Guideline of the European Central Bank of 20 June 2008 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 such assets (recast) (ECB/2008/5)
Date: 2008-06-20
Institutions: European Central Bank
Subjects: European Central Bank, bank deposit, central bank, documentation, foreign-exchange reserves, management accounting

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Official Journal of the European Union

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GUIDELINES

EUROPEAN CENTRAL BANK

GUIDELINE OF THE EUROPEAN CENTRAL BANK

of 20 June 2008

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 such assets (recast)

(ECB/2008/5)

(2008/596/EC)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

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

establishing the European
third indent of
to the

(4)

Having regard to the third indent of Article 3.1 and Articles
12.1 and 30.6 of the Statute of the European System of Central
Banks and of the European Central Bank (hereinafter the ESCB
Statute),

ECB and

the
management
operations involving the ECB’s foreign reserves.

transactions
specific

the
require

relating

documentation

to such
for

the

foreign reserve

Guideline ECB/2006/28 of 21 December 2006 on the
management of
the
European Central Bank by the national central banks
and the legal documentation for operations involving
such assets (1) has already been amended once since its
adoption. A number of drafting improvements have been
suggested and it
is proposed to recast Guideline
ECB/2006/28 in the interests of clarity and transparency,

assets of

Whereas:

HAS ADOPTED THIS GUIDELINE:

(1)

(2)

(3)

the ESCB Statute,

to Article 30.1 of

the
Pursuant
is provided by the
European Central Bank (ECB)
national central banks (NCBs) of
the Member States
that have adopted the euro with foreign reserve assets
and has the full right to hold and manage the foreign
reserves that are transferred to it.

Pursuant to Articles 9.2 and 12.1 of the ESCB Statute,
the ECB may manage certain of its activities through the
euro area NCBs and has recourse to the euro area NCBs
to carry out certain of its operations. Accordingly, the
ECB considers that the euro area NCBs should manage
the foreign reserves transferred to it as its agents.

Article 1

Definitions

For the purposes of this Guideline:

— ‘euro area NCB’ means the NCB of a Member State that has

adopted the euro, and

— ‘European jurisdictions’ means

all
Member States that have adopted the euro in accordance
with the Treaty, as well as Denmark, Sweden, Switzerland
and the United Kingdom (England and Wales only).

jurisdictions of

the

involvement of

The
in the
management of the foreign reserve assets transferred to

euro area NCBs

the

(1) OJ C 17, 25.1.2007, p. 5. Guideline as amended by Guideline

ECB/2007/6 (OJ L 196, 28.7.2007, p. 46).

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Article 2

Management of foreign reserve assets by the euro area
NCBs as the ECB’s agents

Each euro area NCB shall be entitled to participate in the
1.
operational management of the foreign reserve assets transferred
to the ECB. A euro area NCB may decide to abstain from such
management or to pool such management with one or more
other euro area NCBs. If a euro area NCB does not participate in
the operational management of the ECB’s foreign reserve assets,
then the other euro area NCBs shall manage the assets that
otherwise would have been managed by the abstaining euro
area NCB.

2.
The euro area NCBs shall carry out operations involving
the foreign reserve assets of the ECB as agents of the ECB. By
commencing such operations, a euro area NCB shall be deemed
to acknowledge its status as the ECB’s agent. In relation to all
operations that the euro area NCBs conduct on the ECB’s behalf,
when agreeing on each operation such euro area NCBs shall
disclose to all parties the ECB’s status as principal both by name
and by reference to an account number or identifier.

(a)

for Financial Transactions
the FBE Master Agreement
(Edition 2004) shall be used for operations with counter­
parties organised or incorporated under the laws of any of
the European jurisdictions and under the laws of Northern
Ireland and Scotland;

(b) the Bond Market Association Master Repurchase Agreement,
(September 1996 version) shall be used for operations with
counterparties organised or incorporated under US federal
or state laws; and

(c)

the TBMA/ISMA Global Master Repurchase Agreement
(2000 version) shall be used for operations with counter­
parties organised or incorporated under the laws of any
jurisdiction other than those listed in subparagraphs (a)
or (b).

Over-the-counter derivatives operations

3.
involving the
foreign reserve assets of the ECB shall be documented using
the following standard agreements:

3. When carrying out operations
involving the foreign
reserve assets of the ECB as the ECB’s agent, each euro area
NCB shall subordinate its own interests, or the interests of any
other entity for which it carries out operations, to the ECB’s
interests.

(a)

for Financial Transactions
the FBE Master Agreement
(Edition 2004) shall be used for operations with counter­
parties organised or incorporated under the laws of any of
the European jurisdictions;

4. When asked by a counterparty of the ECB for proof of its
authority to carry out operations involving the foreign reserve
assets of the ECB as the ECB’s agent, a euro area NCB shall
provide such counterparty with proof of its mandate of agency.

(b) the 1992 International Swaps and Derivatives Association
(Multicurrency — cross-border, New
Master Agreement
York law version) shall be used for operations with counter­
parties organised or incorporated under US federal or state
laws; and

Article 3

Legal documentation

1.
All operations involving the foreign reserve assets of the
ECB shall be conducted using standard legal documentation, as
required by this Article and in such forms as may be approved
or amended by the ECB from time to time. Before a euro area
NCB may commence trading with a counterparty on behalf of
the ECB,
the legal documentation shall be signed by the
counterparty and the originals lodged with the ECB.

2.
Repurchase, reverse repurchase, buy/sell-back and sell/buy-
back operations involving the foreign reserve assets of the ECB
shall be documented using the following standard agreements:

(c)

the 1992 International Swaps and Derivatives Association
Master Agreement (Multicurrency — cross-border, English
law version) shall be used for operations with counterparties
organised or incorporated under the laws of any jurisdiction
other than those listed in subparagraphs (a) or (b).

4.
the
The Executive Board may decide to use one of
standard agreements referred to in paragraphs 2(c) or 3(c)
rather than the agreements referred to in paragraphs 2(a) or
3(a) in relation to a Member State when it adopts the euro, if
no legal assessment that is both in form and in substance
acceptable to the ECB is available regarding the use of the
relevant
in that Member State. The
Executive Board shall promptly inform the Governing Council
of any decision taken under this provision.

standard agreement

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(i)

for

are

eligible

incorporated under

Deposits involving the ECB’s foreign reserve assets with
5.
counterparties which:
the operations
mentioned in paragraphs 2 and/or 3 above; and (ii) are
the laws of any of
organised or
the
Ireland, shall be documented
European jurisdictions, except
using the FBE Master Agreement
for Financial Transactions
(Edition 2004).
In cases not falling under points (i) and (ii)
above, deposits involving the ECB’s foreign reserve assets shall
be documented using the master netting agreement as specified
in paragraph (7) below.

6.
A document in the format set out in Annex I (hereinafter
the ECB Annex) shall be annexed to and form an integral part
of every standard agreement under which repurchase, reverse
repurchase, buy/sell-back,
lending,
triparty
operations
involving the ECB’s foreign reserve assets are conducted unless
such operations are conducted under the FBE Master Agreement
for Financial Transactions (Edition 2004).

over-the-counter

sell/buy-back,

derivatives

securities

repo

or

7.
A master netting agreement in one of the forms set out in
Annex II shall be concluded with all counterparties, except
(i) with which the ECB has signed an FBE
counterparties:
Master Agreement for Financial Transactions (Edition 2004);
and (ii) which are organised or incorporated under the laws
of any of the European jurisdictions, except Ireland, as follows:

(a) a master netting agreement governed by English law and
drafted in English in the form set out in Annex IIa shall be
concluded with all counterparties, with the exception of the
counterparties specified in point (b), (c) and (d);

(d) a master netting agreement governed by New York law and
drafted in English in the form set out in Annex IId shall be
concluded with counterparties incorporated in the United
States.

limitation,

8.
The provision of financial services involving the foreign
reserve assets of the ECB by financial intermediaries including,
without
and
investment services obtained from correspondents, custodians
and depositories, settlement organisations and central clearers
for exchange-traded derivatives shall be documented under such
specific agreements as the ECB may approve from time to time.

brokerage,

custodial

banking,

Article 4

Entry into force

Guideline ECB/2006/28 is hereby repealed with effect

1.
from 25 June 2008.

References to Guideline ECB/2006/28 shall be construed

2.
as being made to this Guideline.

3.

This Guideline shall enter into force on 25 June 2008.

Article 5

Addressees

This Guideline applies to the euro area NCBs.

(b) a master netting agreement governed by French law and
drafted in French in the form set out in Annex IIb shall
be concluded with counterparties incorporated in France;

Done at Frankfurt am Main, 20 June 2008.

(c) a master netting agreement governed by German law and
drafted in German in the form set out in Annex IIc shall be
concluded with counterparties incorporated in Germany;
and

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

Jean-Claude TRICHET

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ANNEX I

ECB ANNEX (1)

1. The provisions of this Annex shall be supplemental terms and conditions applying to [name the standard agreement to
which this Annex applies] dated [date of agreement] (the Agreement) between the European Central Bank (the ECB) and
[name of counterparty] (the Counterparty). The provisions of this Annex shall be annexed to, incorporated in and form
an integral part of the Agreement. If and to the extent that any provisions of the Agreement (other than the provisions
of this Annex) or the ECB Master Netting Agreement dated as of [date] (the Master Netting Agreement) between the
ECB and the Counterparty,
including any other supplemental terms and conditions, Annex or schedule to the
Agreement, contain provisions inconsistent with or to the same or similar effect as the provisions of this Annex,
the provisions of this Annex shall prevail and apply in place of those provisions.

2. Except as required by law or regulation, the Counterparty agrees that it shall keep confidential, and under no
circumstances disclose to a third party, any information or advice furnished by the ECB or any information concerning
the ECB obtained by the Counterparty as a result of it being a party to the Agreement, including without limitation
information regarding the existence or terms of the Agreement (including this Annex) or the relationship between the
Counterparty and the ECB created thereby, nor shall the Counterparty use the name of the ECB in any advertising or
promotional material.

3. The Counterparty agrees to notify the ECB in writing as soon as reasonably practicable of: (i) any consolidation or
amalgamation with, or merger with or into, or transfer of all or substantially all of its assets to, another entity; (ii) the
appointment of any liquidator, receiver, administrator or analogous officer or the commencement of any procedure for
the winding-up or reorganisation of the Counterparty or any other analogous procedure; or (iii) a change in the
Counterparty’s name.

4. There shall be no waiver by the ECB of immunity from suit or the jurisdiction of any court, or any relief against the
ECB by way of injunction, order for specific performance or for recovery of any property of the ECB or attachment of
its assets (whether before or after judgment), in every case to the fullest extent permitted by applicable law.

5. There shall not apply in relation to the ECB any event of default or other provision of any kind in which reference is

made to the bankruptcy, insolvency or other analogous event of the ECB.

6. The Counterparty agrees that it has entered into the Agreement (including this Annex) as principal and not as agent

for any other entity and that it shall enter into all transactions as principal.

(1) This Annex has been drawn up in English and is incorporated into master agreements drawn up in English which are governed by

English or New York law.

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ANNEX IIa

Master Netting Agreement governed by English law

MASTER NETTING AGREEMENT

Dated:

Between:

European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany (hereinafter referred to as the ECB), and

[Counterparty] whose [address] [registered place of business] is at [address] (hereinafter referred to as the Counterparty)

1.

Scope of agreement

1.1. The purpose of this Agreement (hereinafter referred to as the Agreement) is to ensure that the ECB is able to net all
existing positions under all outstanding transactions made between the ECB and the Counterparty, regardless of any
agent or agents authorised to act on behalf of the ECB through whom the transactions giving rise to those positions
may have been effected, including the central bank of any Member State of the European Union which has adopted
the euro as its currency, and regardless of which office (including the head office and all branches) of the Coun­
terparty may be involved in such transactions, and after taking into account the effect of any existing netting
provisions in master or other agreements between the ECB and the Counterparty and/or provisions of mandatory
law that operate with similar effect that may apply to certain of such transactions.

1.2. In this Agreement, a ‘netting agreement’ means any agreement for the time being in effect between the parties (and
including, without limitation, this Agreement and agreements of the kind listed in Appendix 1 of this Agreement),
including such modifications and additions thereto as may be agreed between the ECB and the Counterparty
(hereinafter referred to as the parties) from time to time, which contains provisions to the effect that, should any
event of default as defined for the purposes of such agreement occur, there may be an early termination, liquidation,
closing-out or acceleration of transactions or obligations under transactions or any analogous event (a default
termination) and the respective obligations of the parties under such agreement may be combined, aggregated or
set-off against each other so as to produce a single net balance payable by one party to the other.

2. General

2.1. All transactions of whatever nature (hereinafter referred to as transactions) entered into between the parties at any
time after the date of this Agreement shall be governed by this Agreement, unless the parties specifically agree
otherwise.

2.2. The parties acknowledge that the terms of this Agreement, all transactions governed by this Agreement, any
amendments to the terms of such transactions, and the single net balance payable under any netting agreement
constitute a single business and contractual relationship and arrangement.

2.3. The Counterparty has entered into this Agreement as principal and represents and warrants that it has entered and

shall enter into all transactions as principal.

2.4. This Agreement is supplemental to the netting agreements entered into between the parties prior to the date of this
Agreement, and all further netting agreements and transactions entered into between the parties after the date of this
Agreement shall be supplemental to this Agreement.

3.

Base currency
The base currency for the purposes of this Agreement shall be the US dollar or, at the ECB’s option, any other
currency. Wherever it is necessary in accordance with the terms of this Agreement to convert amounts into the base
currency, such amounts shall be converted at the daily reference rate published by the ECB for the currency to be
converted into the base currency or, in the absence of such reference rate, at the rate of exchange at which the ECB
can buy or sell, as appropriate, such amounts with or against the base currency on such day, all as determined by the
ECB.

4. Cross acceleration

Should any default termination occur under any netting agreement (including under Appendix 2 of this Agreement),
then the ECB shall have the right to declare, by written notice to the Counterparty, that a default termination has
occurred under each other netting agreement in respect of which default termination has not occurred in accordance
with the provisions thereof.

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5. Global netting

5.1. Should a default termination occur, the ECB shall, as soon as is reasonably practicable, take an account of what is
due from each party to the other under each netting agreement (including under Appendix 2 of this Agreement) in
respect of which default termination has occurred and aggregate the sums due from each party to the other under
such netting agreements (including under Appendix 2 of this Agreement), in every case in or converted into the base
currency, and only the net balance of the account shall be payable by the party owing the larger aggregate sum.

5.2. Clause 5.1 shall continue to operate to the extent possible notwithstanding the unenforceability under applicable law

of any provisions contained in any netting agreement (including under Appendix 2 of this Agreement).

6. Notices and other communications

All notices, instructions and other communications to be given under this Agreement shall be effective only upon
receipt and shall be made in writing (including by electronic means).

7.

Severability

Each provision contained herein (including, without limitation, Appendix 2 of this Agreement) shall be treated as
separate from any other provision herein and shall be enforceable notwithstanding the unenforceability of any such
other provision.

8. Non-assignability

The rights and obligations of the Counterparty under this Agreement may not be assigned, charged, pledged or
otherwise transferred or dealt with by the Counterparty.

9. Governing law and jurisdiction

9.1. This Agreement shall be governed by and construed in accordance with English law.

9.2. For the benefit of the ECB, the Counterparty hereby irrevocably submits for all purposes of or in connection with
this Agreement to the jurisdiction of the District Court (Landgericht) of Frankfurt am Main, Germany. Nothing in this
clause 9 shall limit the right of the ECB to take proceedings before the courts of any other country of competent
jurisdiction.

European Central Bank

Name of Counterparty

By ______________________________________________

By _____________________________________________

Title ____________________________________________

Title ___________________________________________

Date ____________________________________________

Date ___________________________________________

[Address for the service of notices under this Agreement]

[In case of Luxembourg counterparties:

In addition to clause 9 of this Agreement the parties agree that for purpose of Article 1 of the Protocol annexed to the
Convention on Jurisdiction and the Enforcement of Judgements in Civil and Commercial Matters, signed in Brussels on
this Agreement by the parties hereto,
27 September 1998 and without prejudice to the foregoing execution of
[Luxembourg counterparty] expressly and specifically confirms its agreement to the provisions of clause 9 of this
Agreement, stipulating that the District Court (Landgericht) of Frankfurt am Main shall have jurisdiction to hear and
determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this
Agreement and, for such purposes, irrevocably submits to the jurisdiction of such courts.

Luxembourg counterparty

By ______________________________________________

Title ___________________________________________ ]

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Appendix 1

to Master netting agreement

Netting agreements (*)

1. FBE Master Agreement for Financial Transactions (Edition 2004)

2. ISDA Master Agreement (Multi-currency — Cross border 1992)

3. TBMA/ISMA Global Master Repurchase Agreement (2000 version)

4. The Bond Market Association Master Repurchase Agreement.

(*) This documentation is maintained by the ECB Legal Services and the legal departments of the national central banks.

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Appendix 2

to Master netting agreement

Transactions not subject to any netting agreement

1. The provisions of this Appendix apply to transactions entered into between the parties that are not effectively subject

to any other netting agreement.

2. Should:

(a) a default termination occur under any netting agreement; or

(b) an event that is defined as an event of default or other analogous event under any netting agreement occur, which
event would, assuming there were outstanding transactions under any such netting agreement, result in, or entitle
the ECB to take steps which would result in, a default termination under such netting agreement,

(any such event under (a) or (b) above is referred to in this Appendix as an ‘event of default’),

then all transactions to which this Appendix applies (but not less than all, unless any such transaction may not be so
closed out under applicable law) under which obligations have or would otherwise have fallen due by or after the date
of such event of default (the close-out date) shall be liquidated and closed out as described under paragraphs 3 and 4
of this Appendix, and the ECB shall, without prejudice to paragraphs 3 and 4 of this Appendix, not be obliged to
make any further payments or deliveries under any such transactions.

3. Should liquidation and close-out under paragraph 2 of this Appendix occur, the ECB shall, as soon as is reasonably
practicable, take an account of what is due from each party to the other, including, as necessary, determining in
respect of each transaction the ECB’s total gain or loss, as the case may be, resulting from the liquidation and close-out
of such transaction as at the date of such liquidation and close-out, in every case in or converted into the base
currency. The ECB shall then aggregate such gains and losses and only the balance of the account shall be payable by
the Counterparty, if the aggregate losses exceed the aggregate gains, or by the ECB, if the aggregate gains exceed the
aggregate losses.

4. In determining in respect of each transaction the ECB’s total gain or loss, the ECB shall, subject to applicable law, use a
commercially reasonable method of calculation which (a)
to the extent practicable and available,
quotations from at least four leading dealers in the relevant market operating in the same financial centre, and (b)
takes into account, where applicable, the liquidation and close-out of such transaction earlier than its scheduled value
date or delivery date.

is based on,

5. The parties agree that the calculation of the net sum under paragraphs 3 and 4 of this Appendix is a reasonable pre-

estimate of losses suffered.

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ANNEX IIb

Master netting agreement governed by French law

CONVENTION-CADRE DE COMPENSATION

Date:

Entre:

La Banque centrale européenne, Kaiserstrasse 29, D-60311 Francfort-sur-le-Main (ci-après dénommée la «BCE»), et

(ci-après dénommée la «contrepartie»)

1. Champ d’application de la convention

1.1. La présente convention (ci-après dénommée la «convention») a pour objet de permettre à la BCE de compenser
l’ensemble des positions existantes dans le cadre de l’ensemble des transactions en cours effectuées entre la BCE et la
contrepartie, sans distinction de l’agent ou des agents autorisés à agir pour le compte de la BCE par l’intermédiaire
duquel ou desquels les transactions génératrices de ces positions ont pu être effectuées, y compris la banque centrale
de tout État membre de l’Union européenne ayant adopté l’euro comme monnaie nationale, et sans distinction de
l’établissement (y compris le siège social et l’ensemble des succursales) de la contrepartie impliqué dans ces trans­
actions, et après prise en considération de l’incidence de toutes les dispositions existantes relatives à la compensation
qui figurent dans la convention-cadre ou dans les autres conventions conclues entre la BCE et la contrepartie et/ou
des dispositions de la législation applicable ayant un effet similaire et susceptibles de s’appliquer à certaines de ces
transactions.

1.2. Dans la présente convention, on entend par «convention de compensation» toute convention en vigueur entre les
parties (y compris, sans restriction, la présente convention et les conventions de l’espèce énumérées dans l’additif 1
de la présente convention), y compris les modifications et avenants aux textes susceptibles d’être convenus, s’il y a
lieu, entre la BCE et la contrepartie (ci-après dénommées les «parties»), qui comporte des dispositions prévoyant, lors
de la survenance d’un cas de défaillance tel que défini dans le cadre de cette convention, une possibilité de résiliation,
d’exigibilité anticipées ou de «close out» des transactions ou des obligations afférentes aux transactions ou de tout
événement analogue (une «résiliation pour défaillance»), les obligations respectives des parties dans le cadre de cette
convention pouvant dès lors être regroupées, globalisées ou compensées réciproquement de manière à donner lieu à
un solde net unique payable par l’une des parties à l’autre.

2. Dispositions d’ordre général
2.1. L’ensemble des transactions de toute nature (ci-après dénommées «transactions») conclues entre les parties à tout
moment après la date de la présente convention sera régi par la présente convention, sauf si les parties en décident
spécifiquement autrement.

2.2. Les parties reconnaissent que les termes de la présente convention, l’ensemble des transactions régies par elle, toutes
les modifications apportées aux termes de ces transactions et le solde net unique payable dans le cadre de toute
convention de compensation constituent une relation et un accord professionnels et contractuels uniques.

2.3. La contrepartie a conclu cette convention en son nom propre; elle déclare et atteste qu’elle a conclu et conclura

toutes les transactions en son nom propre.

2.4. La présente convention complète les conventions antérieures de compensation conclues antérieurement entre les
parties; toutes les autres conventions de l’espèce et transactions qui seront conclues ultérieurement entre les parties
compléteront la présente convention.

3. Devise de référence

La devise de référence utilisée dans le cadre de cette convention sera le dollar des États-Unis ou, au choix de la BCE,
une autre devise. Dans les cas où il sera nécessaire, conformément aux termes de la présente convention, de convertir
les montants dans la devise de référence, la conversion s’effectuera au taux de référence quotidien publié par la BCE
pour la devise à convertir dans la devise de référence ou, à défaut de ce taux de référence, au taux de change auquel
la BCE peut acheter ou vendre, selon le cas, ces montants avec ou contre la devise de référence ce même jour, selon
les conditions définies par la BCE.

4. Clause de défaillance croisée

Lors de la survenance d’une résiliation pour défaillance dans le cadre d’une convention de compensation (y compris
dans le cadre de l’additif 2 de la présente convention), la BCE sera habilitée à prononcer, par notification écrite à la
contrepartie, la résiliation pour défaillance de chacune des autres conventions de compensation pour lesquelles il n’y
a pas eu résiliation pour défaillance dans les conditions prévues par les dispositions précitées.

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5. Compensation globale
5.1. Lors de la survenance d’une résiliation pour défaillance, la BCE comptabilisera dans les meilleurs délais les montants
dus par chacune des parties à l’autre au titre de chaque convention de compensation (y compris dans le cadre de
l’additif 2 de la présente convention) pour laquelle est intervenue une résiliation pour défaillance et globalisera les
sommes dues par chaque partie à l’autre au titre de ces conventions de compensation (y compris dans le cadre de
l’additif 2 de la présente convention) libellées ou converties dans tous les cas dans la devise de référence, seul le solde
net étant payable par la partie débitrice du montant brut le plus élevé.

5.2. La clause 5.1 restera en vigueur dans la mesure du possible nonobstant le caractère inapplicable, en vertu de la loi en
vigueur, de toute disposition pouvant être contenue dans une convention de compensation (y compris dans le cadre
de l’additif 2 de la présente convention).

6. Notifications et autres communications

L’ensemble des notifications, instructions et autres communications à donner dans le cadre de la présente convention
ne prendront effet qu’à la date de leur réception et seront adressées par écrit (y compris par les moyens électro­
niques).

7. Gestion séparée

Chacune des dispositions de la présente convention (y compris, sans restriction, l’additif 2 de ladite convention) sera
traitée isolément des autres dispositions et sera applicable nonobstant le caractère inapplicable de ces autres dispo­
sitions.

8.

Incessibilité

Les droits et obligations de la contrepartie dans le cadre de la présente convention ne peuvent être cédés, transférés
ou autrement négociés par la contrepartie.

9.

Loi applicable, attribution de compétences

9.1. La présente convention sera soumise au droit français et interprétée selon ledit droit.

9.2. Dans l’intérêt de la BCE, la contrepartie soumet irrévocablement par la présente convention tous les cas afférents à
celle-ci ou s’y rapportant à la compétence de la juridiction du tribunal
(Landgericht) de Francfort-sur-le-Main,
Allemagne. Aucune disposition de cette clause 9 ne limitera le droit de la BCE d’entamer une procédure judiciaire
devant les tribunaux compétents d’un autre pays.

Banque centrale européenne

Contrepartie

Par _____________________________________________

Par ____________________________________________

En qualité de ____________________________________

En qualité de ___________________________________

Date ____________________________________________

Date ___________________________________________

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Annexe 1

à la convention-cadre de compensation

Conventions de compensation

1. FBE Master Agreement for Financial Transactions (Edition 2004)

2. ISDA Master Agreement (Multi-currency — Cross border 1992)

3. TBMA/ISMA Global Master Repurchase Agreement (2000 version)

4. The Bond Market Association Master Repurchase Agreement (September 1996 version)

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Additif 2

à la convention-cadre de compensation

Transactions non soumises à une convention de compensation

1. Les dispositions du présent Additif s’appliquent aux transactions conclues entre les parties qui ne sont pas effective­

ment soumises à une autre convention de compensation.

2. Lors de la survenance:

(a) d’une résiliation pour défaillance dans le cadre d’une convention de compensation ou

(b) d’un événement défini comme étant un cas de défaillance ou un événement analogue dans le cadre d’une
lequel événement, dans l’hypothèse où des transactions seraient en
quelconque convention de compensation,
cours au titre de cette convention de compensation, amènerait ou habiliterait la BCE à prendre des mesures qui
entraîneraient une résiliation pour défaillance dans le cadre de ladite convention,

(les événements prévus en (a) ou en (b) étant dénommés dans le présent Additif «cas de défaillance»),

l’ensemble des transactions concernées par le présent Additif (sans exception, sauf dans le cas où une transaction ne
peut faire l’objet d’une résiliation dans ces conditions aux termes de la loi applicable) dans le cadre desquelles les
obligations sont ou seraient arrivées à échéance à la date ou après la date de survenance de ce cas de défaillance (la
«date de résiliation») pourront être résiliées par notification écrite de la BCE à la Contrepartie dans les conditions
prévues aux paragraphes 3 et 4 du présent Additif et la BCE ne sera pas tenue d’effectuer, sans préjudice des
paragraphes 3 et 4 du présent Additif, d’effectuer d’autres paiements ou livraisons au titre de ces transactions.

3. En cas de résiliation selon les termes du paragraphe 2 du présent Additif, la BCE comptabilisera dans les meilleurs
délais les sommes dues par chacune des parties à l’autre, notamment, le cas échéant, en déterminant pour chaque
transaction la perte ou le gain total de la BCE résultant de la résiliation de ladite transaction à la date de résiliation, le
montant étant dans tous les cas libellé ou converti dans la devise de référence. La BCE globalisera ensuite ces gains et
pertes et seul le solde net sera payable par la Contrepartie si le total des pertes excède celui des gains, ou par la BCE si
le total des gains excède celui des pertes.

4. Pour déterminer, dans le cadre de chaque transaction, le montant total du gain ou de la perte de la BCE, celle-ci
utilisera, sous réserve de la législation applicable, une méthode de calcul commercialement raisonnable (a) fondée, dans
toute la mesure du possible, sur les cotations fournies par au moins quatre intervenants de premier rang du marché
considéré et opérant dans le même centre financier et (b) prenant en compte,
la résiliation de la
transaction intervenues antérieurement à la date de valeur ou de livraison prévus.

le cas échéant,

5. Les parties conviennent que le calcul de la somme nette aux termes des paragraphes 3 et 4 du présent Additif

constituent une estimation raisonnable des pertes encourues.

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ANNEX IIc

Master netting agreement governed by German law

EZB-AUFRECHNUNGSVERTRAG
(„Master netting agreement“)

vom:

zwischen

der Europäische Zentralbank, Kaiserstraße 29, D-60311 Frankfurt am Main, Deutschland (im nachfolgenden „EZB“) und

______________________________________________________________________________________________________

(im nachfolgenden „Vertragspartner“)

1. Anwendungsbereich dieses Vertrages
1.1. Der Zweck dieses Vertrages (im folgenden: „Vertrag“) besteht darin, die Verrechnung aller bestehenden Positionen aus
allen offenen Geschäften zwischen der EZB und dem Vertragspartner zu ermöglichen. Der Vertrag schließt Geschäfte
ein, die die EZB über Stellvertreter (z. B. Teilnehmerzentralbanken) abschließt. Er umfasst auch ferner alle diejenigen
Geschäfte, die über die Hauptverwaltung oder eine unselbständige Zweigniederlassung des Vertragspartners mit der
EZB abgeschlossen werden. Der Vertrag berücksichtigt ferner alle sonst zwischen den Parteien bestehenden Rahmen­
verträge oder sonstigen Vereinbarungen, die Aufrechnungsklauseln enthalten, sowie zwingende gesetzliche Vorschrif­
ten mit ähnlichen Wirkungen.

1.2. Unter einem Aufrechnungsvertrag (Netting Agreement) im Sinne dieses Vertrages (im folgenden: „Aufrechungsver­
trag“) sind alle die zwischen den Parteien getroffenen (einschließlich dieses Vertrags sowie der im Anhang 1 zum
Vertrag aufgeführten) Vereinbarungen in ihrer jeweiligen Fassung zu verstehen, die Klauseln enthalten, wonach im Fall
eines wichtigen Grundes (event of default) insbesondere eine vorzeitige Beendigung eintritt oder eine Kündigung
ausgesprochen werden kann (im folgenden: „Beendigung oder Kündigung aus wichtigem Grund“); ferner muss dort
vereinbart sein, dass infolge einer Beendigung oder Kündigung Geschäfte oder Verpflichtungen fällig bzw. in ver­
rechenbare, fällige Forderungen umgewandelt werden, die anschließend zusammengefasst, ver- oder aufgerechnet
werden mit der Folge, dass lediglich ein einziger Nettosaldo durch eine der beiden Parteien geschuldet wird.

2. Allgemeines
2.1. Für alle Geschäfte, die die Parteien nach Unterzeichnung dieses Vertrages tätigen (in folgenden „Einzelabschlüsse“),
gelten die nachfolgenden Bestimmungen, sofern die Parteien im Einzelabschluss nichts abweichendes vereinbaren.

2.2. Die Parteien sind sich darüber einig, daß dieser Vertrag in seiner jeweiligen Fassung, alle Einzelabschlüsse, die von
diesem Vertrag erfasst werden, und die aus Aufrechnungsverträgen resultierenden Nettosalden ein einheitliches Ver­
tragsverhältnis bilden.

2.3 Die Vertragsparteien sichern zu, daß sie den Vertrag in eigenem Namen abgeschlossen haben und alle Einzelab­

schlüsse ebenfalls in eigenem Namen tätigen werden.

3. Vertragswährung („base currency“)

Vertragswährung ist der US-Dollar oder jede andere Währung, die die Parteien vereinbaren. Die Umrechnung von auf
andere Währungen lautenden Beträgen in die Vertragswährung erfolgt jeweils zum täglichen Referenzkurs, den die
EZB für die umzurechnende Währung veröffentlicht oder, hilfsweise, zum jeweiligen Marktkurs, zu dem die EZB an
diesem Geschäftstag den umzurechnenden Währungsbetrag gegen die Vertragswährung kaufen oder verkaufen kann.

4. Vertragsübergreifendes Kündigungs- oder Beendigungsrecht aus wichtigem Grund

Sofern die EZB ein Kündigungs- oder Beendigungsrecht aus wichtigem Grund im Rahmen eines Aufrechnungsvertra­
ges (sowie auch gemäß Anhang 2 zu diesem Vertrag) hat, erstreckt sich dieses Recht auch auf jeden anderen
Aufrechnungsvertrag, auch wenn nach den dortigen Vereinbarungen ein vergleichbarer Kündigungs- oder Beendi­
gungsgrund noch nicht gegeben ist.

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5. Allumfassende Aufrechnungsvereinbarung („global netting“)

5.1. Sollte eine Beendigung oder Kündigung aus wichtigem Grund stattfinden, wird die EZB unverzüglich die aus den
jeweiligen Aufrechnungsverträgen (sowie auch aus Anhang 2 zu diesem Vertrag) resultierenden Nettosalden errechnen
und diese, nach Umrechnung in die Vertragswährung, zu einer einzigen Forderung oder Verbindlichkeit zusammen­
fassen mit der Folge, dass nurmehr dieser Betrag zwischen den Parteien geschuldet wird.

5.2. Z. 5.1 gilt ungeachtet dessen, dass Klauseln in Aufrechnungsverträgen (einschl. Anhang 2 zu diesem Vertrag) nach

dem jeweils anwendbaren Recht nicht wirksam bzw. nichtig sind.

6. Erklärungen und andere Mitteilungen

Alle Erklärungen, Weisungen und anderen Mitteilungen im Rahmen dieses Vertrages sind nur dann wirksam, wenn
sie in Schriftform oder in elektronischer Form übermittelt werden und der Gegenseite auch zugegangen sind.

7. Teilbarkeit

Sollte eine Bestimmung dieses Vertrages (einschließlich des Anhangs 2) ganz oder teilweise unwirksam sein oder
werden, bleiben die übrigen Bestimmungen wirksam. An Stelle der unwirksamen Bestimmungen tritt eine wirksame
Regelung, die dem wirtschaftlichen Zweck mit der unwirksamen Bestimmung soweit wie möglich Rechnung trägt.

8. Die Rechte und Pflichten aus dem Vertrag darf der Vertragspartner weder abtreten noch in sonstiger Weise hierüber

verfügen.

9. 9.1. Dieser Vertrag unterliegt dem Recht der Bundesrepublik Deutschland.

9.2. Nicht ausschließlicher Gerichtsstand ist Frankfurt am Main.

Europäische Zentralbank

Vertragspartner

Name ___________________________________________

Name __________________________________________

Titel ____________________________________________

Titel ___________________________________________

Ort, Datum ______________________________________

Ort, Datum _____________________________________

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Anhang 1

zum EZB Aufrechnungsvertrag

Liste der Aufrechnungsverträge

1. FBE Master Agreement for Financial Transactions (Edition 2004)

2. ISDA Master Agreement (Multi-currency — Cross border 1992)

3. TBMA/ISMA Global Master Repurchase Agreement (2000 version)

4. The Bond Market Association Master Repurchase Agreement.

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Anhang 2

zum EZB-Aufrechnungsvertrag

Geschäfte, die keinem Aufrechnungsvertrag unterliegen:

1. Vorschriften dieses Anhangs finden Anwendung auf solche Einzelabschlüsse zwischen den Parteien, die von keinem

anderen Aufrechnungsvertrag erfasst werden.

2. Sofern

a) eine Beendigung oder Kündigung aus wichtigem Grund nach Maßgabe eines Aufrechnungsvertrages eintritt oder

b) ein Beendigungs- oder Kündigungsgrund nach Maßgabe eines Aufrechnungsvertrages vorliegt, der zur Beendigung
führen oder zur Kündigung durch die EZB berechtigen würde, sofern Einzelabschlüsse im Rahmen dieses Auf­
rechnungsvertrags getätigt worden wären,

(im Folgenden: „beendigendes Ereignis im Sinne dieses Anhangs“)

und die EZB eine Kündigung im Hinblick auf diesen Anhang ausgesprochen hat, dann werden alle unter diesen
Anhang fallenden Einzelabschlüsse gemäß den Ziffern 3 und 4 dieses Anhangs beendigt und abgerechnet, sofern
diese Einzelabschlüsse Verpflichtungen enthalten, die im Zeitpunkt des Wirksamwerdens der Beendigung oder Kün­
digung noch nicht fällig sind. Die Hauptpflichten aus diesen Einzelgeschäften erlöschen, vorbehaltlich der nachfolgen­
den Ziffern 3 und 4 dieses Anhangs.

3. Sollte eine Beendigung oder Kündigung gemäß Ziffer 2 dieses Anhangs eintreten, wird die EZB unverzüglich die
beiderseitigen Ansprüche ermitteln und hierbei, sofern erforderlich, den aus jedem Einzelabschluss für die EZB
resultierenden Gewinn oder Verlust ermitteln, der sich aus der vorzeitigen Kündigung oder Beendigung an dem Tag
ergibt, an dem die Kündigung oder Beendigung wirksam wird; sie wird ferner diese Positionen ggf. in die Vertrags­
währung umrechnen. Die EZB fasst dann diese Forderungen und Verbindlichkeiten zu einer einzigen Forderung oder
Verbindlichkeit zusammen mit der Folge, dass nurmehr dieser Betrag zwischen den Parteien geschuldet wird.

4. Zur Ermittlung der Gewinne und Verluste der EZB aus den jeweiligen Einzelabschlüssen wird die EZB, vorbehaltlich
des anwendbaren Rechtes, eine für beide Seiten angemessene Berechnungsmethode verwenden, die a), soweit möglich
und vorhanden, auf den von mindestens vier bedeutenden Marktteilnehmern an dem maßgeblichen Finanzplatz ge­
stellten Kursen oder Preisen beruht und b) hierbei
in Rechnung stellt, dass die Beendigung oder Kündigung des
jeweiligen Einzelabschlusses vorzeitig stattgefunden hat.

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L 192/79

ANNEX IId

Master netting agreement governed by New York law

MASTER NETTING AGREEMENT

Dated as of:

Between:

European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany (hereinafter referred to as the ECB), and

[Counterparty] whose [address] [registered place of business] is at [address] (hereinafter referred to as the Counterparty)

1.

1.1.

1.2.

2.

2.1.

2.2.

2.3.

Scope of agreement

The purpose of this Agreement (hereinafter referred to as the Agreement) is to ensure that the ECB is able to
net all existing positions under all outstanding transactions made between the ECB and the Counterparty,
regardless of any agent or agents authorised to act on behalf of the ECB through whom the transactions
giving rise to those positions may have been effected, including the central bank of any Member State of the
European Union which has adopted the euro as its currency, and regardless of which office (including the
head office and all branches) of the Counterparty may be involved in such transactions, and after taking into
account the effect of any existing netting provisions in master or other agreements between the ECB and the
Counterparty and/or provisions of mandatory law that operate with similar effect that may apply to certain of
such transactions.

In this Agreement, a ‘netting agreement’ means any agreement for the time being in effect between the parties
(and including, without limitation, this Agreement and agreements of the kind listed in Appendix 1 of this
Agreement), including such modifications and additions thereto as may be agreed between the ECB and the
Counterparty (hereinafter referred to as the parties) from time to time, which contains provisions to the effect
that, should any event of default as defined for the purposes of such agreement occur, there may be an early
termination, liquidation, closing-out or acceleration of transactions or obligations under transactions or any
analogous event (a default termination) and the respective obligations of the parties under such agreement
may be combined, aggregated or netted against each other so as to produce a single net balance payable by
one party to the other.

General

All transactions of whatever nature (hereinafter referred to as transactions) entered into between the ECB and
the parties at any time after the date of this Agreement shall be governed by this Agreement, unless the
parties specifically agree otherwise.

The parties acknowledge that the terms of this Agreement, all transactions governed by this Agreement, any
amendments to the terms of such transactions, and the single net balance payable under any netting
agreement constitute a single business and contractual relationship and arrangement.

Each party represents and warrants to the other that it is a financial institution for purposes of the U.S.
Federal Deposit Insurance Corporation Improvement Act of 1991 (hereinafter referred to as FDICIA), and the
parties agree that this Agreement shall be a netting contract, as defined in FDICIA, and that each receipt or
payment obligation under the Agreement shall be a covered contractual payment entitlement or covered
contractual payment obligation respectively, as defined in and subject to FDICIA.

2.4.

The Counterparty has entered into this Agreement as principal and represents and warrants that it has entered
and shall enter into all transactions as principal.

[2.5.

The Counterparty represents and warrants to, and covenants and agrees with the ECB, that:

(a)

it has the power to execute and deliver this Agreement and any other documentation relating to this
it has the power to perform its
Agreement to which it is a party and that it is required to deliver;
obligations under this Agreement and any obligations under any netting agreement to which it is a party;
it has taken all necessary action to authorise such execution, delivery and performance, including auth­
orisations required under the U.S. Federal Deposit Insurance Act, as amended,
including amendments
effected by the U.S. Federal Institutions Reform, Recovery and Enforcement Act of 1989, and under any
agreement, writ, decree or order entered into with a party’s supervisory authorities; and

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(b) at all times during the term of this Agreement, it will continuously include and maintain as part of its
official written books and records this Agreement, the netting agreements and evidence of all necessary
authorisations.] (1)

[2.5.][2.6.] This Agreement is supplemental to the netting agreements entered into between the parties prior to the date
of this Agreement, and all further netting agreements and transactions entered into between the parties after
the date of this Agreement shall be supplemental to this Agreement.

3.

Base currency
The base currency for the purposes of this Agreement shall be the US dollar or, at the ECB’s option, any other
currency. Wherever it is necessary in accordance with the terms of this Agreement to convert amounts into
the base currency, such amounts shall be converted at the daily reference rate published by the ECB for the
currency to be converted into the base currency or, in the absence of such reference rate, at the rate of
exchange at which the ECB can buy or sell, as appropriate, such amounts with or against the base currency on
such day, all as determined by the ECB.

4.

Cross acceleration

Should any default termination occur under any netting agreement (including under Appendix 2 of this
Agreement), then the ECB shall have the right to declare, by written notice to the Counterparty, that a default
termination has occurred under each other netting agreement in respect of which default termination has not
occurred in accordance with the provisions thereof.

5.

5.1.

5.2.

Global netting

Should a default termination occur, the ECB shall, as soon as is reasonably practicable, take an account of
what is due from each party to the other under each netting agreement (including under Appendix 2 of this
Agreement) in respect of which default termination has occurred and aggregate the sums due from each party
to the other under such netting agreements (including under Appendix 2 of this Agreement), in every case in
or converted into the base currency, and only the net balance of the account shall be payable by the party
owing the larger aggregate sum.

Clause 5.1 shall continue to operate to the extent possible notwithstanding the unenforceability under
applicable law of any provisions contained in any netting agreement (including under Appendix 2 of this
Agreement).

6.

Notices and other communications

All notices, instructions and other communications to be given under this Agreement shall be effective only
upon receipt and shall be made in writing (including by electronic means).

7.

Severability

Each provision contained herein (including, without limitation, Appendix 2 of this Agreement) shall be treated
as separate from any other provision herein and shall be enforceable notwithstanding the unenforceability of
any such other provision.

8.

Non-assignability

The rights and obligations of the Counterparty under this Agreement may not be assigned, charged, pledged
or otherwise transferred or dealt with by the Counterparty.

9.

9.1.

9.2.

Governing law and jurisdiction

This Agreement shall be governed by and construed in accordance with the laws of the State of New York,
United States of America.

For the benefit of the ECB, the Counterparty hereby irrevocably submits for all purposes of or in connection
with this Agreement to the jurisdiction of the District Court (Landgericht) of Frankfurt am Main, Germany.
Nothing in this clause 9 shall limit the right of the ECB to take proceedings before the courts of any other
country of competent jurisdiction.

(1) Representation to be used where the counterparty is a U.S. depository institution.

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European Central Bank

[Name of Counterparty] (1)

By ______________________________________________

By _____________________________________________

Title ____________________________________________

Title ___________________________________________

Date ____________________________________________

Date ___________________________________________

[Address for the service of notices under this Agreement]

(1) In the case of US depository institution counterparties, to be executed by a bank officer at the level of Vice-President or higher.

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Appendix 1

to Master netting agreement

Netting agreements

1. FBE Master Agreement for Financial Transactions (Edition 2004)

2. ISDA Master Agreement (Multi-currency — Cross border 1992)

3. TBMA/ISMA Global Master Repurchase Agreement (2000 version)

4. The Bond Market Association Master Repurchase Agreement.

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Appendix 2

to Master netting agreement

Transactions not subject to any netting agreement

1. The provisions of this Appendix apply to transactions entered into between the parties that are not effectively subject

to any other netting agreement.

2. Should:

(a) a default termination occur under any netting agreement; or

(b) an event that is defined as an event of default or other analogous event under any netting agreement occur, which
event would, assuming there were outstanding transactions under any such netting agreement, result in, or entitle
the ECB to take steps which would result in, a default termination under such netting agreement,

(any such event under (a) or (b) above is referred to in this Appendix as an ‘event of default’),

then all transactions to which this Appendix applies (but not less than all, unless any such transaction may not be so
closed out under applicable law) under which obligations have or would otherwise have fallen due by or after the date
of such event of default (the close-out date) shall be liquidated and closed out as described under paragraphs 3 and 4
of this Appendix, and the ECB shall, without prejudice to paragraphs 3 and 4 of this Appendix, not be obliged to
make any further payments or deliveries under any such transactions.

3. Should liquidation and close-out under paragraph 2 of this Appendix occur, the ECB shall, as soon as is reasonably
practicable, take an account of what is due from each party to the other, including, as necessary, determining in
respect of each transaction the ECB’s total gain or loss, as the case may be, resulting from the liquidation and close-out
of such transaction as at the date of such liquidation and close-out, in every case in or converted into the base
currency. The ECB shall then aggregate such gains and losses and only the balance of the account shall be payable by
the Counterparty, if the aggregate losses exceed the aggregate gains, or by the ECB, if the aggregate gains exceed the
aggregate losses.

4. In determining in respect of each transaction the ECB’s total gain or loss, the ECB shall, subject to applicable law, use a
commercially reasonable method of calculation which (a)
to the extent practicable and available,
quotations from at least four leading dealers in the relevant market operating in the same financial centre, and (b)
takes into account, where applicable, the liquidation and close-out of such transaction earlier than its scheduled value
date or delivery date.

is based on,

5. The parties agree that the calculation of the net sum under paragraphs 3 and 4 of this Appendix is a reasonable pre-

estimate of losses suffered.