EN  
 
 
 OPINION OF THE EUROPEAN CENTRAL BANK 
of 6 April 2011 
on the financing of a central register of bank account numbers 
(CON/2011/30) 
 Introduction and legal basis
 
On 1 April 2011, the European Central Bank (ECB) received a request from the Belgian Ministry of 
Finance, for an opinion on th ree Parliamentary amendments1 to a draft law on various provisions 
(hereinafter respectively the ‘amendments’ and the ‘draft law’).  
The ECB’s competence to deliver an  opinion is based on Articles 127(4) and 282(5) of the Treaty on the 
Functioning of the European Union, and the third i ndent of Article 2(1) of Council Decision 98/415/EC 
of 29 June 1998 on the consultation of the European Central Bank by national authorities regarding draft 
legislative provisions2, as the amendments relate to the Nationa le Bank van België/B anque Nationale de 
Belgique (NBB). In accordance with th e first sentence of Article 17.5 of the Rules of Procedure of the 
European Central Bank, the Governing Council has adopted this opinion. 
 
1.  Purpose of the amendments 
1.1 The ECB understands that the amendments relate to broader changes that will be introduced by the 
draft law to reinforce the fight against tax fraud in  Belgium. Under the draft law, Belgian credit 
institutions will be required to communicate certain  data to a central register of bank account 
numbers3. In the event of indications of tax fraud by a tax payer, certain specifically appointed high 
ranking civil servants in the tax authorities will have access to this central register4. The register 
will also be accessible to foreign tax authorities under certain conditions5.  
                                                 
1  Amendments Nos 15 to 17 to th e draft law on various provisions, Doc. House of Representatives , o.s. 53 2010-2011, 
1208/007, p.  8. 
2  OJ L 189, 3.7.1998, p. 42.  
3  See also amendment No 15, introducing a new Article 322 § 3,  first subparagraph, in the Income Tax Code. The central 
register is referred to as the central contact point in the amendments.  The following data needs to be communicated to 
the central register by credit institutions: (a) customer  names and bank account numbers, and (b) the agreements 
concluded with such customers.  
4  Amendment No 15, introducing a new Article 322 § 3, second subparagraph, in the Income Tax Code. The tax authorities 
are responsible for assessing whether these conditions are met, not the central register (Justification under the 
amendments, p. 17). The establishment of a centralised register is considered more efficient, and respectful of the privacy 
of tax payers, than a consultation of all Belgian credit institutions by the tax authorities (Justification under the 
amendments, p. 17).  
5  Amendment No 15, introducing a new Arti cle 322 § 4 in the Income Tax Code. 
 
2 1.2 The amendments will entrust the NBB with ma naging this central register of bank account 
numbers6. The financing of the new task is not defined in the draft law or in the amendments. The 
way in which the central register wo rks will be defined in a Royal decree7. 
 
2.  Central bank independence and the mo netary financing prohibition  
2.1 In the absence of any provision on the financi ng of the new task entrusted to the NBB under the 
amendment, the ECB underlines the importance of safeguarding compliance with the prohibition of monetary financing laid down in Article 123(1) of the Treaty. The prohibition is designed to prevent central banks from providing overdraft faciliti es or any other type of credit facility to the 
public sector. The ECB notes that the new task entr usted to the NBB under the amendment is not a 
central banking task, nor does it facilitate the performance of such a task. Rather, the ECB 
understands that the new task entrusted to the NBB is linked to a State task, i.e. the collection of 
taxes by the State and the reinforcement of the fight against tax fraud, and is performed in the 
interest of the State. Therefore, if the NBB is to be entrusted with such a task, it needs to be 
adequately remunerated in advance, to ensure co mpliance with the monetary financing prohibition. 
2.2 In addition, the financing of this new task entr usted to the NBB must comply with the principle of 
financial independence, under which a national centr al bank must have sufficient means not only to 
perform its ESCB-related tasks, but also its national tasks, e.g. fi nancing its administration and own 
operations
8. 
 
This opinion will be published on the ECB’s website.   Done at Frankfurt am Main, 6 April 2011. 
 
[signed] 
 
The President of the ECB 
Jean-Claude TRICHET 
                                                 
6 Amendment No 15, introducing a ne w Article 322 § 3, first subparagr aph, in the Income Tax Code.  
7  Amendment No 15, introducing a ne w Article 322 § 3, third subparagr aph, in the Income Tax Code. 
8  See the ECB’s Convergence Report, May 2010, p. 21, a nd in particular Opinion C ON/2011/5, paragraph 3.1 and 
CON/2011/20, paragraph 3.1.