Agreement of 21 December 2006 between the European Central Bank and the national central banks of the Member States outside the euro area amending the Agreement of 16 March 2006 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of economic and monetary union
Date: 2006-12-21
Institutions: European Central Bank, Non-euro area Member States: Denmark, Greece, Sweden, United Kingdom
Subjects: Bulgaria, European Central Bank, Romania, Slovenia, agreement (EU), central bank, exchange rate, third stage of EMU

C 14/6

EN

Official Journal of the European Union

20.1.2007

EUROPEAN CENTRAL BANK

AGREEMENT

of 21 December 2006

between the European Central Bank and the national central banks of the Member States outside
the euro area amending the Agreement of 16 March 2006 between the European Central Bank and
the national central banks of the Member States outside the euro area laying down the operating
procedures for an exchange rate mechanism in stage three of economic and monetary union

(2007/C 14/03)

THE EUROPEAN CENTRAL BANK (HEREINAFTER REFERRED TO AS
THE ‘ECB’) AND THE NATIONAL CENTRAL BANKS OF THE MEMBER
STATES OUTSIDE THE EURO AREA (HEREINAFTER REFERRED TO AS
THE ‘NON-EURO AREA NCBs’ AND THE ‘NON-EURO AREA MEMBER
STATES’ RESPECTIVELY),

Whereas:

from that date and the ERM II Central Bank Agreement
should be amended accordingly.

(5)

In view of the accession of Romania and Bulgaria to the
European Union, their respective national central banks
(NCBs) become part of the European System of Central
Banks on 1 January 2007. The ERM II Central Bank
Agreement should be amended accordingly,

(1)

(2)

(3)

(4)

The European Council in its Resolution of 16 June 1997
(hereinafter referred to as the 'Resolution') agreed to set
up an exchange rate mechanism (hereinafter referred to
as 'ERM II') when the third stage of economic and mone-
tary union began on 1 January 1999.

HAVE AGREED AS FOLLOWS:

Under the terms of the Resolution, ERM II is designed to
help to ensure that non-euro area Member States partici-
pating in ERM II orient their policies to stability, foster
convergence and thereby help them in their efforts to
adopt the euro.

Slovenia, as a Member State with a derogation, has parti-
cipated in ERM II since 28 June 2004 and Banka Slove-
nije is party to the Agreement of 16 March 2006
between the European Central Bank and the national
central banks of the Member States outside the euro area
laying down the operating procedures for an exchange
rate mechanism in stage three of economic and monetary
union (1) (hereinafter referred to as the 'ERM II Central
Bank Agreement').

Pursuant to Article 1 of Council Decision 2006/495/EC
of 11 July 2006 in accordance with Article 122(2) of the
Treaty on the adoption by Slovenia of the single currency
on 1 January 2007 (2),
the derogation in favour of
Slovenia referred to in Article 4 of the 2003 Act of
Accession (3)
is abrogated with effect from 1 January
2007. Banka Slovenije should therefore no longer be
party to the ERM II Central Bank Agreement with effect

(1) OJ C 73, 25.3.2006, p. 21.
(2) OJ L 195, 15.7.2006, p. 25.
(3) OJ L 236, 23.9.2003, p. 33.

Article 1

Amendment to the ERM II Central Bank Agreement in
view of the abrogation of Slovenia's derogation

Banka Slovenije shall no longer be party to the ERM II Central
Bank Agreement with effect from 1 January 2007.

Article 2

Amendments to the ERM II Central Bank Agreement in
view of the accession of Romania and Bulgaria

The Bulgarian National Bank and Banca Naţională a României
shall become parties to the ERM II Central Bank Agreement
with effect from 1 January 2007.

Article 3

Replacement of Annex II to the ERM II Central Bank
Agreement

Annex II to the ERM II Central Bank Agreement is replaced by
the text set out in the Annex to this Agreement.

20.1.2007

EN

Official Journal of the European Union

C 14/7

Article 4

Final provisions

4.1 This Agreement shall enter into force on 1 January 2007.

4.2 This Agreement shall be drawn up in the English and duly signed by the parties. The ECB, which is
required to retain the original Agreement, shall send a certified copy thereof to each euro area and
non-euro area NCB. The Agreement shall be translated into all other official Community languages and
be published in the C series of the Official Journal of the European Union.

Done at Frankfurt am Main, 21 December 2006.

For the
European Central Bank

For the
Magyar Nemzeti Bank

For the
Bulgarian National Bank

For the
Central Bank of Malta

For
Česká národní banka

For
Narodowy Bank Polski

For
Danmarks Nationalbank

For
Banca Naţională a României

For
Eesti Pank

For
Banka Slovenije

For the
Central Bank of Cyprus

For
Národná banka Slovenska

For
Latvijas Banka

For
Lietuvos bankas

For
Sveriges Riksbank

For the
Bank of England

C 14/8

EN

Official Journal of the European Union

20.1.2007

ANNEX

‘ANNEX II

CEILINGS ON ACCESS TO THE VERY SHORT-TERM FINANCING FACILITY REFERRED TO IN ARTICLES 8,
10 AND 11 OF THE CENTRAL BANK AGREEMENT

with effect from 1 January 2007

(EUR million)

Central banks party to this Agreement

Ceilings (1)

Bulgarian National Bank

Ceská národní banka

Danmarks Nationalbank

Eesti Pank

Central Bank of Cyprus

Latvijas Banka

Lietuvos bankas

Magyar Nemzeti Bank

Central Bank of Malta

Narodowy Bank Polski

Banca Naţională a României

Národná banka Slovenska

Sveriges Riksbank

Bank of England

European Central Bank

(1) The amounts indicated are notional for central banks which do not participate in ERM II.

Euro area NCBs

Nationale Bank van België/Banque Nationale de Belgique

Deutsche Bundesbank

Bank of Greece

Banco de España

Banque de France

Central Bank and Financial Services Authority of Ireland

Banca d'Italia

Banque centrale du Luxembourg

De Nederlandsche Bank

Oesterreichische Nationalbank

Banco de Portugal

Banka Slovenije

Suomen Pankki

490

640

670

300

280

330

370

620

270

1 610

950

440

900

4 130

nil

Ceilings

nil

nil

nil

nil

nil

nil

nil

nil

nil

nil

nil

nil

nil’