EN ECB -PUBLIC 
 
 
OPINION OF THE EUROPEAN CENTRAL BANK  
of 29  October 2013  
on the transfer of the management of State properties to  
Banca Naţională a României  
(CON/20 13/74)  
 
Introduction and legal basis  
On 5 August 2013,  the European Central Bank (ECB) received a request fr om Banca Naţională a 
României  (BNR) for an opinion on a draft law on the transfer of certain State propert ies from the 
management of Regia Autonomă ‘Administraţia Patrimoniului Protocolului de Stat ’ to the management 
of BNR  (hereinafter the ‘draft law’).  
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  indent of Article  2(1) of Council Decision 98/415/EC of 
29 June 1998 on the consultation of the European C entral Bank by national authorities regarding draft 
legislative provisions1, as the draft law relates to BNR . 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 law 
The draft law provides for the transfer of the management of two State-owned properties  from the Regia 
Autonomă ‘Administraţia Patrimoniului Protocolului de Stat ’(RA-APPS, a financially a utonomous body 
with legal pe rsonality responsible for management of the S tate heritage and protocol )2 to BNR  
(hereinafter the ‘transfer’) to serve as its premises. According to the explanatory memorandum to the 
consultation request, t he transfer is meant to cater for BNR space requir ements following changes to its 
organisational structure , and it  includ es the fixed assets, inventory goods and on- going investments  
related to the properties  concerned . 
As manager of these properties , BNR will  be obliged  to ensure, inter alia , that they a re guard ed, 
maint ained , preserved and restor ed3. If used for purposes other than thos e provided for in the draft law, 
the properties  are to be transferred back to RA -APPS4. 
                                                 
1 OJ L 189, 3.7.1998, p. 42. 
2 RA-APPS is established pursuant to Government Decision No 60 of January 21 2005 to manage, preserve the integrity 
of, and protect State property.  
3 Article 7 of the draft law.  
4 Article 6 of the draft law.  
ECB -PUBLIC  
2 One of the properties  concerned  is a historical monument  and the other one is locat ed within the 
protection zone of a historical monument. Therefore , Romania n legislation on the preservation  of 
historical monuments5 is applicable, and BNR will be obliged to ensure that the properties are  guarded  
and protected, to take all necessary measu res to prevent or extinguish fire s and to carry out works of 
preservation, consolidation, restoration, repair and maintenance6. Any works carried out on the properties  
must be  authorised  by the Ministry of Culture7. 
 
2. Central bank independence  
The wording of the draft law gives rise to concern s as regards central bank independence8 under 
Article  130 of the Treaty and Article  7 of the Statute of the European System of Central Banks and of the 
European Central Bank ( hereinafter ‘ the Statute  of the ESCB’ ) as it does not mention whether BNR  has 
given it s prior agreement9 to this transfer . Overall, the ECB notes that the draft law is silent on  the 
reasons for the transfer . 
In addition, the scope of the envisaged transfer needs to be clarified as it is not clear  whether this transfer 
concerns property right s, management or both with regard to the two buildings. Moreover, t he draft law 
only indicates that , if used for purposes other than th ose provided for in the draft law, management of the 
properties  is to be  transferred back to RA -APPS. There is no other provision relating  to the duration of the 
transfer  or a situation where  BNR would no longer need the use of the buildings . 
 3.  Monetary financing prohibition  
The wording of the draft law also raises concerns r egarding compliance with the monetary financing 
prohibition under Article  123(1) of the Treaty and Article  21.1 of the Statute of the ESCB 
10, 11, as the 
draft law contains no reference to  the financial aspects of the transfer , except to state the inventory value 
of the two buildings. There is no indication of whether BNR must make any payment  for this transfer and 
it is not clear whether an assessment has been carried out with regard to the costs for  renovati ng the 
buildings and their amortisation or the cost s to be incurred by BNR for  management of these buildings  
and how these costs will be financed.  These financial aspects of the envisaged transfer need to be 
addressed in compliance with the monetary financing prohibition before adoption of the draft law . 
 
                                                 
5 Law 422/2001 on the preservation of historical monuments, published in Monitorul Oficial al Rom âniei , Part I, No 407  of 
24 July 2001.  
6  Article 36(1)(b) of Law 422/2001.  
7 Article 24(1) and (2) of Law 422/2001.  
8  See the ECB’s Convergence Report, 2013, p. 20.  
9  Article 55 of the BNR Statute provides that: ‘BNR may only invest in real estate for its own operating need s and the 
collective needs of its employees, as established by its Board’.  
10  Further clarified by Council Regulation (EC) No 3603/93 of 13 December 1993 specifying definitions for the application 
of the prohibitions referred to in Articles 104 and 104b(1) of the Treaty (OJ L 332, 31.12.1993, p. 1). Articles 104 and 
104b(1) of the Treaty establishing the European Community are now Articles 123 and 125(1) of the Treaty.  
11 For details see the ECB’s Convergence Report, 2013, p. 27.  
ECB -PUBLIC  
3 This opinion will be published on the ECB’s website.  
 
 
Done at Frankfurt am Main, 29  October 2013.  
 
[signed]  
 
The Vice  President of the ECB  
Vítor CONSTÂNCIO