Agreement of 14 December 2007 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: 2007-12-14
Institutions: European Central Bank, Non-euro area Member States: Denmark, Greece, Sweden, United Kingdom
Subjects: Cyprus, European Central Bank, Malta, agreement (EU), central bank, exchange rate, third stage of EMU

29.12.2007

EN

Official Journal of the European Union

C 319/7

EUROPEAN CENTRAL BANK

AGREEMENT

of 14 December 2007

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 319/04)

THE EUROPEAN CENTRAL BANK (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’ RESPEC-
TIVELY),

euro will be Cyprus' currency from 1 January 2008;
whereas the Central Bank of Cyprus should no longer be
party to the ERM II Central Bank Agreement from that
date.

Whereas:

(1)

(2)

(3)

(4)

(5)

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 (EMU) began on 1 January 1999.

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.

Cyprus, as a Member State with a derogation, has partici-
pated since 2 May 2005 in ERM II; whereas the Central
Bank of Cyprus 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), amended by the Agreement of
21 December 2006 (2) (together hereinafter referred to as
the ‘ERM II Central Bank Agreement’).

Malta, as a Member State with a derogation, has partici-
pated since 2 May 2005 in ERM II; whereas the Central
Bank of Malta is party to the ERM II Central Bank Agree-
ment.

Pursuant to Article 1 of Council Decision 2007/503/EC
of 10 July 2007 in accordance with Article 122(2) of the
Treaty on the adoption by Cyprus of the single currency
on 1 January 2008 (3) the derogation in favour of Cyprus
referred to in Article 4 of the 2003 Act of Accession is
abrogated with effect from 1 January 2008; whereas the

(1) OJ C 73, 25.3.2006, p. 21.
(2) OJ C 14, 20.1.2007, p. 6
(3) OJ L 186, 18.7.2007, p. 29.

(6)

Pursuant to Article 1 of Council Decision 2007/504/EC
of 10 July 2007 in accordance with Article 122(2) of the
Treaty on the adoption by Malta of the single currency
on 1 January 2008 (4) the derogation in favour of Malta
referred to in Article 4 of the 2003 Act of Accession is
abrogated with effect from 1 January 2008; whereas the
euro will be Malta's currency from 1 January 2008;
whereas the Central Bank of Malta should no longer be
party to the ERM II Central Bank Agreement from that
date.

(7)

It is therefore necessary to amend the ERM II Central
Bank Agreement to take account of the abrogation of the
derogations in favour of Cyprus and Malta,

HAVE AGREED AS FOLLOWS:

Article 1

Amendment to the ERM II Central Bank Agreement in
view of the abrogation of a Member State's derogation

1.1 The Central Bank of Cyprus shall no longer be party to the
ERM II Central Bank Agreement from 1 January 2008.

1.2 The Central Bank of Malta shall no longer be party to the
ERM II Central Bank Agreement from 1 January 2008.

Article 2

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.

(4) OJ L 186, 18.7.2007, p. 32.

C 319/8

EN

Official Journal of the European Union

29.12.2007

Article 3

Final provisions

3.1. This Agreement amends, with effect from 1 January 2008, the ERM II Central Bank Agreement.

3.2. This Agreement shall be drawn up in the English language and duly signed by the parties. The ECB,
which shall retain the original Agreement, shall send a certified copy thereof to each euro area and
non-euro area NCB. The Agreement shall be published in the Official Journal of the European Union.

Done at Frankfurt am Main, 14 December 2007.

For the

European Central Bank

For

Българска народна банка/the Bulgarian
National Bank

For the

Magyar Nemzeti Bank

For the

Central Bank of Malta

For

Česká národní banka

For

Narodowy Bank Polski

For

For

Danmarks Nationalbank

Banca Națională a României

For

Eesti Pank

For

Národná banka Slovenska

For the

Central Bank of Cyprus

For

Latvijas Banka

For

Lietuvos bankas

For

Sveriges Riksbank

For the

Bank of England

29.12.2007

EN

Official Journal of the European Union

C 319/9

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 2008

Central banks party to this Agreement

Българска народна банка/the Bulgarian National Bank

Česká národní banka

Danmarks Nationalbank

Eesti Pank

Latvijas Banka

Lietuvos bankas

Magyar Nemzeti Bank

Narodowy Bank Polski

Banca Naţională a României

Národná banka Slovenska

Sveriges Riksbank

Bank of England

European Central Bank

(EUR million)

Ceilings (1)

510

660

700

300

330

380

640

1 700

1 000

450

940

4 390

nil

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

Euro area NCBs

Ceilings

Nationale Bank van België/Banque Nationale de Belgique

Deutsche Bundesbank

Central Bank and Financial Services Authority of Ireland

Bank of Greece

Banco de España

Banque de France

Banca d'Italia

Central Bank of Cyprus

Banque centrale du Luxembourg

Central Bank of Malta

De Nederlandsche Bank

Oesterreichische Nationalbank

Banco de Portugal

Banka Slovenije

Suomen Pankki

nil

nil

nil

nil

nil

nil

nil

nil

nil

nil

nil

nil

nil

nil

nil’