ddrg/super_eurlex huggingface dataset:
I. We have audited: (a) the consolidated accounts of the European Union which comprise the consolidated financial statements (1) and the aggregated reports on the implementation of the budget (2) for the financial year ended 31 December 2015, approved by the Commission on 11 July 2016, and (b) the legality and regularity of the transactions underlying those accounts, as required by Article 287 of the Treaty on the Functioning of the European Union (TFEU). Management’s responsibility II. In accordance with Articles 317 to 318 of the TFEU and the Financial Regulation, the Commission is responsible for the preparation and fair presentation of the consolidated accounts of the European Union on the basis of internationally accepted accounting standards for the public sector and for the legality and regularity of the transactions underlying them. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of financial statements that are free from material misstatement, whether due to fraud or error. The Commission bears the ultimate responsibility for the legality and regularity of the transactions underlying the accounts of the European Union (Article 317 of the TFEU). Auditor’s responsibility III. Our responsibility is to provide, on the basis of our audit, the European Parliament and the Council with a statement of assurance as to the reliability of the accounts and the legality and regularity of the transactions underlying them. We conducted our audit in accordance with the IFAC International Standards on Auditing and Codes of Ethics and the INTOSAI International Standards of Supreme Audit Institutions. These standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the consolidated accounts of the European Union are free from material misstatement and the transactions underlying them are legal and regular. IV. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated accounts and the legality and the regularity of the transactions underlying them. The procedures selected depend on the auditor’s judgment, including an assessment of the risks of material misstatement of the consolidated accounts and of material non-compliance of the underlying transactions with the requirements of the legal framework of the European Union, whether due to fraud or error. In making those risk assessments, internal control relevant to the preparation and fair presentation of the consolidated accounts and legality and regularity of underlying transactions, is considered in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the consolidated accounts.
OPINION OF THE EUROPEAN CENTRAL BANK
at the request of the German Ministry of  Justice under Article 109f (6) of the Treaty
establishing the European Community (the Trea ty) and Article 5.3 of the Statute of the EMI
on a draft FIBOR (Frankfurt Interbank Offered Rate) Transition Regulation.
CON/98/32
1. On 29 May 1998 the EMI has received a request fr om the German Ministry of Justice for an
opinion on a draft FIBOR (Frankfurt Interb ank Offered Rate) Transition Regulation.
2. In accordance with Article 109l (2) of the Treaty, the ECB has taken over the advisory
functions of the EMI which has gone into li quidation upon the establishment of the ECB on 1
June 1998. The ECBs competence to deliver an opinion is based on Article 1.1 of the Council
Decision (93/717/EC) of 22 Nove mber 1993 on the consultation of the EMI by the authorities
of the Member States on draft legislative provis ions, as the regulation contains rules which, in
the context of national change-over legislation, d eal with provisions that have an impact on
financial markets and, thus, fall within the consultative competence of the ECB.
3. The aim of the draft regulation is to provide fo r the replacement of the FIBOR with the interest
rate that most closely corresponds to its func tion. Reference variables for interest rates and
other services which refer to the FIBOR for loans of one to twelve-month funds shall be
replaced by the Euro Interbank Offered Rates  (EURIBOR) for loans of one to twelve-month
funds as fixed for the respective maturities. Re ference variables for interest rates and other
services which refer to the FIBOR for overnight loans shall be replaced by the Euro Overnight
Index Average (EONIA). Furthermore, provisions are made for the replacement of the so-called old FIBOR for three-month and for si x-month funds. The legal basis for the draft
regulation is to be found in §3, paragraph 2, No. 2 of the Discount Rate Transition Act.
4. The Discount Rate Transition Act was part of the Act on the Introduction of the Euro, on which
the European Monetary Institute has given its opinion, dated 16 December 1997 (CON/97/24).In this opinion, the EMI stated it favoured a rate representing the whole euro area as it is of the
opinion that only this could have  a corresponding function in the third stage to that performed
at the moment by the FIBOR in relation to th e Deutsche Mark. In line with this, the ECB
welcomes the approach taken in the draft regulation and considers it to be a relevantcontribution for the change-over to Monetary Union.
- 2 -
5. It should be noted that in the Explanat ory Memorandum to the draft regulation on § 2,
paragraph 1, first sentence, reference is made  to the EURIBOR which should be a reference
rather to EONIA.
The ECB has no objection to this opinion being made public.
22 June 1998
OPINION OF THE EUROPEAN CENTRAL BANK
of 31 May 2001
at the request of the Irish Department of Fina nce on a draft legislat ive proposal on certain
provisions included in a Dormant Accounts Bill, 2001 
CON/2001/11
1. On 14 May 2001 the European Central Bank (ECB) received a request from the Irish
Department of Finance for an  opinion on certain provisions included in a draft Dormant
Accounts Bill, 2001.
2. The ECBs competence to deliver an opinion is based on Article 2 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 legislative proposal contains
provisions concerning a national central ba nk. In accordance with the first sentence of
Article 17.5 of the Rules of Procedure of the European Central Bank, this opinion has been
adopted by the Governing Council of the ECB.
3. Generally speaking, the draft Bill makes provision for the transfer, beginning in 2003, of
moneys from deposit and share accounts and specified savings schemes at credit institutions,building societies, trustee savings banks and An Po st (Post Office) that ha ve been dormant for a
period of 15 years to a new Dormant Account s Fund controlled and managed by the Irish
National Treasury Management Agency, and for the disbursement of moneys from the Fund.
The ECB notes that the draft Bill confers an administrative function on the Central Bank of
Ireland (CBI) whereby, where an institution ha s been wound up, the liquidator appointed to the
institution shall submit the institutions register  of dormant accounts to the CBI for the purpose
of processing claims for repayment of any m oneys to the persons entitled to any such moneys
that have been previously transferred by th e institution concerned to the Fund. The ECB also
notes that under the draft Bill the Minister fo r Social, Community and Family Affairs may,
following consultation with the CBI, make regula tions providing (a) that the Bill shall apply to
a broader range of accounts that are deemed by such regulations to be dormant accounts; and
(b) for the disclosure, for statistical purpos es only, of information concerning dormant
accounts. 
                                                          
1 OJ L 189, 3.7.1998, p. 42-43.
- 2 -4. The ECB notes with interest the new functions conferred upon the CBI by the draft Bill.
5. The ECB confirms that it has no objection to publication of this opinion by the competent
national authorities at their discretion.
Done at Frankfurt am Main on 31 May 2001.
The President of the ECB
[signed]
Willem F. DUISENBERG
Opinion of the Governing Council of the European Central Bank

of 24 April 2003

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

(CON/2003/6)

(2003/C 105/07)

1. By letter of 14 April 2003, the President of the Council of the European Union requested the Governing Council of the European Central Bank (ECB) to deliver its opinion on Council Recommendation 2003/301/EC of 14 April 2003 on the appointment of a member of the Executive Board of the European Central Bank(1).

2. The abovementioned recommendation, which will be submitted for decision to the Heads of State or Government of the Member States which have adopted the euro after consultation of the Governing Counil of the ECB and the European Parliament, recommends that Gertrude Tumpel-Gugerell be appointed as member of the Executive Board of the ECB for a term of office of eight years with effect from 1 June 2003.

3. The Governing Council of the ECB 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 112(2)(b) of the Treaty establishing the European Community.

4. The Governing Council of the ECB has no objection to the Council's recommendation on the appointment of the proposed candidate as member of the Executive Board of the ECB.

5. The Governing Council of the ECB has adopted this opinion in accordance with Article 112(2)(b) of the Treaty and Article 11.2 and Article 43.3 of the Statute of the European System of Central Banks and of the European Central Bank.

6. This opinion shall be published in the Official Journal of the European Union.

Done at Frankfurt am Main, on 24 April 2003.

On behalf of the Governing Council of the ECB

The President

Willem F. Duisenberg

(1) OJ L 109, 1.5.2003.
5.

In this context, the ECB would take the opportunity to comment on certain specific provisions of the proposed regulation. The ECB notes that the proposed regulation does not make the provision of outward FATS mandatory with immediate effect. Only after a period of three years will it be possible to assess the results of the pilot studies to be conducted in some Member States. The ECB regrets that although the data flows provided for balance of payments statistics in Section 2 of Annex I to Regulation (EC) No 184/2005 of the European Parliament and of the Council of 12 January 2005 on Community statistics concerning balance of payments, international trade in services and foreign direct investment (1) indicate separate categories for goods and services, goods and services are not categorised separately in this way in the proposed regulation. If such data are not categorised separately, their value for analysis will be reduced and it will be harder to compare them with data published in the countries that are the euro area's main counterparts.
“Until 31 December 2013, the 10 % limit for senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities as specified in points (d) and (e) does not apply, provided that: (i) those senior units have a credit assessment by a nominated ECAI, which is the most favourable category of credit assessment made by the ECAI in respect of covered bonds; (ii) the securitised residential or commercial real estate exposures were originated by a member of the same consolidated group of which the issuer of the covered bonds is also a member or by an entity affiliated to the same central body to which the issuer of the covered bonds is also affiliated (that common group membership or affiliation to be determined at the time the senior units are made collateral for covered bonds); and (iii) a member of the same consolidated group of which the issuer of the covered bonds is also a member or an entity affiliated to the same central body to which the issuer of the covered bonds is also affiliated retains the whole first loss tranche supporting those senior units. .” ’

“Until 31 December 2013, the 10 % limit for senior units issued by French Fonds Communs de Créances or by equivalent securitisation entities as specified in points (d) and (e) does not apply, provided that: (i) the securitised residential or commercial real estate exposures were originated by a member of the same consolidated group of which the issuer of the covered bonds is also a member or by an entity affiliated to the same central body to which the issuer of the covered bonds is also affiliated (that common group membership or affiliation to be determined at the time the senior units are made collateral for covered bonds; and (ii) a member of the same consolidated group of which the issuer of the covered bonds is also a member or an entity affiliated to the same central body to which the issuer of the covered bonds is also affiliated retains the whole first loss tranche supporting those senior units. Before the end of this period, and by 31 December 2012 at the latest, the Commission shall review the appropriateness of this delegation and, if relevant, the appropriateness of extending similar treatment to any other form of covered bond. In the light of that review, the Commission may, if appropriate, adopt delegated acts in accordance with the power referred to in Article 151a to extend this period or make this delegation permanent or extend it to other forms of covered bonds”.’
EN Official Journal of the European Union C 74/1

OPINION OF THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK

of 3 March 2011

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

(CON/2011/16)

2011/C 74/01

Introduction and legal basis

On 18 February 2011 the European Central Bank (ECB) received a request from the President of the European Council for an opinion on Council Recommendation of 15 February 2011 (1) on the appointment of a member of the Executive Board of the European Central Bank.

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 appointing Peter Praet as a member of the ECB’s Executive Board for a term of office of eight years with effect from 1 June 2011.

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 Peter Praet as a member of the ECB’s Executive Board.

Done at Frankfurt am Main, 3 March 2011. The President of the ECB Jean-Claude TRICHET

(1) OJ C 56, 22.2.2011, p. 1.
Opinion of the Governing Council of the European Central Bank

of 23 October 2019

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

(CON/2019/35)

(2019/C 373/02)

Introduction and legal basis

On 18 October 2019 the European Central Bank (ECB) received a request from the President of the European Council for an opinion on Council Recommendation of 10 October 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 Fabio PANETTA be appointed as a member of the ECB’s Executive Board for a term of office of eight years with effect from 1 January 2020.

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 Fabio PANETTA as a member of the ECB’s Executive Board.

Done at Frankfurt am Main, 23 October 2019. The President of the ECB Mario DRAGHI

(1) OJ C 351, 17.10.2019, p. 1.
Recommendation of the European Central Bank

of 19 December 2002

to the Council of the European Union on the external auditors of the European Central Bank and Suomen Pankki

(ECB/2002/13)

(2002/C 331/08)

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 and of the national central banks of the Eurosystem are audited by independent external auditors recommended by the Governing Council and approved by the Council of the European Union.

(2) The mandate of the current external auditor of the ECB expires in 2003. It is therefore necessary to appoint an external auditor from 2003. The mandate of the external auditor should be for five years.

(3) The mandate of Suomen Pankki's external auditor was not renewed from 2003 due to the closure of the external auditor expected for the middle of 2003 and due to the policy of inviting tenders at regular intervals. It is therefore necessary to appoint an external auditor from 2003. The mandate of the external auditor should be for five years,

HEREBY RECOMMENDS:

KPMG Deutsche Treuhand-Gesellschaft AG Wirtschaftsprüfungsgesellschaft as the external auditor of the ECB;

Ernst & Young Oy as the external auditor of Suomen Pankki.

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

Done at Frankfurt am Main on 19 December 2002.

The President of the ECB

Willem F. Duisenberg
EN Official Journal of the European Union C 91/5

RECOMMENDATION OF THE EUROPEAN CENTRAL BANK

of 7 April 2005

to the Council of the European Union on the external auditors of the Nationale Bank van België/Banque Nationale de Belgique

(ECB/2005/8)

(2005/C 91/05)

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 Governing Council of the ECB and approved by the Council of the European Union.

(2) The mandate of the current external auditors of the Nationale Bank van België/Banque Nationale de Belgique (hereinafter ‘NBB/BNB’) has expired and will not be renewed. It is therefore necessary to appoint external auditors from the financial year 2005.

(3) The NBB/BNB has selected Ernst & Young Bedrijfsrevisoren/Réviseurs d'Entreprises as its new external auditors in accordance with its public procurement rules, and the ECB considers that the selected auditors fulfil the necessary requirements for appointment.

(4) The mandate of the external auditors will be for three years and may be renewed once,

HAS ADOPTED THIS RECOMMENDATION:

It is recommended that Ernst & Young Bedrijfsrevisoren/Réviseurs d'Entreprises should be appointed as the external auditors of the NBB/BNB from the financial year 2005 for a period of three years, this period being renewable once.
1.

The following text is inserted immediately before Section 1: ‘The terms “resident” and “residing” fall within the definitions laid down in Article 1.4 of Council Regulation (EC) No 2533/1998. In the case of the euro area, the economic territory comprises: (i) the economic territory of the participating Member States; and (ii) the ECB, which is regarded as a resident unit of the euro area. The rest of the world (RoW) comprises the economic territories outside the euro area, i.e. Member States that have not adopted the euro, all third countries and international organisations, including those physically located within the euro area. All EU institutions (1) are considered to be resident outside the euro area. Consequently, all transactions of participating Member States vis-à-vis EU institutions are recorded and classified as non-euro area transactions in the euro area balance of payments and international investment position statistics. In the cases set out below, residence is determined as follows: (a) staff from embassies and military bases are to be classified as residents of the country of the employing government, except if they have been recruited locally in the host country where the embassy or military base is located; (b) when undertaking cross-border transactions in land and/or buildings (e.g. holiday homes), property owners are treated as if they have transferred their ownership to a notional institutional unit that is actually resident in the country where the property is located. The notional unit is treated as being owned and controlled by the non-resident owner; (c) in the absence of any significant physical dimension to a legal entity, e.g. investment funds (as distinct from their managers), securitisation vehicles, and some special purpose entities, its residence is determined by the economic territory under whose laws the entity is incorporated. If the entity is not incorporated, legal domicile is used as a criterion, namely the country whose legal system governs the creation and continued existence of the entity.’
EN Official Journal of the European Union C 43/1

RECOMMENDATION OF THE EUROPEAN CENTRAL BANK

of 16 February 2009

to the Council of the European Union on the external auditors of the Deutsche Bundesbank

(ECB/2009/3)

(2009/C 43/01)

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 the Deutsche Bundesbank's current external auditors will end after the audit for the financial year 2008. It is therefore necessary to appoint external auditors from the financial year 2009.

(3) The Deutsche Bundesbank has selected Ernst & Young AG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft as its external auditors for the financial years 2009 to 2014,

HAS ADOPTED THIS RECOMMENDATION:

It is recommended that Ernst & Young AG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft should be appointed as the external auditor of the Deutsche Bundesbank for the financial years 2009 to 2014.