000X0516 — EN — 03.02.2000 — 000.001 — 7
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2000X0516 — EN — 03.02.2000 — 000.001 — 8
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Appendix 1
Netting agreements (*)
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 — 03.02.2000 — 000.001 — 9
(*) This documentation is maintained by the ECB Legal Services and the legal departments
of the national central banks.
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Appendix 2
Transactions not subject to any netting agreement
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 such netting agreement, result in,
or entitle the ECB to take steps which would result in, a default
termination under such netting agreement,
(any such event under (a) or (b) above is referred to in this 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 transactions.
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 such liquidation and close-out, in every case in or converted into the 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 — 03.02.2000 — 000.001 — 10
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ANNEX 2b
Master Netting Agreement governed by French law
(for use with Counterparties incorporated in France; drafted in the French
language)
CONVENTION-CADRE DE COMPENSATION
1.Champ d'application de la convention
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 payable par
l'une des parties à l'autre.
2.Dispositions d'ordre général
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 apportées
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 conventions
de l'espèce et transactions qui seront conclues ultérieurement entre les parties
compléteront la présente convention.2000X0516 — EN — 03.02.2000 — 000.001 — 11
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3.Devise de référence
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 convention, 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.Clause de défaillance croisée
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.Compensation globale
5.1 Lors de la survenance d'une résiliation pour défaillance, la BCE
comptabilisera 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.Notifications et autres communications
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
électroniques).
7.Gestion séparée
Chacune des dispositions de la présente convention (y compris, sans
restriction, 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.Loi applicable, attribution de compétences
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 compétents
d'un autre pays.2000X0516 — EN — 03.02.2000 — 000.001 — 12
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2000X0516 — EN — 03.02.2000 — 000.001 — 13
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Additif 1
Conventions de compensation
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 — 03.02.2000 — 000.001 — 14
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Additif 2
Transactions non soumises à une convention de compensation
1. Les dispositions du présent additif s'appliquent aux transactions conclues entre
les parties qui ne sont pas effectivement soumises à une autre convention 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 événement
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 résiliation 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’) pourront êtrerésiliées 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 — 03.02.2000 — 000.001 — 15
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ANNEX 2c
Master Netting Agreement governed by German law
(for use with Counterparties incorporated in Germany; drafted in the
German language)
EZB-AUFRECHNUNGSVERTRAG
(‘MASTER NETTING AGREEMENT’)
1.Anwendungsbereich dieses Vertrags
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 Aufrechnungsklauseln
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 wichtigen 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, dieanschließend zusammengefasst, ver- oder aufgerechnet 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 Abweichendes
vereinbaren.
2.2. Die Parteien sind sich darüber einig, dass dieser Vertrag in seiner jeweiligen
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.
3.Vertragswährung (‘base currency’)
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 Referenz-2000X0516 — EN — 03.02.2000 — 000.001 — 16
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kurs, 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-
tigem Grund
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
Aufrechnungsvertrag, auch wenn nach den dortigen Vereinbarungen ein
vergleichbarer Kündigungs- oder Beendigungsgrund noch nicht gegeben ist.
5.Allumfassende Aufrechnugsvereinbarung (‘global netting’)
5.1. Sollte eine Beendigung oder Kündigung aus wichtigem Grund stattfinden,
wird die EZB unverzüglich die aus den jeweiligen Aufrechnungsverträgen
(sowie auch aus Anhang 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 anwendbaren
Recht nicht wirksam bzw. nichtig sind.
6.Erklärungen und andere Mitteilungen
Alle Erklärungen, Weisungen und andere Mitteilungen im Rahmen dieses
Vertrags sind nur dann wirksam, wenn sie in Schriftform oder in
elektronischer Form übermittelt werden und der Gegenseite auch zuge-
gangen sind.
7.Teilbarkeit
Sollte eine Bestimmung dieses Vertrags (einschließlich des Anhangs 2) ganz
oder teilweise unwirksam sein oder werden, bleiben die übrigen Bestim-
mungen wirksam. An Stelle der unwirksamen Bestimmungen tritt eine
wirksame Regelung, die dem wirtschaftlichen Zweck mit der unwirksamen
Bestimmung soweit wie möglich Rechnung trägt.
8.Abtretungsverbot
Die Rechte und Pflichten aus dem Vertrag darf der Vertragspartner weder
abtreten noch in sonstiger Weise hierüber verfügen.
9.Anwendbares Recht und Gerichtsstand
9.1. Dieser Vertrag unterliegt dem Recht der Bundesrepublik Deutschland.9.2. Nicht ausschließlicher Gerichtsstand ist Frankfurt am Main.
2000X0516 — EN — 03.02.2000 — 000.001 — 17
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Anlage 1
Liste der Aufrechnungsverträge
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 — 03.02.2000 — 000.001 — 18
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Anlage 2
Geschäfte, die keinem Aufrechnungsvertrag unterliegen:
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 nach Maßgabe 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 noch nicht 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 unverzüglich die beiderseitigen Ansprüche ermitteln
und hierbei, sofern erforderlich, den aus jedem Einzelabschluss für die EZB
resultierenden Gewinn oder Verlust ermitteln, der sich aus der vorzeitigen
Kündigung oder Beendigung an dem Tag ergibt, an dem die Kündigung oder
Beendigung wirksam wird; sie wird ferner diese Positionen gegebenenfalls in
die Vertragswährung umrechnen. Die EZB fasst dann diese Forderungen und
Verbindlichkeiten zu einer einzigen Forderung oder Verbindlichkeit
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
Einzelabschlüssen wird die EZB, vorbehaltlich des anwendbaren Rechtes, eine
für beide Seiten angemessene Berechnungsmethode verwenden, die a), soweit
möglich und vorhanden, auf den von mindestens vier bedeutenden
Marktteilnehmern an dem maßgeblichen Finanzplatz gestellten Kursen oder
Preisen beruht und b) hierbei in Rechnung stellt, dass die Beendigung oder
Kündigung des jeweiligen Einzelabschlusses vorzeitig stattgefunden hat.2000X0516 — EN — 03.02.2000 — 000.001 — 19
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ANNEX 2d
Master Netting Agreement governed by New York law
(for use with Counterparties incorporated in the United States of America;
drafted in the English language)
MASTER NETTING AGREEMENT
1. Scope of agreement
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
such transactions, 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
transactions.
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
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 acceleration
of transactions or obligations under transactions or any analogous
event (a ‘default termination’) and the respective obligations of the
parties under such agreement may be combined, aggregated or netted
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 ECB and the parties at any
time after the date of this Agreement 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 transactions, and the single net balance payable under
any netting agreement constitute a single business and contractual
relationship 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
entitlement or covered contractual payment obligation respectively,
as defined in and subject to FDICIA.2000X0516 — EN — 03.02.2000 — 000.001 — 20
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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 obligations
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 amend-
ments effected by the US Federal Institutions Reform, Recovery
and Enforcement Act of 1989, and under any agreement, writ,
decree or order entered into with a party's supervisory
authorities; and
(b) at all times during the term of this Agreement, it will
continuously 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. Base currency
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. Cross acceleration
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 occured in accordance
with the provisions thereof.
5. Global netting
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
termination 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
notwithstanding the unenforceability under applicable law of any
provisions contained in any netting agreement (including under
Appendix 2 to this Agreement).
6. Notices and other communications
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 — 03.02.2000 — 000.001 — 21
(1) Representation to be used where the Counterparty is a US depository institution.
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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 Agreement
may not be assigned, charged, pledged or otherwise transferred or
dealt with by the Counterparty.
9. Governing law and jurisdiction
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 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 proceedings before the courts of any other country of
competent jurisdiction.
2000X0516 — EN — 03.02.2000 — 000.001 — 22
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Appendix 1
Netting agreements
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 — 03.02.2000 — 000.001 — 23
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Appendix 2
Transactions not subject to any netting agreement
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 such netting agreement, result in,
or entitle the ECB to take steps which would result in, a default
termination under such netting agreement,
(any such event under (a) or (b) above is referred to in this 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 transactions.
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 such liquidation and close-out, in every case in or converted into the 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 — 03.02.2000 — 000.001 — 24
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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 shall 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 located in France, the‘Convention-cadre AFB relative aux opérations de pension livrée’; for
Counterparties located in Germany, the ‘Rahmenvertrag für echte Pensions-
geschäfte’; for Counterparties located outside France and Germany and not
incorporated in the United States, the ‘PSA/ISMA Global Master Repurchase
Agreement’; and for Counterparties incorporated in the United States of
America, ‘The Bond Market Association Master Repurchase Agreement’.
2. All over-the-counter derivative operations involving the foreign reserve assets
of the ECB shall 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 located in France, the ‘Convention-cadre AFB relative aux
opérations de marché à terme’; for Counterparties located in Germany, the
‘Rahmenvertrag für echte Finanztermingeschäfte’; for Counterparties located
outside France and Germany and not incorporated in the United States, the
‘1992 International Swaps and Derivatives Association Master Agreement’
(Multicurrency — cross-border, English law version); and for Counterparties
incorporated in the United States of America, the ‘1992 International Swaps
and Derivatives Association Master Agreement’ (Multicurrency — cross-
border, New York law version).2000X0516 — EN — 03.02.2000 — 000.001 — 25