Guideline of the European Central Bank of 3 February 2000 on the management of the foreign reserve assets of the European Central Bank by the national central banks and the legal documentation for operations involving the foreign reserve assets of the European Central Bank (ECB/2000/1)
Date: 2000-02-03
Institutions: European Central Bank
Subjects: European Central Bank, bank deposit, central bank, documentation, foreign-exchange reserves

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EUROPEAN CENTRAL BANK

GUIDELINE OF THE EUROPEAN CENTRAL BANK

of 3 February 2000

on the management of the foreign reserve assets of the European Central Bank by the national
central banks and the legal documentation for operations involving the foreign reserve assets of
the European Central Bank

(ECB/2000/1)

(2000/516/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL
BANK,

(4)

In accordance with Articles 12.1 and 14.3 of the Statute,
ECB Guidelines form an integral part of Community law,

Having regard to the Treaty establishing the European
Community (hereinafter referred to as the Treaty) and in partic-
ular to Article 105(2), third indent, thereof and to Article 3.1,
third indent, and Articles 12.1, 14.3 and 30.6 of the Statute of
the European System of Central Banks and of the European
Central Bank (hereinafter referred to as the Statute),

Whereas:

HAS ADOPTED THIS GUIDELINE:

Article 1

Definitions

(1)

(2)

(3)

Pursuant to Article 30.1 of the Statute, the European
Central Bank (ECB) shall be provided by the national
central banks of Member States which have adopted the
single currency (NCBs) with foreign reserve assets and
shall have the full right to hold and manage the foreign
reserves that are transferred to it.

Pursuant to Articles 9.2 and 12.1 of the Statute, the ECB
may manage certain of its activities through the NCBs
and have recourse to the NCBs to carry out certain of its
operations, and the ECB considers that the NCBs should
manage the foreign reserves as agents of the ECB accord-
ingly; the ECB considers it necessary for the NCBs acting
as agents for the ECB in the management of the ECB's
foreign reserve assets to apply a code of conduct and
follow certain other procedures with the ECB's counter-
parties.

For the purposes of this Guideline:

— ‘participating Member States’ shall mean all Member States
which have adopted the single currency in accordance with
the Treaty,

— ‘NCBs’ shall mean national central banks of participating

Member States.

Article 2

Agency status of NCBs

1.
Each NCB shall carry out operations involving the foreign
reserve assets of the ECB as an agent for the ECB, and by
commencing such operations shall be deemed to acknowledge
that agency status. In relation to all operations conducted by
the NCBs on behalf of the ECB, each NCB shall disclose to all
parties the ECB's status as principal when agreeing on each
operation, both by name and by reference to an account
number or identifier.

The involvement of NCBs in the management of the
foreign reserve assets transferred to the ECB and the
transactions related to such management entail the need
to prepare documentation for operations involving the
ECB's foreign reserves.

2.
Each NCB shall, when carrying out operations involving
the foreign reserve assets of the ECB as an agent for the ECB,
subordinate its own interests, or the interests of any entity for
which it carries out operations, to the interests of the ECB.

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Each NCB shall, when asked by a counterparty of the ECB
3.
for proof of
the NCB's authority to carry out operations
involving the foreign reserve assets of the ECB as an agent for
the ECB, provide such counterparties with proof of a mandate
of agency.

Article 3

Legal documentation

1.
All operations involving the foreign reserve assets of the
ECB shall be conducted using legal documentation as required
by this Article.

2.
A document in the form attached as Annex 1 to this
Guideline shall be annexed to and form an integral part of
every standard agreement under which collateralised operations
(including without limitation repurchase agreements, reverse
repurchase agreements, buy/sell-back agreements, sell/buy-back
agreements, securities lending agreements and tripartite repo
arrangements) or over-the-counter derivatives operations
involving the foreign reserve assets of the ECB are conducted.

3.
There shall be in place with every counterparty a master
netting agreement in one of the forms attached as Annex 2 to
this Guideline.

All collateralised operations involving the foreign reserve
4.
assets of the ECB comprising repurchase agreements, reverse
repurchase agreements, buy/sell-back agreements and sell/buy-
back agreements and all over-the-counter derivatives operations
involving the foreign reserve assets of the ECB shall be docu-

mented under the standard agreements listed in Annex 3 to the
Guideline, in such forms as may be approved or amended by
the ECB from time to time.

5.
The provision of financial services involving the foreign
reserve assets of the ECB by financial intermediaries, including
without limitation banking, custodial and investment services
obtained from correspondents, custodians and depositories,
settlement organisations and central clearers for exchange-
traded derivatives, shall be documented under such specific
agreements as may be approved by the ECB from time to time.

Article 4

Final provisions

This Guideline is addressed to the national central banks of
participating Member States.

This Guideline is effective as from 3 February 2000.

This Guideline shall be published in the Official Journal of the
European Communities.

Done at Frankfurt am Main, 3 February 2000.

On behalf of the Governing Council of the
ECB

Willem F. DUISENBERG

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ANNEX 1

ECB ANNEX (1)

The provisions of this ECB Annex are to be annexed to and form an integral part of any standard agreement under which
collateralised operations (including without limitation repurchase agreements, reverse repurchase agreements, buy/sell
back agreements and sell/buy back agreements) or over-the-counter derivative operations involving the foreign reserve
assets of the ECB Guideline on the management of the foreign reserve assets of the European Central Bank by the national
central banks and the legal documentation for operations involving the foreign reserve assets of the European Central
Bank (ECB/2000/1).

1. 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.

2. 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.

3. The Counterpartty 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.

4. 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 judgement),

in every case to the fullest extent permitted by applicable law.

5. 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.

6. 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.

(1) The original text of this Annex is drafted in the English language and is incorporated into master agreements drawn up in the
English, French and German languages. The master agreements drawn up in the English language are governed by English or New
York law, the master agreements drawn up in the French language are governed by English or New York law, the master agree-
ments drawn up in the French language are governed by English or New york law, the master agreements drawn up in the French
language are governed by French law and the master agreements drawn up in the German language are governed by German law.
The translation of this Annex into other languages is for illustrative purposes only and shall not be legally binding.

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ANNEX 2

INDEX

Annex 2a

Master Netting Agreement governed by English law

(for use with Counterparties incorporated in jurisdictions other than France, Germany and the United States of America;
drafted in the English language)

Annex 2b

Master Netting Agreement governed by French law

(for use with Counterparties incorporated in France; drafted in the French language)

Annex 2c

Master Netting Agreement governed by German law

(for use with Counterparties incorporated in Germany; drafted in the German language)

Annex 2d

Master Netting Agreement governed by New York law

(for use with Counterparties incorporated in the United States of America; drafted in the English language)

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ANNEX 2a

Master Netting Agreement governed by English law

(for use with Counterparties incorporated in jurisdictions other than France, Germany and the United States of
America; drafted in the English language)

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 bussiness] 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 to 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 to 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.

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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 to 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 to 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 to 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

Title

Date

By

Title

Date

(Address
Agreement)

for

the service of notices under

this

(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

)

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Appendix 1

Netting agreements (*)

1. ISDA Master Agreement (Multicurrency-Cross Border 1992)

2. PSA-ISMA Global Master Repurchase Agreement

3. Convention-cadre AFB relative aux opérations de marché à terme

4. Convention-cadre AFB relative aux opérations de pension livrée

5. Rahmenvertrag für Finanztermingeschäfte

6. Rahmenvertrag für echte Pensionsgeschäfte

Transactions not subject to any netting agreement

Appendix 2

1. The provisions of this Appendix apply to transactions entered into between the Parties that are not effectively subject

to any other netting agreement.

2. Should:

(a) a default termination occur under any netting agreement, or

(b) an event that is defined as an event of default or other analogous event under any netting agreement occur, which
event would, assuming there were outstanding transactions under any such netting agreement, result in, or entitle
the ECB to take steps which would result in, a default termination under such netting agreement,

(any such event under (a) or (b) above is referred to in this Appendix as an ‘event of default’), then all transactions to
which this Appendix applies (but not less than all, unless any such transaction may not be so closed out under
applicable law) under which obligations have or would otherwise have fallen due by or after the date of such event of
default (the ‘close out date’) may by notice in writing from the ECB to the Counterparty be liquidated and closed-out as
described under paragraphs 3 and 4 of this Appendix, and the ECB shall, without prejudice to paragraphs 3 and 4 of
this Appendix, not be obliged to make any further payments or deliveries under any such transactions.

3. Should liquidation and close-out under paragraph 2 of this Appendix occur, the ECB shall, as soon as is reasonably
practicable, take an account of what is due from each Party to the other, including, as necessary, determining in respect
of each transaction the ECB's total gain or loss, as the case may be, resulting from the liquidation and close-out of such
transaction as at the date of such liquidation and close-out, in every case in or converted into the base currency. The
ECB shall then aggregate such gains and losses and only the balance of the account shall be payable by the
Counterparty, if the aggregate losses exceed the aggregate gains, or by the ECB, if the aggregate gains exceed the
aggregate losses.

4. In determining in respect of each transaction the ECB's total gain or loss, the ECB shall, subject to applicable law, use a
commercially reasonable method of calculation which (a)
is based on, to the extent practicable and available,
quotations from at least four leading dealers in the relevant market operating in the same financial centre, and (b) takes
into account, where applicable, the liquidation and close-out of such transaction earlier than its scheduled value date or
delivery date.

5. The Parties agree that the calculation of the net sum under paragraphs 3 and 4 of this Appendix is a reasonable

pre-stimate of losses suffered.

(*) This documentation is maintained by the ECB Legal Services and the legal departments of the national central banks.

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ANNEX 2b

Master Netting Agreement governed by French law

(for use with Counterparties incorporated in France; drafted in the French language)

CONVENTION-CADRE DE COMPENSATION

Date:

Entre:

La Banque centrale européenne, Kaiserstrasse 29, D-60311 Francfort-sur-le-Main, Allemagne (ci-après dénommée la «BCE») et

(ci-après dénommée la «contrepartie»)

1. Champ d'application de la convention

1.1 La présente convention (ci-après dénommée la «convention») a pour objet de permettre à la BCE de compenser
l'ensemble des positions existantes dans le cadre de l'ensemble des transactions en cours effectuées entre la BCE et la
contrepartie, sans distinction de l'agent ou des agents autorisés à agir pour le compte de la BCE par l'intermédiaire
duquel ou desquels les transactions génératrices de ces positions ont pu être effectuées, y compris la banque centrale
de tout État membre de l'Union européenne ayant adopté l'euro comme monnaie nationale, et sans distinction de
l'établissement (y compris le siège social et l'ensemble des succursales) de la contrepartie impliqué dans ces
transactions, et après prise en considération de l'incidence de toutes les dispositions existantes relatives à la
compensation qui figurent dans la convention-cadre ou dans les autres conventions conclues entre la BCE et la
contrepartie et/ou des dispositions de la législation applicable ayant un effet similaire et susceptibles de s'appliquer à
certaines de ces transactions.

1.2 Dans la présente convention, on entend par «convention de compensation» toute convention en vigueur entre les
parties (y compris, sans restriction, la présente convention et les conventions de l'espèce énumérées dans l'additif 1 de
la présente convention), y compris les modifications et les avenants aux textes susceptibles d'être convenus, s'il y a
lieu, entre la BCE et la contrepartie (ci-après dénommées les «parties»), qui comporte des dispositions prévoyant, lors
de la survenance d'un cas de défaillance tel que défini dans le cadre de cette convention, une possibilité de résiliation,
d'exigibilité anticipées ou de «close out» des transactions ou des obligations afférentes aux transactions ou de tout
événement analogue (une «résiliation pour défaillance»), les obligations respectives des parties dans le cadre de cette
convention pouvant dès lors être regroupées, globalisées ou compensées réciproquement de manière à donner lieu à
un solde net unique payable par l'une des parties à l'autre.

2. Dispositions d'ordre général

2.1 L'ensemble des transactions de toute nature (ci-après dénommées «transactions») conclues entre les parties à tout
moment après la date de la présente convention sera régi par la présente convention, sauf si les parties en décident
spécifiquement autrement.

2.2 Les parties reconnaissent que les termes de la présente convention, l'ensemble des transactions régies par elle, toutes
les modifications apportées aux termes de ces transactions et le solde net unique payable dans le cadre de toute
convention de compensation constituent une relation et un accord professionnels et contractuels uniques.

2.3 La contrepartie a conclu cette convention en son nom propre; elle déclare et atteste qu'elle a conclu et conclura toutes

les transactions en son nom propre.

2.4 La présente convention complète les conventions antérieures de compensation conclues antérieurement entre les
parties; toutes les autres conventions de l'espèce et transactions qui seront conclues ultérieurement entre les parties
compléteront la présente convention.

3. Devise de référence

La devise de référence utilisée dans le cadre de cette convention sera le dollar des États-Unis ou, au choix de la BCE,
une autre devise. Dans les cas où il sera nécessaire, conformément aux termes de la présente convention, de convertir
les montants dans la devise de référence, la conversion s'effectuera au taux de référence quotidien publié par la BCE
pour la devise à convertir dans la devise de référence ou, à défaut de ce taux de référence, au taux de change auquel la
BCE peut acheter ou vendre, selon le cas, ces montants avec ou contre la devise de référence ce même jour, selon les
conditions définies par la BCE.

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4. Clause de défaillance croisée

Lors de la survenance d'une résiliation pour défaillance dans le cadre d'une convention de compensation (y compris
dans le cadre de l'additif 2 de la présente convention), la BCE sera habilitée à prononcer, par notification écrite à la
contrepartie, la résiliation pour défaillance de chacune des autres conventions de compensation pour lesquelles il n'y a
pas eu résilitation pour défaillance dans les conditions prévues par les dispositions précitées.

5. Compensation globale

5.1 Lors de la survenance d'une résiliation pour défaillance, la BCE comptabilisera dans les meilleurs délais les montants
dus par chacune des parties à l'autre au titre de chaque convention de compensation (y compris dans le cadre de
l'additif 2 de la présente convention) pour laquelle est intervenue une résiliation pour défaillance et globalisera les
sommes dues par chaque partie à l'autre au titre de ces conventions de compensation (y compris dans le cadre de
l'additif 2 de la présente convention) libellées ou converties dans tous les cas dans la devise de référence, seul le solde
net étant payable par la partie débitrice du montant brut le plus élevé.

5.2 La clause 5.1 restera en vigueur dans la mesure du possible nonobstant le caractère inapplicable, en vertu de la loi en
vigueur, de toute disposition pouvant être contenues dans une convention de compensation (y compris dans le cadre
de l'additif 2 de la présente convention).

6. Notifications et autres communications

L'ensemble des notifications, instructions et autres communications à donner dans le cadre de la présente convention
ne prendront effet qu'à la date de leur réception et seront adressées par écrit (y compris par les moyens électroniques).

7. Gestion séparée

Chacune des dispositions de la présente convention (y compris, sans restriction, l'additif 2 de ladite convention) sera
traitée isolément des autres dispositions et sera applicable nonobstant le caractère inapplicable de ces autres
dispositions.

8.

Incessibilité

Les droits et les obligations de la contrepartie dans le cadre de la présente convention ne peuvent être cédés,
transférés ou autrement négociés par la contrepartie.

9. Loi applicable, attribution de compétences

9.1 La présente convention sera soumise au droit français et interprétée selon ledit droit.

9.2 Dans l'intérêt de la BCE, la contrepartie soumet irrévocablement par la présente convention tous les cas afférents à
celle-ci ou s'y rapportant à la compétence de la juridiction du tribunal
(Landgericht) de Francfort-sur-le-Main,
Allemagne. Aucune disposition de cette clause 9 ne limitera le droit de la BCE d'entamer une procédure judiciaire
devant les tribunaux compétents d'un autre pays.

Banque centrale européenne

Contrepartie

Par

En qualité de

Date

Par

En qualité de

Date

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Additif 1

Conventions de compensation

1. Convention-cadre AFB relative aux opérations de marché à terme

2. Convention-cadre AFB relative aux opérations de pension livrée

3. ISDA Master Agreement (Multicurrency-Cross Border 1992)

4. PSA-ISMA Global Master Repurchase Agreement

5. The Bond Market Association Master Repurchase Agreement

6. Rahmenvertrag für Finanztermingeschäfte

7. Rahmenvertrag für echte Pensionsgeschäfte

Transactions non soumises à une convention de compensation

Additif 2

1. Les dispositions du présent additif s'appliquent aux transactions conclues entre les parties qui ne sont pas effectivement

soumises à une autre convention de compensation.

2. Lors de la survenance:

(a) d'une résiliation pour défaillance dans le cadre d'une convention de compensation ou

(b) d'un événement défini comme étant un cas de défaillance ou un événement analogue dans le cadre d'une
quelconque convention de compensation, lequel événement, dans l'hypothèse où des transactions seraient en cours
au titre de cette convention de compensation, amènerait ou habiliterait la BCE à prendre des mesures qui
entraîneraient une résiliation pour défaillance dans le cadre de ladite convention,

[les événements prévus aux points a) ou b) étant dénommés dans le présent additif «cas de défaillance»],

l'ensemble des transactions concernées par le présent additif (sans exception, sauf dans le cas où une transaction ne
peut faire l'objet d'une résiliation dans ces conditions aux termes de la loi applicable) dans le cadre desquelles les
obligations sont ou seraient arrivées à échéance à la date ou après la date de survenance de ce cas de défaillance (la
«date de résiliation») pourront être résiliées par notification écrite de la BCE à la contrepartie dans les conditions
prévues aux points 3 et 4 du présent additif et la BCE ne sera pas tenue d'effectuer, sans préjudice des points 3 et 4 du
présent additif, d'effectuer d'autres paiements ou livraisons au titre de ces transactions.

3. En cas de résiliation selon les termes du point 2 du présent additif, la BCE comptabilisera dans les meilleurs délais les
sommes dues par chacune des parties à l'autre, notamment, le cas échéant, en déterminant pour chaque transaction la
perte ou le gain total de la BCE résultant de la résiliation de ladite transaction à la date de résiliation, le montant étant
dans tous les cas libellé ou converti dans la devise de référence. La BCE globalisera ensuite ces gains et pertes et seul le
solde net sera payable par la contrepartie si le total des pertes excède celui des gains, ou par la BCE si le total des gains
excède celui des pertes.

4. Pour déterminer, dans le cadre de chaque transaction, le montant total du gain ou de la perte de la BCE, celle-ci
utilisera, sous réserve de la législation applicable, une méthode de calcul commercialement raisonnable: a) fondée, dans
la mesure du possible, sur les cotations fournies par au moins quatre intervenants de premier rang du marché
considéré et opérant dans le même centre financier et b) prenant en compte, le cas échéant, la résiliation de la
transaction intervenue antérieurement à la date de valeur ou de livraison prévue.

5. Les parties conviennent que le calcul de la somme nette aux termes des points 3 et 4 du présent additif constitue une

estimation raisonnable des pertes encourues.

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ANNEX 2c

Master Netting Agreement governed by German law

(for use with Counterparties incorporated in Germany; drafted in the German language)

EZB-AUFRECHNUNGSVERTRAG

(„MASTER NETTING AGREEMENT“)

vom:

zwischen

der Europäischen Zentralbank, Kaiserstraße 29, D-60311 Frankfurt am Main, Deutschland (im nachfolgenden „EZB“) und

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(im nachfolgenden „Vertragspartner“)

1. Anwendungsbereich dieses Vertrags

1.1. Der Zweck dieses Vertrages (im Folgenden: „Vertrag“) besteht darin, die Verrechnung aller bestehenden Positionen
aus allen offenen Geschäften zwischen der EZB und dem Vertragspartner zu ermöglichen. Der Vertrag schließt
Geschäfte ein, die die EZB über Stellvertreter (z. B. Teilnehmerzentralbanken) abschließt. Er umfasst auch ferner alle
diejenigen Geschäfte, die über die Hauptverwaltung oder eine unselbständige Zweigniederlassung des Vertragspart-
ners mit der EZB abgeschlossen werden. Der Vertrag berücksichtigt
ferner alle sonst zwischen den Parteien
bestehenden Rahmenverträge oder sonstigen Vereinbarungen, die Aufrechnungsklauseln enthalten, sowie zwingende
gesetzliche Vorschriften mit ähnlichen Wirkungen.

1.2. Unter einem Aufrechnungsvertrag (Netting Agreement) im Sinne dieses Vertrags (im Folgenden: „Aufrechnungsver-
trag“) sind alle die zwischen den Parteien getroffenen (einschließlich dieses Vertrags sowie der im Anhang 1 zum
Vertrag aufgeführten) Vereinbarungen in ihrer jeweiligen Fassung zu verstehen, die Klauseln enthalten, wonach im
Fall eines wichtigen Grundes (event of default) insbesondere eine vorzeitige Beendigung eintritt oder eine Kündigung
ausgesprochen werden kann (im folgenden: „Beendigung oder Kündigung aus wichtigem Grund“); ferner muss dort
vereinbart sein, dass infolge einer Beendigung oder Kündigung Geschäfte oder Verpflichtungen fällig bzw.
in
verrechenbare, fällige Forderungen umgewandelt werden, die anschließend zusammengefasst, ver- oder aufgerechnet
werden mit der Folge, dass lediglich ein einziger Nettosaldo durch eine der beiden Parteien geschuldet wird.

2. Allgemeines

2.1. Für alle Geschäfte, die die Parteien nach Unterzeichnung dieses Vertrags tätigen (im Folgenden „Einzelabschlüsse“),
gelten die nachfolgenden Bestimmungen, sofern die Parteien im Einzelabschluss nichts Abweichendes vereinbaren.

2.2. Die Parteien sind sich darüber einig, dass dieser Vertrag in seiner jeweiligen Fassung, alle Einzelabschlüsse, die von
diesem Vertrag erfasst werden, und die aus Aufrechnungsverträgen resultierenden Nettosalden ein einheitliches
Vertragsverhältnis bilden.

2.3. Die Vertragsparteien sichern zu, dass sie den Vertrag in eigenem Namen abgeschlossen haben und alle Einzelabs-

chlüsse ebenfalls in eigenem Namen tätigen werden.

3. Vertragswährung („base currency“)

Vertragswährung ist der US-Dollar oder jede andere Währung, die die Parteien vereinbaren. Die Umrechnung von auf
andere Währungen lautenden Beträgen in die Vertragswährung erfolgt jeweils zum täglichen Referenzkurs, den die
EZB für die umzurechnende Währung veröffentlicht oder, hilfsweise, zum jeweiligen Marktkurs, zu dem die EZB an
diesem Geschäftstag den umzurechnenden Währungsbetrag gegen die Vertragswährung kaufen oder verkaufen kann.

4. Vertragsübergreifendes Kündigungs- oder Beendigungsrecht aus wichtigem Grund

Sofern die EZB ein Kündigungs- oder Beendigungsrecht aus wichtigem Grund im Rahmen eines Aufrechnungsver-
trags (sowie auch gemäß Anhang 2 zu diesem Vertrag) hat, erstreckt sich dieses Recht auch auf jeden anderen
Aufrechnungsvertrag, auch wenn nach den dortigen Vereinbarungen ein vergleichbarer Kündigungs- oder Beendi-
gungsgrund noch nicht gegeben ist.

5. Allumfassende Aufrechnugsvereinbarung („global netting“)

5.1. Sollte eine Beendigung oder Kündigung aus wichtigem Grund stattfinden, wird die EZB unverzüglich die aus den
jeweiligen Aufrechnungsverträgen (sowie auch aus Anhang 2 zu diesem Vertrag) resultierenden Nettosalden
errechnen und diese, nach Umrechnung in die Vertragswährung, zu einer einzigen Forderung oder Verbindlichkeit
zusammenfassen mit der Folge, dass nurmehr dieser Betrag zwischen den Parteien geschuldet wird.

5.2. Z. 5.1 gilt ungeachtet dessen, dass Klauseln in Aufrechnungsverträgen (einschließlich Anhang 2 zu diesem Vertrag)

nach dem jeweils anwendbaren Recht nicht wirksam bzw. nichtig sind.

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6.

Erklärungen und andere Mitteilungen

Alle Erklärungen, Weisungen und andere Mitteilungen im Rahmen dieses Vertrags sind nur dann wirksam, wenn sie
in Schriftform oder in elektronischer Form übermittelt werden und der Gegenseite auch zugegangen sind.

7.

Teilbarkeit

Sollte eine Bestimmung dieses Vertrags (einschließlich des Anhangs 2) ganz oder teilweise unwirksam sein oder
werden, bleiben die übrigen Bestimmungen wirksam. An Stelle der unwirksamen Bestimmungen tritt eine wirksame
Regelung, die dem wirtschaftlichen Zweck mit der unwirksamen Bestimmung soweit wie möglich Rechnung trägt.

8. Abtretungsverbot

Die Rechte und Pflichten aus dem Vertrag darf der Vertragspartner weder abtreten noch in sonstiger Weise hierüber
verfügen.

9. Anwendbares Recht und Gerichtsstand

9.1. Dieser Vertrag unterliegt dem Recht der Bundesrepublik Deutschland.

9.2. Nicht ausschließlicher Gerichtsstand ist Frankfurt am Main.

Europäische Zentralbank

Vertragspartner

Name

Titel

Ort, Datum

Name

Titel

Ort, Datum

L 207/36

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Anlage 1

Liste der Aufrechnungsverträge

1. Rahmenvertrag für Finanztermingeschäfte

2. Rahmenvertrag für echte Pensionsgeschäfte

3. ISDA Master Agreement (Multicurrency-Cross Border 1992)

4. The Bond Market Association Master Repurchase Agreement

5. PSA-ISMA Global Master Repurchase Agreement

6. Convention-cadre AFB relative aux opérations de marché à terme

7. Convention-cadre AFB relative aux opérations de pension livrée

Anlage 2

Geschäfte, die keinem Aufrechnungsvertrag unterliegen:

1. Vorschriften dieses Anhangs finden Anwendung auf solche Einzelabschlüsse zwischen den Parteien, die von keinem

anderen Aufrechnungsvertrag erfasst werden.

2. Sofern

(a) eine Beendigung oder Kündigung aus wichtigem Grund nach Maßgabe eines Aufrechnungsvertrags eintritt oder

(b) ein Beendigungs- oder Kündigungsgrund nach Maßgabe eines Aufrechnungsvertrags vorliegt, der zur Beendigung
führen oder zur Kündigung durch die EZB berechtigen würde, sofern Einzelabschlüsse im Rahmen dieses Aufrech-
nungsvertrags getätigt worden wären, (im Folgenden: „beendigendes Ereignis im Sinne dieses Anhangs“)

und die EZB eine Kündigung im Hinblick auf diesen Anhang ausgesprochen hat, dann können alle unter diesen
Anhang fallenden Einzelabschlüsse gemäß den Punkten 3 und 4 dieses Anhangs durch eine schriftliche Mitteilung der
EZB an den Vertragspartner beendigt und abgerechnet werden, sofern diese Einzelabschlüsse Verpflichtungen
enthalten, die im Zeitpunkt des Wirksamwerdens der Beendigung oder Kündigung noch nicht fällig sind. Die
Hauptpflichten aus diesen Einzelgeschäften erlöschen, vorbehaltlich der nachfolgenden Punkte 3 und 4 dieses Anhangs.

3. Sollte eine Beendigung oder Kündigung gemäß Punkt 2 dieses Anhangs eintreten, wird die EZB unverzüglich die
beiderseitigen Ansprüche ermitteln und hierbei, sofern erforderlich, den aus jedem Einzelabschluss für die EZB
resultierenden Gewinn oder Verlust ermitteln, der sich aus der vorzeitigen Kündigung oder Beendigung an dem Tag
ergibt, an dem die Kündigung oder Beendigung wirksam wird; sie wird ferner diese Positionen gegebenenfalls in die
Vertragswährung umrechnen. Die EZB fasst dann diese Forderungen und Verbindlichkeiten zu einer einzigen
Forderung oder Verbindlichkeit zusammen mit der Folge, dass nurmehr dieser Betrag zwischen den Parteien geschuldet
wird.

4. Zur Ermittlung der Gewinne und Verluste der EZB aus den jeweiligen Einzelabschlüssen wird die EZB, vorbehaltlich
des anwendbaren Rechtes, eine für beide Seiten angemessene Berechnungsmethode verwenden, die a), soweit möglich
und vorhanden, auf den von mindestens vier bedeutenden Marktteilnehmern an dem maßgeblichen Finanzplatz
gestellten Kursen oder Preisen beruht und b) hierbei in Rechnung stellt, dass die Beendigung oder Kündigung des
jeweiligen Einzelabschlusses vorzeitig stattgefunden hat.

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Official Journal of the European Communities

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ANNEX 2d

Master Netting Agreement governed by New York law

(for use with Counterparties incorporated in the United States of America; drafted in the English language)

MASTER NETTING AGREEMENT

Dated as of:

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 bussiness] is at [address] (hereinafter referred to as the Counterparty)

1.

1.1.

1.2.

2.

2.1.

2.2.

2.3.

2.4.

Scope of agreement

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.

In this Agreement, a ‘netting agreement’ means any agreeement for the time being in effect between the
Parties (and including, without limitation, this Agreement and agreements of the kind listed in Appendix 1 to
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 netted against each other so as to produce a single net balance
payable by one Party to the other.

General

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

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.

Each party represents and warrants to the other that it is a financial institution for purposes of the US
Deposit Insurance Corporation Improvement Act of 1991 (hereinafter referred to as FIDICIA), and the parties
agree that this Agreement shall be a netting contract, as defined in FDICIA, and that each receipt or payment
obligation under the Agreement shall be a covered contractual payment entitlement or covered contractual
payment obligation respectively, as defined in and subject to FDICIA.

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.

[2.5.

The Counterparty represents and warrants to, and convenants and agrees with the ECB, that:

(a) it has the power to execute and deliver this Agreement and any other documentation relating to this
Agreement to which it is a party and that it is required to deliver; it has the power to perform its
obligations under this Agreement and any obligations under any netting agreement to which it is a party;
it has taken all necessary action to authorise such execution, deliery and performance,
including
authorisations required under the US Federal Deposit Insurance Act, as amended, including amendments
effected by the US Federal Institutions Reform, Recovery and Enforcement Act of 1989, and under any
agreement, writ, decree or order entered into with a party's supervisory authorities; and

(b) at all times during the term of this Agreement, it will continuously include and maintain as part of its
official written books and records this Agreement, the netting agreements and evidence of all necesary
authorisations] (1).

[2.5.] [2.6.] 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.

(1) Representation to be used where the Counterparty is a US depository institution.

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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 to 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
occured in accordance with the provisions thereof.

Global netting

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 occured and aggregate the sums due from each party
to the other under such netting agreements (including under Appendix 2 to 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.

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 to this
Agreement).

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).

Severability

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

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.

Governing law and jurisdiction

This Agreement shall be governed by and construed in accordance with the laws of the State of New York,
United States of America.

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.

5.

5.1.

5.2.

6.

7.

8.

9.

9.1.

9.2.

European Central Bank

[Name of Counterparty] (2)

By

Title

Date

By

Title

Date

[Address for the service of notices under this Agree-
ment]

(2) In the case of US depository institution counterparties, to be executed by a bank officer at the level of Vice President or higher.

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Official Journal of the European Communities

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Appendix 1

Netting agreements

1. ISDA Master Agreement (Multicurrency-Cross Border 1992)

2. The Bond Market Association Master Repurchase Agreement

3. PSA-ISMA Global Master Repurchase Agreement

4. Convention-cadre AFB relative aux opérations de marché à terme

5. Convention-cadre AFB relative aux opérations de pension livrée

6. Rahmenvertrag für Finanztermingeschäfte

7. Rahmenvertrag für echte Pensionsgeschäfte

Transactions not subject to any netting agreement

Appendix 2

1. The provisions of this Appendix apply to transactions entered into between the Parties that are not effectively subject

to any other netting agreement.

2. Should:

(a) a default termination occur under any netting agreement, or

(b) an event that is defined as an event of default or other analogous event under any netting agreement occur, which
event would, assuming there were outstanding transactions under any such netting agreement, result in, or entitle
the ECB to take steps which would result in, a default termination under such netting agreement,

(any such event under (a) or (b) above is referred to in this Appendix as an ‘event of default’), then all transactions to
which this Appendix applies (but not less than all, unless any such transaction may not be so closed out under
applicable law) under which obligations have or would otherwise have fallen due by or after the date of such event of
default (the ‘close out date’) may by notice in writing from the ECB to the Counterparty be liquidated and closed-out as
described under paragraphs 3 and 4 of this Appendix, and the ECB shall, without prejudice to paragraphs 3 and 4 of
this Appendix, not be obliged to make any further payments or deliveries under any such transactions.

3. Should liquidation and close-out under paragraph 2 of this Appendix occur, the ECB shall, as soon as is reasonably
practicable, take an account of what is due from each Party to the other, including, as necessary, determining in respect
of each transaction the ECB's total gain or loss, as the case may be, resulting from the liquidation and close-out of such
transaction as at the date of such liquidation and close-out, in every case in or converted into the base currency. The
ECB shall then aggregate such gains and losses and only the balance of the account shall be payable by the
Counterparty, if the aggregate losses exceed the aggregate gains, or by the ECB, if the aggregate gains exceed the
aggregate losses.

4. In determining in respect of each transaction the ECB's total gain or loss, the ECB shall, subject to applicable law, use a
commercially reasonable method of calculation which (a)
is based on, to the extent practicable and available,
quotations from at least four leading dealers in the relevant market operating in the same financial centre, and (b) takes
into account, where applicable, the liquidation and close-out of such transaction earlier than its scheduled value date or
delivery date.

5. The Parties agree that the calculation of the net sum under paragraphs 3 and 4 of this Appendix is a reasonable

pre-estimate of losses suffered.

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Official Journal of the European Communities

17.8.2000

ANNEX 3

STANDARD AGREEMENTS

FOR COLLATERALISED AND OVER-THE-COUNTER DERIVATIVES

OPERATIONS

1. All collateralised operations involving the foreign reserve assets of the ECB comprising repurchase agreements, reverse
repurchase agreements, buy/sell-back agreements and sell/buy-back agreements shall be documented under the
following standard agreements, in such form as may be approved or amended by the ECB from time to time: for
Counterparties located in France, the ‘Convention-cadre AFB relative aux opérations de pension livrée’; for Counterpar-
ties located in Germany, the ‘Rahmenvertrag für echte Pensionsgeschäfte’; for Counterparties located outside France
and Germany and not incorporated in the United States, the ‘PSA/ISMA Global Master Repurchase Agreement’; and for
Counterparties incorporated in the United States of America,
‘The Bond Market Association Master Repurchase
Agreement’.

2. All over-the-counter derivative operations involving the foreign reserve assets of the ECB shall be documented under
the following standard agreements, in such form as may be approved or amended by the ECB from time to time: for
Counterparties located in France, the ‘Convention-cadre AFB relative aux opérations de marché à terme’; for Counter-
parties located in Germany, the ‘Rahmenvertrag für echte Finanztermingeschäfte’; for Counterparties located outside
France and Germany and not incorporated in the United States, the ‘1992 International Swaps and Derivatives
Association Master Agreement’ (Multicurrency — cross-border, English law version); and for Counterparties incor-
porated in the United States of America, the ‘1992 International Swaps and Derivatives Association Master Agreement’
(Multicurrency — cross-border, New York law version).