Guideline of the European Central Bank of  24 July 2006  on the exchange of banknotes after the irrevocable fixing of exchange rates in connection with the introduction of the euro  (ECB/2006/10)
Date: 2006-07-24
Institutions: European Central Bank
Subjects: European Central Bank, currency convertibility, euro, monetary integration, paper money, third stage of EMU

L 215/44

EN

Official Journal of the European Union

5.8.2006

EUROPEAN CENTRAL BANK

GUIDELINE OF THE EUROPEAN CENTRAL BANK

of 24 July 2006

on the exchange of banknotes after the irrevocable fixing of exchange rates in connection with the
introduction of the euro

(ECB/2006/10)

(2006/549/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

(4)

Having regard to the Treaty
Community, and in particular Article 106(1) thereof,

establishing the European

Having regard to the Statute of the European System of Central
Banks and of the European Central Bank, and in particular
Article 52 thereof,

Whereas:

(1)

(2)

(3)

Article 52 of the Statute requires that the Governing
Council
take the necessary measures to ensure that
banknotes denominated in currencies with irrevocably
fixed exchange rates are exchanged by the national
central banks (NCBs) of participating Member States at
their respective par values. These measures involve the
exchange of banknotes of a new participating Member
State: (a) into euro banknotes and coins; or (b) for the
crediting of funds to an account. By contrast, whenever a
new participating Member State has a transitional period,
then during that period these measures will
instead
involve the exchange of banknotes: (a) into the national
currency of that new participating Member State; or (b)
for the crediting of funds to an account.

Council Regulation (EC) No 974/98 of 3 May 1998 on
the euro (1) provides for different
the introduction of
possible cash changeover regimes for Member States
the
that adopt
States’
exchange
banknotes can take place regardless of which national
cash changeover regime is chosen.

the euro. This Guideline ensures that
new participating Member
of

Certain categories of banknotes, namely badly mutilated
banknotes and banknotes which have been marked as
part of national marking schemes
to facilitate and
protect the withdrawal of national banknotes, do not
generally
therefore
and are
excluded from exchange under this Guideline.

exchange

qualify

for

(1) OJ L 139, 11.5.1998, p. 1. Regulation as last amended by Regu-

lation (EC) No 2169/2005 (OJ L 346, 29.12.2005, p. 1).

In the event that a new participating Member State has a
transitional period, then the duration of the arrangements
under this Guideline in that Member State will be longer
as they will take this period into account, although such
a transitional period should not prolong the exchange
period for banknotes of other new participating
Member States,

HAS ADOPTED THIS GUIDELINE:

Article 1

Definitions

For the purposes of this Guideline:

— ‘participating Member State’ means a Member State that has

adopted the euro,

— ‘new participating Member State’ means a participating
in which

Member State that has adopted the euro but
euro banknotes and coins are not the only legal tender,

— ‘euro adoption date’ means the date on which the abro-
gation of a given Member State’s derogation under Article
122(2) of the Treaty enters into force,

— ‘dual circulation period’ means the period between the cash
changeover date in a given new participating Member State
and the last date on which the national currency of that new
participating Member State can be used as legal tender in
parallel with the euro,

— ‘cash changeover date’ means the date on which euro
banknotes and coins acquire the status of legal tender in a
given new participating Member State,

— ‘national currency’ means the banknotes and coins of a new
participating Member State
issued by the
competent authority in that Member State before the euro
adoption date,

that were

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Official Journal of the European Union

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— ‘banknotes of a new participating Member State’ means
banknotes
issued by the NCB of a new participating
Member State which were legal tender on the day before
the euro adoption date and which are presented to another
NCB or the latter’s appointed agent for exchange,

— ‘transitional period’ means a period of three years at the
most beginning at 00.00 hours (local time) on the euro
adoption date and ending at 00.00 hours (local time) on
the cash changeover date,

— ‘Eurosystem NCB’ means the NCB of a participating Member
State (including an NCB of a new participating Member
State),

— ‘par value’ means the value resulting from the conversion
rates adopted by the EU Council under Article 123(4) of the
Treaty, without any spread between buying and selling rates,

— ‘marking’ means the identification of banknotes with a
distinctive and specific symbol, for example holes punched
by perforators, as part of a national marking scheme to
facilitate and protect
the withdrawal of banknotes of a
new participating Member State that were issued by the
competent authority in that Member State before the euro
adoption date.

Article 2

Obligation to exchange at par value

The Eurosystem NCBs shall, at least in one location in the
1.
national territory, by themselves or through their appointed
agent, ensure that banknotes of a new participating Member
State can be either:
(i) exchanged into euro banknotes and
coins; or (ii) upon request, credited to an account held with
the institution effecting the exchange, if the national legislation
of the Member State in which the exchange is taking place
provides for this possibility. In both cases the exchange shall
be at the relevant par value.

to an amount of between EUR 500 and 2 500, with the level of
the amount varying according to national practice.

4.
The Eurosystem NCBs are responsible for the repatriation
of banknotes of a new participating Member State that they
exchange pursuant
the
Member State in which the banknotes in question were issued.

to this Guideline to the NCB of

Article 3

Banknotes which do not qualify for exchange

exchange under

Badly mutilated banknotes of a new participating Member State
shall not qualify for
In
particular, no banknote shall qualify for exchange if it consists
of more than two parts of the same banknote joined together
or has been damaged by anti-theft devices.
In addition, no
banknote shall qualify for exchange if it has been subject to
marking or has been damaged in a manner that makes it
impossible to check for the presence of marking.

this Guideline.

Article 4

Duration of arrangements under this Guideline

1.
In relation to those banknotes of a new participating
Member State that qualify for exchange, the requirements set
out in Articles 2 and 3 shall apply:

(a)

from that new participating Member State’s euro adoption
date;

(b) until all such banknotes presented for exchange before the
expiry of a period of two months after that new partici-
pating Member State’s cash changeover date, have been
exchanged.

2.
If there is a transitional period in a new participating
Member State, during that period the provisions of paragraph
1 shall apply to the NCB of that new participating Member
State, except that under subparagraph (i) the exchange shall
be into the national currency of
that Member State rather
than into euro banknotes and coins.

2.
If a given new participating Member State has a dual
circulation period that is longer than two months, then the
instead be the
period referred to in paragraph 1(b) shall
longest of the dual circulation periods of all the new partici-
pating Member States which have the same euro adoption date
as the given new participating Member State.

3.
The Eurosystem NCBs may limit the number and/or the
total value of banknotes of new participating Member States
that they are prepared to accept from any given party:

(i)

for any given transaction; or

(ii) on any one day,

3.
The duration of the arrangements under this Guideline
shall be the same for all new participating Member States that
have the same euro adoption date. This duration shall be
equivalent to the longest duration resulting from application
of paragraphs 1 and 2. The existence of a transitional period
in a given new participating Member State shall not prolong the
exchange period for banknotes of other new participating
Member States.

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Official Journal of the European Union

5.8.2006

Article 5

Entry into force

This Guideline shall enter into force on the day following its publication in the Official Journal of the European
Union.

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

Article 6

Addressees

Done at Frankfurt am Main, 24 July 2006.

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

Jean-Claude TRICHET