EN ECB-PUBLIC  
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 25 November 2013  
on stabilisation measures and the deposit guarantee fund 
(CON/2013/80) 
 
Introduction and legal basis 
On 29 October 2013, the European Central Bank (ECB) received a request from Banca Na ţională a 
României (BNR) for an opinion on a draft government emergency ordinance amending and 
supplementing Government Emergency Ordinance No 99/2006 on credit institutions and capital 
adequacy (GEO No 99/2006)1 and Government Ordinance No 39/1996  on the setting up and operation of 
the deposit guarantee fund in the banking system (GO No 39/1996)2 (hereinafter the ‘draft ordinance’).  
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, fi fth and sixth indents of Article 2(1) of Council 
Decision 98/415/EC of 29 June 1998 on the cons ultation of the European Central Bank by national 
authorities regarding draft legislative provisions3, as the draft ordinance relates to BNR, to payments and 
settlement systems and to rules applicable to the financ ial institutions insofar as they materially influence 
the stability of financial institutions and markets. 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 ordinance 
The purpose of the draft ordinance is to enhance the clarity and legal certainty of the framework on 
stabilisation measures that BNR can adopt. The dr aft ordinance amends GEO No 99/2006 and GO No 
39/1996 with regard to: (a) the separation of ta sks between BNR and the Deposit Guarantee Fund; 
(b) issues related to the sources, levels and uses of  financing of stabilisation measures; (c) conditions for 
the establishment, operation and clos ure of a bridge bank; and (d) the settlement finality regime in case of 
enforcement procedures against an y payment system participants.  
 
                                                 
1 Published in Monitorul Oficial al României , Part One, No 1027, 27.12.2006.  
2 Republished in Monitorul Oficial al României , Part One, No 587, 19.8.2010.  
3 OJ L 189, 3.7.1998, p. 42.  
 ECB-PUBLIC  
 
2 2. Observations 
The ECB notes that the draft ordinance enhances the clarity and legal certainty of the framework on 
stabilisation measures in Romanian legislation. 
With regard to the proposed amendment concerning the bridge bank’s access to payment and settlement 
systems and other financial market infrastructures, th e ECB notes that it does not address the issue of the 
possible non-compliance of the bridge bank with the rule s of the relevant system or infrastructure. System 
operators should only be obliged to allow the bridge bank to access the systems or infrastructures that they 
operate and to continue the operations which are subj ect to the contractual and operational obligations of 
the transferor credit institution, provided the bridge bank complies with the rules of the system or 
infrastructure, including criteria for membership or participation, payment and delivery obligations, and 
provision of collateral4.  
If the bridge bank does not comply with all of the rules prior to the time of transfer, there may 
exceptionally be a need for the resolution authority to lay down a reasonably short period of time during which the bridge bank may exercise rights arising from  participation in the system or infrastructure on 
condition that it makes the necessary adjustments in or der to become compliant w ith the relevant rules by 
the end of that period.  
 
This opinion will be published on the ECB’s website.  
  
Done at Frankfurt am Main, 25 November 2013. 
 
[signed] 
 
The President of the ECB 
Mario DRAGHI 
                                                 
4  See ECB Opinion CON/2012/99, explanation to Amendment 14. All ECB opinions are published on the ECB’s website at 
www.ecb.europa.eu .