Guideline of the European Central Bank of  15 December 2005  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/2005/15)
Date: 2005-12-15
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, central bank, foreign-exchange reserves, management accounting

28.12.2005

EN

Official Journal of the European Union

L 345/33

EUROPEAN CENTRAL BANK

GUIDELINE OF THE EUROPEAN CENTRAL BANK

of 15 December 2005

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/2005/15)

(2005/951/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

(i)

all

over-the-counter

for
operations
involving the ECB’s foreign reserve assets with such
counterparties; and

derivatives

Having regard to the Treaty
Community, and in particular
105(2) thereof,

establishing the European
the third indent of Article

Having regard to the Statute of the European System of Central
Banks and of the European Central Bank, and in particular the
third indent of Article 3.1 and Articles 12.1, 14.3 and 30.6
thereof,

(4)

Whereas:

(1)

(2)

the

foreign reserve

Guideline ECB/2000/1 of 3 February 2000 on the
management 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) stipulates,
inter alia, what legal documentation
should be used for such operations.

assets of

Guideline ECB/2000/1 was amended on 11 March 2005
the ECB’s decision to use
to reflect
the Banking
Federation of
the European Union (Fédération Bancaire
Européenne) (FBE) Master Agreement for Financial Trans-
for collateralised and over-the-
actions (Edition 2004)
the ECB’s
counter derivatives operations
foreign reserve assets with counterparties incorporated
or organised under the laws of certain European juris-
dictions.

involving

(3)

In respect of counterparties that are incorporated or
organised under Swedish law, the ECB now considers
that
it would be appropriate to use the FBE Master
Agreement for Financial Transactions (Edition 2004):

(1) OJ L 207, 17.8.2000, p. 24. Guideline as last amended by Guideline

ECB/2005/6 (OJ L 109, 29.4.2005, p. 107).

(ii) to document deposits involving the ECB’s foreign
reserve assets with such counterparties provided
that they are eligible for deposits as well as repo
and/or FX transactions.

Guideline ECB/2000/1 should therefore be amended to
provide for the use of the FBE Master Agreement for
for over-the-
Financial Transactions
counter derivatives operations and deposits with counter-
parties that are incorporated or organised under Swedish
law and consequently to reflect the ECB’s decision no
longer to use the ECB Master Netting Agreement with
such counterparties.

(Edition 2004)

(5)

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

HAS ADOPTED THIS GUIDELINE:

Article 1

Guideline ECB/2000/1 is amended as follows:

1. Article 3(3) is replaced by the following:

‘There shall be in place with all counterparties a master
netting agreement in one of the forms attached as Annex
2 to this Guideline, except with counterparties with which
the ECB has signed an FBE Master Agreement for Financial
Transactions (Edition 2004) and which are organised or
incorporated under the laws of any of the following juris-
Finland,
dictions: Austria, Belgium, Denmark,
France,
Germany, Greece,
the Netherlands,
Italy, Luxembourg,
Portugal, Spain, Sweden, the United Kingdom (England and
Wales only) or Switzerland.’;

L 345/34

EN

Official Journal of the European Union

28.12.2005

2. the title of Annex 2a is replaced by the following:

‘Master Netting Agreement governed by English law and
drafted in the English language (for use with all counter-
parties except counterparties):

(i)

incorporated in the United States of America; or

(ii)

incorporated in France and Germany which are eligible
only for deposits; or

(iii) with which the ECB has

signed an FBE Master
Agreement
for Financial Transactions (Edition 2004)
and which are organised or incorporated under the
laws of any of
the following jurisdictions: Austria,
Belgium, Denmark, Finland, France, Germany, Greece,
the Netherlands, Portugal, Spain,
Italy, Luxembourg,
Sweden,
the United Kingdom (England and Wales
only) or Switzerland.’;

3. paragraph 2(a) of Annex 3 is replaced by the following:

‘The FBE Master Agreement
for Financial Transactions
(Edition 2004) for operations with counterparties organised
the following
or incorporated under the laws of any of
jurisdictions: Austria, Belgium, Denmark, Finland, France,
the Neth-
Germany, Greece,
erlands, Portugal, Spain, Sweden,
the United Kingdom
(England and Wales only) or Switzerland.’;

Italy, Luxembourg,

Ireland,

4. paragraph 3 of Annex 3 is replaced by the following:

‘All deposits involving the ECB’s foreign reserve assets with
counterparties which are eligible for collateralised operations
as described in paragraph 1 and/or over-the-counter deri-
vatives operations as described in paragraph 2 and which
are organised or incorporated under the laws of any of the
following jurisdictions must be documented using the FBE
Master Agreement for Financial Transactions (Edition 2004),
in such form as may be approved or amended by the ECB
from time to time: Austria, Belgium, Denmark, Finland,
the Neth-
France, Germany, Greece,
erlands, Portugal, Spain, Sweden,
the United Kingdom
(England and Wales only) or Switzerland.’

Italy, Luxembourg,

Article 2

Entry into force

This Guideline shall enter into force on 15 March 2006.

Article 3

Addressees

This Guideline is addressed to the national central banks of the
Member States that have adopted the euro in accordance with
the Treaty.

Done at Frankfurt am Main, 15 December 2005.

For the Governing Council of the ECB
The President of the ECB

Jean-Claude TRICHET