Guideline of the European Central Bank of 20 July 2000 on the implementation of Article 52 of the Statute of the European System of Central Banks and of the European Central Bank after the end of the transitional period (ECB/2000/6)
Date: 2000-07-20
Institutions: European Central Bank
Subjects: European Central Bank, central bank, euro, exchange transaction, monetary union, national currency

L 55/66

EN

Official Journal of the European Communities

24.2.2001

EUROPEAN CENTRAL BANK

GUIDELINE OF THE EUROPEAN CENTRAL BANK

of 20 July 2000

on the implementation of Article 52 of the Statute of the European System of Central Banks and of
the European Central Bank after the end of the transitional period

(ECB/2000/6)

(2001/149/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL
BANK,

(4)

Having regard to the Treaty establishing the European
Community (hereinafter referred to as the ‘Treaty’) and in
particular to Article 106(1) thereof and to Articles 12.1, 14.3
and 52 of the Statute of the European System of Central Banks
and of the European Central Bank (hereinafter referred to as the
‘Statute’),

The Governing Council of the ECB is determined to
ensure that each NCB is ready to exchange, at
the
conversion rates, any banknote issued by the NCB of
another Member State without a derogation into euro
banknotes.

(5)

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

Whereas:

HAS ADOPTED THIS GUIDELINE:

(1)

(2)

(3)

Article 52 of
the Statute empowers the Governing
Council of the European Central Bank (ECB) to take the
necessary measures to ensure that banknotes denomi-
nated in currencies with irrevocably fixed exchange rates
are exchanged by the national central banks (NCBs) at
their respective par values.

The objective of Article 52 of the Statute is to ensure a
high degree of substitutability between the national
currency units after the adoption of the conversion rates
referred to in Article 123(4) of the Treaty and between
the national currency units and the euro. To that end,
the Governing Council of the ECB is to ensure that each
the
national central bank is ready to exchange, at
conversion rates, any banknote issued by the NCB of
another Member State without a derogation into euro
banknotes.

The NCBs shall ensure that banknotes of other partici-
pating Member States can be either exchanged against
euro banknotes and coins or, according to national legis-
lation, credited to an account. National central banks
shall ensure that the exchange of banknotes of other
participating Member States against euro banknotes and
coins can be performed at par value. NCBs are obliged
to provide such service themselves or to appoint an
agent to perform this service on their behalf.

Article 1

Definitions

For the purposes of this Guideline:

— ‘NCBs’ shall mean the national central banks of Member
States that have adopted the single currency in accordance
with the Treaty,

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

— ‘banknotes of other participating Member States’ shall mean
banknotes issued by an NCB which were legal tender on 31
December 2001 that are presented to another national
central bank or to its appointed agent for exchange,

— ‘exchange of banknotes of other participating Member
States’ shall mean the exchange of banknotes issued by a
national central bank and presented to another national
central bank or to its appointed agent to be exchanged
against euro banknotes and coins or against the crediting of
funds to an account,

— ‘par value’ shall mean the value resulting from the conver-
sion rates adopted by the EU Council under Article 123(4)
of
the Treaty without any spread between buying and
selling rates.

24.2.2001

EN

Official Journal of the European Communities

L 55/67

Article 2

Obligation to exchange at par value

same bankote joined together or have been damaged by anti-
theft equipment.

1.
The NCBs shall, in at least one location in the national
territory, by themselves or through their appointed agent,
ensure that banknotes of other participating Member States can
be either exchanged against euro banknotes and coins or, upon
request, credited to an account with the institution effecting the
exchange,
legislation provides for such poss-
ibility,

in both cases at their respective par value.

if the national

2.
NCBs may limit the number and/or the total value of
banknotes of other participating Member States that they are
prepared to accept for any given transaction or on any one
day.

Article 3

Banknotes which qualify for exchange

Banknotes of other participating Member States that qualify for
exchange under this Guideline must not be badly mutilated. In
particular, they must not consist of more than two parts of the

Article 4

Final provisions

This Guideline is applicable to all banknotes of other partici-
pating Member states presented for exchange between 1
January 2002 and 31 March 2002.

This Guideline is addressed to the NCBs of participating
Member States.

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

Done at Frankfurt am Main, 20 July 2000.

On behalf of the Governing Council of the
ECB

The President

Willem F. DUISENBERG