EN 
 
 
OPINION OF THE EUROPEAN CENTRAL BANK 
of 3 April 2009 
at the request of the Italian Ministry of Econ omy and Finance on a draft law on the increase of 
Italy’s quota with the International Monetary Fund 
(CON/2009/33) 
 
Introduction and legal basis  
On 13 March 2009, the European Central Bank (ECB) received a request from the Italian Ministry of 
Economy and Finance (MEF) for an opinion on a draft law on the increase of Italy’s quota with the International Monetary Fund (hereinafter the ‘draft law’). 
The ECB’s competence to deliver an  opinion is based on Article 105(4) of the Treaty establishing the 
European Community and the third indent of Article 2(1) of Council Decision 98/415/EC of 29 June 1998 
on the consultation of the European Central Bank by  national authorities regarding draft legislative 
provisions
1, as the draft law relates to the Banca d’Ita lia. 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 
1.1 On 28 April 2008 the Board of Governors of the International Monetary Fund (IMF) adopted 
Resolution No 63-2 on the ‘Reform of Quota and Voice’ and on 5 May 2008 it adopted Resolution 
No 63-3 amending the Articles of Agreement of the IMF to expand its investment authority. When 
the first of the proposed amendments becomes effe ctive (i.e. when it has been accepted by three 
fifths of the members of the IMF having 85 % of the total voting power), there could be an increase 
in the IMF quota for up to 54 countries, including It aly, provided that, within 30 days of the entry 
into effect of the amendment, each of those c ountries both consents to the increase and pays the 
amount of their increased quota to the IMF. As stat ed in the explanatory report on the draft law, it 
is expected that, as in the case of previous amendm ents of the IMF’s Articles of Agreement, Italy’s 
declaration of acceptance will be signed by the President of the Republic. 
1.2 Following the increase of 11.5 % of the total q uotas decided by the IMF’s Board of Governors in 
April 2008, the objective of the draft law – as rega rds the part of it which refers to the Banca 
d’Italia and is therefore the subject of this opinion – is to authorise the MEF to pay, by having recourse to the Banca d’Italia, for the proposed  increase in Italy’s IMF quota from 7 055.5 million 
                                                 
1  OJ L 189, 3.7.1998, p. 42.  
2 special drawing rights (SDRs) to 7 882.3 million SDRs . As stated in the explanatory report on the 
draft law, ‘it is envisaged that the necessary fu nds will be obtained from the Banca d’Italia’. 
 2. General observations  2.1 Article 4 of the draft law provides that the MEF is authorised to make the payments, having 
recourse to the Banca d’Italia, and has the right to  grant the Banca d’Italia the necessary guarantees 
to cover any risk connected with the payment made by it or made ‘using their liquidity’ in the name 
of and on behalf of the State. In this respect, the ECB notes that it is not clear which subject the word ‘their’ refers to. For the sake of linguistic accuracy and legal clarity, it would be advisable to 
draft the provision in Article 4 of the draft law more precisely.  
2.2 The ECB also notes that, according to the explan atory report on the draft law, such payments do 
not entail negative effects for the Treasury or for It aly’s balance sheet as they will constitute (i) in 
part a credit with the IMF that could only a ffect Italy’s balance sheet for the purpose of 
reimbursing the Banca d’Italia in the event of the liquidation of the IMF and losses related to such 
liquidation, and (ii) in part serve  to constitute a line of credit in favour of the IMF in a current 
account specially opened with the Banca d’Italia.  
2.3 As recently expressed in a very similar case
2, the ECB reminds the MEF that the tasks performed 
by the Banca d’Italia must comply with the mone tary financing prohibition under Article 101 of the 
Treaty and Council Regulation (EC) No 3603/93 of  13 December 1993 specifying the definitions 
for the application of the prohibitions referred to in Articles 104 [now 101] and 104b(1) [now 
Article 103(1)] of the Treaty3. Pursuant to Article 7 of Regulation (EC) No 3603/93, the financing 
by national central banks of obligations falling u pon the public sector vis-à-vis the IMF is not 
regarded as a credit facility within the meaning of  Article 101 of the Treaty. Therefore, the ECB 
notes that any possible payment by the Banca d’Ital ia of the proposed increase in Italy’s IMF quota 
complies with Article 7 of Regulation (EC) No 3603/93 and does not infringe the monetary 
financing prohibition. 
 This opinion will be published on the ECB’s website.   Done at Frankfurt am Main, 3 April 2009. 
[signed] 
 
The President of the ECB 
Jean-Claude TRICHET 
                                                 
2  See ECB Opinion CON/2009/5 of 22 January 2009 at the request of the Austrian Ministry of Finance on a draft Federal 
law on the increase of Austria’s quota with the International Monetary Fund. 
3  OJ L 332, 31.12.1993, p. 1.