EN ECB-P UBLIC  
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 7 December 2011 
on the legislation governing the financing of the central register of bank account numbers 
(CON/2011/98) 
 Introduction and legal basis
 
On 25 November 2011, the European Central Bank (E CB) received a request fro m the Belgian Ministry 
of Finance for an opinion on a draft royal decree on the functioning of the central contact point referred to 
in Article 322 §3 of the Belgian Income Tax C ode (hereinafter the ‘draft royal decree’).  
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 provisions1, as the draft royal decree relates to the Nationale Bank van België/Banque 
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, th e Governing Council has adopted this opinion. 
 1.  Purpose of the draft royal decree 
1.1 The draft royal decree implements Article 322 §3 of the Belgian Income Tax Code establishing a 
central contact point, i.e. a central register  of bank account numbers managed by the NBB 
(hereinafter the ‘central register’). The ECB was consulted on an earlier draft of the legislation establishing this central register, in respect of which it issued Opinion CON/2011/30
2.  
1.2 The draft royal decree: (i) defines the tasks entrus ted to the NBB in relation to the central register; 
(ii) lays down the procedures for the credit ins titutions’ communication of data to the central 
register3 and for the consultation of the central register4; and (ii) lays down the data protection 
rules5. With regard to the financing of the tasks entrusted to the NBB, the draft royal decree 
provides that the NBB will charge to the Belgia n State all costs incurred in relation to the 
development, installation, operati on and maintenance of the central register and that the operating 
costs will be charged on a quarterly basis. The paym ent terms of such costs will be agreed between 
                                                 
1  OJ L 189, 3.7.1998, p. 42.  
2  All ECB opinions are published on th e ECB’s website at www.ecb.europa.eu. 
3  Articles 2 to 6 of the draft royal decree. The following data must be communicated: (a) the client’s identity, (b) the 
client’s bank account numbers, (c) the agreements with such c lients, and (d) the refere nce date for the data. 
4  Articles 9 to 14 of the draft royal decree. 
5  Articles 15 to 19 of the daft royal decree. 
ECB-P UBLIC  
2 the NBB and the Belgian Treasury6. Finally, the liability of the NBB in relation to the operation of 
the central register will be explicitly limite d to cases of misconduct or wilful negligence7, on 
account of the extremely limited control8 that the NBB has over the accuracy and completeness of 
the data contained in the central register9. 
 2.  Monetary financing prohibition and central bank independence In order to comply with the prohibition on monetary financing under Article 123 of the Treaty, it needs to 
be ensured that the NBB will be fully and adequa tely remunerated for all the costs incurred when 
performing activities related to the tasks entruste d to it in connection with the central register
10. If the 
remuneration is not provided in a dvance, it should be ensured that the costs incurred by the NBB in 
performing these activities will be fully and promptly reimbursed on market terms. 
The ECB understands: (i) that the financing arrangeme nts in the draft royal decree ensure that the NBB 
will be fully reimbursed by the Belgian State for all co sts incurred in developing , installing, operating and 
maintaining the central register; (ii) that the Fede ral Public Service Finance and the NBB will agree on 
the procedures for the reimbursement of these costs11; (iii) that the costs for the operation of the central 
register will be reimbursed on a quarterly basis; and (iv) that the terms on which the operating costs are 
charged to the State reflect the standard practice for IT contracts12. The ECB considers that the financing 
arrangements laid down in the draft royal decree address in a satisfactory manner the concerns that the ECB had expressed in CON/2011/30 in respect of th e monetary financing prohibition and central bank 
independence. 
 This opinion will be published on the ECB’s website.   Done at Frankfurt am Main, 7 December 2011. 
 
[signed] 
 
The President of the ECB 
Mario DRAGHI 
                                                 
6  Article 20 of the royal draft decree. See also the refe rence to CON/2011/30 in the explanatory memorandum, Part D, 
p. 18. 
7  Article 21 of the royal draft decree. 
8  See, for instance, Articles 7 and 12 of the draft royal decree. 
9  Explanatory memorandum, Part C, p. 18.  
10  See CON/2011/30. 
11  Article 20, second paragraph, of the royal draft decree. Th e ECB understands that costs other than the operational costs 
will be charged partly in advance and partly at delivery. 
12  Explanatory memorandum, Part D, p. 19.