Opinion of the European Central Bank of 27 April 2011 on amendments to the rules on the register of financial assets (CON/2011/40)
Date: 2011-04-27
Institutions: European Central Bank
Subjects: Slovenia, central bank, data collection, guarantee, national law, payment system

EN 

ECB-PUBLIC 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 27 April 2011 

on amendments to the rules on the register of financial assets 

(CON/2011/40) 

Introduction and legal basis 

On 4 April 2011, the European Central Bank (ECB) received a request from the Slovenian Ministry of 

Finance for an opinion on a draft law amending the Law on Banka Slovenije (hereinafter the ‘draft law’). 

The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 

Functioning  of  the  European  Union  and  the  third  and  fifth  indents  of  Article 2(1)  of  Council  Decision 

98/415/EC  of  29 June  1998  on  the  consultation  of  the  European  Central  Bank  by  national  authorities 
regarding draft legislative provisions1, as the draft law contains provisions referring to Banka Slovenije 

and payment and settlement systems. In accordance with the first sentence of Article 17.5 of the Rules of 

Procedure of the European Central Bank, the Governing Council has adopted this opinion. 

1.  

Purpose of the draft law 

1.1  The draft law amends Chapter 4.2.a of the Law on Banka Slovenije2 which governs the register of 

financial assets. Banka Slovenije maintains the register of credit claims and other financial assets 

which can be used as collateral for liabilities to Banka Slovenije, the ECB and the national central 

banks of the European System of Central Banks (hereinafter collectively referred to as the ‘relevant 

central  banks’).  The  register  contains  details  on  financial  assets  and  financial  collateral  rights  on 

these assets of the relevant central banks. The information which the register contains as to (a) the 

unique  identifier  allocated  to  particular  financial  assets;  and  (b)  whether  financial  collateral  is 

registered,  is  publicly  available.  Entering  financial  assets  onto  the  register  gives  notice  of  any 

registered financial collateral rights over such assets. If a creditor has acquired financial collateral 

rights  in  good  faith  as  regards  third-party  rights  over  financial  assets  and  these  rights  have  been 

entered on the register, such creditor will have priority ranking in any repayment from the collateral 

proceeds, irrespective of any prior third-party rights in existence. 

1.2  The main objective of the draft law is to align the abovementioned rules on the register of financial 

assets with Directive 2009/44/EC of the European  Parliament and of the Council of 6 May 2009 

amending Directive 98/26/EC on settlement finality in payment and securities settlement systems 

and Directive 2002/47/EC on financial collateral arrangements as regards linked systems and credit 

1  
2  

OJ L 189, 3.7.1998, p. 42.  
Zakon o Banki Slovenije, the official consolidated version published in Uradni list RS No 72/06. 

 
 
 
 
                                                 
ECB-PUBLIC 

claims3.  In  line  with  the  requirement  of  Directive  2009/44/EC4,  the  draft  law  amends  the  current 

rules pursuant to which financial collateral over registered financial assets is created by means of 

an  entry  on  the  register.  However,  in  future  the  register  is  only  planned  to  serve  as  a  record  of 

financial collateral established over registered financial assets. 

1.3 

In addition, the draft law5 broadens the tasks of Banka Slovenije related to the administration of the 

register  of  financial  assets.  Banka  Slovenije  should:  (a)  provide  interested  persons,  upon  request, 

with information as to whether financial collateral in favour of the relevant central banks has been 

established  over  assets  that  can  be  used  as  collateral  for  liabilities  to  the  said  entities;  and  (b) 

receive notifications of the establishment of collateral over such assets from third party collateral 

takers.  

2.   General observations 

The  ECB  welcomes  the  intention  of  the  draft  law  to  remove  the  formal  condition  for  the  creation  of 

financial collateral over financial assets that can be used for securing liabilities to relevant central banks. 

It is anticipated that the provision of the draft law under which Banka Slovenije provides other potential 

collateral takers with information on financial collateral established in favour of the relevant central banks 

as well as receiving information on collateral established on registered financial assets will increase legal 

certainty where financial assets are used for collateral purposes. 

This opinion will be published on the ECB’s website. 

Done at Frankfurt am Main, 27 April 2011. 

[signed] 

The President of the ECB 

Jean-Claude TRICHET 

3  
4  
5  

OJ L 146, 10.6.2009, p. 37. 
Article 2(6)(a) of Directive 2009/44/EC. 
Proposed new paragraph 1.a of Article 22.e of the Law on Banka Slovenije. 

2