ORIENTACIÓN DEL BANCO CENTRAL EUROPEO

de 20 de junio de 2008

sobre la gestión de los activos exteriores de reserva del Banco Central Europeo por los bancos centrales nacionales y la documentación jurídica requerida para las operaciones en dichos activos (refundición)

(BCE/2008/5)

(2008/596/CE)

EL CONSEJO DE GOBIERNO DEL BANCO CENTRAL EUROPEO,

Visto el Tratado constitutivo de la Comunidad Europea y, en particular, su artículo 105, apartado 2, tercer guión,

Vistos el artículo 3.1, tercer guión y los artículos 12.1 y 30.6 de los Estatutos del Sistema Europeo de Bancos Centrales y del Banco Central Europeo (en adelante, «los Estatutos del SEBC»),

Considerando lo siguiente:

HA ADOPTADO LA PRESENTE ORIENTACIÓN:

Artículo 1

Definiciones

A efectos de la presente orientación, se entenderá por:

Artículo 2

Gestión de los activos exteriores de reserva por los BCN de la zona del euro como agentes del BCE

1. Todo BCN de la zona del euro podrá participar en la gestión operativa de los activos exteriores de reserva transferidos al BCE. Todo BCN de la zona del euro podrá abstenerse de participar en dicha gestión o participar en ella mancomunadamente con otro u otros BCN de la zona del euro. Cuando un BCN de la zona del euro se abstenga de participar en la gestión operativa de los activos exteriores de reserva del BCE, los demás BCN de la zona del euro gestionarán los activos que habría gestionado ese BCN de la zona del euro de no abstenerse.

2. Los BCN de la zona del euro ejecutarán las operaciones en activos exteriores de reserva del BCE como agentes del BCE. Por el inicio de esas operaciones, se entenderá que los BCN de la zona del euro aceptan su condición de agentes del BCE. En el momento de concertar cada una de las operaciones que ejecuten en nombre del BCE, los BCN de la zona del euro manifestarán a todas las partes su condición de agentes del BCE, mencionando el nombre de este y su número de cuenta o clave.

3. Al ejecutar operaciones en activos exteriores de reserva del BCE como su agente, todo BCN de la zona del euro antepondrá los intereses del BCE a los propios o a los de la entidad para la que ejecute operaciones.

4. Siempre que una entidad de contrapartida del BCE solicite a un BCN de la zona del euro que acredite su legitimación como agente del BCE para ejecutar operaciones en activos exteriores de reserva del BCE, el BCN de la zona del euro facilitará a esa entidad prueba de su condición de agente.

Artículo 3

Documentación jurídica requerida

1. Todas las operaciones en activos exteriores de reserva del BCE se efectuarán utilizando la documentación jurídica estándar requerida en el presente artículo, y se formalizarán con arreglo a los modelos que el BCE apruebe o modifique. Antes de que un BCN de la zona del euro pueda empezar a operar en nombre del BCE con una entidad de contrapartida, esta firmará la documentación jurídica, cuyos originales se depositarán en el BCE.

2. Las operaciones simultáneas en ambos sentidos, así como las operaciones de compraventa con pacto de recompra en ambos sentidos, en activos exteriores de reserva del BCE, se documentarán mediante los siguientes acuerdos estándar:

3. Las operaciones con derivados en mercados no organizados que se realicen con activos exteriores de reserva del BCE se documentarán mediante los siguientes acuerdos estándar:

4. El Comité Ejecutivo podrá decidir que se utilice un acuerdo estándar de los referidos en la letra c) de los apartados 2 o 3, en lugar de un acuerdo de los referidos en la letra a) de los apartados 2 o 3, en relación con un Estado miembro cuando este adopte el euro, si no se dispone de una evaluación jurídica, aceptable para el BCE en cuanto a la forma y el fondo, sobre la utilización del acuerdo estándar indicado en ese Estado miembro. El Comité Ejecutivo informará sin demora al Consejo de Gobierno de toda decisión que tome en virtud de esta disposición.

5. Los depósitos de activos exteriores de reserva del BCE con entidades de contrapartida que: i) sean aptas para las operaciones a que se refieren los apartados 2 o 3, y ii) estén constituidas u operen con arreglo a las leyes de cualquiera de las jurisdicciones europeas excepto Irlanda, se documentarán mediante el Contrato marco para operaciones financieras de la FBE (edición de 2004). En casos distintos de los previstos en los incisos i) y ii), los depósitos de activos exteriores de reserva del BCE se documentarán utilizando el acuerdo marco de compensación a que se refiere el apartado 7.

6. El documento que figura como modelo en el anexo I (el «ECB Annex») se incorporará como parte integrante a cada acuerdo estándar que rija las operaciones simultáneas en ambos sentidos, de compraventa con pacto de recompra en ambos sentidos, de préstamo de valores, simultáneas y de compraventa con pacto de recompra con un tercer agente, y con derivados en mercados no organizados, en activos exteriores de reserva del BCE, salvo que dichas operaciones se efectúen con arreglo al Contrato marco para operaciones financieras de la FBE (edición de 2004).

7. Con todas las entidades de contrapartida salvo aquellas: i) con las que el BCE haya firmado un Contrato marco para operaciones financieras de la FBE (edición de 2004), y ii) que estén constituidas u operen con arreglo a las leyes de cualquiera de las jurisdicciones europeas excepto Irlanda, se celebrará un acuerdo marco de compensación con arreglo a uno de los modelos que figuran en el anexo II y a las normas siguientes:

8. Los servicios financieros proporcionados por intermediarios financieros en relación con activos exteriores de reserva del BCE, incluidos, sin limitación, los servicios bancarios, de intermediación, de custodia e inversión facilitados por corresponsales, custodios o depositarios, organizaciones de liquidación y entidades compensadoras en mercados organizados de derivados, se documentarán mediante los acuerdos concretos que apruebe el BCE.

Artículo 4

Entrada en vigor

1. Queda derogada la Orientación BCE/2006/28 con efectos a partir del 25 de junio de 2008.

2. Las referencias a la Orientación BCE/2006/28 se entenderán hechas a la presente Orientación.

3. La presente Orientación entrará en vigor el 25 de junio de 2008.

Artículo 5

Destinatarios

La presente Orientación se aplicará a los BCN de la zona del euro.

(1) DO C 17 de 25.1.2007, p. 5. Orientación modificada por la Orientación BCE/2007/6 (DO L 196 de 28.7.2007, p. 46).

(1) This Annex has been drawn up in English and is incorporated into master agreements drawn up in English which are governed by English or New York law.

The Counterparty agrees that it has entered into the Agreement (including this Annex) as principal and not as agent for any other entity and that it shall enter into all transactions as principal.

There shall not apply in relation to the ECB any event of default or other provision of any kind in which reference is made to the bankruptcy, insolvency or other analogous event of the ECB.

There shall be no waiver by the ECB of immunity from suit or the jurisdiction of any court, or any relief against the ECB by way of injunction, order for specific performance or for recovery of any property of the ECB or attachment of its assets (whether before or after judgment), in every case to the fullest extent permitted by applicable law.

The Counterparty agrees to notify the ECB in writing as soon as reasonably practicable of: (i) any consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all of its assets to, another entity; (ii) the appointment of any liquidator, receiver, administrator or analogous officer or the commencement of any procedure for the winding-up or reorganisation of the Counterparty or any other analogous procedure; or (iii) a change in the Counterparty’s name.

Except as required by law or regulation, the Counterparty agrees that it shall keep confidential, and under no circumstances disclose to a third party, any information or advice furnished by the ECB or any information concerning the ECB obtained by the Counterparty as a result of it being a party to the Agreement, including without limitation information regarding the existence or terms of the Agreement (including this Annex) or the relationship between the Counterparty and the ECB created thereby, nor shall the Counterparty use the name of the ECB in any advertising or promotional material.

The provisions of this Annex shall be supplemental terms and conditions applying to [name the standard agreement to which this Annex applies] dated [date of agreement] (the Agreement) between the European Central Bank (the ECB) and [name of counterparty] (the Counterparty). The provisions of this Annex shall be annexed to, incorporated in and form an integral part of the Agreement. If and to the extent that any provisions of the Agreement (other than the provisions of this Annex) or the ECB Master Netting Agreement dated as of [date] (the Master Netting Agreement) between the ECB and the Counterparty, including any other supplemental terms and conditions, Annex or schedule to the Agreement, contain provisions inconsistent with or to the same or similar effect as the provisions of this Annex, the provisions of this Annex shall prevail and apply in place of those provisions.

ANEXO IIa

Acuerdo marco de compensación regido por la ley inglesa

MASTER NETTING AGREEMENT

Dated:

Between:

European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany (hereinafter referred to as the ECB), and

[Counterparty] whose [address] [registered place of business] is at [address] (hereinafter referred to as the Counterparty)

1. Scope of agreement

1.1. The purpose of this Agreement (hereinafter referred to as the Agreement) is to ensure that the ECB is able to net all existing positions under all outstanding transactions made between the ECB and the Counterparty, regardless of any agent or agents authorised to act on behalf of the ECB through whom the transactions giving rise to those positions may have been effected, including the central bank of any Member State of the European Union which has adopted the euro as its currency, and regardless of which office (including the head office and all branches) of the Counterparty may be involved in such transactions, and after taking into account the effect of any existing netting provisions in master or other agreements between the ECB and the Counterparty and/or provisions of mandatory law that operate with similar effect that may apply to certain of such transactions.

1.2. In this Agreement, a ‘netting agreement’ means any agreement for the time being in effect between the parties (and including, without limitation, this Agreement and agreements of the kind listed in Appendix 1 of this Agreement), including such modifications and additions thereto as may be agreed between the ECB and the Counterparty (hereinafter referred to as the parties) from time to time, which contains provisions to the effect that, should any event of default as defined for the purposes of such agreement occur, there may be an early termination, liquidation, closing-out or acceleration of transactions or obligations under transactions or any analogous event (a default termination) and the respective obligations of the parties under such agreement may be combined, aggregated or set-off against each other so as to produce a single net balance payable by one party to the other.

2. General

2.1. All transactions of whatever nature (hereinafter referred to as transactions) entered into between the parties at any time after the date of this Agreement shall be governed by this Agreement, unless the parties specifically agree otherwise.

2.2. The parties acknowledge that the terms of this Agreement, all transactions governed by this Agreement, any amendments to the terms of such transactions, and the single net balance payable under any netting agreement constitute a single business and contractual relationship and arrangement.

2.3. The Counterparty has entered into this Agreement as principal and represents and warrants that it has entered and shall enter into all transactions as principal.

2.4. This Agreement is supplemental to the netting agreements entered into between the parties prior to the date of this Agreement, and all further netting agreements and transactions entered into between the parties after the date of this Agreement shall be supplemental to this Agreement.

3. Base currency

The base currency for the purposes of this Agreement shall be the US dollar or, at the ECB’s option, any other currency. Wherever it is necessary in accordance with the terms of this Agreement to convert amounts into the base currency, such amounts shall be converted at the daily reference rate published by the ECB for the currency to be converted into the base currency or, in the absence of such reference rate, at the rate of exchange at which the ECB can buy or sell, as appropriate, such amounts with or against the base currency on such day, all as determined by the ECB.

4. Cross acceleration

Should any default termination occur under any netting agreement (including under Appendix 2 of this Agreement), then the ECB shall have the right to declare, by written notice to the Counterparty, that a default termination has occurred under each other netting agreement in respect of which default termination has not occurred in accordance with the provisions thereof.

5. Global netting

5.1. Should a default termination occur, the ECB shall, as soon as is reasonably practicable, take an account of what is due from each party to the other under each netting agreement (including under Appendix 2 of this Agreement) in respect of which default termination has occurred and aggregate the sums due from each party to the other under such netting agreements (including under Appendix 2 of this Agreement), in every case in or converted into the base currency, and only the net balance of the account shall be payable by the party owing the larger aggregate sum.

5.2. Clause 5.1 shall continue to operate to the extent possible notwithstanding the unenforceability under applicable law of any provisions contained in any netting agreement (including under Appendix 2 of this Agreement).

6. Notices and other communications

All notices, instructions and other communications to be given under this Agreement shall be effective only upon receipt and shall be made in writing (including by electronic means).

7. Severability

Each provision contained herein (including, without limitation, Appendix 2 of this Agreement) shall be treated as separate from any other provision herein and shall be enforceable notwithstanding the unenforceability of any such other provision.

8. Non-assignability

The rights and obligations of the Counterparty under this Agreement may not be assigned, charged, pledged or otherwise transferred or dealt with by the Counterparty.

9. Governing law and jurisdiction

9.1. This Agreement shall be governed by and construed in accordance with English law.

9.2. For the benefit of the ECB, the Counterparty hereby irrevocably submits for all purposes of or in connection with this Agreement to the jurisdiction of the District Court (Landgericht) of Frankfurt am Main, Germany. Nothing in this clause 9 shall limit the right of the ECB to take proceedings before the courts of any other country of competent jurisdiction.

European Central Bank Name of Counterparty By By Title Title [Address for the service of notices under this Agreement] Date Date [In case of Luxembourg counterparties: In addition to clause 9 of this Agreement the parties agree that for purpose of Article 1 of the Protocol annexed to the Convention on Jurisdiction and the Enforcement of Judgements in Civil and Commercial Matters, signed in Brussels on 27 September 1998 and without prejudice to the foregoing execution of this Agreement by the parties hereto, [Luxembourg counterparty] expressly and specifically confirms its agreement to the provisions of clause 9 of this Agreement, stipulating that the District Court (Landgericht) of Frankfurt am Main shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and, for such purposes, irrevocably submits to the jurisdiction of such courts. Luxembourg counterparty By Title ]

Appendix 1 to Master netting agreement Netting agreements (1) 1. FBE Master Agreement for Financial Transactions (Edition 2004) 2. ISDA Master Agreement (Multi-currency — Cross border 1992) 3. TBMA/ISMA Global Master Repurchase Agreement (2000 version) 4. The Bond Market Association Master Repurchase Agreement. (1) This documentation is maintained by the ECB Legal Services and the legal departments of the national central banks.