(1)

Article 3 is amended as follows: (a) paragraph 2 is replaced by the following: ‘2. Repurchase and reverse repurchase, buy/sell-back and sell/buy-back operations involving the foreign reserve assets of the ECB shall be documented using the following standard agreements in the edition or version indicated, or any subsequent edition or version approved by the ECB: (a) the FBE Master Agreement for Financial Transactions (Edition 2004) shall be used for operations with counterparties organised or incorporated under the laws of any of the European jurisdictions and under the laws of Northern Ireland and Scotland; (b) the Bond Market Association Master Repurchase Agreement (September 1996 version) shall be used for operations with counterparties organised or incorporated under US federal or state laws; and (c) the TBMA/ISMA Global Master Repurchase Agreement (2000 version) shall be used for operations with counterparties organised or incorporated under the laws of any jurisdiction other than those listed in points (a) or (b).’; (b) paragraph 3 is replaced by the following: ‘3. Over-the-counter derivatives operations involving the foreign reserve assets of the ECB shall be documented using the following standard agreements in the edition or version indicated, or any subsequent edition or version approved by the ECB: (a) the FBE Master Agreement for Financial Transactions (Edition 2004) shall be used for operations with counterparties organised or incorporated under the laws of any of the European jurisdictions; (b) the 1992 International Swaps and Derivatives Association Master Agreement (Multicurrency – cross-border, New York law version) shall be used for operations with counterparties organised or incorporated under US federal or state laws; and (c) the 1992 International Swaps and Derivatives Association Master Agreement (Multicurrency – cross-border, English law version) shall be used for operations with counterparties organised or incorporated under the laws of any jurisdiction other than those listed in points (a) or (b).’; (c) paragraph 5 is replaced by the following: ‘5. Deposits involving the ECB’s foreign reserve assets with counterparties which: (i) are eligible for the operations mentioned in paragraphs 2 and/or 3 above; and (ii) are organised or incorporated under the laws of any of the European jurisdictions, except Ireland, shall be documented using the FBE Master Agreement for Financial Transactions (Edition 2004 or any subsequent edition thereof). In cases not falling under points (i) and (ii) above, deposits involving the ECB’s foreign reserve assets shall be documented using the master netting agreement as specified in paragraph 7.’; (d) paragraph 7 is replaced by the following: ‘7. A master netting agreement shall be concluded with all counterparties, except counterparties: (i) with which the ECB has signed an FBE Master Agreement for Financial Transactions (Edition 2004 or any subsequent edition thereof); and (ii) which are organised or incorporated under the laws of any of the European jurisdictions, except Ireland, as follows: (a) a master netting agreement governed by English law and drafted in English shall be concluded with all counterparties, with the exception of the counterparties specified in points (b), (c) and (d); (b) a master netting agreement governed by French law and drafted in English shall be concluded with counterparties incorporated in France; however, such agreements already in force that are drafted in French shall continue to be valid and may be replaced by an agreement drafted in English at an appropriate later date; (c) a master netting agreement governed by German law and drafted in English shall be concluded with counterparties incorporated in Germany; however, such agreements already in force that are drafted in German shall continue to be valid and may be replaced by an agreement drafted in English at an appropriate later date; and (d) a master netting agreement governed by New York law and drafted in English shall be concluded with counterparties incorporated in the United States.’;