Guideline of the European Central Bank of 16 November 2001 amending Guideline ECB/2000/1 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/2001/12)
Date: 2001-11-16
Institutions: European Central Bank
Subjects: EU law, European Central Bank, access to EU information, bank deposit, central bank, foreign-exchange reserves

28.11.2001

EN

Official Journal of the European Communities

L 310/31

EUROPEAN CENTRAL BANK

GUIDELINE OF THE EUROPEAN CENTRAL BANK

of 16 November 2001

amending Guideline ECB/2000/1 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/2001/12)

(2001/833/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL
BANK,

HAS ADOPTED THIS GUIDELINE:

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

Whereas:

(1)

(2)

Pursuant to Guideline ECB/2000/1 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 (1), as amended by Guideline ECB/2001/5 (2), each
national central bank of a participating Member State
shall carry out operations involving the foreign reserve
assets of the European Central Bank (ECB) as an agent of
the ECB.

The ECB considers that the Master Agreement for Finan-
cial Transactions sponsored by the Banking Federation
of the European Union in cooperation with the Euro-
pean Savings Banks Group and the European Associa-
tion of Cooperative Banks is an appropriate master
agreement for 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 with
counterparties organised or incorporated under the laws
of the jurisdictions of the European Union and Switzer-
land.

(3)

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

(1) OJ L 207, 17.8.2000, p. 24.
(2) OJ L 190, 12.7.2001, p. 26.

Article 1

Footnote 1 of Annex 1 to Guideline ECB/2000/1 shall be
replaced as follows:

‘The original text of this annex is drafted in the English,
French, German, Italian, Portuguese and Spanish languages
and is incorporated into master agreements drawn up in
Italian, Portuguese and
the English, French, German,
Spanish languages. The translation of this annex into other
languages is for illustrative purposes only and shall not be
legally binding.’

Article 2

Annex 3 to Guideline ECB/2000/1 shall be replaced as follows:

‘ANNEX 3

Standard agreements for collateralised and over-the-
counter derivatives operations

1. All

involving the

collateralised operations

foreign
reserve assets of the ECB comprising repurchase agree-
ments,
reverse repurchase agreements, buy/sell-back
agreements and sell/buy-back agreements are to 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 organised or
incorporated under the laws of the jurisdictions of the
European Union or under Swiss law, the FBE Master
Agreement for Financial Transactions; for counterparties
organised or incorporated under the laws of a jurisdic-
tion outside the European Union, Switzerland or the
United
“TBMA/ISMA Global Master
Repurchase Agreement, 2000 version”; and for counter-
parties organised or incorporated under US federal or
state laws,
“The Bond Market Association Master
Repurchase Agreement”.

States,

the

L 310/32

EN

Official Journal of the European Communities

28.11.2001

2. All over-the-counter derivative operations involving the
foreign reserve assets of the ECB are to 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 organised or incorporated
under French law, the “Convention-cadre relative aux opéra-
tions de marché à terme”; for counterparties organised or
incorporated under German law, the “Rahmenvertrag für
Finanztermingeschäfte”;
for counterparties organised or
incorporated under the laws of a jurisdiction outside
France, Germany or the United States, the “1992 Inter-
national Swaps and Derivatives Association Master
Agreement” (Multi-currency — cross-border, English law
version); and for counterparties organised or incor-
porated und US federal or state laws, the “1992 Inter-
national Swaps and Derivatives Association Master
Agreement” (Multi-currency — cross-border, New York
law version).’

Article 3

Final provisions

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

This Guideline shall enter into force on 23 November 2001.

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

Done at Frankfurt am Main, 16 November 2001.

On behalf of the Governing Council of the
ECB

Willem F. DUISENBERG