EN 
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 15 December 2009 
on the competences of Banka Slovenije related to Slovenia’s membership of the International 
Monetary Fund 
(CON/2009/100) 
 
Introduction and legal basis  
On 1 December 2009, the European Central Bank (E CB) received a request from the Slovenian Ministry 
of Finance (hereinafter the ‘Ministry’) for an  opinion on a draft Law amending the Law on the 
membership of the Republic of Slovenia of the Interna tional Monetary Fund (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 Ce ntral Bank by national authorities regarding draft 
legislative provisions1, as the draft law relates to Banka Slovenije . In accordance with the first sentence of 
Article 17.5 of the Rules of Procedure of the Eur opean Central Bank, the Governing Council has adopted 
this opinion. 
 1.  Purpose of the draft law 
The main purpose of the draft law is to amend the La w on the membership of the Republic of Slovenia of 
the International Monetary Fund
2 (hereinafter the ‘Law’) to provide a legal basis for bilateral agreements 
between Slovenia and the International Monetary Fund (IMF). These agreements  will be concluded in 
line with the Presidency Conclusions of the Eur opean Council meeting of 19 and 20 March 2009 to 
provide additional funds for the IMF from the Member States in the context of a joint Union response to 
the global financial crisis. As the provision of such additional funds to the IMF is neither part of the 
regular IMF quota nor the allocated special drawing rights, and the Member States will provide these 
funds on the basis of bilateral agreements with the IMF, new legislation is needed for Slovenia’s 
provision of additional funds for the IMF’s activiti es and to define the scope and content of the 
obligations of Banka Slovenije and of the State towards the IMF. 
According to Article 2 of the draft law amending Artic le 7 of the Law, the Stat e provides funds to meet 
Slovenia’s obligations to the IMF arising from the special drawing rights under the first and the second 
allocations, and Banka Slovenije provides funds to meet  all Slovenia’s other obligations to the IMF (this 
                                                 
1  OJ L 189, 3.7.1998, p. 42.  
2  Zakon o članstvu Republike Slovenije v Mednarodnem denarnem skladu , published in Uradni list Republike Slovenije  
Nos 2/93 and 70/98. 
2 refers to Slovenia’s IMF quota and any additional paymen ts). In order to neutralise the risks associated 
with such payments by Banka Slovenije, the State will reimburse Banka Sloven ije for all non-recovered 
funds provided under bilateral agreem ents with the IMF, and for any costs arising from differences in 
interest payments, exchange rate differences and measur es taken to protect against the exchange rate risk, 
as well as any transaction costs incurred by Banka Sloven ije in the fulfilment of its obligations vis-à-vis 
the IMF. In addition, the State will reimburse Banka Slovenije for 50 % of the costs referred to above 
arising in connection with the payment of the quota and participation in the financial transactions plan.  
In its representation in the IMF, Slovenia’s choice of  its Alternate is no longer limited to the Deputy 
Governor of Banka Slovenije. Accordingly, under Ar ticle 3 of the draft law amending Article 8 of the 
Law, any other person duly authorised by the Gover nor of Banka Slovenije may act as the Alternate. 
Finally, Article 4 of the draft law introduces chang es to Article 9 of the Law, pursuant to which the 
Slovenian Government can lay down more detailed conditions concerning rights and obligations vis-à-vis 
the IMF, taking into account the Law and the IMF’s Ar ticles of Agreement. The draft law now proposes 
that an agreement should be made between the Mini stry and Banka Slovenije stipulating the conduct of 
operations and the fulfilment of obligations arising from Slovenia’s membership in the IMF and repealing 
the Government Decision currently  in force governing these issues. 
 2. General observations  The ECB reminds the Ministry that the tasks perf ormed by Banka Slovenije must comply with the 
monetary financing prohibition unde r Article 123(1) of the Treaty wh ich prohibits, among other things, 
overdraft facilities or any other type of credit facility with the national central banks in favour of central 
governments. However, Article 7 of Council Re gulation (EC) No 3603/93 of 13 December 1993 
specifying definitions for the application of the pr ohibitions referred to in Articles 104 [now 123] and 
104b(1) [now 125(1)] of the Treaty
3 states that the financing by the national central banks of obligations 
falling upon the public sector vis-à-vis the IMF is not re garded as a credit facility within the meaning of 
Article 123 of the Treaty4. The payment by Banka Slovenije of the additional obligations of the State to 
the IMF provided for in Article 2 of the draft law falls within the scope of Article 7 of 
Regulation (EC) No 3603/93. 
 
                                                 
3  OJ L 332, 31.12.1993, p. 1. 
4  It is noted that Article 25(2)  of the Law on Banka Slovenije ( Zakon o Banki Slovenije , published in Uradni list Republike 
Slovenije  No 72/06) provides that financing of the Republic of Slovenia’s liabilities to the IMF is deemed to be an 
exemption from the prohibition of financing of the public sector. 
3 This opinion will be published on the ECB’s website.  
  Done at Frankfurt am Main, 15 December 2009. 
 
[signed] 
 
The President of the ECB 
Jean-Claude TRICHET