EN ECB -PUBLIC 
 
 
OPINION OF THE EUROPEAN CENTRAL BANK  
of 10 May 2012  
on supervision -related operating costs  
(CON/2012/ 35) 
 
Introduction and legal basis  
On 23 March 2012, the European Central Bank (ECB) received a request from the Nationale Bank van 
België/Banque Nationale de Belgique (NBB), acting on behalf of the Belgian Ministry of Finance, for an 
opinion on a draft royal decree on the operating costs of the Nationale Bank van België/Banque Nationale 
de Belgique  in relation to  the supervision of financial institutions, implement ing Article 12bis, § 4 of the 
Law of 22 February 1998 establishing the Organic Statute of the Nationale Bank van België/Banque 
Nationale de Belgique (hereinafter the ‘draft royal decree’).  
The ECB’s competence to deliver an opinion is based on Arti cles 127(4) and 282(5) of the Treaty on the 
Functioning of the European Union and the third indent  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 
legisl ative provisions1, as the draft royal decree  contains provisions concerning the NBB. In accordance 
with the 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 draft royal decree  
1.1 The draft royal decree is part of the reform of the Belgian financial supervisory structures tow ards a 
‘twin -peaks’  type model under which the NBB is the sole authority responsible for the financial 
sectors’ micro - and macro -prudential stability2.  
1.2 The draft royal decree defines the arrangements under which the NBB’s operating costs in relation 
to the supervision of financial institutions are to be borne by such institutions3, in accordance with 
Article 12bis , § 4 of the La w of 22 February 19984. Each year, the NBB determines the share of its 
operating costs5 related  to the supervision of the insurance and banking sector s, using a cost 
                                                           
1  OJ L 189, 3.7.1998, p. 42.  
2  The ECB discussed this reform in O pinions CON/2010/7 and CON/2011/5.  
3  Article 1 , §1 of the draft roya l decree.  
4  See paragraph 1.5.4 and 3.3 of Opinion  CON/2011/5 . 
5  The operating costs are broadly defined to include : personnel costs, administrative costs, depreciation of tangible and 
intangible assets and other costs that need to be attributed to the s upervision of financial institutions ( Article 1 §2 of the 
draft royal decree).  
ECB -PUBL IC 
2 calculation application6. In order to pre -finance these costs, which can only be determine d at year -
end, the supervised institutions must pay a yearly contribution determined on the basis of 90% of 
the NBB’s actual operating cost for the previous year  relating to the respective sector . Specific 
allocation criteria are then applied to this amount to  calculate the individual contributions7. A 
special contribution is charged to systemically relevant insurance companies and credit institutions8 
to reflect  the specific supervisory tasks entrusted to the NBB9. The NBB informs the supervised 
institutio ns of the bas ic, and possibly specific, contribution that they must pay by 30 September  
each year . Where individual contributions collected from the banking and/or insurance sector s 
appear to exceed the NBB’s actual  supervision -related  operating costs  relating to the respective 
sector , the surplus  is repaid to the institutions concerned10. Conversely, any shortfall between 
individual contributions collected and the NBB’s actual operating costs  for the relevant sector is 
made up by requiring an additional con tribution from  the relevant  supervised institutions11. Finally, 
the NBB may  charge affected  insurance undertaking s or credit institution s for exceptional costs 
incurred in the context of the ir supervision12. 
1.3 The NBB’s operating costs relating to the supe rvision of financial institutions from other sectors13 
are covered by a lump sum. This contribution does not depend on the NBB’s actual operating costs 
and is calculated by the NBB in accordance with  the criteria set out in the draft royal decree14.  
 
2.  General observation  
The ECB welcomes the consultation submitted by the Belgian authorities15. In view of the arrangements 
set out  in the draft royal decree, the ECB understands that the  exercise of the new tasks transferred to the 
NBB will be adequately finan ced by contributions from supervised institutions and will not  result in any 
losses for the NBB . Therefore , the ECB considers that the draft royal decree meets the requirements for a 
national central bank to be financial ly independe nt.  
 
                                                           
6  The methods used and the total amount to be borne by each of the two sectors are certified each year by the NBB’s 
auditor; explanations  are provided in the NBB’s annual fina ncial statements ( Article 1 , §2 of the draft royal decree).  
7  Article 2, §1 to 5 (insurance sector) and Articles 7 to 9 (banking sector) of the draft royal decree.  
8  Article 2, §2  2° (insurance sector) and Article 7 2° (banking sector) of the draft roya l decree. Where several institutions 
belonging to one group are considered to be  systemic, the additional contribution is paid by only one of them. See also 
Article 13 , §3 with regard to c learing institutions, settlement institutions and assimilated entities.  
9  Article 36/3 of the Law of 22 February 1998.  
10  i.e. it is either actually reimbursed or set -off against the contribution due by the institution for the following year.  See 
Article 3 (insurance sector) and 10 (banking sector) of the draft royal decr ee. 
11  Article 4 (insurance sector) and 11 (banking sector) of the draft royal decree.  
12  Article 5 (insurance sector) and 12 (banking sector) of the draft royal decree. See also Article 13 , §5 with regard to 
clearing institutions, settlement institutions and assimilated entities.  
13  Clearing institutions, settlement institutions, assimilated entities, payment institutions and mutual guarantee companies.  
14  Article 13 to 15 of the draft royal decree.  
15  Paragraph  3.3 of CON/2011/5.  
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3 This opinion will be published on the ECB’s website.  
 
 
Done at Frankfurt am Main, 10 May  2012.  
 
[signed]  
 
The President of the ECB  
Mario DRAGHI