Agreement of 13 December 2010 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: 2010-12-13
Institutions: European Central Bank
Subjects: European Central Bank, agreement (EU), central bank, exchange rate, third stage of EMU








C_2011005EN.01000301.xml










8.1.2011   


EN


Official Journal of the European Union


C 5/3





AGREEMENT
of 13 December 2010
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
2011/C 5/04






1.








Българска народна банка (Bulgarian National Bank)





1, Knyaz Alexander I Sq.




1000 София/Sofia




БЪЛГАРИЯ/BULGARIA










Česká národní banka





Na Příkopě 28




115 03 Praha 1




ČESKÁ REPUBLIKA










Danmarks Nationalbank





Havnegade 5




1093 København K




DANMARK










Eesti Pank





Estonia pst. 13




15095 Tallinn




EESTI/ESTONIA










Latvijas Banka





K. Valdemara iela 2a




Rīga, LV-1050




LATVIJA










Lietuvos bankas





Totorių g. 4




LT-01121 Vilnius




LIETUVA/LITHUANIA










Magyar Nemzeti Bank





Budapest




Szabadság tér 8–9.




1054




MAGYARORSZÁG/HUNGARY










Narodowy Bank Polski





ul. Świętokrzyska 11/21




00-919 Warszawa




POLSKA/POLAND










Banca Națională a României





Str. Lipscani nr. 25, sector 3




030031 București




ROMÂNIA










Sveriges Riksbank





Brunkebergstorg 11




SE-103 37 Stockholm




SVERIGE










Bank of England





Threadneedle Street




London




EC2R 8AH




UNITED KINGDOM








and






2.


European Central Bank (ECB)




(hereinafter the ‘Parties’)
Whereas:






(1)


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










(2)


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










(3)


Estonia, as a Member State with a derogation, has participated in ERM II since 28 June 2004. Eesti Pank is a 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), as amended by the Agreement of 21 December 2006 (2), by the Agreement of 14 December 2007 (3) and by the Agreement of 8 December 2008 (4) (hereinafter collectively referred to as the ‘ERM II Central Bank Agreement’).










(4)


Pursuant to Article 1 of Council Decision 2010/416/EU of 13 July 2010 in accordance with Article 140(2) of the Treaty on the adoption by Estonia of the euro on 1 January 2011 (5) the derogation in favour of Estonia referred to in Article 4 of the 2003 Act of Accession is abrogated with effect from 1 January 2011. The euro will be Estonia’s currency from 1 January 2011 and Eesti Pank should no longer be party to the ERM II Central Bank Agreement from that date.










(5)


It is therefore necessary to amend the ERM II Central Bank Agreement to take account of the abrogation of the derogation in favour of Estonia,




HAVE AGREED AS FOLLOWS:
Article 1
Amendment to the ERM II Central Bank Agreement in view of the abrogation of Estonia’s derogation
Eesti Pank shall no longer be party to the ERM II Central Bank Agreement from 1 January 2011.
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.
Article 3
Final provisions
1.   This Agreement amends the ERM II Central Bank Agreement with effect from 1 January 2011.
2.   This Agreement shall be drawn up in English and duly signed by the Parties’ duly authorised representatives. The ECB, which shall retain the original Agreement, shall send a certified copy of the original Agreement to each euro area and non-euro area national central bank. The Agreement shall be published in the Official Journal of the European Union.

Done at Frankfurt am Main, on 13 December 2010.

For

Българска народна банка (Bulgarian National Bank)

…


For

Česká národní banka

…


For

Danmarks Nationalbank

…


For

Eesti Pank

…


For

Latvijas Banka

…


For

Lietuvos bankas

…


For

the Magyar Nemzeti Bank

…


For

Narodowy Bank Polski

…


For

Banca Națională a României

…


For

Sveriges Riksbank

…


For

the Bank of England

…


For

the European Central Bank

…




(1)  OJ C 73, 25.3.2006, p. 21.

(2)  OJ C 14, 20.1.2007, p. 6.

(3)  OJ C 319, 29.12.2007, p. 7.

(4)  OJ C 16, 22.1.2009, p. 10.

(5)  OJ L 196, 28.7.2010, p. 24.


ANNEX


‘ANNEX II

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


with effect from 1 January 2011







(EUR million)




Central banks party to this Agreement


Ceilings (1)





Българска народна банка (Bulgarian National Bank)


530




Česká národní banka


710




Danmarks Nationalbank


720




Latvijas Banka


340




Lietuvos bankas


380




Magyar Nemzeti Bank


690




Narodowy Bank Polski


1 800




Banca Națională a României


1 030




Sveriges Riksbank


960




Bank of England


4 840




European Central Bank


nil













Euro area national central banks


Ceilings




Nationale Bank van België/Banque Nationale de Belgique


nil




Deutsche Bundesbank


nil




Eesti Pank


nil




Central Bank of Ireland


nil




Bank of Greece


nil




Banco de España


nil




Banque de France


nil




Banca d’Italia


nil




Central Bank of Cyprus


nil




Banque centrale du Luxembourg


nil




Central Bank of Malta


nil




De Nederlandsche Bank


nil




Oesterreichische Nationalbank


nil




Banco de Portugal


nil




Banka Slovenije


nil




Národná banka Slovenska


nil




Suomen Pankki


nil’








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