Agreement of 1 September 1998 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of Economic and Monetary Union - Quota Convention for currencies participating in ERM II and the payment after payment procedure in the event of intervention at the margins - Ceilings on access to the very short-term financing facility referred to in articles 8, 10 and 11 of the Agreement of 1 September 1998
Date: 1998-09-01
Institutions: European Central Bank, Non-euro area Member States: Denmark, Greece, Sweden, United Kingdom
Subjects: European Central Bank, economic convergence, exchange rate, monetary agreement, third stage of EMU

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EUROPEAN  CENTRAL  BANK

AGREEMENT

of  1  September  1998

between  the  European  Central  Bank  and  the  national  central  banks  of  the  Member  States
outside  the  euro  area  laying  down  the  operating  procedures  for  an  exchange  rate  mechanism  in
stage  three  of  Economic  and  Monetary  Union

(98/C  345/05)

THE  EUROPEAN  CENTRAL  BANK  (HEREINAFTER
REFERRED  TO  AS  THE  "ECB’)  AND  THE  NATIONAL
CENTRAL  BANKS  OF  THE  MEMBER  STATES  OUTSIDE
THE  EURO  AREA  (HEREINAFTER  REFERRED  TO  AS
THE  "NON(cid:220)EURO  AREA  NCBs’  AND  THE  "NON(cid:220)EURO
AREA  MEMBER  STATES’  RESPECTIVELY),

-(cid:217)participation  in  ERM  II  will  be  voluntary  for  the
non(cid:220)euro  area  Member  States.  Nevertheless,  Member
States  with  a  derogation  can  be  expected  to  join  the
mechanism.  A  Member  State  which  does  not
participate  from  the  outset  in  ERM  II  may  participate
at  a  later  date;

Whereas  the  European  Council  has  in  its  Resolution  of
16  June  (hereinafter  referred  to  as  the 
"Resolution’)
agreed  to  set  up  an  exchange  rate  mechanism  (here(cid:220)
inafter  referred  to  as  "ERM  II’)  when  the  third  stage  of
economic  and  monetary  union  begins  on  1  January  1999;

-(cid:217)ERM  II  will  function  without  prejudice  to  the
primary  objective  of  the  ECB  and  the  non(cid:220)euro  area
NCBs  to  maintain  price  stability;

Whereas,  under  the  terms  of  the  Resolution,

-(cid:217)ERM  II  will  replace  the  present  European  Monetary

System;

-(cid:217)a  stable  economic  environment  is  necessary  for  the
good  functioning  of  the  single  market  and  for  higher
investment,  growth  and  employment,  and  is  therefore
interest  of  all  Member  States.  The  single
in  the 
market  must  not  be  endangered  by  real  exchange  rate
misalignments  or  by  excessive  nominal  exchange  rate
fluctuations  between  the  euro  and  the  other  EU
currencies,  which  would  disrupt  trade  flows  between
Member  States.  Moreover,  under  Article  109m  of  the
Treaty  establishing  the  European  Community,  each
Member  State  has  an  obligation  to  treat  its  exchange
rate  policy  as  a  matter  of  common  interest;

-(cid:217)for  the  currency  of  each  participating  non(cid:220)euro  area
Member  State  (hereinafter  referred  to  as  "partici(cid:220)
pating  non(cid:220)euro  currency’)  a  central  rate  against  the
euro  will  be  defined;

-(cid:217)there  will  be  one  standard  fluctuation  band  of

n 15(cid:216)%  around  the  central  rates;

-(cid:217)it  should  be  ensured  that  any  adjustment  of  central
rates  is  conducted  in  a  timely  fashion  so  as  to  avoid
significant  misalignments.  Thus,  all  parties  to  the
mutual  agreement  on  the  central  rates,  including  the
ECB,  will  have  the  right  to  initiate  a  confidential
procedure  aimed  at  reconsidering  central  rates;

-(cid:217)ERM  II  will  help  to  ensure  that  non(cid:220)euro  area
Member  States  participating  in  ERM  II  (hereinafter
referred  to  as  "participating  non(cid:220)euro  area  Member
States’)  orient 
foster
convergence  and  thereby  help  them  in  their  efforts  to
adopt  the  euro;

their  policies 

stability, 

to 

-(cid:217)intervention  at  the  margins  will 

in  principle  be
short(cid:220)term
automatic  and  unlimited,  with  very 
financing  available.  However, 
the
non(cid:220)euro  area  NCBs  participating  in  ERM  II  (here(cid:220)
inafter  referred  to  as  "participating  non(cid:220)euro  area
NCBs’)  could  suspend  intervention  if  this  were  to
conflict  with  their  primary  objective  of  price  stability.
In  their  decision  they  would  take  due  account  of  all

the  ECB  and 

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relevant  factors  and  in  particular  of  the  need  to
maintain  stability  and  the  credible  functioning  of
ERM  II;

for 

-(cid:217)exchange  rate  policy  co(cid:220)operation  may  be  further
strengthened, 
closer
exchange  rate  links  between  the  euro  and  the  partici(cid:220)
pating  non(cid:220)euro  area  currencies,  where,  and  to  the
extent  that,  these  are  appropriate  in  the  light  of
progress  towards  convergence;

example  by  allowing 

Whereas 
intervention  shall  be  used  as  a  supportive
instrument  in  conjunction  with  other  policy  measures,
fiscal  policies
including  appropriate  monetary  and 
conducive  to  economic  convergence  and  exchange  rate
stability.  There  will  be  the  possibility  of  coordinated
intramarginal  intervention  decided  by  mutual  agreement
between 
the  respective  participating
non(cid:220)euro  area  NCB,  in  parallel  with  other  appropriate
policy  responses,  including  the  flexible  use  of  interest
rates,  by  the  latter;

the  ECB  and 

Whereas  sufficient  flexibility  needs  to  be  allowed,  in
particular  to  accommodate  the  varying  degrees,  paces
and  strategies  of  economic  convergence  of  the  non(cid:220)euro
area  Member  States;

Whereas  this  Agreement  shall  not  preclude  the  estab(cid:220)
lishment,  on  a  bilateral  basis,  of  additional  fluctuation
bands  and  intervention  arrangements  between  non(cid:220)euro
area  Member  States;

to  paragraphs  2.1,  2.3  and  2.4  of 

1.2.(cid:218)(cid:217)In  accordance  with  the  fluctuation  bands  fixed
pursuant 
the
Resolution,  the  ECB  and  each  participating  non(cid:220)euro
area  NCB  shall  establish,  by  common  accord, 
the
bilateral  upper  and  lower  rates  between  the  euro  and  the
participating  non(cid:220)euro  area  currencies  for  automatic
intervention.  The  ECB  and  the  participating  non(cid:220)euro
area  NCBs  shall  jointly  notify  the  market  of  these  rates,
which  shall  be  quoted  in  accordance  with  the  convention
set  forth  in  Annex  I.

II.(cid:217)INTERVENTION

Article  2

General  provisions

2.1.(cid:218)(cid:217)Intervention  shall  in  principle  be  effected  in  euro
and  the  participating  non(cid:220)euro  area  currencies.  The  ECB
and  the  participating  non(cid:220)euro  area  NCBs  shall  inform
each  other  about  all 
intervention
intended  to  safeguard  the  cohesion  of  ERM  II.

foreign  exchange 

2.2.(cid:218)(cid:217)The  ECB  and  the  non(cid:220)euro  area  NCBs  shall
inform  each  other  about  all  other  foreign  exchange  inter(cid:220)
vention.

Article  3

Intervention  at  the  margins

HAVE  AGREED  AS  FOLLOWS:

I.(cid:217)CENTRAL  RATES  AND  FLUCTUATION  BANDS

Article  1

Bilateral  central  rates  and  intervention  rates  between  the
euro  and  the  participating  non(cid:220)euro  area  currencies

1.1.(cid:218)(cid:217)The  parties  to  this  Agreement  shall  participate  in
a  joint  notification  to  the  market  of  the  bilateral  central
rates,  and  any  changes  to  them,  between  the  partici(cid:220)
pating  non(cid:220)euro  area  currencies  and  the  euro  as  agreed
following  the  common  procedure  specified  in  paragraph
2.3  of  the  Resolution.

3.1.(cid:218)(cid:217)Intervention  at  the  margins  shall  in  principle  be
automatic  and  unlimited.  However,  the  ECB  and  the
participating  non(cid:220)euro  area  NCBs 
suspend
automatic  intervention  if  this  were  to  conflict  with  their
primary  objective  of  maintaining  price  stability.

could 

3.2.(cid:218)(cid:217)In  deciding  whether  to  suspend  intervention,  the
ECB  or  a  participating  non(cid:220)euro  area  NCB  shall  also
take  due  account  of  all  other  relevant  factors,  including
the  credible  functioning  of  ERM  II.  The  ECB  and/or
the  participating  non(cid:220)euro  area  NCB  concerned  shall
base  any  decision  on  factual  evidence  and, 
in  this
context,  also  give  consideration  to  any  conclusion  which
may  have  been  reached  by  other  competent  bodies.  The
ECB  and/or 
the  participating  non(cid:220)euro  area  NCB
concerned  shall  notify,  as  long  in  advance  as  possible

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and  on  a  strictly  confidential  basis,  the  other  monetary
authorities  concerned  and  the  monetary  authorities  of  all
other  participating  non(cid:220)euro  area  Member  States  of  any
intention  to  suspend  intervention.

each  other  very  short(cid:220)term  credit  facilities.  The  initial
maturity  for  a  very  short(cid:220)term  financing  operation  shall
be  three  months.

3.3.(cid:218)(cid:217)A  payment  after  payment  procedure  shall  be
applied  in  the  event  of  intervention  at  the  margins,  as  set
forth  in  Annex  I.

Article  4

Coordinated  intramarginal  intervention

The  ECB  and  participating  non(cid:220)euro  area  NCBs  may
agree  to  co(cid:220)ordinated  intramarginal  intervention.

Article  5

Prior  agreement  for  intervention  and  other  transactions

6.2.(cid:218)(cid:217)The  financing  operations  under  these  facilities
shall  take  the  form  of  spot  sales  and  purchases  of  partici(cid:220)
pating  currencies  giving  rise  to  corresponding  claims  and
liabilities,  denominated 
the  creditor’s  currency,
in 
between  the  ECB  and  the  participating  non(cid:220)euro  area
NCBs.  The  value  date  of  the  financing  operations  shall
be  identical  to  the  value  date  of  the  intervention  in  the
market.  The  ECB  shall  keep  a  record  of  all  transactions
conducted  in  the  context  of  these  facilities.

Article  7

Financing  of  intervention  at  the  margins

5.1.(cid:218)(cid:217)Prior  agreement  of  the  central  bank  issuing  the
intervention  currency  shall  be  required  when  a  central
bank  intends  to  use  the  former’s  currency  in  amounts
exceeding  mutually  agreed  limits  in  connection  with  all
non(cid:220)compulsory 
unilateral
intramarginal  intervention,  involving  the  sale  or  purchase
of  participating  currencies.

intervention, 

including 

short(cid:220)term 

in
7.1.(cid:218)(cid:217)The  very 
principle  automatically  available  and  unlimited  in  amount
for  the  purpose  of  financing  intervention  in  participating
currencies  at  the  margins.

financing 

facility 

is 

7.2.(cid:218)(cid:217)The  debtor  central  bank  shall  make  appropriate
use  of  its  foreign  reserve  holdings  prior  to  drawing  on
the  facility.

5.2.(cid:218)(cid:217)Prior  agreement  shall  also  be  required  for  trans(cid:220)
actions  other  than  intervention  which  involve  at  least  one
participating  non(cid:220)euro  area  currency  or  the  euro  and  are
of  a  magnitude  which  makes  them  likely  to  influence  the
exchange  rate  of  the  two  currencies  concerned.  In  such
cases  the  two  respective  central  banks  shall  agree  on  an
approach  which  minimises  potential  problems,  including
the  possibility  of  settling  the  transaction  -  wholly  or  in
part  -  directly  between  the  two  central  banks.

7.3.(cid:218)(cid:217)The  ECB  and  the  participating  non(cid:220)euro  area
NCBs  could  suspend  further  automatic  financing  if  it
were  to  conflict  with  their  primary  objective  of  main(cid:220)
taining  price 
further
automatic  financing  will  be  subject  to  the  provisions  of
Article  3.2  of  this  Agreement.

suspension  of 

stability.  The 

III.(cid:217)VERY  SHORT(cid:220)TERM  FINANCING  FACILITY

Article  8

Article  6

General  provisions

Financing  of  intramarginal  intervention

6.1.(cid:218)(cid:217)For  the  purpose  of  intervention  in  euro  and  in  the
participating  non(cid:220)euro  area  currencies,  the  ECB  and
each  participating  non(cid:220)euro  area  NCB  shall  open  for

For  the  purpose  of  intramarginal  intervention,  the  very
short(cid:220)term  financing  facility  may,  with  the  agreement  of
the  central  bank  issuing  the  intervention  currency,  be
made  available  subject  to  the  following  conditions:

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(a)(cid:217)the  cumulative  amount  of  such  financing  made
available  to  the  debtor  central  bank  shall  not  exceed
the  latter’s  ceiling  as  laid  down  in  Annex  II;

Article  11

Renewal  by  mutual  agreement

(b) the  debtor  central  bank  shall  make  appropriate  use
of  its  foreign  reserve  holdings  prior  to  drawing  on
the  facility.

11.1.(cid:218)(cid:217)Any  debt  exceeding  the  ceiling  laid  down  in
Annex  II  may  be  renewed  once  for  three  months  subject
to  the  agreement  of  the  creditor  central  bank.

Article  9

Remuneration

11.2.(cid:218)(cid:217)Any  debt  already  renewed  automatically  for
three  months  may  be  renewed  a  second  time  for  a
further  three  months  subject  to  the  agreement  of  the
creditor  central  bank.

9.1.(cid:218)(cid:217)Outstanding  very  short(cid:220)term  financing  balances
shall  be  remunerated  at  the  representative  domestic
the  creditor’s
three(cid:220)month  money  market 
initial
currency  prevailing  on  the  trade  date  of  the 
financing  operation  or, 
in  the  event  of  a  renewal
pursuant  to  Articles  10  and  11  of  this  Agreement,  the
three(cid:220)month  money  market 
the  creditor’s
currency  prevailing  on  the  date  on  which  the  initial
financing  operation  to  be  renewed  falls  due.

rate  of 

rate  of 

9.2.(cid:218)(cid:217)Accrued  interest  shall  be  paid  in  the  creditor’s
curreny  on  the  date  of  the  initial  maturity  of  the  facility,
or,  if  applicable,  on  the  date  of  the  advance  liquidation
of  a  debtor  balance.  In  the  event  of  a  renewal  of  the
facility  pursuant  to  Articles  10  and  11  of  this  Agreement,
interest 
the  end  of  every
three(cid:220)month  period  and  shall  be  paid  on  the  date  of  the
final  repayment  of  the  debtor  balance.

shall  be  capitalised  at 

9.3.(cid:218)(cid:217)For  the  purpose  of  Article  9.1  of  this  Agreement,
each  participating  non(cid:220)euro  area  NCB  shall  notify  the
ECB  of  its  representative  domestic  three(cid:220)month  money
market  rate.  A  representative  domestic 
three(cid:220)month
money  market  rate  in  euro  shall  be  used  by  the  ECB  and
notified  to  the  participating  non(cid:220)euro  area  NCBs.

Article  12

Advance  repayment

Any  debtor  balance  recorded  in  accordance  with  Articles
6,  10  and  11  of  this  Agreement  may  be  settled  at  any
time  in  advance  at  the  request  of  the  debtor  central  bank.

Article  13

Netting(cid:220)out  of  mutual  claims  and  liabilities

Mutual  claims  and  liabilities  between  the  ECB  and  a
the
participating  non(cid:220)euro  area  NCB  arising 
operations  provided  for 
in  Articles  6  to  12  of  this
Agreement  may  be  netted  out  against  each  other  by
mutual  agreement  between  the  two  parties  involved.

from 

Article  14

Means  of  settlement

Article  10

Automatic  renewal

14.1.(cid:218)(cid:217)When  a  financing  operation  falls  due  or  in  the
event  of  advance  repayment,  settlement  shall  in  principle
be  carried  out  by  means  of  holdings  in  the  creditor’s
currency.

At  the  request  of  the  debtor  central  bank,  the  initial
maturity  for  a  financing  operation  may  be  extended  for  a
period  of  three  months.

14.2.(cid:218)(cid:217)This  provision  shall  be  without  prejudice  to
other  forms  of  settlement  agreed  between  creditor  and
debtor  central  banks.

However:

(a)(cid:217)the 

initial  maturity  may  only  be  automatically

extended  once  for  a  maximum  of  three  months;

(b) the  total  amount  of 

indebtedness  resulting  from
application  of  this  Article  may  at  no  time  exceed  the
debtor  central  bank’s  ceiling  as  laid  down  for  each
central  bank  in  Annex  II.

IV.(cid:217)CLOSER  EXCHANGE  RATE  COOPERATION

Article  15

Closer  exchange  rate  cooperation

15.1.(cid:218)(cid:217)The  exchange  rate  policy  cooperation  between
participating  non(cid:220)euro  area  NCBs  and  the  ECB  may  be

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further  strengthened;  in  particular,  closer  exchange  rate
links  may  be  agreed  on  a  case(cid:220)by(cid:220)case  basis  at  the
initiative  of  the  interested  participating  non(cid:220)euro  area
Member  State.

15.2.(cid:218)(cid:217)On  a  case(cid:220)by(cid:220)case  basis,  formally  agreed  fluc(cid:220)
tuation  bands  narrower  than  the  standard  one  and
backed  up  in  principle  by  automatic  intervention  and
financing  may  be  set  at  the  request  of  the  participating
non(cid:220)euro  area  Member  State  concerned,  according  to
the  procedure 
in  paragraph  2.4  of  the
Resolution.

laid  down 

types 

15.3.(cid:218)(cid:217)Other 
rate
arrangements  of  an  informal  nature  may  also  be  estab(cid:220)
lished  between  the  ECB  and  participating  non(cid:220)euro  area
NCBs.

exchange 

closer 

of 

V.(cid:217)MONITORING  THE  FUNCTION  OF  THE
SYSTEM

Article  16

Tasks  of  the  General  Council  of  the  ECB

for 

16.1.(cid:218)(cid:217)The  General  Council  of  the  ECB  shall  monitor
the  functioning  of  ERM  II  and  serve  as  the  forum  for
monetary  and  exchange  rate  policy  coordination  as  well
as 
intervention  and
financing  mechanism  specified  in  this  Agreement.  It  shall
closely  monitor,  on  a  permanent  basis,  the  sustainability
of  bilateral  exchange  rate  relations  between  each  partici(cid:220)
pating  non(cid:220)euro  area  currency  and  the  euro.

the  administration  of 

the 

17.2.(cid:218)(cid:217)In  the  event  of  formally  agreed  fluctuation
bands  narrower  than  the  standard  one,  all  parties  to  the
joint  decision  made  pursuant  to  paragraph  2.4  of  the
Resolution,  including  the  ECB,  shall  have  the  right  to
initiate  a  confidential  re(cid:220)examination  of  the  appropri(cid:220)
ateness  of  the  respective  currency’s  participation  in  the
narrower  band.

VI.(cid:217)NON(cid:220)PARTICIPATION

Article  18

Applicability

The  provisions  of  Article  1,  2.1,  3,  4,  6  to  15  and  17  of
this  Agreement  shall  not  apply  to  non(cid:220)euro  area  NCBs
which  do  not  participate  in  ERM  II.

Article  19

Cooperation  in  the  concentration

Non(cid:220)euro  area  NCBs  not  participating  in  ERM  II  shall
cooperate  with  the  ECB  and  the  participating  non(cid:220)euro
area  NCBs  in  the  concertation  and  the  other  exchanges
of  information  necessary  for  the  proper  functioning  of
ERM  II.

VII.(cid:217)FINAL  PROVISIONS

Article  20

Final  provisions

16.2.(cid:218)(cid:217)The  General  Council  of  the  ECB  shall  period(cid:220)
ically  review  the  operation  of  this  Agreement  in  the  light
of  experience  gained.

Article  17

Reconsideration  of  central  rates  and  participation
in  narrower  fluctuation  bands

17.1.(cid:218)(cid:217)All  parties  to  the  mutual  agreement  reached
pursuant  to  paragraph  2.3  of  the  Resolution,  including
the  ECB,  shall  have  the  right  to  initiate  a  confidential
procedure  aimed  at  reconsidering  central  rates.

20.1.(cid:218)(cid:217)This  Agreement  replaces,  with  effect  from  1
January  1999,  the  Agreement  of  13  March  1979,  as
amended  by  the  Instrument  of  10  June  1985  and  the
Instrument  of  10  November  1987, 
laying  down  the
operating  procedures  of  the  European  Monetary  System.

20.2.(cid:218)(cid:217)This  Agreement  shall  be  drawn  up  in  duly  signed
versions  in  English,  French  and  German.  A  certified  copy
of  the  original  in  each  language  shall  be  sent  to  each
central  bank  by  the  ECB,  which  is  required  to  retain  the
originals.  The  Agreement  shall  be  translated 
into  all
other  official  Community  languages  and  be  published  in
the  C  series  of  the  Official  Journal  of  the  European
Communities.

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ANNEX  I

QUOTATION  CONVENTION  FOR  CURRENCIES  PARTICIPATING  IN  ERM  II  AND  THE
PAYMENT  AFTER  PAYMENT  PROCEDURE  IN  THE  EVENT  OF  INTERVENTION  AT  THE
MARGINS

A.(cid:217)Quotation  convention

For  all  the  currencies  of  the  non(cid:220)euro  area  Member  States  participating  in  ERM  II,  the  exchange  rate  for
the  bilateral  central  rate  vis(cid:220){(cid:220)vis  the  euro  shall  be  quoted  using  the  euro  as  the  base  currency.  The
exchange  rate  shall  be  expressed  as  the  value  of  E1  using  six  significant  digits  for  all  currencies.

The  same  convention  shall  be  applied  for  quoting  the  upper  and  lower  intervention  rates  vis(cid:220){(cid:220)vis  the  euro
of  the  currencies  of  the  non(cid:220)euro  area  Member  States  participating  in  ERM  II.  The  intervention  rates  shall
be  determined  by  adding  or  subtracting  the  agreed  bandwidth,  expressed  as  a  percentage,  to  or  from  the
bilateral  central  rates.  The  resulting  rates  shall  be  rounded  to  six  significant  digits.

B.(cid:217)Payment  after  payment  procedure

A  payment  after  payment  procedure  shall  be  applied  by  both  the  ECB  and  the  euro  area  NCBs  in  the  event
of  intervention  at  the  margins.  The  non(cid:220)euro  area  NCBs  participating  in  ERM  II  shall  apply  the  payment
after  payment  procedure  when  acting  as  correspondents  of  the  euro  area  NCBs  and  the  ECB  in  accordance
with  this  Annex;  the  non(cid:220)euro  area  NCBs  participating  in  ERM  II  may,  at  their  discretion,  adopt  the  same
payment  after  payment  procedure  when  setting  intervention  at  the  margins  that  such  NCBs  have  carried
out  on  their  own  behalf.

(i) General  principles

-(cid:217)The  payment  after  payment  procedure  shall  be  applied  when  intervention  at  the  margins  in  ERM  II
takes  place  between  the  euro  and  the  currencies  of  the  non(cid:220)euro  area  Member  States  participating
in  ERM  II.

-(cid:217)To  be  eligible  for  intervention  at  the  margins  in  ERM  II,  counterparties  shall  be  required  to  keep
an  account  with  the  NCB  concerned.  Counterparties  shall  also  be  required  to  maintain  SWIFT
addresses  and/or  to  exchange  authenticated  telex  keys  with  the  NCB  concerned  or  with  the  ECB.
In  addition,  eligible  counterparties  may  conduct  intervention  at  the  margins  in  ERM  II  directly
with  the  ECB.

-(cid:217)The  non(cid:220)euro  area  NCBs  participating  in  ERM  II  shall  act  as  the  correspondents  of  the  euro  area

NCBs  and  the  ECB.

-(cid:217)When  intervention  at  the  margins  takes  place,  the  NCB  concerned  or  the  ECB  shall  release  its
payment  for  a  given  transaction  only  after  receiving  confirmation  from  its  correspondent  that  the
amount  due  has  been  credited  to  its  account.  Counterparties  shall  be  required  to  pay  in  due  time  so
as  to  enable  the  NCBs  and  the  ECB  to  fulfil  their  respective  payment  obligations.  Consequently,
counterparties  shall  be  required  to  pay  before  a  predefined  deadline.

(ii) Deadline  for  the  receipt  of  funds  from  counterparties

Counterparties  shall  pay  intervention  amounts  at  the  latest  by  1  p.m.  ECB  (CET)  time  on  value  date.

C  345/12

EN

Official  Journal  of  the  European  Communities

13.11.98

ANNEX  II

CEILINGS  ON  ACCESS  TO  THE  VERY  SHORT(cid:220)TERM  FINANCING  FACILITY  REFERRED  TO
IN  ARTICLES  8,  10  AND  11  OF  THE  AGREEMENT  OF  1  SEPTEMBER  1998

with  effect  from  1  January  1999

(in  millions  of  euro)

Central  banks  party  to  this  Agreement

Ceilings (˛)

Danmarks  Nationalbank

Bank  of  Greece

Sveriges  Riksbank

Bank  of  England

European  Central  Bank

520

300

990

3(cid:216)480

nil

Euro  area  NCBs

Ceilings

Nationale  Bank  van  Belgiæ/Banque  Nationale  de
Belgique

Deutsche  Bundesbank

Banco  de  Espa(cid:253)a

Banque  de  France

Central  Bank  of  Ireland

Banca  d’Italia

Banque  centrale  de  Luxembourg

De  Nederlandsche  Bank

Oesterreichische  Nationalbank

Banco  de  Portugal

Suomen  Pankki

nil

nil

nil

nil

nil

nil

nil

nil

nil

nil

nil

(˛)(cid:217)The  amounts  indicated  are  notional  for  central  banks  which  do  not  participate  in  ERM  II.