Opinion of the European Central Bank of 7 December 2011 on the legislation governing the financing of the central register of bank account numbers (CON/2011/98)
Date: 2011-12-07
Institutions: European Central Bank
Subjects: Belgium, account, bank, central bank, data collection, national law

EN 

ECB-PUBLIC 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 7 December 2011 

on the legislation governing the financing of the central register of bank account numbers 

(CON/2011/98) 

Introduction and legal basis 

On 25 November 2011, the European Central Bank (ECB) received a request from the Belgian Ministry 

of Finance for an opinion on a draft royal decree on the functioning of the central contact point referred to 

in Article 322 §3 of the Belgian Income Tax Code (hereinafter the ‘draft royal decree’).  

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 indent 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  royal  decree  relates  to  the  Nationale  Bank  van  België/Banque 

Nationale  de  Belgique  (NBB).  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 royal decree 

1.1  The draft royal decree implements Article 322 §3 of the Belgian Income Tax Code establishing a 

central  contact  point,  i.e.  a  central  register  of  bank  account  numbers  managed  by  the  NBB 

(hereinafter  the  ‘central  register’).  The  ECB  was  consulted  on  an  earlier  draft  of  the  legislation 
establishing this central register, in respect of which it issued Opinion CON/2011/302.  

1.2  The draft royal decree: (i) defines the tasks entrusted to the NBB in relation to the central register; 

(ii)  lays  down  the  procedures  for  the  credit  institutions’  communication  of  data  to  the  central 
register3  and  for  the  consultation  of  the  central  register4;  and  (ii)  lays  down  the  data  protection 
rules5.  With  regard  to  the  financing  of  the  tasks  entrusted  to  the  NBB,  the  draft  royal  decree 

provides  that  the  NBB  will  charge  to  the  Belgian  State  all  costs  incurred  in  relation  to  the 

development, installation, operation and maintenance of the central register and that the operating 

costs will be charged on a quarterly basis. The payment terms of such costs will be agreed between 

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OJ L 189, 3.7.1998, p. 42.  
All ECB opinions are published on the ECB’s website at www.ecb.europa.eu. 
Articles  2  to  6  of  the  draft  royal  decree.  The  following  data  must  be  communicated:  (a)  the  client’s  identity,  (b)  the 
client’s bank account numbers, (c) the agreements with such clients, and (d) the reference date for the data. 
Articles 9 to 14 of the draft royal decree. 
Articles 15 to 19 of the daft royal decree. 

 
 
 
 
                                                 
ECB-PUBLIC 

the NBB and the Belgian Treasury6. Finally, the liability of the NBB in relation to the operation of 
the  central  register  will  be  explicitly  limited  to  cases  of  misconduct  or  wilful  negligence7,  on 
account of the extremely limited control8 that the NBB has over the accuracy and completeness of 
the data contained in the central register9. 

2.   Monetary financing prohibition and central bank independence 

In order to comply with the prohibition on monetary financing under Article 123 of the Treaty, it needs to 

be  ensured  that  the  NBB  will  be  fully  and  adequately  remunerated  for  all  the  costs  incurred  when 
performing  activities  related  to  the  tasks  entrusted  to  it  in  connection  with  the  central  register10.  If  the 

remuneration  is  not  provided  in  advance,  it  should  be  ensured  that  the  costs  incurred  by  the  NBB  in 

performing these activities will be fully and promptly reimbursed on market terms. 

The ECB understands: (i) that the financing arrangements in the draft royal decree ensure that the NBB 

will be fully reimbursed by the Belgian State for all costs incurred in developing, installing, operating and 

maintaining the central register; (ii) that the Federal Public Service Finance and the NBB will agree on 
the procedures for the reimbursement of these costs11; (iii) that the costs for the operation of the central 

register will be reimbursed on a quarterly basis; and (iv) that the terms on which the operating costs are 
charged to the State reflect the standard practice for IT contracts12. The ECB considers that the financing 

arrangements laid down in the draft royal decree address in a satisfactory manner the concerns that the 

ECB  had  expressed  in  CON/2011/30  in  respect  of  the  monetary  financing  prohibition  and  central  bank 

independence. 

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

Done at Frankfurt am Main, 7 December 2011. 

[signed] 

The President of the ECB 

Mario DRAGHI 

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Article  20  of  the  royal  draft  decree.  See  also  the  reference  to  CON/2011/30  in  the  explanatory  memorandum,  Part  D, 
p. 18. 
Article 21 of the royal draft decree. 
See, for instance, Articles 7 and 12 of the draft royal decree. 
Explanatory memorandum, Part C, p. 18.  
See CON/2011/30. 
Article 20, second paragraph, of the royal draft decree. The ECB understands that costs other than the operational costs 
will be charged partly in advance and partly at delivery. 
Explanatory memorandum, Part D, p. 19.  

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