ddrg/super_eurlex huggingface dataset:
EN ECB-PUBLIC  
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 14 April 2014 
on operations relating to government securities  
(CON/2014/26) 
 
Introduction and legal basis 
On 21 March 2014, the European Central Bank (ECB) received a request from Banca Na ţională a 
României (BNR) for an opinion on a draft BNR regul ation amending BNR Regulation No 12/2005 on the 
secondary market for government securities managed by BNR1 (hereinafter the ‘draft regulation’). 
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 and fifth indents of Article 2(1) of Council Decision 98/415/EC
2, as the draft regulation relates to BNR and payment and settlement systems. In accordance 
with the first sentence of Article 17.5 of the Rule s of Procedure of the European Central Bank, the 
Governing Council has adopted this opinion. 
 Purpose of the draft regulation BNR manages the primary and secondary markets for government securities in Romania. Transactions on 
these markets are settled in the system for Settlement and Financial Instruments Registration (SaFIR), the 
sole depository of government securities in Ro mania, which is also managed by BNR.  
Transactions on the secondary market for govern ment securities in Romania take place by direct 
negotiation between intermediaries, and participan ts can only perform such operations through accounts 
with SaFIR. In order to reduce fragmentation of the interbank money market for government securities 
and to facilitate the processing of transactions in g overnment securities in SaFIR, the draft regulation 
repeals a provision of BNR Regulation No 12/2005 th at states that operations relating to government  
                                                 
1  Published in Monitorul Oficial  al României , Part I No 882/2005. 
2  Council Decision 98/415/EC of 29 June 1998 on the consulta tion of the European Central Bank by national authorities 
regarding draft legislative provisions (OJ L 189, 3.7.1998, p. 42). 
ECB-PUBLIC  
2 bonds are to be conducted only in the currency of issue. As a result, transactions could be settled in SaFIR 
in the currency agreed between the parties. 
 The ECB has no comments on this draft regulation.  This opinion will be published on the ECB’s website.    Done at Frankfurt am Main, 14 April 2014. 
 
[signed] 
 
The President of the ECB 
Mario DRAGHI
OPINION OF THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK

of 6 March 2019

on a Council recommendation on the appointment of a member of the Executive Board of the European Central Bank

(CON/2019/11)

(2019/C 94/02)

Introduction and legal basis

On 20 February 2019 the European Central Bank (ECB) received a request from the President of the European Council for an opinion on Council Recommendation of 12 February 2019 (1) on the appointment of a member of the ECB’s Executive Board.

The competence of the ECB’s Governing Council to deliver an opinion is based on Article 283(2) of the Treaty on the Functioning of the European Union.

General observations

1. The Council’s recommendation, which was submitted to the European Council and on which the European Parliament and the ECB’s Governing Council are being consulted, recommends that Philip R. LANE be appointed as a member of the ECB’s Executive Board for a term of office of eight years with effect from 1 June 2019.

2. The ECB’s Governing Council is of the opinion that the proposed candidate is a person of recognised standing and professional experience in monetary or banking matters as required by Article 283(2) of the Treaty.

3. The ECB’s Governing Council has no objection to the Council’s recommendation to appoint Philip R. LANE as a member of the ECB’s Executive Board.

Done at Frankfurt am Main, 6 March 2019. The President of the ECB Mario DRAGHI

(1) OJ C 60, 15.2.2019, p. 1.
RECOMMENDATION OF THE EUROPEAN CENTRAL BANK

of 10 February 2000

on the external auditors of the national central banks

(ECB/2000/2)

(2000/C 62/07)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European system of central banks and of the European Central Bank and in particular to Article 27.1 thereof,

Whereas:

(1) The accounts of the European Central Bank (ECB) and of the national central banks (NCBs) shall be audited by independent external auditors recommended by the Governing Council of the ECB and approved by the Council of the European Union.

(2) The external auditors recommended in ECB Recommendation ECB/1998/5(1) reflect the current appointments made by each participating NCB and do not pre-empt the right of the ECB to recommend other external auditors of the NCBs whenever this is required by a change of circumstances,

RECOMMENDS:

- KPMG Deutsche Treuhand-Gesellschaft AG and Ernst & Young Deutsche Allgemeine Treuhand AG as the external auditors of the Deutsche Bundesbank for the annual accounts starting from the financial year 2000,

- that the Council of the European Union amend its Decision 1999/70/EC(2) concerning the external auditors of the national central banks accordingy.

This Recommendation shall be published in the Official Journal of the European Communities.

This Recommendation is addressed to the Council of the European Union.

Done at Frankfurt am Main, 10 February 2000.

The President of the ECB

Willem F. DUISENBERG

(1) OJ C 411, 31.12.1998, p. 11.

(2) OJ L 22, 29.1.1999, p. 69.
EN Official Journal of the European Union C 29/1

RECOMMENDATION OF THE EUROPEAN CENTRAL BANK

of 28 January 2008

to the Council of the European Union on the external auditors of Suomen Pankki

(ECB/2008/1)

(2008/C 29/01)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 27.1 thereof,

Whereas:

(1) The accounts of the European Central Bank (ECB) and of the national central banks of the Eurosystem are audited by independent external auditors recommended by the ECB's Governing Council and approved by the Council of the European Union.

(2) The mandate of Suomen Pankki's current external auditors will end after the audit for the financial year 2007. It is therefore necessary to appoint external auditors from the financial year 2008.

(3) Suomen Pankki has selected KPMG Oy Ab as its external auditors for the financial years 2008 to 2012,

HAS ADOPTED THIS RECOMMENDATION:

It is recommended that KPMG Oy Ab should be appointed as the external auditors of Suomen Pankki for the financial years 2008 to 2012.
EN Official Journal of the European Union C 367/1

RECOMMENDATION OF THE EUROPEAN CENTRAL BANK

of 9 December 2011

to the Council of the European Union on the external auditors of De Nederlandsche Bank

(ECB/2011/22)

2011/C 367/01

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 27.1 thereof,

Whereas:

(1) The accounts of the European Central Bank (ECB) and national central banks are audited by independent external auditors recommended by the ECB’s Governing Council and approved by the Council of the European Union.

(2) The mandate of De Nederlandsche Bank’s external auditors will end following the audit for the financial year 2011. It is therefore necessary to appoint external auditors from the financial year 2012.

(3) De Nederlandsche Bank has selected Deloitte Accountants BV as its external auditors for the financial years 2012 to 2018,

HAS ADOPTED THIS RECOMMENDATION:

It is recommended that Deloitte Accountants BV should be appointed as the external auditors of De Nederlandsche Bank for the financial years 2012 to 2018.
EN Official Journal of the European Union C 378/15

RECOMMENDATION OF THE EUROPEAN CENTRAL BANK

of 17 December 2013

to the Council of the European Union on the external auditors of Banque centrale du Luxembourg

(ECB/2013/51)

2013/C 378/04

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 27.1 thereof,

Whereas:

(1) The accounts of the European Central Bank (ECB) and national central banks of the Member States whose currency is the euro are audited by independent external auditors recommended by the ECB’s Governing Council and approved by the Council of the European Union.

(2) The mandate of the Banque centrale du Luxembourg’s current external auditors will end after the audit for the financial year 2013. It is therefore necessary to appoint external auditors from the financial year 2014.

(3) The Banque centrale du Luxembourg has selected DELOITTE AUDIT SARL as its external auditors for the financial years 2014 to 2018,

HAS ADOPTED THIS RECOMMENDATION:

It is recommended that DELOITTE AUDIT SARL should be appointed as the external auditors of the Banque centrale du Luxembourg for the financial years 2014 to 2018.
EN Official Journal of the European Union C 3/1

RECOMMENDATION OF THE EUROPEAN CENTRAL BANK

of 22 December 2016

to the Council of the European Union on the external auditors of the Bank of Greece

(ECB/2016/46)

(2017/C 3/01)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 27.1 thereof,

Whereas:

(1) The accounts of the European Central Bank (ECB) and national central banks of the Member States whose currency is the euro are audited by independent external auditors recommended by the ECB’s Governing Council and approved by the Council of the European Union.

(2) The mandate of the Bank of Greece’s current external auditors, KPMG Certified Auditors AE, will end following the audit for the financial year 2016. It is therefore necessary to appoint external auditors from the financial year 2017.

(3) The Bank of Greece has selected Deloitte Certified Public Accountants S.A. as its external auditors for the financial years 2017 to 2021,

HAS ADOPTED THIS RECOMMENDATION:

It is recommended that Deloitte Certified Public Accountants S.A. should be appointed as the external auditors of the Bank of Greece for the financial years 2017 to 2021.
EN Official Journal of the European Union C 292/1

RECOMMENDATION OF THE EUROPEAN CENTRAL BANK

of 24 August 2017

to the Council of the European Union on the external auditors of the Banco de Portugal

(ECB/2017/24)

(2017/C 292/01)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 27.1 thereof,

Whereas:

(1) The accounts of the European Central Bank (ECB) and national central banks of the Member States whose currency is the euro are audited by independent external auditors recommended by the ECB’s Governing Council and approved by the Council of the European Union.

(2) The mandate of the Banco de Portugal’s current external auditors, PricewaterhouseCoopers & Associados — Sociedade de Revisores Oficiais de Contas, Lda. ended after the audit for the financial year 2016. It is therefore necessary to appoint external auditors from the financial year 2017.

(3) Banco de Portugal has selected Deloitte & Associados — Sociedade de Revisores Oficiais de Contas S.A. as its external auditors for the financial years 2017 to 2021,

HAS ADOPTED THIS RECOMMENDATION:

It is recommended that Deloitte & Associados — Sociedade de Revisores Oficiais de Contas S.A. should be appointed as the external auditors of Banco de Portugal for the financial years 2017 to 2021.
EN Official Journal of the European Union C 107/1

RECOMMENDATION OF THE EUROPEAN CENTRAL BANK

of 9 March 2018

to the Council of the European Union on the external auditors of the Banque de France

(ECB/2018/9)

(2018/C 107/01)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 27.1 thereof,

Whereas:

(1) The accounts of the European Central Bank (ECB) and national central banks of the Member States whose currency is the euro are audited by independent external auditors recommended by the ECB’s Governing Council and approved by the Council of the European Union.

(2) Pursuant to Article L.142-2 of the Monetary and Financial Code, the General Council of the Banque de France appoints two statutory auditors to audit the accounts of the Banque de France.

(3) The mandate of the Banque de France’s external auditors ended following the audit for the financial year 2017. It is therefore necessary to appoint external auditors from the financial year 2018.

(4) The Banque de France has selected Mazars and KPMG S.A. as its external auditors for the financial years 2018 to 2023,

HAS ADOPTED THIS RECOMMENDATION:

1. It is recommended that Mazars and KPMG S.A. should be appointed jointly as the external auditors of the Banque de France for the financial years 2018 to 2023.
Official Journal of the European Union

RECOMMENDATION OF THE EUROPEAN CENTRAL BANK

of 19 March 2020

to the Council of the European Union on the external auditors of Latvijas Banka (ECB/2020/14)

(2020/C 98/01)

The Governing Council of the European central bank,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 27.1 thereof,

Whereas:

(1) The accounts of the European Central Bank (ECB) and national central banks of the Member States whose currency is the euro are audited by independent external auditors recommended by the ECB’s Governing Council and approved by the Council of the European Union.

(2) The mandate of Latvijas Banka’s current external auditors will end following the audit for the financial year 2019. It is therefore necessary to appoint external auditors from the financial year 2020.

(3) Latvijas Banka has selected SIA Ernst & Young Baltic as its external auditors for the financial years 2020 to 2024,

HAS ADOPTED THIS RECOMMENDATION:

It is recommended that SIA Ernst & Young Baltic should be appointed as the external auditors of Latvijas Banka for the financial years 2020 to 2024.
RECOMMENDATION OF THE EUROPEAN CENTRAL BANK

of 13 December 2022

to the Council of the European Union on the external auditors of the Oesterreichische Nationalbank

(ECB/2022/44)

(2022/C 484/02)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 27.1 thereof,

Whereas:

(1) The accounts of the European Central Bank (ECB) and national central banks of the Member States whose currency is the euro are audited by independent external auditors recommended by the ECB’s Governing Council and approved by the Council of the European Union.

(2) Article 37(1) of the Austrian Federal Act on the Oesterreichische Nationalbank provides that the General Meeting of the Oesterreichische Nationalbank elects one external auditor and one alternate external auditor for a multi-year period of, at most, five years. The alternate external auditor will be mandated only in the event that the external auditor is unable to perform the audit.

(3) The mandate of Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H., the current external auditor of the Oesterreichische Nationalbank, and the mandate of Deloitte Audit Wirtschaftsprüfungs GmbH, the current alternate external auditor, will both end following the audit for the financial year 2022. It is therefore necessary to appoint external auditors from the financial year 2023.

(4) The Oesterreichische Nationalbank has selected BDO Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft as its external auditor for the financial years 2023 to 2027. The Oesterreichische Nationalbank will select its alternate external auditor at a later point in time,

HAS ADOPTED THIS RECOMMENDATION:

It is recommended that BDO Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft should be appointed as the external auditor of the Oesterreichische Nationalbank for the financial years 2023 to 2027.
NOTICE OF THE EUROPEAN CENTRAL BANK ON THE IMPOSITION OF SANCTIONS FOR BREACHES OF THE OBLIGATION TO HOLD MINIMUM RESERVES

(2000/C 39/04)

Article 7(1) of Council Regulation (EC) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank states that, inter alia, where an institution fails to hold all or part of the minimum reserves imposed in accordance with that Regulation and ECB Regulations or Decisions associated therewith, certain sanctions may be imposed by the European Central Bank (ECB).

In order to ensure transparency as regards the sanctions policy of the ECB in the field of minimum reserves, the ECB has decided to make public the following elements of the sanctions policy that it will apply until further notice:

1. Amount of the sanction imposed by the European Central Bank in the event of a breach of the obligation to hold minimum reserves

In the event of a breach of the obligation to hold the required level of minimum reserves, in accordance with Council Regulations or Regulations or Decisions of the ECB associated therewith, a sanction will be imposed which shall be calculated as a penalty of 2,5 percentage points above the average, taken over the maintenance period in which the breach occurred, of the marginal lending rate of the European System of Central Banks, applied to the daily average amount of minimum reserves the institution concerned failed to provide.

The penalty will be calculated using the following formula:

>REFERENCE TO A GRAPHIC>

Where:

Pt= penalty to be paid owing to the lack of the required reserves for the maintenance period t

Dt= the amount of required lacking for the maintenance period t (as a daily average)

nt= number of calendar days in the maintenance period t

i= the calendar day of the maintenance period t

MLRi= the marginal lending rate on day i

2. Repetitive breaches of the minimum reserve requirements

Should an institution subject to the minimum reserve requirements breach its obligation to hold the required level of minimum reserves more than twice during any 12-month period, it shall be deemed to have committed a repetitive breach.

For each repetitive breach a sanction will be imposed, which shall be calculated in accordance with the formula mentioned under 1 above, as a penalty of five perccentage points above the average, taken over the maintenance period in which the repetitive breach occurred, of the marginal lending rate of the European System of Central Banks, applied to the daily average amount of minimum reserves the institution concerned failed to provide.
EN Official Journal of the European Union C 227/4

Indicative calendar of reserve maintenance periods in 2016

(2015/C 227/03)

In accordance with Article 7(1) of Regulation (EC) No 1745/2003 of the European Central Bank (1), the indicative calendar of maintenance periods in 2016 is hereby published.

Taking into account the 2016 schedule for the meetings of the Governing Council of the European Central Bank, the indicative calendar of maintenance periods in 2016 is as follows:

Indicative calendar of maintenance periods in 2016

MP Relevant Governing Council meeting Start of maintenance period End of maintenance period Reserve base data for credit institutions reporting monthly Reserve base data for credit institutions reporting quarterly Length of the maintenance period (days) 1 21 January 2016 27 January 2016 15 March 2016 November 2015 September 2015 49 2 10 March 2016 16 March 2016 26 April 2016 January 2016 December 2015 42 3 21 April 2016 27 April 2016 7 June 2016 February 2016 December 2015 42 4 2 June 2016 8 June 2016 26 July 2016 April 2016 March 2016 49 5 21 July 2016 27 July 2016 13 September 2016 May 2016 March 2016 49 6 8 September 2016 14 September 2016 25 October 2016 July 2016 June 2016 42 7 20 October 2016 26 October 2016 13 December 2016 August 2016 June 2016 49 8 8 December 2016 14 December 2016 24 January 2017 October 2016 September 2016 42

(1) Regulation (EC) No 1745/2003 of the European Central Bank of 12 September 2003 on the application of minimum reserves (ECB/2003/9) (OJ L 250, 2.10.2003, p. 10).
NOTICE OF THE EUROPEAN CENTRAL BANK WITHDRAWING THE NOTICE ON THE IMPOSITION OF SANCTIONS FOR BREACHES OF THE OBLIGATION TO HOLD MINIMUM RESERVES

(2021/C 418/04)

Article 7(1) of Council Regulation (EC) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank states that, inter alia, where an institution fails to hold all or part of the minimum reserves imposed in accordance with that Regulation and regulations or decisions of the European Central Bank (ECB) associated therewith, sanctions may be imposed by the ECB. Certain elements of the sanctions policy were published in Notice of the European Central Bank on the imposition of sanctions for breaches of the obligation to hold minimum reserves (1). Those elements have been transferred to Decision (EU) 2021/1815 of the European Central Bank (ECB/2021/45) (2).

Notice (2000/C 39/04) is hereby withdrawn with effect from 3 November 2021.

(1) OJ C 39, 11.2.2000, p. 3.

(2) Decision (EU) 2021/1815 of the European Central Bank of 7 October 2021 on the methodology applied for the calculation of sanctions for non-compliance with the requirement to hold minimum reserves and related minimum reserve requirements (ECB/2021/45) (OJ L 367 of 15.10.2021, p. 4).
EN Official Journal of the European Union C 241/19

Opinion of the European Economic and Social Committee on the ‘Proposal for a Directive of the European Parliament and of the Council on the establishment of common rules for certain types of carriage of goods by road (codified version)’

(COM(2004) 47 final – 2004/0017 (COD))

(2004/C 241/05)

On 11 February 2004 the Council decided to consult the European Economic and Social Committee, under Article 71 of the Treaty establishing the European Community, on the ‘Proposal for a Directive of the European Parliament and of the Council on the establishment of common rules for certain types of carriage of goods by road (codified version)’.

The Section for Transport, Energy, Infrastructure and the Information Society, which was responsible for preparing the Committee's work on the subject, adopted its opinion on 10 May 2004. The rapporteur was Mr Simons.

At its 409th plenary session (meeting of 2 June 2004) the European Economic and Social Committee adopted the following opinion by 173 votes to one with 16 abstentions:

1. The purpose of the proposal is to codify the First Council Directive of 23 July 1962 on the establishment of common rules for certain types of carriage of goods by road (1).

2. Simplifying and clarifying Community law is a matter of great importance in the context of a people's Europe. The European Parliament, Council and Commission have therefore underlined the need to codify legislative acts that have been frequently amended, and agreed by interinstitutional agreement of 20 December 1994 that an accelerated procedure may be used. No substantive changes may be made to acts when they are codified.

3. The Commission proposal complies with this requirement, and the EESC therefore has no objections to raise, although it notes that codification is being undertaken at the very last moment. All the same, it manages to satisfy the criteria set, even though the most recent amendment dates back to 1992.

Brussels, 2 June 2004. The President of the European Economic and Social Committee Roger BRIESCH

(1) OJ 70 of 6.8.1962, p. 2005. Directive as last amended by Regulation (EEC) No. 881/92 (OJ L 95 of 9.4.1992, p. 1) – EESC opinion: OJ C 40 of 17.2.1992, p. 15.