Opinion of the European Central Bank of 25 November 2013 on stabilisation measures and the deposit guarantee fund (CON/2013/80)
Date: 2013-11-25
Institutions: European Central Bank
Subjects: Romania, central bank, competence of the institution, economic stabilisation, financial stability, national law, payment system

EN 

ECB-PUBLIC 

OPINION OF THE EUROPEAN CENTRAL BANK 

of 25 November 2013  

on stabilisation measures and the deposit guarantee fund 

(CON/2013/80) 

Introduction and legal basis 

On  29  October  2013,  the  European  Central  Bank  (ECB)  received  a  request  from  Banca  Naţională  a 

României  (BNR)  for  an  opinion  on  a  draft  government  emergency  ordinance  amending  and 

supplementing  Government  Emergency  Ordinance  No  99/2006  on  credit  institutions  and  capital 
adequacy (GEO No 99/2006)1 and Government Ordinance No 39/1996 on the setting up and operation of 
the deposit guarantee fund in the banking system (GO No 39/1996)2 (hereinafter the ‘draft ordinance’).  

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,  fifth  and  sixth  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 provisions3, as the draft ordinance relates to BNR, to payments and 

settlement systems and to rules applicable to the financial institutions insofar as they materially influence 

the stability of financial institutions and markets. 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 ordinance 

The  purpose  of  the  draft  ordinance  is  to  enhance  the  clarity  and  legal  certainty  of  the  framework  on 

stabilisation measures that BNR can adopt. The draft ordinance amends GEO No 99/2006 and GO No 

39/1996  with  regard  to:  (a)  the  separation  of  tasks  between  BNR  and  the  Deposit  Guarantee  Fund; 

(b) issues related to the sources, levels and uses of financing of stabilisation measures; (c) conditions for 

the establishment, operation and closure of a bridge bank; and (d) the settlement finality regime in case of 

enforcement procedures against any payment system participants.  

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2 
3 

Published in Monitorul Oficial al României, Part One, No 1027, 27.12.2006. 
Republished in Monitorul Oficial al României, Part One, No 587, 19.8.2010. 
OJ L 189, 3.7.1998, p. 42.  

 
 
 
 
 
                                                 
 ECB-PUBLIC 

2.  Observations 

The  ECB  notes  that  the  draft  ordinance  enhances  the  clarity  and  legal  certainty  of  the  framework  on 

stabilisation measures in Romanian legislation. 

With regard to the proposed amendment concerning the bridge bank’s access to payment and settlement 

systems and other financial market infrastructures, the ECB notes that it does not address the issue of the 

possible non-compliance of the bridge bank with the rules of the relevant system or infrastructure. System 

operators should only be obliged to allow the bridge bank to access the systems or infrastructures that they 

operate and to continue the operations which are subject to the contractual and operational obligations of 

the  transferor  credit  institution,  provided  the  bridge  bank  complies  with  the  rules  of  the  system  or 

infrastructure, including criteria for membership or participation, payment and delivery obligations, and 
provision of collateral4.  

If  the  bridge  bank  does  not  comply  with  all  of  the  rules  prior  to  the  time  of  transfer,  there  may 

exceptionally be a need for the resolution authority to lay down a reasonably short period of time during 

which the bridge bank may exercise rights arising from participation in the system or infrastructure on 

condition that it makes the necessary adjustments in order to become compliant with the relevant rules by 

the end of that period.  

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

Done at Frankfurt am Main, 25 November 2013. 

[signed] 

The President of the ECB 

Mario DRAGHI 

4   See ECB Opinion CON/2012/99, explanation to Amendment 14. All ECB opinions are published on the ECB’s website at 

www.ecb.europa.eu.  

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