Institutional provisions : statute of the ESCB and of the ECB : rules of procedure ethics committee implementation of separation, June 2015.
Date: 2016-12-19
Institutions: European Central Bank
Subjects: European Central Bank, European System of Central Banks, operation of the Institutions, rules of procedure

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InStItutIonal proVISIonS
JunE 2015

StatutE oF tHE ESCB
anD oF tHE ECB

rulES oF proCEDurE

EtHICS CommIttEE

ImplEmEntatIon oF SEparatIon
En

 
 
 
 
INSTITUTIONAL PROVISIONS
JUNe 2015

STATUTe OF THe eSCB
AND OF THe eCB

RULeS OF PROCeDURe

eTHICS COmmITTee

ImPLemeNTATION OF SePARATION
eN

© European Central Bank, 2015

Postal address
European Central Bank 
60640 Frankfurt am Main
Germany

Tel.: +49 69 1344 0
E-mail: info@ecb.europa.eu

Website: www.ecb.europa.eu

ISBN 978-92-899-1899-2 (print)
ISBN 978-92-899-1901-2 (epub)
ISBN 978-92-899-1898-5 (online)
Digital object identifier: 10.2866/391377 (print)
Digital object identifier: 10.2866/99292 (epub)
Digital object identifier: 10.2866/32641 (online)
EU catalogue number: QB-AE-15-001-EN-C (print)
EU catalogue number: QB-AE-15-001-EN-E (epub)
EU catalogue number: QB-AE-15-001-EN-N (online)

CONTeNTS

F o r e w o r d  
1.  Statute of the ESCB and of the ECB 
2.  Rules of Procedure of the ECB 
3.  Rules of Procedure of the Executive Board of the ECB 
4.  Rules of Procedure of the General Council of the ECB 
5.  Decision concerning establishment of an Ethics Committee 
6.  Rules of Procedure of the Supervisory Board  
7. 

 Decision on implementation of separation between the monetary policy 
and supervisory functions of the ECB 

4
5
3 2
5 8
6 1
6 9
7 4

8 3

3

FOReWORD

The European Central Bank’s institutional provisions are a cornerstone of its legal 
framework  and  continue  to  provide  a  stable  foundation  for  its  operations:  a  basis 
which  has  withstood  the  tests  of  recent  years  largely  unchanged.  This  booklet, 
which was first published in October 2004 and last republished in November 2012, 
has  now  been  updated  to  reflect  both  recent  amendments  to  the  ECB’s  Rules  of 
Procedure to take account of the establishment of the Single Supervisory Mechanism 
as the new system of banking supervision for Europe, and the establishment of an 
ECB ethics committee. 

We  trust  that  readers  will  continue  to  find  this  booklet  a  handy  reference  tool  to 
support them in both their work and studies.

Frankfurt am Main, June 2015

Yves Mersch
Member of the ECB Executive Board

4

PROTOCOL  (NO  4)  ON  THe  STATUTe  OF 
THe eUROPeAN  SYSTem  OF  CeNTRAL  BANKS 
AND  OF  THe eUROPeAN  CeNTRAL  BANK 1

THe HIGH CONTRACTING PARTIeS, 

DESIRING to lay down the Statute of the European System of Central Banks and 
of the European Central Bank provided for in the second paragraph of Article 129 
of the Treaty on the Functioning of the European Union, 

HAVE  AGREED  upon  the  following  provisions,  which  shall  be  annexed  to  the 
Treaty on European Union and to the Treaty on the Functioning of the European 
Union: 

C H A P TeR   I 

T He eU R O PeA N   S Y S Te m  O F   CeN T R A L   B A N K S

Article 1
The European System of Central Banks

In accordance with Article 282(1) of the Treaty on the Functioning of the European 
Union,  the  European  Central  Bank  (ECB)  and  the  national  central  banks  shall 
constitute  the  European  System  of  Central  Banks  (ESCB).  The  ECB  and  the 
national  central  banks  of  those  Member  States  whose  currency  is  the  euro  shall 
constitute the Eurosystem. 

The  ESCB  and  the  ECB  shall  perform  their  tasks  and  carry  on  their  activities  in 
accordance with the provisions of the Treaties and of this Statute. 

1 

Protocol as annexed to the consolidated versions of the Treaty on European Union and the 
Treaty on the functioning of the European Union (2010/C 83/01) (OJ C 83, 30.3.2010, p. 230).

Statute of the eSCB and of the eCB

5

 
 
C H A P TeR   I I 

O B JeC T I VeS   A N D   T A S K S   O F   T He eS C B 

Article 2
Objectives 

In  accordance  with  Article  127(1)  and  Article  282(2)  of  the  Treaty  on  the 
Functioning  of  the  European  Union,  the  primary  objective  of  the  ESCB  shall  be 
to maintain price stability. Without prejudice to the objective of price stability, it 
shall support the general economic policies in the Union with a view to contributing 
to the achievement of the objectives of the Union as laid down in Article 3 of the 
Treaty on European Union. The ESCB shall act in accordance with the principle of 
an open market economy with free competition, favouring an efficient allocation of 
resources, and in compliance with the principles set out in Article 119 of the Treaty 
on the Functioning of the European Union. 

Article 3
Tasks 

3.1. 

 In  accordance  with  Article  127(2)  of  the  Treaty  on  the  Functioning  of 
the European Union, the basic tasks to be carried out through the ESCB 
shall be: 

 – to define and implement the monetary policy of the Union; 

 – to  conduct  foreign-exchange  operations  consistent  with  the  provisions 

of Article 219 of that Treaty; 

 – to hold and manage the official foreign reserves of the Member States; 

 – to promote the smooth operation of payment systems. 

3.2. 

 In accordance with Article 127(3) of the Treaty on the Functioning of the 
European Union, the third indent of Article 3.1 shall be without prejudice 
to the holding and management by the governments of Member States of 
foreign-exchange working balances. 

3.3. 

 In  accordance  with  Article  127(5)  of  the  Treaty  on  the  Functioning  of 
the European Union, the ESCB shall contribute to the smooth conduct of 

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Statute of the eSCB and of the eCB

policies  pursued  by  the  competent  authorities  relating  to  the  prudential 
supervision of credit institutions and the stability of the financial system. 

Article 4
Advisory functions 

In accordance with Article 127(4) of the Treaty on the Functioning of the European 
Union: 

(a) 

the ECB shall be consulted: 

 – on any proposed Union act in its fields of competence; 

 – by national authorities regarding any draft legislative provision in its fields 
of competence, but within the limits and under the conditions set out by the 
Council in accordance with the procedure laid down in Article 41; 

(b) 

the  ECB  may  submit  opinions  to  the  Union  institutions,  bodies,  offices  or 
agencies or to national authorities on matters in its fields of competence. 

Article 5
Collection of statistical information 

5.1. 

5.2. 

5.3. 

5.4. 

 In  order  to  undertake  the  tasks  of  the  ESCB,  the  ECB,  assisted  by  the 
national  central  banks,  shall  collect  the  necessary  statistical  information 
either from the competent national authorities or directly from economic 
agents.  For  these  purposes  it  shall  cooperate  with  the  Union  institutions, 
bodies,  offices  or  agencies  and  with  the  competent  authorities  of  the 
Member States or third countries and with international organisations. 

 The national central banks shall carry out, to the extent possible, the tasks 
described in Article 5.1. 

 The  ECB  shall  contribute  to  the  harmonisation,  where  necessary,  of  the 
rules and practices governing the collection, compilation and distribution 
of statistics in the areas within its fields of competence. 

 The  Council,  in  accordance  with  the  procedure  laid  down  in  Article  41, 
shall define the natural and legal persons subject to reporting requirements, 
the confidentiality regime and the appropriate provisions for enforcement. 

Statute of the eSCB and of the eCB

7

Article 6
International cooperation 

6.1. 

6.2. 

6.3. 

 In the field of international cooperation involving the tasks entrusted to the 
ESCB, the ECB shall decide how the ESCB shall be represented. 

 The  ECB  and,  subject  to  its  approval,  the  national  central  banks  may 
participate in international monetary institutions. 

 Articles 6.1 and 6.2 shall be without prejudice to Article 138 of the Treaty 
on the Functioning of the European Union. 

C H A P TeR   I I I 

O R G A N I S A T I O N   O F   T He eS C B 

Article 7
Independence 

In accordance with Article 130 of the Treaty on the Functioning of the European 
Union, when exercising the powers and carrying out the tasks and duties conferred 
upon them by the Treaties and this Statute, neither the ECB, nor a national central 
bank, nor any member of their decision-making bodies shall seek or take instructions 
from  Union  institutions,  bodies,  offices  or  agencies,  from  any  government  of  a 
Member  State  or  from  any  other  body.  The  Union  institutions,  bodies,  offices 
or  agencies  and  the  governments  of  the  Member  States  undertake  to  respect  this 
principle and not to seek to influence the members of the decision-making bodies of 
the ECB or of the national central banks in the performance of their tasks. 

Article 8
General principle 

The ESCB shall be governed by the decision-making bodies of the ECB. 

Article 9
The European Central Bank 

9.1. 

8

 The  ECB  which,  in  accordance  with  Article  282(3)  of  the  Treaty  on 
the  Functioning  of  the  European  Union,  shall  have  legal  personality, 
shall  enjoy  in  each  of  the  Member  States  the  most  extensive 

Statute of the eSCB and of the eCB

9.2. 

9.3. 

10.1. 

10.2. 

legal  capacity  accorded  to  legal  persons  under  its  law;  it  may,  
in particular, acquire or dispose of movable and immovable property and 
may be a party to legal proceedings. 

 The  ECB  shall  ensure  that  the  tasks  conferred  upon  the  ESCB  under 
Article 127(2), (3) and (5) of the Treaty on the Functioning of the European 
Union are implemented either by its own activities pursuant to this Statute 
or through the national central banks pursuant to Articles 12.1 and 14. 

 In  accordance  with  Article  129(1)  of  the  Treaty  on  the  Functioning  of 
the European Union, the decision-making bodies of the ECB shall be the 
Governing Council and the Executive Board. 

Article 10
The Governing Council 

 In accordance with Article 283(1) of the Treaty on the Functioning of the 
European  Union,  the  Governing  Council  shall  comprise  the  members  of 
the Executive Board of the ECB and the governors of the national central 
banks of the Member States whose currency is the euro. 

 Each  member  of  the  Governing  Council  shall  have  one  vote.  As  from 
the  date  on  which  the  number  of  members  of  the  Governing  Council 
exceeds  21,  each  member  of  the  Executive  Board  shall  have  one 
vote  and  the  number  of  governors  with  a  voting  right  shall  be  15.  
The latter voting rights shall be assigned and shall rotate as follows: 

 – as from the date on which the number of governors exceeds 15, until it 
reaches  22,  the  governors  shall  be  allocated  to  two  groups,  according 
to  a  ranking  of  the  size  of  the  share  of  their  national  central  bank’s 
Member State in the aggregate gross domestic product at market prices 
and  in  the  total  aggregated  balance  sheet  of  the  monetary  financial 
institutions of the Member States whose currency is the euro. The shares 
in the aggregate gross domestic product at market prices and in the total 
aggregated  balance  sheet  of  the  monetary  financial  institutions  shall 
be assigned weights of 5/6 and 1/6, respectively. The first group shall 
be composed of five governors and the second group of the remaining 
governors.  The  frequency  of  voting  rights  of  the  governors  allocated 
to the first group shall not be lower than the frequency of voting rights 
of those of the second group. Subject to the previous sentence, the first 

Statute of the eSCB and of the eCB

9

group shall be assigned four voting rights and the second group eleven 
voting rights, 

 – as  from  the  date  on  which  the  number  of  governors  reaches  22,  the 
governors  shall  be  allocated  to  three  groups  according  to  a  ranking 
based on the above criteria. The first group shall be composed of five 
governors  and  shall  be  assigned  four  voting  rights.  The  second  group 
shall  be  composed  of  half  of  the  total  number  of  governors,  with  any 
fraction rounded up to the nearest integer, and shall be assigned eight 
voting  rights.  The  third  group  shall  be  composed  of  the  remaining 
governors and shall be assigned three voting rights, 

 – within each group, the governors shall have their voting rights for equal 

amounts of time,

 – for the calculation of the shares in the aggregate gross domestic product 
at market prices Article 29.2 shall apply. The total aggregated balance 
sheet  of  the  monetary  financial  institutions  shall  be  calculated  in 
accordance with the statistical framework applying in the Union at the 
time of the calculation, 

 – whenever  the  aggregate  gross  domestic  product  at  market  prices  is 
adjusted  in  accordance  with  Article  29.3,  or  whenever  the  number  of 
governors increases, the size and/or composition of the groups shall be 
adjusted in accordance with the above principles, 

 – the  Governing  Council,  acting  by  a  two-thirds  majority  of  all  its 
members,  with  and  without  a  voting  right,  shall  take  all  measures 
necessary  for  the  implementation  of  the  above  principles  and  may 
decide  to  postpone  the  start  of  the  rotation  system  until  the  date  on 
which the number of governors exceeds 18. 

The right to vote shall be exercised in person. By way of derogation from this rule, 
the Rules of Procedure referred to in Article 12.3 may lay down that members of the 
Governing Council may cast their vote by means of teleconferencing. These rules 
shall also provide that a member of the Governing Council who is prevented from 
attending meetings of the Governing Council for a prolonged period may appoint 
an alternate as a member of the Governing Council. 

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Statute of the eSCB and of the eCB

The provisions of the previous paragraphs are without prejudice to the voting rights 
of all members of the Governing Council, with and without a voting right, under 
Articles 10.3, 40.2 and 40.3. 

Save as otherwise provided for in this Statute, the Governing Council shall act by 
a simple majority of the members having a voting right. In the event of a tie, the 
President shall have the casting vote. 

In order for the Governing Council to vote, there shall be a quorum of two-thirds 
of the members having a voting right. If the quorum is not met, the President may 
convene an extraordinary meeting at which decisions may be taken without regard 
to the quorum. 

10.3. 

 For  any  decisions  to  be  taken  under  Articles  28,  29,  30,  32  and  33,  the 
votes in the Governing Council shall be weighted according to the national 
central banks’ shares in the subscribed capital of the ECB. The weights of 
the votes of the members of the Executive Board shall be zero. A decision 
requiring a qualified majority shall be adopted if the votes cast in favour 
represent  at  least  two  thirds  of  the  subscribed  capital  of  the  ECB  and 
represent  at  least  half  of  the  shareholders.  If  a  Governor  is  unable  to  be 
present, he may nominate an alternate to cast his weighted vote. 

10.4. 

 The  proceedings  of  the  meetings  shall  be  confidential.  The  Governing 
Council may decide to make the outcome of its deliberations public. 

10.5. 

The Governing Council shall meet at least 10 times a year. 

Article 11
The Executive Board 

11.1. 

 In accordance with the first subparagraph of Article 283(2) of the Treaty 
on  the  Functioning  of  the  European  Union,  the  Executive  Board  shall 
comprise the President, the Vice-President and four other members. 

The  members  shall  perform  their  duties  on  a  full-time  basis.  No  member  shall 
engage in any occupation, whether gainful or not, unless exemption is exceptionally 
granted by the Governing Council. 

11.2. 

 In  accordance  with  the  second  subparagraph  of  Article  283(2)  of 
the  Treaty  on  the  Functioning  of  the  European  Union,  the  President,  

Statute of the eSCB and of the eCB

11

the  Vice-President  and  the  other  members  of  the  Executive  Board  shall 
be  appointed  by  the  European  Council,  acting  by  a  qualified  majority, 
from  among  persons  of  recognised  standing  and  professional  experience 
in  monetary  or  banking  matters,  on  a  recommendation  from  the  Council 
after it has consulted the European Parliament and the Governing Council. 

Their term of office shall be eight years and shall not be renewable. 

Only nationals of Member States may be members of the Executive Board. 

11.3. 

11.4. 

11.5. 

 The terms and conditions of employment of the members of the Executive 
Board,  in  particular  their  salaries,  pensions  and  other  social  security 
benefits shall be the subject of contracts with the ECB and shall be fixed 
by  the  Governing  Council  on  a  proposal  from  a  Committee  comprising 
three  members  appointed  by  the  Governing  Council  and  three  members 
appointed by the Council. The members of the Executive Board shall not 
have the right to vote on matters referred to in this paragraph. 

 If  a  member  of  the  Executive  Board  no  longer  fulfils  the  conditions 
required for the performance of his duties or if he has been guilty of serious 
misconduct,  the  Court  of  Justice  may,  on  application  by  the  Governing 
Council or the Executive Board, compulsorily retire him. 

 Each  member  of  the  Executive  Board  present  in  person  shall  have  the 
right to vote and shall have, for that purpose, one vote. Save as otherwise 
provided, the Executive Board shall act by a simple majority of the votes 
cast.  In  the  event  of  a  tie,  the  President  shall  have  the  casting  vote.  The 
voting arrangements shall be specified in the Rules of Procedure referred 
to in Article 12.3. 

11.6. 

 The Executive Board shall be responsible for the current business of the ECB. 

11.7. 

 Any vacancy on the Executive Board shall be filled by the appointment of 
a new member in accordance with Article 11.2. 

Article 12
Responsibilities of the decision-making bodies 

12.1. 

 The Governing Council shall adopt the guidelines and take the decisions 
necessary  to  ensure  the  performance  of  the  tasks  entrusted  to  the  ESCB 

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Statute of the eSCB and of the eCB

under  these  Treaties  and  this  Statute.  The  Governing  Council  shall 
formulate  the  monetary  policy  of  the  Union  including,  as  appropriate, 
decisions  relating  to  intermediate  monetary  objectives,  key  interest  rates 
and the supply of reserves in the ESCB, and shall establish the necessary 
guidelines for their implementation. 

The Executive Board shall implement monetary policy in accordance with the guidelines 
and decisions laid down by the Governing Council. In doing so the Executive Board 
shall give the necessary instructions to national central banks. In addition the Executive 
Board may have certain powers delegated to it where the Governing Council so decides. 

To  the  extent  deemed  possible  and  appropriate  and  without  prejudice  to  the 
provisions of this Article, the ECB shall have recourse to the national central banks 
to carry out operations which form part of the tasks of the ESCB. 

12.2. 

 The  Executive  Board  shall  have  responsibility  for  the  preparation  of 
meetings of the Governing Council. 

12.3. 

 The Governing Council shall adopt Rules of Procedure which determine 
the internal organisation of the ECB and its decision-making bodies. 

12.4. 

 The Governing Council shall exercise the advisory functions referred to in 
Article 4. 

12.5. 

The Governing Council shall take the decisions referred to in Article 6. 

Article 13
The President 

13.1. 

 The  President  or,  in  his  absence,  the  Vice-President  shall  chair  the 
Governing Council and the Executive Board of the ECB. 

13.2. 

 Without  prejudice  to  Article  38,  the  President  or  his  nominee  shall 
represent the ECB externally. 

Article 14
National central banks 

14.1. 

 In  accordance  with  Article  131  of  the  Treaty  on  the  Functioning  of 
the  European  Union,  each  Member  State  shall  ensure  that  its  national 

Statute of the eSCB and of the eCB

13

legislation, including the statutes of its national central bank, is compatible 
with these Treaties and this Statute. 

14.2. 

 The statutes of the national central banks shall, in particular, provide that 
the term of office of a Governor of a national central bank shall be no less 
than five years. 

A Governor may be relieved from office only if he no longer fulfils the conditions 
required  for  the  performance  of  his  duties  or  if  he  has  been  guilty  of  serious 
misconduct.  A  decision  to  this  effect  may  be  referred  to  the  Court  of  Justice  by 
the Governor concerned or the Governing Council on grounds of infringement of 
these Treaties or of any rule of law relating to their application. Such proceedings 
shall  be  instituted  within  two  months  of  the  publication  of  the  decision  or  of  its 
notification to the plaintiff or, in the absence thereof, of the day on which it came to 
the knowledge of the latter, as the case may be. 

14.3. 

14.4. 

 The  national  central  banks  are  an  integral  part  of  the  ESCB  and  shall 
act  in  accordance  with  the  guidelines  and  instructions  of  the  ECB.  The 
Governing  Council  shall  take  the  necessary  steps  to  ensure  compliance 
with the guidelines and instructions of the ECB, and shall require that any 
necessary information be given to it. 

 National  central  banks  may  perform  functions  other  than  those  specified 
in  this  Statute  unless  the  Governing  Council  finds,  by  a  majority  of  two 
thirds of the votes cast, that these interfere with the objectives and tasks 
of the ESCB. Such functions shall be performed on the responsibility and 
liability of national central banks and shall not be regarded as being part of 
the functions of the ESCB. 

Article 15
Reporting commitments 

15.1. 

 The ECB shall draw up and publish reports on the activities of the ESCB 
at least quarterly. 

15.2. 

 A  consolidated  financial  statement  of  the  ESCB  shall  be  published  each 
week. 

15.3. 

 In accordance with Article 284(3) of the Treaty on the Functioning of the 
European Union, the ECB shall address an annual report on the activities of 

14

Statute of the eSCB and of the eCB

the ESCB and on the monetary policy of both the previous and the current 
year  to  the  European  Parliament,  the  Council  and  the  Commission,  and 
also to the European Council. 

15.4. 

 The  reports  and  statements  referred  to  in  this  Article  shall  be  made 
available to interested parties free of charge. 

Article 16
Banknotes 

In accordance with Article 128(1) of the Treaty on the Functioning of the European 
Union, the Governing Council shall have the exclusive right to authorise the issue of 
euro banknotes within the Union. The ECB and the national central banks may issue 
such notes. The banknotes issued by the ECB and the national central banks shall be 
the only such notes to have the status of legal tender within the Union. 

The ECB shall respect as far as possible existing practices regarding the issue and 
design of banknotes. 

C H A P TeR   I V

mO NeT A R Y   F U N C T I O N S   A N D   O PeR A T I O N S   O F   T He eS C B 

Article 17
Accounts with the ECB and the national central banks 

In order to conduct their operations, the ECB and the national central banks may 
open  accounts  for  credit  institutions,  public  entities  and  other  market  participants 
and accept assets, including book entry securities, as collateral. 

Article 18
Open market and credit operations 

18.1. 

 In order to achieve the objectives of the ESCB and to carry out its tasks, 
the ECB and the national central banks may: 

 – operate in the financial markets by buying and selling outright (spot and 
forward)  or  under  repurchase  agreement  and  by  lending  or  borrowing 
claims and marketable instruments, whether in euro or other currencies, 
as well as precious metals; 

Statute of the eSCB and of the eCB

15

 – conduct  credit  operations  with  credit  institutions  and  other  market 

participants, with lending being based on adequate collateral. 

18.2. 

 The  ECB  shall  establish  general  principles  for  open  market  and  credit 
operations carried out by itself or the national central banks, including for 
the announcement of conditions under which they stand ready to enter into 
such transactions. 

Article 19
Minimum reserves 

19.1. 

 Subject  to  Article  2,  the  ECB  may  require  credit  institutions  established 
in  Member  States  to  hold  minimum  reserve  on  accounts  with  the  ECB 
and  national  central  banks  in  pursuance  of  monetary  policy  objectives. 
Regulations concerning the calculation and determination of the required 
minimum reserves may be established by the Governing Council. In cases 
of non-compliance the ECB shall be entitled to levy penalty interest and to 
impose other sanctions with comparable effect. 

19.2. 

 For the application of this Article, the Council shall, in accordance with the 
procedure laid down in Article 41, define the basis for minimum reserves 
and  the  maximum  permissible  ratios  between  those  reserves  and  their 
basis, as well as the appropriate sanctions in cases of non-compliance. 

Article 20
Other instruments of monetary control 

The Governing Council may, by a majority of two thirds of the votes cast, decide 
upon the use of such other operational methods of monetary control as it sees fit, 
respecting Article 2. 

The Council shall, in accordance with the procedure laid down in Article 41, define 
the scope of such methods if they impose obligations on third parties. 

Article 21
Operations with public entities 

21.1. 

 In  accordance  with  Article  123  of  the  Treaty  on  the  Functioning  of  the 
European Union, overdrafts or any other type of credit facility with the ECB 

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Statute of the eSCB and of the eCB

or with the national central banks in favour of Union institutions, bodies, 
offices  or  agencies,  central  governments,  regional,  local  or  other  public 
authorities, other bodies governed by public law, or public undertakings of 
Member States shall be prohibited, as shall the purchase directly from them 
by the ECB or national central banks of debt instruments. 

21.2. 

 The ECB and national central banks may act as fiscal agents for the entities 
referred to in Article 21.1. 

21.3. 

 The  provisions  of  this  Article  shall  not  apply  to  publicly  owned  credit 
institutions which, in the context of the supply of reserves by central banks, 
shall be given the same treatment by national central banks and the ECB as 
private credit institutions. 

Article 22
Clearing and payment systems 

The ECB and national central banks may provide facilities, and the ECB may make 
regulations, to ensure efficient and sound clearing and payment systems within the 
Union and with other countries. 

Article 23
External operations 

The ECB and national central banks may: 

 – establish relations with central banks and financial institutions in other countries 

and, where appropriate, with international organisations; 

 – acquire  and  sell  spot  and  forward  all  types  of  foreign  exchange  assets  and 
precious metals; the term ‘foreign exchange asset’ shall include securities and all 
other assets in the currency of any country or units of account and in whatever 
form held; 

 – hold and manage the assets referred to in this Article; 

 – conduct  all  types  of  banking  transactions  in  relations  with  third  countries  and 

international organisations, including borrowing and lending operations. 

Statute of the eSCB and of the eCB

17

Article 24
Other operations 

In  addition  to  operations  arising  from  their  tasks,  the  ECB  and  national  central 
banks may enter into operations for their administrative purposes or for their staff. 

C H A P TeR   V

P R U DeN T I A L   S U PeR V I S I O N 

Article 25
Prudential supervision 

25.1. 

25.2. 

 The  ECB  may  offer  advice  to  and  be  consulted  by  the  Council,  the 
Commission  and  the  competent  authorities  of  the  Member  States  on  the 
scope  and  implementation  of  Union  legislation  relating  to  the  prudential 
supervision of credit institutions and to the stability of the financial system. 

 In  accordance  with  any  regulation  of  the  Council  under  Article  127(6) 
of  the  Treaty  on  the  Functioning  of  the  European  Union,  the  ECB  may 
perform  specific  tasks  concerning  policies  relating  to  the  prudential 
supervision  of  credit  institutions  and  other  financial  institutions  with  the 
exception of insurance undertakings. 

C H A P TeR   V I

F I N A N C I A L   P R O V I S I O N S   O F   T He eS C B 

Article 26
Financial accounts 

26.1. 

 The financial year of the ECB and national central banks shall begin on the 
first day of January and end on the last day of December. 

26.2. 

 The annual accounts of the ECB shall be drawn up by the Executive Board, 
in  accordance  with  the  principles  established  by  the  Governing  Council. 
The  accounts  shall  be  approved  by  the  Governing  Council  and  shall 
thereafter be published. 

18

Statute of the eSCB and of the eCB

26.3. 

26.4. 

27.1. 

 For  analytical  and  operational  purposes,  the  Executive  Board  shall  draw 
up a consolidated balance sheet of the ESCB, comprising those assets and 
liabilities of the national central banks that fall within the ESCB. 

 For the application of this Article, the Governing Council shall establish 
the  necessary  rules  for  standardising  the  accounting  and  reporting  of 
operations undertaken by the national central banks. 

Article 27
Auditing 

 The  accounts  of  the  ECB  and  national  central  banks  shall  be  audited  by 
independent external auditors recommended by the Governing Council and 
approved by the Council. The auditors shall have full power to examine all 
books and accounts of the ECB and national central banks and obtain full 
information about their transactions. 

27.2. 

 The provisions of Article 287 of the Treaty on the Functioning of the European 
Union shall only apply to an examination of the operational efficiency of the 
management of the ECB. 

Article 28
Capital of the ECB

28.1. 

28.2. 

28.3. 

 The  capital  of  the  ECB  shall  be  euro  5  000  million.  The  capital  may  be 
increased by such amounts as may be decided by the Governing Council 
acting  by  the  qualified  majority  provided  for  in  Article  10.3,  within  the 
limits and under the conditions set by the Council under the procedure laid 
down in Article 41. 

 The national central banks shall be the sole subscribers to and holders of 
the capital of the ECB. The subscription of capital shall be according to the 
key established in accordance with Article 29. 

 The Governing Council, acting by the qualified majority provided for in 
Article 10.3, shall determine the extent to which and the form in which the 
capital shall be paid up. 

28.4. 

 Subject  to  Article  28.5,  the  shares  of  the  national  central  banks  in  the 
subscribed capital of the ECB may not be transferred, pledged or attached. 

Statute of the eSCB and of the eCB

19

28.5. 

 If the key referred to in Article 29 is adjusted, the national central banks 
shall transfer among themselves capital shares to the extent necessary to 
ensure  that  the  distribution  of  capital  shares  corresponds  to  the  adjusted 
key. The Governing Council shall determine the terms and conditions of 
such transfers. 

Article 29
Key for capital subscription 

29.1. 

 The key for subscription of the ECB’s capital, fixed for  the  first  time in 
1998 when the ESCB was established, shall be determined by assigning to 
each national central bank a weighting in this key equal to the sum of: 

 – 50% of the share of its respective Member State in the population of the 
Union in the penultimate year preceding the establishment of the ESCB; 

 – 50% of the share of its respective Member State in the gross domestic 
product at market prices of the Union as recorded in the last five years 
preceding the penultimate year before the establishment of the ESCB. 

The  percentages  shall  be  rounded  up  or  down  to  the  nearest  multiple  of 
0,0001 percentage points. 

29.2. 

29.3. 

 The  statistical  data  to  be  used  for  the  application  of  this  Article  shall  be 
provided by the Commission in accordance with the rules adopted by the 
Council under the procedure provided for in Article 41. 

 The  weightings  assigned  to  the  national  central  banks  shall  be  adjusted 
every five years after the establishment of the ESCB by analogy with the 
provisions  laid  down  in  Article  29.1.  The  adjusted  key  shall  apply  with 
effect from the first day of the following year. 

29.4. 

 The  Governing  Council  shall  take  all  other  measures  necessary  for  the 
application of this Article. 

Article 30
Transfer of foreign reserve assets to the ECB 

30.1. 

 Without prejudice to Article 28, the ECB shall be provided by the national 
central  banks  with  foreign  reserve  assets,  other  than  Member  States’ 

20

Statute of the eSCB and of the eCB

currencies,  euro,  IMF  reserve  positions  and  SDRs,  up  to  an  amount 
equivalent  to  euro  50  000  million.  The  Governing  Council  shall  decide 
upon the proportion to be called up by the ECB following its establishment 
and the amounts called up at later dates. The ECB shall have the full right 
to hold and manage the foreign reserves that are transferred to it and to use 
them for the purposes set out in this Statute. 

30.2. 

 The contributions of each national central bank shall be fixed in proportion 
to its share in the subscribed capital of the ECB. 

30.3. 

30.4. 

 Each  national  central  bank  shall  be  credited  by  the  ECB  with  a  claim 
equivalent to its contribution. The Governing Council shall determine the 
denomination and remuneration of such claims. 

 Further calls of foreign reserve assets beyond the limit set in Article 30.1 
may be effected by the ECB, in accordance with Article 30.2, within the 
limits and under the conditions set by the Council in accordance with the 
procedure laid down in Article 41. 

30.5. 

 The  ECB  may  hold  and  manage  IMF  reserve  positions  and  SDRs  and 
provide for the pooling of such assets. 

30.6. 

 The  Governing  Council  shall  take  all  other  measures  necessary  for  the 
application of this Article. 

Article 31
Foreign reserve assets held by national central banks 

31.1. 

31.2. 

 The  national  central  banks  shall  be  allowed  to  perform  transactions  in 
fulfilment  of  their  obligations  towards  international  organisations  in 
accordance with Article 23. 

 All other operations in foreign reserve assets remaining with the national 
central  banks  after  the  transfers  referred  to  in  Article  30,  and  Member 
States’  transactions  with  their  foreign  exchange  working  balances  shall, 
above a certain limit to be established within the framework of Article 31.3, 
be subject to approval by the ECB in order to ensure consistency with the 
exchange rate and monetary policies of the Union. 

Statute of the eSCB and of the eCB

21

31.3. 

 The  Governing  Council  shall  issue  guidelines  with  a  view  to  facilitating 
such operations. 

Article 32
Allocation of monetary income of national central banks 

32.1. 

32.2. 

32.3. 

 The income accruing to the national central banks in the performance of 
the ESCB’s monetary policy function (hereinafter referred to as ‘monetary 
income’) shall be allocated at the end of each financial year in accordance 
with the provisions of this Article. 

 The  amount  of  each  national  central  bank’s  monetary  income  shall  be 
equal  to  its  annual  income  derived  from  its  assets  held  against  notes  in 
circulation and  deposit  liabilities  to  credit institutions. These  assets  shall 
be earmarked by national central banks in accordance with guidelines to be 
established by the Governing Council. 

 If,  after  the  introduction  of  the  euro,  the  balance  sheet  structures  of  the 
national central banks do not, in the judgment of the Governing Council, 
permit the application of Article 32.2, the Governing Council, acting by a 
qualified majority, may decide that, by way of derogation from Article 32.2, 
monetary income shall be measured according to an alternative method for 
a period of not more than five years. 

32.4. 

 The  amount  of  each  national  central  bank’s  monetary  income  shall  be 
reduced by an amount equivalent to any interest paid by that central bank 
on its deposit liabilities to credit institutions in accordance with Article 19. 

The Governing Council may decide that national central banks shall be indemnified 
against costs incurred in connection with the issue of banknotes or in exceptional 
circumstances for specific losses arising from monetary policy operations undertaken 
for the ESCB. Indemnification shall be in a form deemed appropriate in the judgment 
of the Governing Council; these amounts may be offset against the national central 
banks’ monetary income. 

32.5. 

 The sum of the national central banks’ monetary income shall be allocated 
to  the  national  central  banks  in  proportion  to  their  paid  up  shares  in  the 
capital of the ECB, subject to any decision taken by the Governing Council 
pursuant to Article 33.2. 

22

Statute of the eSCB and of the eCB

32.6. 

 The  clearing  and  settlement  of  the  balances  arising  from  the  allocation 
of monetary income shall be carried out by the ECB in accordance with 
guidelines established by the Governing Council. 

32.7. 

 The  Governing  Council  shall  take  all  other  measures  necessary  for  the 
application of this Article. 

Article 33
Allocation of net profits and losses of the ECB 

33.1. 

The net profit of the ECB shall be transferred in the following order: 

(a)  an amount to be determined by the Governing Council, which may not 
exceed 20% of the net profit, shall be transferred to the general reserve 
fund subject to a limit equal to 100% of the capital; 

(b) 

the remaining net profit shall be distributed to the shareholders of the 
ECB in proportion to their paid-up shares. 

33.2. 

 In  the  event  of  a  loss  incurred  by  the  ECB,  the  shortfall  may  be  offset 
against the general reserve fund of the ECB and, if necessary, following 
a decision by the Governing Council, against the monetary income of the 
relevant financial year in proportion and up to the amounts allocated to the 
national central banks in accordance with Article 32.5. 

C H A P TeR   V I I 

GeNeR A L   P R O V I S I O N S 

Article 34
Legal acts 

34.1. 

 In  accordance  with  Article  132  of  the  Treaty  on  the  Functioning  of  the 
European Union, the ECB shall: 

 – make regulations to the extent necessary to implement the tasks defined 
in Article 3.1, first indent, Articles 19.1, 22 or 25.2 and in cases which 
shall be laid down in the acts of the Council referred to in Article 41; 

Statute of the eSCB and of the eCB

23

 – take  decisions  necessary  for  carrying  out  the  tasks  entrusted  to  the 

ESCB under these Treaties and this Statute; 

 – make recommendations and deliver opinions. 

34.2. 

 The  ECB  may  decide  to  publish  its  decisions,  recommendations  and 
opinions. 

34.3. 

 Within the limits and under the conditions adopted by the Council under the 
procedure laid down in Article 41, the ECB shall be entitled to impose fines 
or  periodic  penalty  payments  on  undertakings  for  failure  to  comply  with 
obligations under its regulations and decisions. 

Article 35
Judicial control and related matters 

35.1. 

35.2. 

35.3. 

35.4. 

 The acts or omissions of the ECB shall be open to review or interpretation 
by the Court of Justice of the European Union in the cases and under the 
conditions  laid  down  in  the  Treaty  on  the  Functioning  of  the  European 
Union.  The  ECB  may  institute  proceedings  in  the  cases  and  under  the 
conditions laid down in the Treaties. 

 Disputes between the ECB, on the one hand, and its creditors, debtors or 
any other person, on the other, shall be decided by the competent national 
courts,  save  where  jurisdiction  has  been  conferred  upon  the  Court  of 
Justice of the European Union. 

 The ECB shall be subject to the liability regime provided for in Article 340 
of  the  Treaty  on  the  Functioning  of  the  European  Union.  The  national 
central banks shall be liable according to their respective national laws. 

 The  Court  of  Justice  of  the  European  Union  shall  have  jurisdiction  to 
give  judgment  pursuant  to  any  arbitration  clause  contained  in  a  contract 
concluded by or on behalf of the ECB, whether that contract be governed 
by public or private law. 

35.5. 

 A decision of the ECB to bring an action before the Court of Justice of the 
European Union shall be taken by the Governing Council. 

24

Statute of the eSCB and of the eCB

35.6. 

 The Court of Justice of the European Union shall have jurisdiction in disputes 
concerning the fulfilment by a national central bank of obligations under the 
Treaties and this Statute. If the ECB considers that a national central bank 
has failed to fulfil an obligation under the Treaties and this Statute, it shall 
deliver  a  reasoned  opinion  on  the  matter  after  giving  the  national  central 
bank  concerned  the  opportunity  to  submit  its  observations.  If  the  national 
central bank concerned does not comply with the opinion within the period 
laid down by the ECB, the latter may bring the matter before the Court of 
Justice of the European Union. 

Article 36
Staff 

36.1. 

 The Governing Council, on a proposal from the Executive Board, shall lay 
down the conditions of employment of the staff of the ECB. 

36.2. 

 The Court of Justice of the European Union shall have jurisdiction in any 
dispute between the ECB and its servants within the limits and under the 
conditions laid down in the conditions of employment. 

Article 37(ex Article 38)
Professional secrecy 

37.1. 

 Members of the governing bodies and the staff of the ECB and the national 
central banks shall be required, even after their duties have ceased, not to 
disclose information of the kind covered by the obligation of professional 
secrecy. 

37.2. 

 Persons  having  access  to  data  covered  by  Union  legislation  imposing  an 
obligation of secrecy shall be subject to such legislation. 

Article 38 (ex Article 39)
Signatories 

The  ECB  shall  be  legally  committed  to  third  parties  by  the  President  or  by  two 
members of the Executive Board or by the signatures of two members of the staff 
of  the  ECB  who  have  been  duly  authorised  by  the  President  to  sign  on  behalf  of 
the ECB. 

Statute of the eSCB and of the eCB

25

Article 39 (ex Article 40)
Privileges and immunities 

The  ECB  shall  enjoy  in  the  territories  of  the  Member  States  such  privileges  and 
immunities as are necessary for the performance of its tasks, under the conditions 
laid down in the Protocol on the privileges and immunities of the European Union. 

C H A P TeR   V I I I

Am eN Dm eN T   O F   T He  S T A T U Te  A N D   C OmP Le m eN T A R Y   LeG I S L A T I O N 

Article 40 (ex Article 41)
Simplified amendment procedure 

40.1. 

40.2. 

 In  accordance  with  Article  129(3)  of  the  Treaty  on  the  Functioning  of 
the  European  Union,  Articles  5.1,  5.2,  5.3,  17,  18,  19.1,  22,  23,  24,  26, 
32.2,  32.3,  32.4,  32.6,  33.1(a)  and  36  of  this  Statute  may  be  amended 
by  the  European  Parliament  and  the  Council,  acting  in  accordance  with 
the  ordinary  legislative  procedure  either  on  a  recommendation  from  the 
ECB  and  after  consulting  the  Commission,  or  on  a  proposal  from  the 
Commission and after consulting the ECB. 

 Article 10.2 may be amended by a decision of the European Council, acting 
unanimously,  either  on  a  recommendation  from  the  European  Central 
Bank and after consulting the European Parliament and the Commission, 
or  on  a  recommendation  from  the  Commission  and  after  consulting  the 
European Parliament and the European Central Bank. These amendments 
shall not enter into force until they are approved by the Member States in 
accordance with their respective constitutional requirements.

40.3. 

 A  recommendation  made  by  the  ECB  under  this  Article  shall  require  a 
unanimous decision by the Governing Council. 

Article 41 (ex Article 42)
Complementary legislation 

In accordance with Article 129(4) of the Treaty on the Functioning of the European 
Union, the Council, either on a proposal from the Commission and after consulting 
the  European  Parliament  and  the  ECB  or  on  a  recommendation  from  the  ECB 

26

Statute of the eSCB and of the eCB

and  after  consulting  the  European  Parliament  and  the  Commission,  shall  adopt 
the provisions referred to in Articles 4, 5.4, 19.2, 20, 28.1, 29.2, 30.4 and 34.3 of 
this Statute. 

C H A P TeR   I X 

T R A N S I T I O N A L   A N D   O T HeR   P R O V I S I O N S   F O R   T He eS C B 

Article 42 (ex Article 43)
General provisions 

42.1. 

42.2. 

42.3. 

 A derogation as referred to in Article 139 of the Treaty on the Functioning 
of the European Union shall entail that the following Articles of this Statute 
shall not confer any rights or impose any obligations on the Member State 
concerned: 3, 6, 9.2, 12.1, 14.3, 16, 18, 19, 20, 22, 23, 26.2, 27, 30, 31, 32, 
33, 34, and 49. 

 The  central  banks  of  Member  States  with  a  derogation  as  specified  in 
Article  139(1)  of  the  Treaty  on  the  Functioning  of  the  European  Union 
shall  retain  their  powers  in  the  field  of  monetary  policy  according  to 
national law. 

 In  accordance  with  Article  139  of  the  Treaty  on  the  Functioning  of  the 
European Union, ‘Member States’ shall be read as ‘Member States whose 
currency is the euro’ in the following Articles of this Statute: 3, 11.2 and 
19. 

42.4. 

 ‘National central banks’ shall be read as ‘central banks of Member States 
whose currency is the euro’ in the following Articles of this Statute: 9.2, 
10.2, 10.3, 12.1, 16, 17, 18, 22, 23, 27, 30, 31, 32, 33.2 and 49. 

42.5. 

 ‘Shareholders’  shall  be  read  as  ‘central  banks  of  Member  States  whose 
currency is the euro’ in Articles 10.3 and 33.1. 

42.6. 

 ‘Subscribed  capital  of  the  ECB’  shall  be  read  as  ‘capital  of  the  ECB 
subscribed by the central banks of Member States whose currency is the 
euro’ in Articles 10.3 and 30.2. 

Statute of the eSCB and of the eCB

27

Article 43 (ex Article 44)
Transitional tasks of the ECB 

The ECB shall take over the former tasks of the EMI referred to in Article 141(2) 
of  the  Treaty  on  the  Functioning  of  the  European  Union  which,  because  of  the 
derogations  of  one  or  more  Member  States,  still  have  to  be  performed  after  the 
introduction of the euro. 

The ECB shall give advice in the preparations for the abrogation of the derogations 
specified in Article 140 of the Treaty on the Functioning of the European Union. 

Article 44 (ex Article 45)
The General Council of the ECB 

44.1. 

44.2. 

 Without  prejudice  to  Article  129(1)  of  the  Treaty  on  the  Functioning  of 
the  European  Union,  the  General  Council  shall  be  constituted  as  a  third 
decision-making body of the ECB. 

 The  General  Council  shall  comprise  the  President  and  Vice-President 
of  the  ECB  and  the  Governors  of  the  national  central  banks.  The  other 
members of the Executive Board may participate, without having the right 
to vote, in meetings of the General Council. 

44.3. 

 The responsibilities of the General Council are listed in full in Article 46 
of this Statute. 

Article 45 (ex Article 46)
Rules of Procedure of the General Council 

45.1. 

 The President or, in his absence, the Vice-President of the ECB shall chair 
the General Council of the ECB. 

45.2. 

 The  President  of  the  Council  and  a  Member  of  the  Commission  may 
participate,  without  having  the  right  to  vote,  in  meetings  of  the  General 
Council. 

45.3. 

 The President shall prepare the meetings of the General Council. 

45.4. 

 By way of derogation from Article 12.3, the General Council shall adopt 
its Rules of Procedure. 

28

Statute of the eSCB and of the eCB

45.5. 

The Secretariat of the General Council shall be provided by the ECB. 

Article 46 (ex Article 47)
Responsibilities of the General Council 

46.1. 

The General Council shall: 

 – perform the tasks referred to in Article 43; 

 – contribute to the advisory functions referred to in Articles 4 and 25.1. 

46.2. 

The General Council shall contribute to: 

 – the collection of statistical information as referred to in Article 5; 

 – the reporting activities of the ECB as referred to in Article 15; 

 – the establishment of the necessary rules for the application of Article 26 

as referred to in Article 26.4; 

 – the  taking  of  all  other  measures  necessary  for  the  application  of 

Article 29 as referred to in Article 29.4; 

 – the laying down of the conditions of employment of the staff of the ECB 

as referred to in Article 36. 

46.3. 

 The  General  Council  shall  contribute  to  the  necessary  preparations  for 
irrevocably  fixing  the  exchange  rates  of  the  currencies  of  Member  States 
with  a  derogation  against  the  euro  as  referred  to  in  Article  140(3)  of  the 
Treaty on the Functioning of the European Union. 

46.4. 

 The  General  Council  shall  be  informed  by  the  President  of  the  ECB  of 
decisions of the Governing Council. 

Article 47 (ex Article 48)
Transitional provisions for the capital of the ECB 

In  accordance  with  Article  29.1,  each  national  central  bank  shall  be  assigned  a 
weighting in the key for subscription of the ECB’s capital. By way of derogation 
from  Article  28.3,  central  banks  of  Member  States  with  a  derogation  shall  not 

Statute of the eSCB and of the eCB

29

pay  up  their  subscribed  capital  unless  the  General  Council,  acting  by  a  majority 
representing  at  least  two  thirds  of  the  subscribed  capital  of  the  ECB  and  at  least 
half of the shareholders, decides that a minimal percentage has to be paid up as a 
contribution to the operational costs of the ECB. 

48.1. 

48.2. 

48.3. 

Article 48 (ex Article 49)
Deferred payment of capital, reserves and provisions of the ECB 

 The central bank of a Member State whose derogation has been abrogated 
shall  pay  up  its  subscribed  share  of  the  capital  of  the  ECB  to  the  same 
extent as the central banks of other Member States whose currency is the 
euro,  and  shall  transfer  to  the  ECB  foreign  reserve  assets  in  accordance 
with  Article  30.1.  The  sum  to  be  transferred  shall  be  determined  by 
multiplying the euro value at current exchange rates of the foreign reserve 
assets which have already been transferred to the ECB in accordance with 
Article 30.1, by the ratio between the number of shares subscribed by the 
national central bank concerned and the number of shares already paid up 
by the other national central banks. 

 In addition to the payment to be made in accordance with Article 48.1, the 
central bank concerned shall contribute to the reserves of the ECB, to those 
provisions equivalent to reserves, and to the amount still to be appropriated 
to  the  reserves  and  provisions  corresponding  to  the  balance  of  the  profit 
and  loss  account  as  at  31  December  of  the  year  prior  to  the  abrogation 
of  the  derogation.  The  sum  to  be  contributed  shall  be  determined  by 
multiplying the amount of the reserves, as defined above and as stated in 
the approved balance sheet of the ECB, by the ratio between the number of 
shares subscribed by the central bank concerned and the number of shares 
already paid up by the other central banks. 

 Upon one or more countries becoming Member States and their respective 
national central banks becoming part of the ESCB, the subscribed capital 
of the ECB and the limit on the amount of foreign reserve assets that may 
be transferred to the ECB shall be automatically increased. The increase 
shall be determined by multiplying the respective amounts then prevailing 
by  the  ratio,  within  the  expanded  capital  key,  between  the  weighting  of 
the  entering  national  central  banks  concerned  and  the  weighting  of  the 
national central banks already members of the ESCB. Each national central 
bank’s  weighting  in  the  capital  key  shall  be  calculated  by  analogy  with 
Article  29.1  and  in  compliance  with  Article  29.2.  The  reference  periods 

30

Statute of the eSCB and of the eCB

to be used for the statistical data shall be identical to those applied for the 
latest quinquennial adjustment of the weightings under Article 29.3. 

Article 49 (ex Article 52)
Exchange of banknotes in the currencies of the Member States

Following the irrevocable fixing of exchange rates in accordance with Article 140 of 
the Treaty on the Functioning of the European Union, the Governing Council shall 
take the necessary measures to ensure that banknotes denominated in currencies with 
irrevocably fixed exchange rates are exchanged by the national central banks at their 
respective par values. 

Article 50 (ex Article 53)
Applicability of the transitional provisions 

If and as long as there are Member States with a derogation, Articles 42 to 47 shall 
be applicable.

Statute of the eSCB and of the eCB

31

DeCISION  OF  THe eUROPeAN  CeNTRAL  BANK 

O F  1 9   F eB R U A R Y  2 0 0 4 

A D O P T I N G T He   RU LeS O F  PR O CeD U Re 
O F T He  e U R O PeA N  C eN T R A L  BA N K

(eC B / 2 0 0 4 / 2 )

( 2 0 0 4 / 2 5 7 /eC ) *

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Statute of the European System of Central Banks and of the 
European Central Bank, and in particular to Article 12.3 thereof;

HAS DECIDED AS FOLLOWS:

Sole Article

The Rules of Procedure of the European Central Bank as amended on 22 April 1999, 
as further amended by Decision ECB/1999/6 of 7 October 1999 amending the Rules 
of  Procedure  of  the  European  Central  Bank1,  shall  be  replaced  by  the  following 
which shall enter into force on 1 March 2004.

R U LeS   O F   P R O CeD U Re  O F   T He eU R O PeA N   CeN T R A L   B A N K

P ReL ImI N A R Y   C H A P TeR

Article 1
Definitions

1.1. 

These Rules of Procedure shall supplement the Treaty on the Functioning of 
the European Union and the Statute of the European System of Central Banks 
and  of  the  European  Central  Bank.  Without  prejudice  to  the  provisions  in 

* 

 OJ L 80, 18.3.2004, p. 33. Decision as amended by Decision ECB/2009/5 (OJ L 100, 18.4.2009, 
p. 10), Decision ECB/2014/1 (OJ L 95, 29.3.2014, p. 56) and Decision ECB/2015/8 (OJ L 114, 
5.5.2015, p. 11) – unofficial consolidated version. 

1  OJ L 314, 8.12.1999, p. 32.

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Article 1.2, the terms in these Rules of Procedure shall have the same meaning 
as in the Treaty and the Statute.

1.2. 

The  terms  ‘participating  Member  State’,  ‘national  competent  authority’ 
and ‘national designated authority’ shall have the same meaning as defined 
in 1, Council Regulation (EU) No 1024/2013 conferring specific tasks on 
the  European  Central  Bank  concerning  policies  relating  to  the  prudential 
supervision of credit institutions2.

C H A P TeR   I

T He  G O VeR N I N G   C O U N C I L

Article 2
Date and place of Governing Council meetings

2.1. 

2.2. 

2.3. 

2.4. 

The  Governing  Council  shall  decide  on  the  dates  of  its  meetings  on  a 
proposal  from  the  President.  The  Governing  Council  shall,  in  principle, 
meet  regularly  following  a  schedule  that  it  shall  determine  in  good  time 
before the start of each calendar year.

The President shall convene a meeting of the Governing Council if a request 
for  a  meeting  is  submitted  by  at  least  three  members  of  the  Governing 
Council.

The  President  may  also  convene  meetings  of  the  Governing  Council 
whenever he/she deems it necessary.

The Governing Council shall normally hold its meetings on the premises of 
the ECB.

2.5.  Meetings  may  also  be  held  by  means  of  teleconferencing,  unless  at  least 

three Governors object.

2  OJ L 287, 29.10.2013, p. 63.

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33

Article 3
Attendance at Governing Council meetings

3.1. 

Except as provided herein, attendance at meetings of the Governing Council 
shall be restricted to its members, the President of the Council of the European 
Union and a member of the Commission of the European Communities.

3.2. 

Each Governor may normally be accompanied by one person.

3.3. 

3.4. 

If a Governor is unable to attend, he/she may appoint, in writing, an alternate 
without  prejudice  to  Article  4.  This  written  communication  shall  be  sent 
to  the  President  in  due  time  before  the  meeting.  Such  an  alternate  may 
normally be accompanied by one person.

The  President  shall  appoint  a  member  of  staff  of  the  ECB  as  Secretary. 
The Secretary shall assist the Executive Board in preparing the meetings of 
the Governing Council and shall draft the minutes thereof.

3.5. 

The Governing Council may also invite other persons to attend its meetings 
if it deems it appropriate to do so.

Article 3a
Rotation system

3a.1.  Governors  shall  be  allocated  to  groups  as  set  out  in  the  first  and  second 

indents of Article 10.2 of the Statute.

3a.2.  Governors  shall  be  ordered  in  each  group,  following  EU  convention, 
in  accordance  with  a  list  of  their  national  central  banks  which  follows 
the  alphabetical  order  of  the  names  of  the  Member  States  in  the  national 
languages. The rotation of voting rights within each group shall follow this 
order. The rotation shall start at a random point in the list.

3a.3.  The voting rights within each group shall rotate every month, starting on the 

first day of the first month of the implementation of the rotation system.

3a.4.  For the first group, the number of voting rights that rotate in each one month 
period shall be one; for the second and third groups, the number of voting 
rights that rotate in each one month period shall be equal to the difference 

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between the number of governors allocated to the group and the number of 
voting rights assigned to it, minus two.

3a.5.  Whenever the composition of the groups is adjusted in accordance with the 
fifth indent of Article 10.2 of the Statute, the rotation of voting rights within 
each group shall continue to follow the list referred to in paragraph 2. From 
the date on which the number of governors reaches 22, the rotation within 
the  third  group  shall  start  at  a  random  point  in  the  list.  The  Governing 
Council may decide to change the order of rotation for the second and third 
groups  to  avoid  the  situation  that  certain  governors  are  always  without  a 
voting right at the same periods of the year.

3a.6.  The ECB shall publish in advance a list of the members of the Governing 

Council with a voting right on the ECB’s website.

3a.7.  The  share  of  each  national  central  bank’s  Member  State  in  the  total 
aggregated  balance  sheet  of  the  monetary  financial  institutions  shall  be 
calculated on the basis of the annual average of monthly average data over 
the  most  recent  calendar  year  for  which  data  are  available.  Whenever  the 
aggregate gross domestic product at market prices is adjusted in accordance 
with Article 29.3 of the Statute or whenever a country becomes a Member 
State and its national central bank becomes part of the European System of 
Central Banks, the total aggregated balance sheet of the monetary financial 
institutions  of  the  Member  States  which  have  adopted  the  euro  shall  be 
recalculated on the basis of the data relating to the most recent calendar year 
for which data are available.

Article 4
Voting

4.1. 

4.2. 

In order for the Governing Council to vote, there shall be a quorum of two-
thirds  of  the  members  with  a  voting  right.  If  the  quorum  is  not  met,  the 
President may convene an extraordinary meeting at which decisions may be 
taken without regard to the quorum.

The Governing Council shall proceed to vote at the request of the President. 
The President shall also initiate a voting procedure upon request from any 
member of the Governing Council.

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4.3.  Abstentions  shall  not  prevent  the  adoption  by  the  Governing  Council  of 

decisions under Article 41.2 of the Statute.

4.4. 

4.5. 

4.6. 

If  a  member  of  the  Governing  Council  is  prevented  from  voting  for  a 
prolonged  period  (i.e.  more  than  one  month),  he/she  may  appoint  an 
alternate as a member of the Governing Council.

In  accordance  with  Article  10.3  of  the  Statute,  if  a  Governor  is  unable  to 
vote on a decision to be taken under Articles 28, 29, 30, 32, 33 and 51 of the 
Statute, his/her appointed alternate may cast his/her weighted vote.

The President may initiate a secret ballot if requested to do so by at least three 
members of the Governing Council. If members of the Governing Council 
are personally affected by a proposal for a decision under Articles 11.1, 11.3 
or 11.4 of the Statute, a secret ballot shall be held. In such cases the members 
of the Governing Council concerned shall not participate in the vote.

4.7.  Unless specifically provided for in Article 4.8, decisions may also be taken 
by  written  procedure,  unless  at  least  three  members  of  the  Governing 
Council object. A written procedure shall require: (i) normally not less than 
five  working  days  for  consideration  by  every  member  of  the  Governing 
Council; (ii) the express or tacit personal approval of each member of the 
Governing Council (or his/her alternate in accordance with Article 4.4); and 
(iii) a record of any such decision in the minutes of the subsequent meeting 
of the Governing Council. Decisions to be taken by written procedure shall 
be approved by the members of the Governing Council with a voting right 
at the time of approval.

4.8.  Within  the  scope  of  Articles  13g  to  13i,  decisions  may  also  be  taken  by 
written procedure, unless at least five members of the Governing Council 
object. A written procedure shall require a maximum of five, or in the case 
of Article 13h, two working days for consideration by every member of the 
Governing Council.

4.9. 

For  any  written  procedure,  a  member  of  the  Governing  Council  (or  their 
alternate in accordance with Article 4.4) may expressly authorise another person 
to sign their vote or comment on substance as approved by them in person.

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Article 5
Organisation of Governing Council meetings

5.1. 

The  Governing  Council  shall  adopt  the  agenda  for  each  meeting. 
A provisional agenda shall be drawn up by the Executive Board and shall be 
sent, together with the related documents, to the members of the Governing 
Council  and  other  authorised  participants  at  least  eight  days  before  the 
relevant meeting, except in emergencies, in which case the Executive Board 
shall act appropriately having regard to the circumstances. The Governing 
Council may decide to remove items from or add items to the provisional 
agenda  on  a  proposal  from  the  President  or  from  any  other  member  of 
the Governing Council. An item shall be removed from the agenda at the 
request  of  at  least  three  of  the  members  of  the  Governing  Council  with  a 
voting right if the related documents were not submitted to the members of 
the Governing Council in due time.

5.2. 

The minutes of the proceedings of the Governing Council shall be approved 
at the subsequent meeting (or if necessary earlier by written procedure) by the 
members of the Governing Council who had a voting right at the meeting to 
which the minutes refer and shall be signed by the President.

5.3. 

The Governing Council may lay down internal rules on decision-making in 
emergency situations.

Article 5a
Code of Conduct for the members of the Governing Council

5a.1.  The Governing Council shall adopt and update a Code of Conduct for the 

guidance of its members, which shall be published on the ECB’s website.

5a.2.  Each  Governor  shall  ensure  that  his/her  accompanying  persons  within 
the  meaning  of  Article  3.2  and  his/her  alternates  within  the  meaning  of  
Article 3.3 sign a declaration of compliance with the Code of Conduct prior 
to any participation in the meetings of the Governing Council.

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C H A P TeR   I I

T He eXeC U T I Ve  B O A R D

Article 6
Date and place of Executive Board meetings

6.1. 

6.2. 

7.1. 

The  date  of  the  meetings  shall  be  decided  by  the  Executive  Board  on  a 
proposal from the President.

The President may also convene meetings of the Executive Board whenever 
he/she deems it necessary.

Article 7
Voting

In  order  for  the  Executive  Board  to  vote,  in  accordance  with  Article  11.5 
of the Statute, there shall be a quorum of two-thirds of the members. If the 
quorum is not met, the President may convene an extraordinary meeting at 
which decisions may be taken without regard to the quorum.

7.2.  Decisions  may  also  be  taken  by  written  procedure,  unless  at  least  two 

members of the Executive Board object.

7.3.  Members  of  the  Executive  Board  personally  affected  by  a  prospective 
decision under Articles 11.1, 11.3 or 11.4 of the Statute shall not participate 
in the vote.

Article 8
Organisation of Executive Board meetings

The Executive Board shall decide on the organisation of its meetings.

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C H A P TeR   I I I

T He  O R G A N I S A T I O N   O F   T He eU R O PeA N   CeN T R A L   B A N K

Article 9
Eurosystem/ESCB committees

9.1. 

9.2. 

The Governing Council shall establish and dissolve committees. They shall 
assist in the work of the decision-making bodies of the ECB and shall report 
to the Governing Council via the Executive Board.

In  respect  of  policy  issues  relating  to  the  prudential  supervision  of  credit 
institutions, the committees assisting in the work of the ECB regarding the 
tasks conferred on the ECB by Regulation (EU) No 1024/2013 shall report 
to the Supervisory Board and, where appropriate, to the Governing Council. 
In accordance with its own procedures, the Supervisory Board shall mandate 
the Vice-Chair to report via the Executive Board to the Governing Council 
on all such activity.

9.3. 

Committees  shall  be  composed  of  up  to  two  members  from  each  of  the 
Eurosystem  NCBs  and  the  ECB,  appointed  by  each  Governor  and  the 
Executive Board respectively.

9.4.  When  assisting  in  the  work  of  the  ECB’s  decision-making  bodies  with 
the  tasks  conferred  on  the  ECB  by  Regulation  (EU)  No  1024/2013,  the 
committees shall include one member from the central bank and one member 
from the national competent authority in each participating Member State, 
appointed  by  each  Governor  following  consultation  with  the  respective 
national competent authority where the national competent authority is not 
a central bank.

9.5. 

The Governing Council shall lay down the mandates of the committees and 
appoint their chairpersons. As a rule, the chairperson shall be a staff member 
from the ECB. Both the Governing Council and the Executive Board shall 
have the right to request studies of specific topics by committees. The ECB 
shall provide secretarial assistance to the committees.

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9.6. 

9.7. 

Each non-Eurosystem national central bank may also appoint up to two staff 
members to take part in the meetings of a committee whenever it deals with 
matters falling within the field of competence of the General Council and 
whenever the chairperson of a committee and the Executive Board deems 
this participation appropriate.

Representatives of other Union institutions and bodies and any other third 
party  may  also  be  invited  to  take  part  in  the  meetings  of  a  committee 
whenever the chairperson of a committee and the Executive Board deem this 
appropriate.

Article 9a

The  Governing  Council  may  decide  to  establish  ad  hoc  committees  in  charge  of 
specific advisory tasks.

Article 9b
Audit Committee

In  order  to  strengthen  the  internal  and  external  layers  of  control  already  in  place 
and to further enhance the corporate governance of the ECB and the Eurosystem, 
the Governing Council shall establish an audit committee and lay down its mandate 
and composition.

Article 10
Internal structure

10.1.  Having consulted the Governing Council, the Executive Board shall decide 
upon the number, name and respective competence of each of the work units 
of the ECB. This decision shall be made public.

10.2.  All work units of the ECB shall be placed under the managing direction of 
the Executive Board. The Executive Board shall decide upon the individual 
responsibilities of its members with respect to the work units of the ECB, 
and shall inform the Governing Council, the General Council and the staff 
of the ECB thereof. Any such decision shall be taken only in the presence 
of all the members of the Executive Board, and may not be taken against the 
vote of the President.

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Article 11
Staff of the ECB

11.1.  Each  member  of  the  staff  of  the  ECB  shall  be  informed  of  his/her 
position within the structure of the ECB, his/her reporting line and his/her 
professional responsibilities.

11.2.  Without prejudice to Articles 36 and 47 of the Statute, the Executive Board 
shall  enact  organisational  rules  (hereinafter  referred  to  as  Administrative 
Circulars) which are binding on the staff of the ECB.

11.3.  The  Executive  Board  shall  adopt  and  up-date  a  Code  of  Conduct  for  the 
guidance  of  its  members  and  of  the  members  of  staff  of  the  ECB,  which 
shall be published on the ECB’s website.

C H A P TeR   I V

I N V O L Ve m eN T   O F   T He  GeNeR A L   C O U N C I L   I N   T He  T A S K S   O F 
T He  eU R O PeA N   S Y S Te m  O F   CeN T R A L   B A N K S

Article 12
Relationship between the Governing Council and the General Council

12.1.  The General Council of the ECB shall be given the opportunity to submit 

observations before the Governing Council adopts:

 – opinions under Articles 4 and 25.1 of the Statute,

 – recommendations in the statistical field, under Article 42 of the Statute,

 – the annual report,

 – the  rules  on  the  standardisation  of  accounting  rules  and  reporting  of 

operations,

 – the measures for the application of Article 29 of the Statute,

 – the conditions of employment of the staff of the ECB,

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41

 – in the context of the preparations for the irrevocable fixing of exchange 
rates,  an  ECB  opinion  either  under  Article  123(5)  of  the  Treaty  or 
concerning  Community  legal  acts  to  be  adopted  when  a  derogation  is 
abrogated.

12.2.  Whenever  the  General  Council  is  requested  to  submit  observations  under 
the first paragraph of this Article, it shall be given a reasonable period of 
time within which to do so, which may not be less than ten working days. In 
a case of urgency to be justified in the request, the period may be reduced to 
five working days. The President may decide to use the written procedure.

12.3.  The  President  shall  inform  the  General  Council,  in  accordance  with  
Article 47.4 of the Statute, of decisions adopted by the Governing Council.

Article 13
Relationship between the Executive Board and the General Council

13.1.  The General Council of the ECB shall be given the opportunity to submit 

observations before the Executive Board:

 – implements legal acts of the Governing Council for which, in accordance 
with  Article  12.1  above,  the  contribution  of  the  General  Council  is 
required,

 – adopts, by virtue of powers delegated by the Governing Council in accordance 
with Article 12.1 of the Statute, legal acts for which, in accordance with  
Article  12.1  of  these  Rules,  the  contribution  of  the  General  Council  is 
required.

13.2.  Whenever  the  General  Council  is  requested  to  submit  observations  under 
the first paragraph of this Article, it shall be given a reasonable period of 
time within which to do so, which may not be less than 10 working days. In 
a case of urgency to be justified in the request, the period may be reduced 
to five working days. The President may decide to use written procedure.

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C H A P TeR   I Va

S U PeR V I S O R Y   T A S K S

Article 13a
Supervisory Board

Pursuant  to  Article  26(1)  of  Regulation  (EU)  (No)  1024/2013,  a  Supervisory 
Board  established  as  an  internal  body  of  the  ECB  shall  fully  undertake  the 
planning  and  execution  of  the  tasks  conferred  on  the  ECB  relating  to  the 
prudential supervision of credit institutions (hereinafter ‘supervisory tasks’). Any 
tasks of the Supervisory Board shall be without prejudice to the competences of 
the ECB decision-making bodies.

Article 13b
Composition of the Supervisory Board

13b.1.  The  Supervisory  Board  is  composed  of  a  Chair,  a  Vice-Chair,  four 
representatives of the ECB and one representative of the national competent 
authority in each participating Member State. All members of the Supervisory 
Board act in the interest of the Union as a whole.

13b.2.  Where  the  national  competent  authority  of  a  participating  Member  State 
is  not  a  central  bank,  the  respective  member  of  the  Supervisory  Board 
may  bring  a  representative  from  the  central  bank  of  its  Member  State. 
For the purpose of voting, the representatives of one Member State shall be 
considered as one member.

13b.3.  After  hearing  the  Supervisory  Board,  the  Governing  Council  shall  adopt 
the  proposal  for  the  appointment  of  the  Chair  and  the  Vice-Chair  of  the 
Supervisory Board to be submitted to the European Parliament for approval.

13b.4.  The  terms  and  conditions  of  employment  of  the  Chair  of  the  Supervisory 
Board, in particular his/her salary, pension and other social security benefits, 
shall  be  the  subject  of  a  contract  with  the  ECB  and  shall  be  fixed  by  the 
Governing Council.

13b.5.  The term of office of the Vice-Chair of the Supervisory Board shall be five 
years and shall not be renewable. It shall not extend beyond the end of his/
her mandate as member of the Executive Board.

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13b.6.  The Governing Council shall appoint the four representatives of the ECB to 
the Supervisory Board, who shall not perform duties directly related to the 
monetary policy function, on a proposal by the Executive Board.

Article 13c
Voting pursuant to Article 26(7) of Regulation (EU) No 1024/2013

For the purpose of adopting draft decisions pursuant to Article 26(7) of Regulation 
(EU) No 1024/2013 and on the basis of Article 16 of the Treaty on European Union, 
Article 238(3) of the Treaty on the Functioning of the European Union, and Protocol 
(No 36) on transitional provisions, the following rules shall apply:

(i) 

(ii) 

(iii) 

(iv) 

(v) 

44

Until  31  October  2014,  decisions  shall  be  deemed  adopted  when  at  least 
50 % of Supervisory Board members representing at least 74 % of the total 
number of weighted votes and 62 % of the total population, cast a vote in 
favour.

From 1 November 2014, decisions shall be deemed adopted when at least 
55 % of the Supervisory Board members representing at least 65 % of the 
total  population,  cast  a  vote  in  favour.  A  blocking  minority  must  include 
at least the minimum number of Supervisory Board members representing 
35 % of the total population, plus one member, failing which the qualified 
majority shall be deemed attained.

Between  1  November  2014  and  31  March  2017,  upon  request  of  a 
representative  of  a  national  competent  authority  or  upon  request  of  a 
representative  of  the  ECB  in  the  Supervisory  Board,  decisions  shall  be 
deemed  adopted  when  at  least  50  %  of  Supervisory  Board  members 
representing at least 74 % of the total number of weighted votes and 62 % 
of the total population, cast a vote in favour.

Each of the four ECB representatives appointed by the Governing Council 
shall  have  a  weighting  equal  to  the  median  weighting  of  those  of  the 
representatives  of  the  national  competent  authorities  of  participating  
Member  States,  as  calculated  on  the  basis  of  the  method  laid  down  in  
the Annex.

The votes of the Chair and the Vice-Chair shall be weighted zero and shall 
count only towards the definition of the majority as far as the number of the 
members of the Supervisory Board is concerned.

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Article 13d
Rules of Procedure of the Supervisory Board

The Supervisory Board shall adopt its Rules of Procedure after having consulted the 
Governing Council. The Rules of Procedure shall ensure the equal treatment of all 
participating Member States.

Article 13e
Code of Conduct for the members of the Supervisory Board

13e.1.  The Supervisory Board shall adopt and update a Code of Conduct for the 

guidance of its members, which shall be published on the ECB’s website.

13e.2.  Each member shall ensure that any accompanying persons, alternates and the 
representatives of its national central bank, if the national competent authority 
is  not  the  central  bank,  sign  a  declaration  of  compliance  with  the  Code  of 
Conduct prior to any participation in the meetings of the Supervisory Board.

Article 13f
Supervisory Board meetings

The  Supervisory  Board  shall  normally  hold  its  meetings  on  the  premises  of  the 
ECB. The proceedings of the Supervisory Board meetings shall be provided to the 
Governing Council, as soon as adopted, for information.

Article 13g
Adoption of decisions for the purpose of carrying out the tasks referred  

to in Article 4 of Regulation (EU) No 1024/2013

13g.1.  The  Supervisory  Board  shall  propose  to  the  Governing  Council  complete 
draft  decisions  for  the  purpose  of  carrying  out  the  tasks  referred  to  in 
Article  4  of  Regulation  (EU)  No  1024/2013  together  with  explanatory 
notes outlining the background to and the main reasons underlying the draft 
decision.  Such  draft  decisions  shall  be  simultaneously  transmitted  to  the 
national competent authorities of the participating Member States concerned 
together with information on the deadline given to the Governing Council in 
line with Article 13g.2.

13g.2.  A  draft  decision  within  the  meaning  of  Article  13g.1  shall  be  deemed 
adopted  unless  the  Governing  Council  objects  to  it  within  10  working 

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45

days.  In  emergency  situations  a  reasonable  time  period  shall  be  defined 
by  the  Supervisory  Board  and  shall  not  exceed  48  hours.  The  Governing 
Council shall state the reasons for any objections in writing. The decision 
shall be transmitted to the Supervisory Board and to the national competent 
authorities of the Member States concerned.

13g.3.  A  non-euro  area  participating  Member  State  shall  notify  the  ECB  of  any 
reasoned  disagreement  with  a  draft  decision  of  the  Supervisory  Board 
within  five  working  days  of  receiving  the  draft  decision  pursuant  to  
Article 13g.1. The ECB President shall transmit the reasoned disagreement 
to  the  Governing  Council  and  the  Supervisory  Board  without  delay.  The 
Governing Council shall take fully into account the reasons contained in an 
assessment prepared by the Supervisory Board when deciding on the matter 
within five working days of the information of the reasoned disagreement. 
This decision, together with a written explanation, shall be transmitted to the 
Supervisory Board and to the national competent authority of the Member 
State concerned.

13g.4.  A  non-euro  area  participating  Member  State  shall  notify  the  ECB  of  any 
reasoned  disagreement  with  a  Governing  Council  objection  to  a  draft 
decision of the Supervisory Board within five working days of receiving such 
objection  pursuant  to  Article  13g.2.  The  ECB  President  shall  transmit  the 
reasoned disagreement to the Governing Council and the Supervisory Board 
without delay. The Governing Council shall give its opinion on the reasoned 
disagreement  expressed  by  the  Member  State  within  30  days,  and,  stating 
its  reasons,  shall  confirm  or  withdraw  its  objection.  This  decision  on  the 
confirmation or withdrawal of its objection shall be transmitted to the national 
competent authority of the Member State concerned. If the Governing Council 
withdraws the objection, the draft decision of the Supervisory Board shall be 
deemed adopted on the date of withdrawal of the objection.

Article 13h
Adoption of decisions for the purpose of carrying out the tasks referred  

to in Article 5 of Regulation (EU) No 1024/2013

13h.1.  If  a  national  competent  or  designated  authority  notifies  the  ECB  of  its 
intention  to  apply  requirements  for  capital  buffers  or  any  other  measures 
aimed  at  addressing  systemic  or  macro-prudential  risks  pursuant  to  
Article  5(1)  of  Regulation  (EU)  No  1024/2013,  the  notification,  upon 

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receipt  by  the  Secretary  of  the  Supervisory  Board,  shall  be  transmitted  to 
the  Governing  Council  and  the  Supervisory  Board  without  delay.  Upon 
a  proposal  prepared  by  the  Supervisory  Board  based  on  the  initiative  and 
taking into account the input of the relevant committee and of the relevant 
internal  structure,  the  Governing  Council  shall  decide  about  the  matter 
within  three  working  days.  Where  the  Governing  Council  objects  to  the 
notified  measure,  it  shall  explain  its  reasons  in  writing  to  the  national 
competent  or  designated  authority  concerned  within  five  working  days  of 
the notification to the ECB.

13h.2.  If the Governing Council, upon a proposal prepared by the Supervisory 
Board  based  on  the  initiative  and  taking  into  account  the  input  of  the 
relevant  committee  and  of  the  relevant  internal  structure,  intends  to 
apply higher requirements for capital buffers or to apply more stringent 
measures aimed at addressing systemic or macro-prudential risks pursuant 
to Article 5(2) of Regulation (EU) No 1024/2013, such intention shall be 
notified  to  the  concerned  national  competent  or  designated  authority  at 
least ten working days prior to taking such a decision. If the concerned 
national  competent  or  designated  authority  notifies  the  ECB  in  writing 
of  its  reasoned  objection  within  five  working  days  of  the  receipt  of 
the  notification,  this  objection,  upon  receipt  by  the  Secretary  of  the 
Supervisory Board, shall be transmitted to the Governing Council and the 
Supervisory Board without delay. The Governing Council shall decide on 
the matter on the basis of a proposal prepared by the Supervisory Board 
based  on  the  initiative  and  taking  into  account  the  input  of  the  relevant 
committee  and  of  the  relevant  internal  structure.  This  decision  shall  be 
transmitted to the national competent or designated authority concerned.

13h.3.  The Governing Council shall have the right to endorse, object to or amend 
proposals of the Supervisory Board within the meaning of Article 13h.1 and 
Article 13h.2. The Governing Council shall also have the right to request the 
Supervisory Board to submit a proposal within the meaning of Article 13h.1 
and Article 13h.2 or to undertake specific analysis. If the Supervisory Board 
submits  no  proposals  addressing  such  requests,  the  Governing  Council, 
taking into account the input of the relevant committee and of the relevant 
internal structure, may take a decision in the absence of a proposal from the 
Supervisory Board.

Rules of Procedure of the eCB

47

Article 13i
Adoption of decisions pursuant to Article 14(2)  
to (4) of Regulation (EU) No 1024/2013

If  a  national  competent  authority  notifies  the  ECB  of  its  draft  decision  pursuant 
to  Article  14(2)  of  Regulation  (EU)  No  1024/2013,  the  Supervisory  Board  shall 
transmit the draft decision, together with its assessment, within five working days 
to the Governing Council. The draft decision shall be deemed adopted unless the 
Governing Council objects within 10 working days of the notification to the ECB, 
extendable once for the same period in duly justified cases.

Article 13j
General framework referred to in Article 6(7) of Regulation (EU) No 1024/2013

The  Governing  Council  shall  adopt  decisions  establishing  the  general  framework 
to  organise  the  practical  arrangements  for  the  implementation  of  Article  6  of 
Regulation (EU) No 1024/2013, in consultation with national competent authorities 
and on the basis of a proposal from the Supervisory Board outside the scope of the 
non-objection procedure.

Article 13k
Separation of monetary policy and supervisory tasks

13k.1.  The  ECB  shall  carry  out  the  tasks  conferred  on  it  by  Regulation  (EU) 
No 1024/2013 without prejudice to and separately from its tasks relating to 
monetary policy and from any other tasks.

13k.2.  The ECB shall take all necessary measures to ensure separation between the 

monetary policy and the supervisory functions.

13k.3.  The  separation  of  monetary  policy  and  the  supervisory  function  shall  not 
exclude the exchange between these two functional areas of the information 
necessary for the achievement of ECB and ESCB tasks.

Article 13l
Organisation of Governing Council meetings regarding the supervisory tasks

13l.1.  The Governing Council meetings regarding the supervisory tasks shall take 
place separately from regular Governing Council meetings and shall have 
separate agendas.

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13l.2.  On a proposal from the Supervisory Board, the Executive Board shall draw 
up a provisional agenda and send it, together with the relevant documents 
prepared  by  the  Supervisory  Board,  to  the  members  of  the  Governing 
Council  and  other  authorised  participants  at  least  eight  days  before  the 
relevant  meeting.  This  shall  not  apply  to  emergencies,  in  which  the 
Executive Board shall act appropriately having regard to the circumstances.

13l.3.  The Governing Council of the ECB shall consult with the Governors of the 
non-Eurosystem NCBs of the participating Member States before objecting 
to any draft decision prepared by the Supervisory Board that is addressed to 
the national competent authorities in respect of credit institutions established 
in non-euro area participating Member States. The same shall apply where 
the concerned national competent authorities inform the Governing Council 
of their reasoned disagreement with such a draft decision of the Supervisory 
Board.

13l.4.  Unless  otherwise  provided  for  in  this  Chapter,  the  general  provisions  of 
Governing  Council  meetings  laid  down  in  Chapter  I  shall  also  apply  to 
Governing Council meetings regarding the supervisory tasks.

Article 13m
Internal structure regarding the supervisory tasks

13m.1. The  competence  of  the  Executive  Board  in  respect  of  the  ECB’s  internal 
structure  and  the  staff  of  the  ECB  shall  encompass  the  supervisory  tasks. 
The  Executive  Board  shall  consult  the  Chair  and  the  Vice  Chair  of  the 
Supervisory Board on such internal structure. Articles 10 and 11 shall apply 
accordingly.

13m.2. The  Supervisory  Board,  in  agreement  with  the  Executive  Board,  may 
establish and dissolve substructures of a temporary nature, such as working 
groups or task forces. They shall assist in the work regarding the supervisory 
tasks and report to the Supervisory Board.

13m.3. The President of the ECB, after having consulted the Chair of the Supervisory 
Board, shall appoint a member of the staff of the ECB as Secretary of the 
Supervisory Board and the Steering Committee. The Secretary shall assist 
the Chair or, in his/her absence, the Vice-Chair in preparing the Supervisory 
Board  meetings  and  shall  be  responsible  for  drafting  the  proceedings  of 
these meetings.

Rules of Procedure of the eCB

49

13m.4. The  Secretary  shall  liaise  with  the  Secretary  of  the  Governing  Council 
for  preparing  the  meetings  of  the  Governing  Council  regarding 
supervisory  tasks  and  shall  be  responsible  for  drafting  the  proceedings  of  
these meetings.

Article 13n
Report under Article 20(2) of Regulation (EU) No 1024/2013

Upon  a  proposal  from  the  Supervisory  Board  submitted  by  the  Executive  Board, 
the  Governing  Council  shall  adopt  the  annual  reports  addressed  to  the  European 
Parliament,  the  Council,  the  Commission  and  the  Eurogroup  as  required  under 
Article 20(2) of Regulation (EU) No 1024/2013.

Article 13o
Representatives of the ECB at the European Banking Authority

13o.1.  On a proposal by the Supervisory Board, the President of the ECB shall 
appoint  or  recall  the  ECB’s  representative  to  the  Board  of  Supervisors 
of  the  European  Banking  Authority  as  provided  for  by  Article  40(1)
(d)  of  Regulation  (EU)  No  1093/2010  of  the  European  Parliament 
and  of  the  Council  of  24  November  2010  establishing  a  European 
Supervisory Authority (European Banking Authority), amending Decision  
No 716/2009/EC and repealing Commission Decision 2009/78/EC3.

13o.2.  The  President  shall  nominate  the  accompanying  second  representative 
with expertise on central banking tasks to the Board of Supervisors of the 
European Banking Authority.

C H A P TeR   V

S PeC I F I C   P R O CeD U R A L   P R O V I S I O N S

Article 14
Delegation of powers

14.1.  The delegation of powers of the Governing Council to the Executive Board 
under the last sentence of the second paragraph of Article 12.1 of the Statute 
shall be notified to the parties concerned, or published if appropriate, where 

3  OJ L 331, 15.12.2010, p. 12.

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decisions taken by means of delegation have legal effects on third parties. 
The Governing Council shall be promptly informed of any act adopted by 
way of delegation.

14.2.  The  Book  of  Authorised  Signatories  of  the  ECB,  established  pursuant  to 
decisions  adopted  under  Article  39  of  the  Statute,  shall  be  circulated  to 
interested parties.

Article 15
Budgetary procedure

15.1.  Before the end of each financial year the Governing Council, acting upon a 
proposal from the Executive Board in accordance with any principles laid 
down by the former, shall adopt the budget of the ECB for the subsequent 
financial year. The expenditure for the supervisory tasks shall be separately 
identifiable within the budget and shall be consulted with the Chair and the 
Vice Chair of the Supervisory Board.

15.2.  For assistance in matters related to the budget of the ECB, the Governing 
Council shall establish a Budget Committee and lay down its mandate and 
composition.

Article 16
Reporting and annual accounts

16.1.  The  Governing  Council  shall  adopt  the  annual  report  required  under 

Article 15.3 of the Statute.

16.2.  The competence to adopt and publish the quarterly reports under Article 15.1 
of the Statute, the weekly consolidated financial statements under Article 15.2 
of  the  Statute,  the  consolidated  balance  sheets  under  Article  26.3  of  the 
Statute and other reports shall be delegated to the Executive Board.

16.3.  The Executive Board shall, in accordance with the principles established by 
the Governing Council, prepare the annual accounts of the ECB within the 
first month of the subsequent financial year. These shall be submitted to the 
external auditor.

Rules of Procedure of the eCB

51

16.4.  The Governing Council shall adopt the annual accounts of the ECB within 
the first quarter of the subsequent year. The external auditor’s report shall 
be submitted to the Governing Council before their adoption.

Article 17
Legal instruments of the ECB

17.1.  ECB Regulations shall be adopted by the Governing Council and signed on 

its behalf by the President.

17.2.  ECB Guidelines shall be adopted by the Governing Council, and thereafter 
notified, in one of the official languages of the European Communities, and 
signed on the Governing Council’s behalf by the President. They shall state 
the  reasons  on  which  they  are  based.  Notification  of  the  national  central 
banks  may  take  place  by  means  of  telefax,  electronic  mail  or  telex  or  in 
paper form. Any ECB Guideline that is to be officially published shall be 
translated into the official languages of the European Communities.

17.3.  The Governing Council may delegate its normative powers to the Executive 
Board for the purpose of implementing its regulations and guidelines. The 
regulation or guideline concerned shall specify the issues to be implemented 
as well as the limits and scope of the delegated powers.

17.4.  ECB Decisions and Recommendations shall be adopted by the Governing 
Council or the Executive Board in their respective domain of competence, 
and  shall  be  signed  by  the  President.  ECB  Decisions  imposing  sanctions 
on  third  parties  shall  be  signed  by  the  President,  the  Vice-President  or 
any  two  other  members  of  the  Executive  Board.  ECB  Decisions  and 
Recommendations  shall  state  the  reasons  on  which  they  are  based.  The 
Recommendations  for  secondary  Community  legislation  under  Article  42 
of the Statute shall be adopted by the Governing Council.

17.5.  Without  prejudice  to  the  second  paragraph  of  Article  43  and  the  first 
indent of Article 46.1 of the Statute, ECB Opinions shall be adopted by the 
Governing Council. However, in exceptional circumstances and unless not 
less  than  three  Governors  state  their  wish  to  retain  the  competence  of  the 
Governing  Council  for  the  adoption  of  specific  opinions,  ECB  Opinions 
may  be  adopted  by  the  Executive  Board,  in  line  with  comments  provided 
by  the  Governing  Council  and  taking  into  account  the  contribution  of  the 
General Council. The Executive Board shall be competent to finalise ECB 

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Rules of Procedure of the eCB

Opinions  on  very  technical  matters  and  to  incorporate  factual  changes 
or  corrections.  ECB  Opinions  shall  be  signed  by  the  President.  For  ECB 
Opinions  to  be  adopted  in  relation  to  the  prudential  supervision  of  credit 
institutions, the Governing Council may consult the Supervisory Board.

17.6.  ECB Instructions shall be adopted by the Executive Board, and thereafter 
notified,  in  one  of  the  official  languages  of  the  European  Communities, 
and  signed  on  the  Executive  Board’s  behalf  by  the  President  or  any  two 
Executive Board members. Notification of the national central banks may 
take  place  by  means  of  telefax,  electronic  mail  or  telex  or  in  paper  form. 
Any ECB Instruction that is to be officially published shall be translated into 
the official languages of the European Communities.

17.7.  All  ECB  legal  instruments  shall  be  numbered  sequentially  for  ease  of 
identification.  The  Executive  Board  shall  take  steps  to  ensure  the  safe 
custody  of  the  originals,  the  notification  of  the  addressees  or  consulting 
authorities, and the publication in all the official languages of the European 
Union  in  the  Official  Journal  of  the  European  Union  in  the  case  of  ECB 
Regulations, ECB opinions on draft Community legislation and those ECB 
legal instruments whose publication has been expressly decided.

17.8.  Regulation  No  1  determining  the  languages  to  be  used  by  the  European 
Economic Community4 shall apply to the legal acts specified in Article 34 
of the Statute.

Article 17a
Legal instruments of the ECB related to supervisory tasks

17a.1.  Unless otherwise provided for in regulations adopted by the ECB pursuant 
to  Regulation  (EU)  No  1024/2013  and  in  this  Article,  Article  17  shall 
apply to the legal instruments of the ECB related to supervisory tasks.

17a.2.  ECB  guidelines  related  to  supervisory  tasks  pursuant  to  Article  4(3)  and 
Article 6(5)(a) of Regulation (EU) No 1024/2013 shall be adopted by the 
Governing  Council,  and  thereafter  notified  and  signed  on  behalf  of  the 
Governing Council by the President. Notification of the national competent 
authorities may take place by means of telefax, electronic mail or telex or in 
paper form.

4  OJ 17, 6.10.1958, p. 385.

Rules of Procedure of the eCB

53

17a.3.  ECB  instructions  related  to  supervisory  tasks  pursuant  to  Article  6(3), 
Article 6(5)(a) and Articles 7(1), 7(4), 9(1) and 30(5) of Regulation (EU) 
No 1024/2013 shall be adopted by the Governing Council, and thereafter 
notified and signed on behalf of the Governing Council by the President. 
They  shall  state  the  reasons  on  which  they  are  based.  Notification  of  the 
national authorities competent for the supervision of credit institutions may 
take place by means of telefax, electronic mail or telex or in paper form.

17a.4.  ECB  decisions  with  regard  to  supervised  entities  and  entities  which  have 
applied  for  authorisation  to  take  up  the  business  of  a  credit  institution 
shall be adopted by the Governing Council and signed on its behalf by the 
President. They shall be thereafter notified to the persons to whom they are 
addressed.

Article 18
Procedure under Article 128(2) of the Treaty

The approval provided for in Article 128(2) of the Treaty shall be adopted for the 
following year by the Governing Council in a single decision for all Member States 
whose currency is the euro within the final quarter of every year.

Article 19
Procurement

19.1.  Procurement of goods and services for the ECB shall give due regard to the 
principles of publicity, transparency, equal access, non-discrimination and 
efficient administration.

19.2.  Except  for  the  principle  of  efficient  administration,  derogations  may  be 
made from the above principles in cases of urgency; for reasons of security 
or  secrecy;  where  there  is  a  sole  supplier;  for  supplies  from  the  national 
central banks to the ECB; to ensure the continuity of a supplier.

Article 20
(deleted)

54

Rules of Procedure of the eCB

Article 21
Conditions of Employment

21.1.  The  Conditions  of  Employment  and  the  Staff  Rules  shall  determine  the 

employment relationship between the ECB and its staff.

21.2.  The  Governing  Council,  upon  a  proposal  from  the  Executive  Board  and 
following consultation of the General Council shall adopt the Conditions of 
Employment.

21.3.  The Executive Board shall adopt the Staff Rules, that shall implement the 

Conditions of Employment.

21.4.  The  Staff  Committee  shall  be  consulted  before  the  adoption  of  new 
Conditions of Employment or Staff Rules. Its opinion shall be submitted to 
the Governing Council or the Executive Board respectively.

Article 22
Communications and announcements

General  communications  and  announcements  of  decisions  taken  by  the  
decision-making  bodies  of  the  ECB  may  be  published  on  the  ECB  website,  in 
the Official Journal of the European Union, or by means of wire services common 
to financial markets or any other media.

Article 23
Confidentiality of and access to ECB documents

23.1.  The  proceedings  of  the  decision-making  bodies  of  the  ECB,  or  any 
committee  or  group  established  by  them,  of  the  Supervisory  Board, 
its Steering Committee and of any its substructures of a temporary nature 
shall be confidential unless the Governing Council authorises the President 
to  make  the  outcome  of  their  deliberations  public.  The  President  shall 
consult  the  Chair  of  the  Supervisory  Board  prior  to  making  any  such 
decision in relation to the proceedings of the Supervisory Board, its Steering 
Committee and of any its substructures of a temporary nature.

23.2.  Public access to documents drawn up or held by the ECB shall be governed 

by a decision of the Governing Council.

Rules of Procedure of the eCB

55

23.3.  Documents  drawn  up  or  held  by  the  ECB  shall  be  classified  and  handled 
in accordance with the organisational rules regarding professional secrecy 
and  management  and  confidentiality  of  information.  They  shall  be  freely 
accessible  after  a  period  of  30  years  unless  decided  otherwise  by  the 
decision making bodies.

Article 23a
Confidentiality and professional secrecy regarding the supervisory tasks

23a.1.  Members of the Supervisory Board, of the Steering Committee and of any 
substructures established by the Supervisory Board shall be subject to the 
professional  secrecy  requirements  laid  down  in  Article  37  of  the  Statute 
even after their duties have ceased.

23a.2.  Observers  shall  not  have  access  to  confidential  information  relating  to 

individual institutions.

23a.3.  Documents  drawn  up  by  the  Supervisory  Board,  the  Steering  Committee 
and any substructures of a temporary nature established by the Supervisory 
Board shall be ECB documents and shall therefore be classified and handled 
in accordance with Article 23.3.

C H A P TeR   V I

F I N A L   P R O V I S I O N

Article 24
Amendments to these Rules of Procedure

The Governing Council may amend these Rules of Procedure. The General Council 
may propose amendments and the Executive Board may adopt supplementary rules 
within its field of competence.

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A N NeX 

( a s   r e f e r r e d   t o   i n   A r t i c l e   1 3 c ( i v ) )

1. 

2. 

3. 

For  the  purposes  of  the  voting  pursuant  to  Article  13c,  the  four  ECB 
representatives  must  be  assigned  as  defined  in  the  following  paragraphs, 
the  median  weighted  votes  of  the  participating  Member  States  under  the 
weighted votes criterion, the median population of the participating Member 
States under the population criterion and, by virtue of their membership in 
the Supervisory Board, a vote under the number of members criterion.

Ranking, in ascending order, the weighted votes assigned to the participating 
Member  States  by  Article  3  of  the  Protocol  (No  36)  on  transitional 
provisions  for  the  members  representing  the  participating  Member  States, 
the  median  weighted  vote  is  defined  as  the  middle  weighted  vote  if  there 
is  an  odd  number  of  participating  Member  States,  and  as  the  average  of 
the two middle numbers, rounded up to the nearest whole number, if their 
number  is  even.  Four  times  the  median  weighted  vote  must  be  added  to 
the  overall  number  of  weighted  votes  of  the  participating  Member  States. 
The resulting number of weighted votes shall constitute the ‘total number of 
weighted votes’.

The  median  population  is  defined  in  accordance  with  the  same  principle. 
For  this  purpose,  recourse  will  be  made  to  the  figures  published  by  the 
Council of the European Union as per Annex III, Article 1 and 2 of Council 
Decision 2009/937/EU of 1 December 2009 adopting the Council’s Rules 
of  Procedure5.  Four  times  the  median  population  of  the  participating 
Member States must be added to the combined population in all participating 
Member States. The resulting population number shall constitute ‘the total 
population’.

5  OJ L 325, 11.12.2009, p. 35.

Rules of Procedure of the eCB

57

DeCISION  OF  THe eUROPeAN  CeNTRAL  BANK 

O F   1 2   O C T O BeR   1 9 9 9 

C O N CeR N I N G   T He  R U LeS   O F   P R O CeD U Re
O F   T He eXeC U T I Ve  B O A R D   O F   T He eU R O PeA N   CeN T R A L   B A N K

(eC B / 1 9 9 9 / 7 )

( 1 9 9 9 / 8 1 1 /eC ) *

THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK, 

Having  regard  to  the  Rules  of  Procedure  of  the  European  Central  Bank  and  in 
particular to Articles 8 and 24 thereof; 

Whereas, with a view to ensuring that ECB Decisions can be adopted by the Executive 
Board at any time, it is necessary to establish a regime for the adoption of Decisions 
by  means  of  teleconferencing  and  a  regime  for  the  delegation  of  powers,  both  of 
which preserve the principle of the collective responsibility of the Executive Board, 

HAS DECIDED AS FOLLOWS: 

Article 1
Supplementary nature 

This  Decision  shall  supplement  the  Rules  of  Procedure  of  the  European  Central 
Bank.  The  terms  in  this  Decision  shall  have  the  meaning  which  they  have  in  the 
Rules of Procedure of the European Central Bank. 

Article 2
Attendance at Executive Board meetings 

1. 

 The President shall appoint a member of the staff of the European Central 
Bank (ECB) as Secretary. The Secretary shall be responsible for organising 
and drafting the summary proceedings of all Executive Board meetings. 

*  OJ L 314, 8.12.1999, p. 34.

58

Rules of Procedure of the executive Board

   
2. 

3. 

1. 

2. 

1. 

2. 

 In the absence of both the President and the Vice-President, the Executive 
Board will be chaired by the most senior member of the Executive Board in 
terms of office in the first instance, and by age in the event of two or more 
members having equal standing in terms of office. 

 The Executive Board may invite members of the staff of the ECB to attend 
its meetings. 

Article 3
Agenda and proceedings 

 The  agenda  for  each  meeting  shall  be  adopted  by  the  Executive  Board. 
A  provisional  agenda  shall  be  drawn  up  by  the  President  and  shall,  in 
principle, be sent, together with the related documents, to the members of 
the Executive Board at least two working days before the relevant meeting, 
except in emergencies, in which case the President shall act appropriately 
in view of the circumstances. 

 The summary proceedings of Executive Board meetings shall be submitted 
to the members of the Executive Board for approval at their next meeting 
(or  earlier,  if  necessary,  by  written  procedure)  and  shall  be  signed  by 
the chairman. 

Article 4
Teleconference 

 At the request of the President, decisions may be taken by the Executive 
Board by means of teleconferencing, unless at least two members of the 
Executive  Board  object.  Special  circumstances  shall  be  required  for  a 
decision  to  be  taken  by  means  of  teleconferencing.  The  President  shall 
determine  the  nature  of  these  circumstances  and  the  members  of  the 
Executive Board may require prior notice both of the teleconference and 
of the issue on which a decision is to be taken. 

 The decision reached by the President on the special circumstances and the 
decisions taken by the Executive Board by means of teleconferencing shall 
be recorded in the summary proceedings of the Executive Board meetings. 

Rules of Procedure of the executive Board

59

Article 5
Delegation of power 

1. 

2. 

3. 

4. 

 The Executive Board may authorise one or more of its members to take, 
on its behalf and under its responsibility, clearly defined management or 
administrative  measures,  including  the  use  of  instruments  in  preparation 
for  a  decision  to  be  taken  collectively  by  the  members  of  the  Executive 
Board at a later point in time and instruments implementing final decisions 
taken by the Executive Board. 

 The  Executive  Board  may  also  ask  one  or  more  of  its  members,  with 
the  agreement  of  the  President,  to  adopt  (i)  the  definitive  text  of  any 
instrument  as  defined  in  Article  5(1),  on  condition  that  the  substance  of 
such instrument has already been determined in discussion, and/or (ii) final 
decisions,  where  such  delegation  involves  limited  and  clearly  defined 
executive powers, the exercise of which is subject to strict review in the 
light of objective criteria established by the Executive Board. 

 The  delegations  and  decisions  adopted  in  accordance  with  Article  5(1) 
and  (2),  shall  be  recorded  in  the  summary  proceedings  of  the  Executive 
Board meetings. 

 Powers conferred in this manner may be sub-delegated only as and when 
there is a specific provision to this end in the enabling decision. 

Article 6
Publication 

This  Decision  shall  be  published  in  the  Official  Journal  of  the  European 
Communities1. 

Done at Frankfurt am Main on 12 October 1999. 

The President of the ECB 
Willem F. Duisenberg

1  Now the Official Journal of the European Union.

60

Rules of Procedure of the executive Board

DeCISION  OF  THe eUROPeAN  CeNTRAL  BANK

O F   1 7   J U Ne  2 0 0 4 

A D O P T I N G   T He  R U LeS   O F   P R O CeD U Re  O F   T He  GeNeR A L   C O U N C I L 
O F   T He eU R O PeA N   CeN T R A L   B A N K

(eC B / 2 0 0 4 / 1 2 ) *

THE GENERAL COUNCIL OF THE EUROPEAN CENTRAL BANK, 

Having regard to the Statute of the European System of Central Banks and of the 
European Central Bank, and in particular to Article 46.4 1 thereof, 

HAS DECIDED AS FOLLOWS: 

Sole Article

The  Rules  of  Procedure  of  the  General  Council  of  the  European  Central  Bank  of 
1 September 1998 shall be replaced by the following, which shall enter into force 
on 1 July 2004. 

R U LeS   O F   P R O CeD U Re  O F   T He  GeNeR A L   C O U N C I L 
O F   T He eU R O PeA N   CeN T R A L   B A N K 
P ReL ImI N A R Y   C H A P TeR 

Article 1
Definitions

These  Rules  of  Procedure  shall  supplement  the  Treaty  establishing  the  European 
Community2 and the Statute of the European System of Central Banks and of the 
European Central Bank. The terms in these Rules of Procedure shall have the same 
meaning as in the Treaty and the Statute. 

*  OJ L 230, 30.6.2004, p. 61. 
1  Now Article 45.4 of the Statute.
2  Now the TFEU.

Rules of Procedure of the General Council

61

 
 
 
C H A P TeR   I 

T He  GeNeR A L   C O U N C I L 

Article 2
Date and place of General Council meetings 

1. 

2. 

3. 

4. 

5. 

1. 

2. 

3. 

 The General Council shall decide on the dates of its meetings on a proposal 
from the President. 

 The President shall convene a meeting of the General Council if a request 
for  a  meeting  is  submitted  by  at  least  three  members  of  the  General 
Council. 

 The President may also convene meetings of the General Council whenever 
he/she deems it necessary. 

 The General Council shall normally hold its meetings on the premises of 
the European Central Bank (ECB). 

 Meetings  may  also  be  held  by  means  of  teleconferencing  unless  at  least 
three Governors object. 

Article 3
Attendance at General Council meetings 

 Except as provided herein, attendance at meetings of the General Council 
shall  be  restricted  to  its  members,  the  other  members  of  the  Executive 
Board, the President of the Council of the European Union and a member 
of the Commission of the European Communities3. 

Each Governor may normally be accompanied by one person. 

 If a member of the General Council is unable to attend a meeting, he/she 
may appoint, in writing, an alternate to attend the meeting and vote on his/
her behalf. This written communication shall be sent to the President in due 
time before the meeting. Such an alternate may normally be accompanied 
by one person. 

3  Now the European Commission.

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Rules of Procedure of the General Council

4. 

5. 

1. 

2. 

3. 

4. 

 The President shall appoint a member of staff of the ECB as Secretary. The 
Secretary shall assist the President in preparing the meetings of the General 
Council and shall draft the minutes thereof. 

 The General Council may also invite other persons to attend its meetings, 
if it deems it appropriate to do so. 

Article 4
Voting 

 In order for the General Council to vote, there shall be a quorum of two 
thirds  of  the  members  or  their  alternates.  If  the  quorum  is  not  met,  the 
President may convene an extraordinary meeting at which decisions may 
be taken without regard to the quorum. 

 Unless stated otherwise in the Statute, decisions shall be taken by simple 
majority. 

 The General Council shall proceed to vote at the request of the President. 
The President shall also initiate a voting procedure upon request from any 
member of the General Council. 

 Decisions  may  also  be  taken  by  written  procedure,  unless  at  least  three 
members of the General Council object. A written procedure shall require: 

(i)  normally  not  less  than  ten  working  days  for  consideration  by  every 
member of the General Council. In a case of urgency to be justified 
in the request, the period may be reduced to five working days; and 

(ii)  the personal signature of each member of the General Council; and 

(iii)  a record of any such decision in the minutes of the subsequent meeting 

of the General Council. 

Article 5
Organisation of General Council meetings 

1. 

 The General Council shall adopt the agenda for each meeting. A provisional 
agenda shall be drawn up by the President and shall be sent, together with 
the  related  documents  to  the  members  of  the  General  Council  and  other 

Rules of Procedure of the General Council

63

authorised  participants  at  least  eight  days  before  the  meeting,  except  in 
emergencies,  in  which  case  the  President  shall  act  appropriately  having 
regard to the circumstances. The General Council may decide to remove 
items from or add items to the provisional agenda on a proposal from the 
President or from any other member of the General Council. An item shall 
be removed from the agenda at the request of at least three of the members 
of the General Council if the related documents were not submitted to the 
members of the General Council in due time. 

2. 

 The minutes of the proceedings of the General Council shall be submitted 
to its members for approval at the subsequent meeting (or where necessary 
earlier by written procedure) and shall be signed by the President. 

C H A P TeR   I I

I N V O L Ve m eN T   O F   T He  GeNeR A L   C O U N C I L   I N   T He  T A S K S 
O F   T He eU R O PeA N   S Y S Te m  O F   CeN T R A L   B A N K S 

Article 6
Relationship between the General Council and the Governing Council 

1. 

2. 

3. 

 Without prejudice to the General Council’s other responsibilities, including 
those under Article 444 of the Statute, the General Council shall contribute, 
in particular, to the tasks listed in Article 6.2 to 6.8. 

 The  General  Council  shall  contribute  to  the  ECB’s  advisory  tasks  under 
Article 4 and Article 25.1 of the Statute. 

 The contribution of the General Council to the ECB’s statistical tasks shall 
consist in: 

 – strengthening the cooperation between all the national central banks of 
the European Union with a view to supporting the ECB’s tasks in the 
field of statistics, 

 – contributing  to  the  harmonisation,  where  necessary,  of  the  rules  and 
practices  governing  the  collection,  compilation  and  distribution  of 
statistics by all the national central banks of the European Union, and 

4  Now Article 43 of the Statute.

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Rules of Procedure of the General Council

 
4. 

5. 

6. 

7. 

8. 

 – providing 

the  Governing  Council  with  observations  on  draft 
recommendations in the statistical field, under Article 425 of the Statute, 
prior to their adoption. 

 The  General  Council  shall  contribute  to  fulfilling  the  ECB’s  reporting 
commitments under Article 15 of the Statute by providing the Governing 
Council with observations on the annual report prior to its adoption. 

 The General Council shall contribute to the standardisation of accounting 
rules  and  reporting  of  operations  under  Article  26.4  of  the  Statute  by 
providing the Governing Council with observations on the draft rules prior 
to their adoption. 

 The  General  Council  shall  contribute  to  the  adoption  of  other  measures 
in  the  context  of  Article  29.4  of  the  Statute  by  providing  the  Governing 
Council with observations on such draft measures prior to their adoption. 

 The General Council shall contribute to the Conditions of Employment for 
the staff of the European Central Bank by providing the Governing Council 
with observations on the draft prior to its adoption. 

 The General Council shall contribute to the preparations for the irrevocable 
fixing of exchange rates under Article 47.36 of the Statute by providing the 
Governing Council with observations on: 

 – draft ECB opinions under Article 123(5)7 of the Treaty, and 

 – on any other draft ECB opinions concerning Community8 legal acts to 

be adopted when a derogation is abrogated, and 

 – on decisions under paragraph 10 of the Protocol on certain provisions 
relating to the United Kingdom of Great Britain and Northern Ireland9. 

9. 

 Whenever  the  General  Council  is  requested  to  contribute  to  the  tasks  of 
the ECB under the above paragraphs, it shall be given a reasonable period 

5  Now Article 41 of the Statute.
6  Now Article 46.3 of the Statute.
7  Now Article 140(3) of the TFEU.
8  Now ‘Union’.
9  Now Protocol No 15 to the Treaties.

Rules of Procedure of the General Council

65

of  time  within  which  to  do  so,  which  may  not  be  less  than  10  working 
days. In a case of urgency to be justified in the request, the period may be 
reduced to five working days. The President may decide to use the written 
procedure. 

10. 

 The  President  shall  inform  the  General  Council,  in  accordance  with 
Article  47.410  of  the  Statute,  of  decisions  adopted  by  the  Governing 
Council. 

Article 7
Relationship between the General Council and the Executive Board 

1. 

 The General Council of the ECB shall be given the opportunity to submit 
observations before the Executive Board: 

 – implements legal acts of the Governing Council for which, in accordance 
with  Article  12.1  of  the  Rules  of  Procedure  of  the  European  Central 
Bank, the contribution of the General Council is required, 

 – adopts,  by  virtue  of  powers  delegated  by  the  Governing  Council  in 
accordance  with  Article  12.1  of  the  Statute,  legal  acts  for  which,  in 
accordance with Article 12.1 of the Rules of Procedure of the European 
Central Bank, the contribution of the General Council is required. 

 Whenever the General Council is requested to submit observations under 
the  first  paragraph  of  this  Article,  it  shall  be  given  a  reasonable  period 
of  time  within  which  to  do  so,  which  may  not  be  less  than  ten  working 
days.  In  a  case  of  urgency  to  be  justified  in  the  request,  the  period  may 
be reduced to five working days. The President may decide to use written 
procedure. 

Article 8
European System of Central Banks Committees 

 Within its field of competence the General Council may request studies of 
specific topics by committees established by the Governing Council under 
Article 9 of the Rules of Procedure of the European Central Bank. 

2. 

1. 

10  Now Article 46.4 of the Statute.

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2. 

1. 

2. 

1. 

2. 

 The  national  central  bank  of  each  non-participating  Member  State  may 
appoint up to two staff members to take part in the meetings of a committee 
whenever  it  deals  with  matters  falling  within  the  field  of  competence  of 
the General Council and whenever the chairperson of a committee and the 
Executive Board deem this appropriate. 

C H A P TeR   I I I

S PeC I F I C   P R O CeD U R A L   P R O V I S I O N S

Article 9
Legal instruments 

 ECB  Decisions  under  Article  46.411  and  Article  4812  of  the  Statute  and 
under  these  Rules  of  Procedure,  as  well  as  ECB  Recommendations  and 
ECB Opinions adopted by the General Council under Article 4413 of the 
Statute, shall be signed by the President. 

 All  ECB  legal  instruments  are  numbered,  notified  and  published  in 
accordance  with  Article  17.7  of  the  Rules  of  Procedure  of  the  European 
Central Bank. 

Article 10
Confidentiality of and access to the ECB’s documents 

 The proceedings of the General Council, and of any committee or group 
dealing  with  matters  falling  within  its  competence,  shall  be  confidential 
unless the General Council authorises the President to make the outcome 
of their deliberations public. 

 Public access to documents drawn up by the General Council, and by any 
committee  or  group  dealing  with  matters  falling  within  its  competence, 
shall  be  governed  by  a  Governing  Council  decision  adopted  under 
Article 23.2 of the Rules of Procedure of the European Central Bank. 

11  Now Article 45.4 of the Statute.
12  Now Article 47 of the Statute.
13  Now Article 43 of the Statute.

Rules of Procedure of the General Council

67

3. 

 Documents  drawn  up  by  the  General  Council,  and  by  any  committee  or 
group dealing with matters falling within its competence, shall be classified 
and handled in accordance with the rules laid down in the Administrative 
Circular  adopted  under  Article  23.3  of  the  Rules  of  Procedure  of  the 
European Central Bank. They shall be freely accessible after a period of  
30 years unless decided otherwise by the decision-making bodies. 

Article 11
End of applicability 

When,  in  accordance  with  Article  122(2)14  of  the  Treaty,  all  derogations  are 
abrogated by the Council of the European Union and when the decisions provided 
for in the Protocol on certain provisions relating to the United Kingdom of Great 
Britain and Northern Ireland are taken, the General Council shall be dissolved and 
these Rules of Procedure shall no longer apply. 

Done at Frankfurt am Main, 17 June 2004. 

The President of the ECB
Jean-Claude TRICHET

14  Now the first subparagraph of Article 140(2) of the TFEU. The first sentence of Article 122(2) 

of the Treaty was repealed.

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DeCISION OF THe eUROPeAN  CeNTRAL  BANK

O F  1 7   D eCe mBeR  2 0 1 4

C O N CeR N I N G T He   eS T A B L I S Hm eN T O F A N e T H I C S  COm mI T Te e  A N D I T S

RU LeS O F  PR O CeD U Re

(eC B / 2 0 1 4 / 5 9 )

( (e U) 2 0 1 5 / 4 3 3 ) *

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to Decision ECB/2004/2 of 19 February 2004 adopting the Rules of 
Procedure of the European Central Bank1, and in particular Article 9a thereof,

Whereas:

(1)  Through  the  establishment  of  an  Ethics  Committee  of  the  European  Central 
Bank  (hereinafter  the  ‘Ethics  Committee’),  the  Governing  Council  aims 
to  strengthen  the  ethics  rules  in  place  and  further  enhance  the  corporate 
governance  of  the  European  Central  Bank  (ECB),  the  European  System  of 
Central Banks (ESCB), the Eurosystem and the Single Supervisory Mechanism 
(SSM).

(2)  Public  awareness  of  corporate  governance  issues  and  of  ethics  rules  has 
increased  over  recent  years.  Following  the  establishment  of  the  SSM, 
governance  issues  have  acquired  increased  significance  for  the  ECB.  The 
increased level of public awareness and scrutiny requires the ECB to have in 
place, and strictly adhere to, state-of-the-art ethics rules in order to safeguard 
the ECB’s integrity and avoid reputational risks.

(3)  The  ethics  rules  for  members  of  the  bodies  involved  in  the  ECB’s  decision-
making processes (hereinafter the ‘addressees’) should be based on the same 
principles that apply to ECB staff members and should be proportionate to the 
addressees’ respective responsibilities. Therefore, the various rules constituting 
the  ECB  ethics  framework,  i.e.  the  Code  of  Conduct  for  the  members  of 

*  OJ L 70, 14.3.2015, p. 58. 
1  OJ L 80, 18.3.2004, p. 33.

Decision concerning establishment of an ethics Committee

69

 
the  Governing  Council2,  the  Supplementary  Code  of  Ethics  Criteria  for  the 
members  of  the  Executive  Board3,  the  Code  of  Conduct  for  the  members  of 
the  Supervisory  Board  and  the  ECB  Staff  Rules,  should  be  interpreted  in  a 
coherent manner.

(4)  The  ethics  rules  need  to  be  supported  by  well-functioning  monitoring, 
reporting  mechanisms  and  procedures  to  achieve  adequate  and  consistent 
implementation in which the Ethics Committee will play a key role.

(5)  In  order  to  ensure  effective  interoperation  between  those  aspects  of  the 
ethics  rules  that  principally  relate  to  operational  implementation  and  those 
that  principally  relate  to  institutional  and  framework  related  issues,  at  least 
one  of  the  members  of  the  ECB’s  Audit  Committee  (hereinafter  the  ‘Audit 
Committee’) should also be a member of the Ethics Committee.

(6)  The  Ethics  Committee  should  include  an  external  member  of  the  Audit 
Committee. External members of the Audit Committee are chosen from among 
high-ranking officials with experience in central banking,

HAS ADOPTED THIS DECISION:

Article 1
Establishment and composition

1.  An Ethics Committee is hereby established.

2.  The Ethics Committee shall be composed of three external members, at least 

one of whom shall be an external member of the Audit Committee.

3.  The  members  of  the  Ethics  Committee  shall  be  individuals  of  high  repute 
from  Member  States,  whose  independence  is  beyond  doubt  and  who  have  a 
sound understanding of the objectives, tasks and governance of the ECB, the 
ESCB,  the  Eurosystem  and  the  SSM.  They  shall  not  be  current  staff  of  the 
ECB or current members of bodies involved in the decision-making processes 

2  OJ C 123, 24.5.2002, p. 9.
3  OJ C 104, 23.4.2010, p. 8.

70

Decision concerning establishment of an ethics Committee

of the ECB, the national central banks or the national competent authorities as 
defined in Council Regulation (EU) No 1024/20134.

Article 2
Appointment of members

1.  The Governing Council shall appoint the members of the Ethics Committee. 

2.  The Ethics Committee shall designate its Chair.

3.  The term of office of the members of the Ethics Committee shall be three years, 
renewable once. The mandates of the Ethics Committee members who are also 
members of the Audit Committee shall expire if they cease to be members of 
the Audit Committee.

4.  The  members  of  the  Ethics  Committee  shall  observe  the  highest  standard  of 
ethical conduct. They are expected to act honestly, independently, impartially, 
with  discretion and  without  regard  to  self-interest and  to  avoid  any  situation 
liable  to  give  rise  to  a  personal  conflict  of  interest.  They  are  expected  to  be 
mindful  of  the  importance  of  their  duties  and  responsibilities.  The  members 
of  the  Ethics  Committee  shall  abstain  from  any  deliberation  in  cases  of 
perceived or potential personal conflict of interest. They shall be subject to the 
professional secrecy requirements laid down in Article 37 of the Statute of the 
European  System  of  Central  Banks  and  of  the  European  Central  Bank  even 
after their duties have ceased.

5.  The members of the Ethics Committee shall be entitled to receive remuneration 
comprising  an  annual  retention  fee  together  with  payment  for  actual  work 
performed based on an hourly rate. The amount of such remuneration shall be 
fixed by the Governing Council.

Article 3
Functioning 

4  Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the 
European  Central  Bank  concerning  policies  relating  to  the  prudential  supervision  of  credit 
institutions (OJ L 287,29.10.2013, p. 63). 

Decision concerning establishment of an ethics Committee

71

1.  The Ethics Committee shall decide on the dates of its meetings on a proposal 
from the Chair. The Chair may also convene meetings of the Ethics Committee 
whenever he or she deems it necessary.

2.  At  the  request  of  any  of  its  members,  and  in  agreement  with  the  Chair, 
meetings may also be held by means of teleconferencing and deliberations may 
take place by means of written procedure.

3.  Members  of  the  Ethics  Committee  are  expected  to  attend  each  meeting  in 
person.  Attendance  at  meetings  shall  be  restricted  to  its  members  and  its 
secretary. However, the Ethics Committee may invite other persons to attend 
its meetings if it deems it appropriate to do so.

4.  The Executive Board shall entrust a member of staff to perform the secretarial 

function of the Ethics Committee.

5.  The  Ethics  Committee  shall  have  access  to  members  of  management  and 
staff as well as to documents and information it requires in order to fulfil its 
responsibilities.

Article 4
Responsibilities

1.  Where  explicitly  provided  for  in  legal  acts  adopted  by  the  ECB  or  in  ethics 
rules  adopted  by  the  bodies  involved  in  its  decision-making  processes,  the 
Ethics Committee shall provide advice on questions of ethics on the basis of 
individual requests.

2.  The  Ethics  Committee  shall  assume  the  responsibilities  assigned  to  the 
Ethics  Adviser  appointed  under  the  Code  of  Conduct  for  the  members  of 
the Governing Council and the responsibilities assigned to the ECB’s Ethics 
Officer under the Supplementary Code of Ethics Criteria for the members of 
the Executive Board.

3. 

72

In order to assist the Audit Committee to carry out its assessment of the overall 
adequacy of the compliance framework of the ECB, the ESCB, the Eurosystem 
and  the  SSM,  and  of  the  effectiveness  of  the  processes  for  monitoring 
compliance,  the  Ethics  Committee  shall  report  to  the  Audit  Committee 
on  the  advice  it  has  provided  and  the  extent  to  which  this  advice  has  been 
implemented.

Decision concerning establishment of an ethics Committee

4.  The Ethics Committee shall report annually to the Governing Council on the 
work it has undertaken. In addition, the Ethics Committee shall report to the 
Governing  Council  whenever  it  deems  it  appropriate  and/or  is  required  to 
discharge its responsibilities.

5. 

In addition to the responsibilities set out in this Article, the Ethics Committee 
may  perform  other  activities  related  to  this  mandate,  if  so  requested  by  the 
Governing Council.

Article 5
Information about the implementation of the advice

The addressees of the Ethics Committee’s advice shall inform the Ethics Committee 
about the implementation of the Ethics Committee’s advice.

Article 6
Entry into force

This  Decision  shall  enter  into  force  on  the  day  following  its  publication  in  the 
Official Journal of the European Union.

Done at Frankfurt am Main, 17 December 2014.

The President of the ECB
Mario DRAGHI

Decision concerning establishment of an ethics Committee

73

RULeS  OF  PROCeDURe  OF  THe  SUPeRVISORY 
BOARD  OF  THe eUROPeAN  CeNTRAL  BANK*

THE SUPERVISORY BOARD OF THE EUROPEAN CENTRAL BANK,

Having  regard  to  Council  Regulation  (EU)  No  1024/2013  of  15  October  2013 
conferring  specific  tasks  on  the  European  Central  Bank  concerning  policies  relating 
to  the  prudential  supervision  of  credit  institutions1,  and  in  particular  Article  26(12) 
thereof,

Having  regard  to  Decision  ECB/2004/2  of  19  February  2004  adopting  the  Rules 
of Procedure of the European Central Bank2, and in particular Article 13d thereof,

HAS ADOPTED THESE RULES OF PROCEDURE:

P ReL ImI N A R Y   C H A P TeR

Article 1
Supplementary nature

These Rules of Procedure shall supplement the Rules of Procedure of the European 
Central  Bank.  The  terms  used  in  these  Rules  of  Procedure  shall  have  the  same 
meaning as in the Rules of Procedure of the European Central Bank.

C H A P TeR   I

S U PeR V I S O R Y   B O A R D

Article 2
Supervisory Board meetings

2.1. 

 The  Supervisory  Board  shall  decide  on  the  dates  of  its  meetings  on  a 
proposal from the Chair. The Supervisory Board shall, in principle, meet 
regularly following a schedule that it shall determine in good time before 
the start of each calendar year.

*  OJ  L  182,  21.6.2014,  p.  56.  Rules  of  Procedure  of  the  Supervisory  Board  of  the  European  
Central as amended by Amendment 1/2014 of 15 December 2014 to the Rules of Procedure 
of  the  Supervisory  Board  of  the  European  Central  Bank  –  unofficial  consolidated  version. 

1  OJ L 287, 29.10.2013, p. 63.
2  OJ L 80, 18.3.2004, p. 33.

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Rules of Procedure of the Supervisory Board

 
 
2.2. 

2.3. 

2.4. 

3.1. 

3.2. 

3.3. 

3.4. 

 The Chair shall convene a meeting of the Supervisory Board if a request 
for a meeting is submitted by at least three of its members.

 The  Chair  may  also  convene  meetings  of  the  Supervisory  Board 
whenever he/she deems it necessary. In such cases, this shall be specified 
in a cover note.

 At the request of the Chair, the deliberations of the Supervisory Board may 
also take place by means of teleconferencing, unless at least three members 
of the Supervisory Board object.

Article 3
Attendance at Supervisory Board meetings

 Except  as  provided  herein,  attendance  at  meetings  of  the  Supervisory 
Board shall be restricted to its members and, where the national competent 
authority  is  not  the  national  central  bank,  to  the  representative  of  the 
national central bank.

 Each representative of the national competent authority may normally be 
accompanied  by  one  person.  If  the  national  competent  authority  is  not 
the national central bank, this paragraph shall apply to the representative 
having the voting right. This paragraph shall also apply in the case of the 
attendance by an alternate, as provided in Article 3.3.

 If a representative of a national competent authority or, where the national 
competent authority is not the national central bank, a representative of the 
national central bank, is unable to attend, he/she may appoint, in writing, 
an  alternate  to  attend  and  to  exercise  their  voting  right  as  applicable, 
unless  otherwise  stipulated  in  the  written  communication.  This  written 
communication shall be sent to the Chair in due time before the meeting.

 In the absence of both the Chair and the Vice-Chair, the Supervisory Board 
shall be chaired by the most senior member of the Supervisory Board in 
terms of the length of his/her membership in the first instance, and by age 
in the event of two or more members having equal standing in terms of the 
length of membership.

Rules of Procedure of the Supervisory Board

75

3.5. 

4.1. 

 Upon invitation of the Chair, a representative of the European Commission 
and/or a representative of the European Banking Authority may participate 
in the meetings as observers. The Chair shall invite the representatives of 
the Commission and the European Banking Authority if a request for such 
an  invitation  is  submitted  by  at  least  three  members  of  the  Supervisory 
Board.  Applying  the  same  rules,  the  Supervisory  Board  may  also  invite 
other persons to attend its meetings if it deems it appropriate to do so.

Article 4
Organisation of supervisory board meetings

 The  Supervisory  Board  shall  adopt  the  agenda  for  each  meeting. 
A  provisional  agenda  shall  be  drawn  up  by  the  Chair  and  shall  be  sent, 
together  with  the  related  documents,  to  the  members  of  the  Supervisory 
Board  at  least  five  working  days  before  the  relevant  meeting,  except  in 
emergencies, in which case the Chair shall act appropriately having regard 
to the circumstances. The Supervisory Board may decide to remove items 
from or add items to the provisional agenda on a proposal from the Chair or 
from any other member of the Supervisory Board. Except in emergencies, 
an item shall be removed from the provisional agenda at the request of at 
least  three  members  of  the  Supervisory  Board  if  the  related  documents 
were not submitted to the members of the Supervisory Board in due time.

4.2. 

 The proceedings of Supervisory Board meetings shall be submitted to its 
members for approval at the subsequent meeting (or if necessary earlier by 
written procedure) and shall be signed by the Chair.

Article 5
Access to information

All  the  members  of  the  Supervisory  Board  shall  have  regular  access  to  updated 
information  on  the  institutions  deemed  significant  under  Regulation  (EU) 
No 1024/2013. The information made available to the members of the Supervisory 
Board should include key items of information that enable a meaningful understanding 
of such institutions. The Supervisory Board may adopt internal templates for sharing 
information for this purpose.

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Article 6
Voting

6.1. 

6.2. 

6.3. 

6.4. 

6.5. 

6.6. 

6.7. 

 For the purposes of this Article, the representatives of the authorities of any 
participating Member State shall together be considered as one member.

 Unless explicitly indicated otherwise in writing by the national competent 
authority,  the  voting  right  shall  be  exercised  by  the  representative  of 
the  national  competent  authority  or  their  alternate  in  accordance  with 
Article 3.3.

 In  order  for  the  Supervisory  Board  to  vote,  there  shall  be  a  quorum  of 
two-thirds of its members having a voting right. If the quorum is not met, 
the Chair may convene an extraordinary meeting at which members of the 
Supervisory Board may vote without regard to the quorum.

 The Supervisory Board shall proceed to vote at the request of the Chair. 
The  Chair  shall  also  initiate  a  voting  procedure  upon  request  from  three 
members of the Supervisory Board.

 Except where otherwise provided by Regulation (EU) No 1024/2013, the 
Supervisory Board shall act by a simple majority  of its  members having 
a  voting  right.  Each  member  shall  have  one  vote.  In  case  of  a  draw,  the 
Chair  shall  have  the  casting  vote.  In  the  cases  set  out  in  Article  26(7) 
of  Regulation  (EU)  No  1024/2013,  the  voting  rules  as  laid  down  in 
Article 13c of the Rules of Procedure of the European Central Bank apply.

 The Chair may initiate a secret ballot if requested by at least three members 
of the Supervisory Board having a voting right.

 Voting  may  also  take  place  by  written  procedure,  unless  at  least  three 
members  of  the  Supervisory  Board  having  a  voting  right  object.  In  such 
case,  the  item  shall  be  put  on  the  agenda  of  the  subsequent  Supervisory 
Board  meeting.  A  written  procedure  shall  require  normally  not  less  than 
five  working  days  for  consideration  by  each  member  of  the  Supervisory 
Board  and  a  record  of  any  such  deliberations  in  the  proceedings  of  the 
subsequent Supervisory Board meeting. The absence of an explicit vote by 
a member of the Supervisory Board in a written procedure shall be deemed 
as approval.

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77

Article 7
Emergencies

7.1. 

 In  case  of  emergencies,  the  Chair  or,  in  his/her  absence,  the  Vice-Chair 
shall  convene  a  meeting  of  the  Supervisory  Board  in  time  to  take  the 
necessary  decisions,  as  appropriate  also  by  means  of  teleconferencing 
by way of derogation from Article 2.4. When convening such a meeting, 
the  Chair  or,  in  his/her  absence,  the  Vice-Chair  shall  make  clear  in  the 
invitation letter that, by way of derogation from Article 6.3, if a quorum 
of  50  %  for  emergency  decisions  were  not  to  be  met,  the  meeting  will 
be closed and immediately thereafter an extraordinary meeting, at which 
decisions may be taken without regard to the quorum, will be opened.

7.2. 

 The Supervisory Board may lay down further internal rules on the adoption 
of decisions and other measures in situations of emergency.

Article 8
Delegation of power

8.1. 

8.2. 

 The Supervisory Board may authorise the Chair or the Vice-Chair to take, 
on its behalf and under its responsibility, clearly defined management or 
administrative  measures,  including  the  use  of  instruments  in  preparation 
for a decision to be taken collectively by the members of the Supervisory 
Board at a later point in time and instruments implementing final decisions 
taken by the Supervisory Board.

 The  Supervisory  Board  may  also  ask  the  Chair  or  the  Vice-Chair  to 
adopt (i) the definitive text of any instrument as defined in Article 8.1 on 
condition that the substance of such instrument has already been determined 
in  discussion,  and/or  (ii)  final  decisions,  where  such  delegation  involves 
limited  and  clearly  defined  executive  powers,  the  exercise  of  which  is 
subject to strict review in the light of objective criteria established by the 
Supervisory Board.

8.3. 

in  accordance  with 
 The  delegations  and  decisions  adopted 
Articles 8.1 and 8.2 shall be recorded in the proceedings of the Supervisory 
Board meetings.

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C H A P TeR   I I

S Te eR I N G   C Om mI T Te e

Article 9
The Steering Committee

In accordance with Article 26(10) of Regulation (EU) No 1024/2013, the Steering 
Committee of the Supervisory Board is hereby established.

Article 10
Mandate

10.1. 

10.2. 

 The  Steering  Committee  shall  support  the  activities  of  the  Supervisory 
Board  and  shall  be  responsible  for  preparing  the  meetings  of  the 
Supervisory Board.

 The Steering Committee shall execute its preparatory tasks in the interest 
of the European Union as a whole and shall work in full transparency with 
the Supervisory Board.

Article 11
Composition and appointment of members

11.1. 

 The  Steering  Committee  shall  be  composed  of  eight  members  of  the 
Supervisory  Board:  the  Chair  and  the  Vice-Chair  of  the  Supervisory 
Board,  one  representative  of  the  European  Central  Bank  (ECB)  and  five 
representatives of the national competent authorities.

11.2. 

 The Steering Committee shall be chaired by the Chair of the Supervisory 
Board or, in the exceptional absence of the Chair, the Vice-Chair.

11.3. 

 The  Supervisory  Board  shall  appoint  the  representatives  of  the  national 
competent  authorities,  ensuring  a  fair  balance  and  rotation  between  the 
national  competent  authorities.  The  Supervisory  Board  shall  follow 
a  rotation  system  in  accordance  with  which  the  national  competent 
authorities shall be allocated to four groups, according to a ranking based 
on  the  total  consolidated  banking  assets  in  the  relevant  participating 
Member State. Each group shall have as a minimum one member on the 
Steering Committee. The Supervisory Board shall review the grouping on 

Rules of Procedure of the Supervisory Board

79

an annual basis or whenever a Member State adopts the euro or establishes 
a  close  cooperation  with  the  ECB.  The  rotation  of  members  within  each 
group shall follow the alphabetical order of the names of the participating 
Member  States  in  their  national  languages.  The  classification  of  the 
national competent authorities into groups and the assignment of seats on 
the Steering Committee to the groups are laid down in the Annex.

11.4. 

 The  terms  of  office  of  the  representatives  of  the  national  competent 
authorities as members of the Steering Committee shall be one year.

11.5. 

 The President of the ECB shall appoint the representative of the ECB in 
the Steering Committee from among the four ECB representatives on the 
Supervisory Board and determine the respective term of office.

11.6. 

 The  list  of  members  of  the  Steering  Committee  shall  be  published  and 
updated regularly.

Article 12
Steering Committee meetings

12.1. 

12.2. 

12.3. 

 The dates of the meetings shall be decided by the Steering Committee on a 
proposal from the Chair. The Chair may also convene meetings whenever 
he/she  deems  it  necessary.  At  the  request  of  the  Chair,  the  Steering 
Committee may also convene by means of teleconferencing, unless at least 
two members of the Steering Committee object.

 The  agenda  for  each  Steering  Committee  meeting  shall  be  proposed  by 
the  Chair  and  adopted  at  the  beginning  of  the  meeting  by  the  Steering 
Committee.  All  members  of  the  Steering  Committee  may  propose  items 
and documents to the Chair for consideration by the Steering Committee.

 The  agenda  of  any  meeting  of  the  Steering  Committee  shall  be  made 
available  before  such  meeting  to  all  members  of  the  Supervisory  Board. 
The proceedings of any meeting of the Steering Committee shall be made 
available to all members of the Supervisory Board prior to the subsequent 
meeting of the Supervisory Board.

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12.4. 

 On a proposal by the Chair, the Steering Committee may decide to invite 
one or more other members of the Supervisory Board to attend all or part 
of one of its meetings. When specific issues related to an individual credit 
institution  are  discussed,  the  representative  of  the  national  competent 
authority of the participating Member State in which that credit institution 
is located shall be invited.

C H A P TeR   I I I

F I N A L   P R O V I S I O N

Article 13
Entry into force

These Rules of Procedure shall enter into force on 1 April 2014.

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81

A N NeX

R O T A T I O N   S Y S Te m

For the purposes of Article 11.3, the following rotation system shall apply, on the 
basis of the data as at 31 December 2014:

G r o u p

m e m b e r   S t a t e

Number of seats on the Steering Committee

1

1

2

1

1

2

3

4

DE

FR

ES

IT

NL

BE

IE

EL

LU

AT

PT

FI

EE

CY

LV

LT

MT

SI

SK

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Rules of Procedure of the Supervisory Board

DeCISION  OF  THe eUROPeAN  CeNTRAL  BANK

O F  1 7   S eP Te mBeR  2 0 1 4

O N T He  ImP Le m eN T A T I O N O F SeP A R A T I O N BeT We eN
T He   mO NeT A R Y P O L I C Y A N D S U PeR V I S I O N F U N C T I O N S O F T He 

e U R O PeA N  C eN T R A L  BA N K

(eC B / 2 0 1 4 / 3 9 ) 

( 2 0 1 4 / 7 2 3 /eU ) * 

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having  regard  to  Council  Regulation  (EU)  No  1024/2013  of  15  October  2013 
conferring specific tasks on the European Central Bank concerning policies relating 
to the prudential supervision of credit institutions1, and in particular Article 25(1), 
(2) and (3) thereof,

Whereas:

(1)  Regulation (EU) No 1024/2013 (hereinafter the ‘SSM Regulation’) establishes 
the Single Supervisory Mechanism (SSM) composed of the European Central 
Bank  (ECB)  and  the  national  competent  authorities  (NCAs)  of  participating 
Member States.

(2)  Article 25(2) of the SSM Regulation requires the ECB to carry out its supervisory 
tasks  without  prejudice  to  and  separately  from  its  tasks  relating  to  monetary 
policy and any other tasks. The ECB’s supervisory tasks should neither interfere 
with,  nor  be  determined  by,  its  tasks  relating  to  monetary  policy.  Moreover, 
these  supervisory  tasks  should  not  interfere  with  the  ECB’s  tasks  in  relation 
to the European Systemic Risk Board (ESRB) or any other tasks. The ECB is 
required to report to the European Parliament and to the Council as to how it 
has complied with this provision. The ECB’s supervisory tasks may not alter 
the ongoing monitoring of the solvency of its monetary policy counterparties. 
Furthermore,  the  staff  involved  in  carrying  out  supervisory  tasks  should  be 
organisationally  separate  from  the  staff  involved  in  carrying  out  other  tasks 
conferred on the ECB and subject to separate reporting lines.

*  OJ L 300, 18.10.2014, p. 57. 
1  OJ L 287, 29.10.2013, p. 63.

Decision on implementation of separation

83

   
(3)  Article  25(3)  of  the  SSM  Regulation  requires  the  ECB,  for  the  purposes  of 
Article 25(1) and (2), to adopt and make public any necessary internal rules, 
including  rules  regarding  professional  secrecy  and  information  exchange 
between the two functional areas.

(4)  Article  25(4)  of  the  SSM  Regulation  requires  the  ECB  to  ensure  that  the 
operation  of  the  Governing  Council  is  completely  differentiated  as  regards 
monetary  and  supervisory  functions.  Such  differentiation  shall  include  strict 
separation of meetings and agendas.

(5)  In order to ensure separation between monetary policy and supervisory tasks, 
Article 25(5) of the SSM Regulation requires the ECB to set up a mediation 
panel to resolve differences of views expressed by the competent authorities 
of  participating  Member  States  concerned  regarding  an  objection  of  the 
Governing Council to a draft decision by the Supervisory Board. It will include 
one  member  per  participating  Member  State,  chosen  by  each  Member  State 
among the members of the Governing Council and the Supervisory Board. Its 
decisions are to be made by a simple majority, with each member having one 
vote. The ECB is obliged to adopt and make public a regulation setting up the 
mediation panel and its rules of procedure; in that context, the ECB adopted 
Regulation (EU) No 673/2014 of the European Central Bank (ECB/2014/26) 2.

(6)  The  ECB’s  Rules  of  Procedure  have  been  amended 3  in  order  to  adjust  the 
internal  organisation  of  the  ECB  and  its  decision-making  bodies  to  the  new 
requirements arising from the SSM Regulation and clarify the interaction of the 
bodies involved in the process of preparing and adopting supervisory decisions.

(7)  Articles  13g  to  13j  of  the  ECB’s  Rules  of  Procedure  provide  details  on  the 
adoption  of  decisions  by  the  Governing  Council  regarding  matters  related 
to  the  SSM  Regulation.  In  particular,  Article  13g  concerns  the  adoption  of 
decisions  for  the  purpose  of  carrying  out  the  tasks  referred  to  in  Article  4 
of  the  SSM  Regulation,  and  Article  13h  concerns  the  adoption  of  decisions 
for the purpose of carrying out the tasks referred to in Article 5 of the SSM 
Regulation, implementing the requirements laid down in Article 26(8) of the 
SSM Regulation.

2  Regulation  (EU)  No  673/2014  of  the  European  Central  Bank  of  2  June  2014  concerning 
the  establishment  of  a  Mediation  Panel  and  its  Rules  of  Procedure  (ECB/2014/26)  (OJ  L  179, 
19.6.2014, p. 72).
3  Decision ECB/2014/1 of 22 January 2014 amending Decision ECB/2004/2 adopting the Rules 
of Procedure of the European Central Bank (OJ L 95, 29.3.2014, p. 56).

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(8)  Article  13k  of  the  ECB’s  Rules  of  Procedure  provides  that  the  ECB  must 
carry out supervisory tasks without prejudice to and separately from its tasks 
relating to monetary policy and from any other tasks. In this respect, the ECB 
is  required  to  take  all  necessary  measures  to  ensure  separation  between  its 
monetary policy and supervisory functions. At the same time, the separation 
of the monetary policy and the supervisory functions should not preclude the 
exchange between these two functional areas of information necessary for the 
achievement of ECB and European System of Central Banks (ESCB) tasks.

(9)  Article 13l of the ECB’s Rules of Procedure provides that Governing Council 
meetings regarding supervisory tasks must take place separately from regular 
Governing Council meetings and have separate agendas.

(10)  According to Article 13m of the ECB’s Rules of Procedure on the ECB’s internal 
structure in relation to supervisory tasks, the competence of the Executive Board 
in respect of the ECB’s internal structure and staff encompasses supervisory tasks. 
The Executive Board is to consult the Chair and the Vice Chair of the Supervisory 
Board  on  this  internal  structure.  The  Supervisory  Board,  in  agreement  with  the 
Executive Board, may establish and dissolve substructures of a temporary nature, 
such  as  working  groups  or  task  forces.  These  are  to  assist  in  work  regarding 
supervisory tasks and report to the Supervisory Board. Article 13m also provides 
for  the  appointment  of  the  Secretary  of  the  Supervisory  Board  and  the  Steering 
Committee by the President of the ECB, after having consulted the Chair of the 
Supervisory Board. The Secretary is to liaise with the Secretary of the Governing 
Council  when  preparing  the  meetings  of  the  Governing  Council  regarding 
supervisory tasks and be responsible for drafting the proceedings of these meetings.

(11) Recital  66  of  the  SSM  Regulation  states  that  organisational  separation  of 
staff  should  concern  all  services  needed  for  independent  monetary  policy 
purposes and should ensure that the exercise of the supervisory tasks is fully 
subject to democratic accountability and oversight as provided for by the SSM 
Regulation. The staff involved in carrying out supervisory tasks should report 
to the Chair of the Supervisory Board. Within this framework, in order to fulfil 
the requirements contained in Article 25(2) of the SSM Regulation4, the ECB 

4  See  also  recital  O  of  the  Interinstitutional  Agreement  between  the  European  Parliament 
and  the  European  Central  Bank  on  the  practical  modalities  of  the  exercise  of  democratic 
accountability  and  oversight  over  the  exercise  of  the  tasks  conferred  on  the  ECB  within  the 
framework  of  the  Single  Supervisory  Mechanism  (2013/694/EU)  (OJ  L  320,  30.11.2013,  
p. 1); and recital G of the Memorandum of Understanding between the Council of the European 
Union  and  the  European  Central  Bank  on  the  cooperation  on  procedures  related  to  the  Single 
Supervisory Mechanism (SSM).

Decision on implementation of separation

85

has  established  a  structure  of  four  Directorates-General  for  the  performance 
of supervisory tasks and a Secretariat to the Supervisory Board, functionally 
reporting to the Chair and Vice Chair of the Supervisory Board. The ECB has 
further identified several business areas to provide support to both the monetary 
policy  and  supervisory  functions  of  the  ECB  as  shared  services,  where  such 
support will not lead to conflicts of interest between the ECB’s supervisory and 
monetary policy objectives. Divisions dedicated to supervisory tasks have been 
established within several ‘shared service’ business areas.

(12) Article 37 of the Statute of the European System of Central Banks and of the 
European  Central  Bank  lays  down  the  obligation  of  professional  secrecy  for 
members  of  the  governing  bodies  and  the  staff  of  the  ECB  and  the  national 
central  banks.  Recital  74  of  the  SSM  Regulation  states  that  the  Supervisory 
Board, the steering committee and staff of the ECB carrying out supervisory 
duties  should  be  subject  to  appropriate  professional  secrecy  requirements. 
Article 27 of the SSM Regulation extends the obligation of professional secrecy 
to  members  of  the  Supervisory  Board,  and  staff  seconded  by  participating 
Member States carrying out supervisory duties.

(13) The  exchange  of  information  between  the  ECB’s  monetary  policy  and 
supervisory functions should be organised in strict compliance with the limits 
established  by  Union  law 5,  taking  into  account  the  principle  of  separation. 
Obligations protecting confidential information, as provided for in applicable 
laws  and  regulations,  such  as  Council  Regulation  (EC)  No  2533/98 6  on  the 
collection  of  confidential  statistical  data  and  the  provisions  of  Directive 
2013/36/EU  of  the  European  Parliament  and  of  the  Council 7  relating  to  the 
sharing  of  supervisory  information,  will  apply.  Subject  to  the  conditions  set 
forth  in  this  Decision,  the  principle  of  separation  applies  to  the  exchange  of 

5  See  recital  H  of  the  Interinstitutional  Agreement.  According  to  Recital  74  of  the  SSM 
Regulation,  the  requirements  for  the  exchange  of  information  with  the  staff  not  involved  in 
supervisory activities should not prevent the ECB from exchanging information within the limits 
and under the conditions set out in the relevant Union legislation, including with the Commission 
for the purposes of its tasks under Articles 107 and 108 TFEU and under Union law on enhanced 
economic and budgetary surveillance.
6  Council  Regulation  (EC)  No  2533/98  of  23  November  1998  concerning  the  collection  of 
statistical information by the European Central Bank (OJ L 318, 27.11.1998, p. 8).
7  Directive  2013/36/EU  of  the  European  Parliament  and  of  the  Council  of  26  June  2013  on 
access  to  the  activity  of  credit  institutions  and  the  prudential  supervision  of  credit  institutions 
and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 
2006/49/EC (OJ L 176, 27.6.2013, p. 338).

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Decision on implementation of separation

confidential  information  from  both  the  monetary  policy  to  the  supervisory 
function  as  well  as  from  the  supervisory  to  the  monetary  policy  function  of 
the ECB.

(14) According  to  recital  65  of  the  SSM  Regulation,  the  ECB  is  responsible  for 
carrying  out  monetary  policy  functions  with  a  view  to  maintaining  price 
stability  in  accordance  with  Article  127(1)  of  the  Treaty  on  the  Functioning 
of  the  European  Union  (TFEU).  The  objective  of  its  supervisory  tasks  is  to 
protect the safety and soundness of credit institutions and the stability of the 
financial system. They should therefore be carried out in full separation from 
the monetary policy functionin order to avoid conflicts of interest and to ensure 
that each of these policy functions is exercised in accordance with its particular 
objectives. At the same time, effective separation between the monetary policy 
and  supervisory  functions  should  not  prevent  the  reaping,  wherever  possible 
and  desirable,  of  all  the  benefits  to  be  expected  as  a  result  of  combining 
these  two  policy  functions  in  the  same  institution,  including  drawing  on  the 
ECB’s extensive expertise in macroeconomic and financial stability issues and 
reducing  double  work  when  gathering  information.  It  is  therefore  necessary 
to  put  in  place  mechanisms  that  allow  an  adequate  flow  of  data  and  other 
confidential information between the two policy functions,

HAS ADOPTED THIS DECISION:

Article 1
Scope and objectives

1.  This  Decision  sets  out  the  arrangements  complying  with  the  requirement  to 
separate  the  ECB’s  monetary  policy  function  from  its  supervisory  function 
(together  referred  to  as  ‘the  policy  functions’),  in  particular  with  respect  to 
professional secrecy and the exchange of information between the two policy 
functions.

2.  The ECB shall carry out its supervisory tasks without prejudice to and separately 
from  its  tasks  relating  to  monetary  policy  and  any  other  tasks.  The  ECB’s 
supervisory  tasks  shall  neither  interfere  with,  nor  be  determined  by,  its  tasks 
relating  to  monetary  policy.  The  ECB’s  supervisory  tasks  shall  moreover  not 
interfere with its tasks in relation to the ESRB or any other tasks. The ECB’s 
supervisory  tasks  and  the  ongoing  monitoring  of  the  financial  soundness  and 
solvency of the Eurosystem’s monetary policy counterparties shall be articulated 
in a way which does not lead to distorting the finality of either of these functions.

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87

3.  The  ECB  shall  ensure  that  the  operation  of  the  Governing  Council  is 
completely differentiated as regards monetary and supervisory functions. Such 
differentiation shall include strict separation of meetings and agendas.

Article 2
Definitions

For the purposes of this Decision:

(1)  ‘confidential 

information’  means 

information  classified  as 

‘ECB-
CONFIDENTIAL’  or  ‘ECB-SECRET’  under  the  ECB’s  confidentiality 
regime; other confidential information, including information covered by data 
protection  rules  or  by  the  obligation  of  professional  secrecy,  created  within 
the  ECB  or  forwarded  to  it  by  other  bodies  or  individuals;  any  confidential 
information falling under the professional secrecy rules of Directive 2013/36/
EU;  as  well  as  confidential  statistical  information  in  accordance  with 
Regulation (EC) No 2533/98;

(2)  ‘need  to  know’  means  the  need  to  have  access  to  confidential  information 
necessary for the fulfilment of a statutory function or task of the ECB, which 
in  case  of  information  labelled  as  ‘ECB-CONFIDENTIAL’  shall  be  broad 
enough  to  enable  staff  to  access  information  relevant  to  their  tasks  and  take 
over tasks from colleagues with minimal delays;

(3)  ‘raw  data’  means  data  transmitted  by  reporting  agents,  after  statistical 
processing and validation, or data generated by the ECB through the execution 
of its functions;

(4)  ‘ECB  Confidentiality  Regime’  means  the  regime  of  the  ECB  which  defines 

how to classify, handle and protect confidential ECB information.

Article 3
Organisational separation

1.  The  ECB  shall  maintain  autonomous  decision-making  procedures  for  its 

supervisory and monetary policy functions.

2.  All  work  units  of  the  ECB  shall  be  placed  under  the  managing  direction  of 
the  Executive  Board.  The  competence  of  the  Executive  Board  in  respect  of 

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Decision on implementation of separation

the  ECB’s  internal  structure  and  the  staff  of  the  ECB  shall  encompass  the 
supervisory tasks. The Executive Board shall consult the Chair and the Vice 
Chair of the Supervisory Board on such internal structure.

3.  ECB  staff  involved  in  carrying  out  supervisory  tasks  shall  be  organisationally 
separated  from  the  staff  involved  in  carrying  out  other  tasks  conferred  on  the 
ECB. Staff involved in carrying out supervisory tasks shall report to the Executive 
Board in respect of organisational, human resources and administrative issues, 
but shall be subject to functional reporting to the Chair and the Vice Chair of the 
Supervisory Board, subject to the exception in paragraph 4.

4.  The ECB may establish shared services providing support to both the monetary 
policy  and  the  supervisory  function  in  order  to  ensure  that  these  support 
functions  are  not  duplicated,  thus  helping  to  guarantee  the  efficient  and 
effective delivery of services. Such services shall not be subject to Article 6 as 
regards any information exchanges by them with the relevant policy functions.

Article 4
Professional secrecy

1.  Members  of  the  Supervisory  Board,  of  the  Steering  Committee  and  of  any 
substructures established by the Supervisory Board, staff of the ECB and staff 
seconded by participating Member States carrying out supervisory duties shall 
be required, even after their duties have ceased, not to disclose information of 
the kind covered by the obligation of professional secrecy.

2.  Persons  having  access  to  data  covered  by  Union  legislation  imposing  an 

obligation of secrecy shall be subject to such legislation.

3.  The  ECB  shall  subject  individuals  who  provide  any  service,  directly  or 
indirectly, permanently or occasionally, related to the discharge of supervisory 
duties to equivalent professional secrecy requirements by means of contractual 
arrangements.

4.  The  rules  on  professional  secrecy  contained  in  Directive  2013/36/EU  shall 
apply to the persons specified in paragraphs 1 to 3. In particular, confidential 
information  that  such  persons  receive  in  the  course  of  their  duties  may  be 
disclosed  only  in  summary  or  aggregate  form  in  such  a  way  that  individual 
credit institutions cannot be identified, without prejudice to cases covered by 
criminal law.

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89

5.  Nevertheless, where a credit institution has been declared bankrupt or is being 
compulsorily wound up, confidential information which does not concern third 
parties involved in attempts to rescue that credit institution may be disclosed in 
civil or commercial proceedings.

6.  This Article shall not prevent the ECB’s supervisory function from exchanging 
information  with  other  Union  or  national  authorities  in  line  with  applicable 
Union law. Information so exchanged shall be subject to paragraphs 1 to 5.

7.  The  ECB’s  confidentiality  regime  shall  apply  to  the  ECB’s  members  of  the 
Supervisory  Board,  ECB  staff  and  staff  seconded  by  participating  Member 
States carrying out supervisory duties, even after their duties are ceased.

Article 5
General principles for the access to information between policy functions  

and classification

1.  Notwithstanding Article 4, information may be exchanged between the policy 

functions provided that this is permitted under relevant Union law.

2. 

Information except raw data shall be classified in accordance with the ECB’s 
confidentiality regime by the ECB policy function owning the information. Raw 
data  shall  be  classified  separately.  The  exchange  of  confidential  information 
between  the  two  policy  functions  shall  be  subject  to  the  governance  and 
procedural rules set out for this purpose, and to a need to know requirement, 
which shall be demonstrated by the requesting ECB policy function.

3.  Access  to  confidential  information  by  the  supervisory  or  monetary  policy 
function  from  the  respective  other  policy  function  shall  be  determined  by 
the  ECB  policy  function  that  owns  the  information  in  accordance  with  the 
ECB’s  confidentiality  regime,  unless  stated  otherwise  in  this  Decision.  In 
the event of conflict between the two policy functions of the ECB regarding 
access to confidential information, the access to confidential information shall 
be  determined  by  the  Executive  Board  in  compliance  with  the  principle  of 
separation. Consistency of decisions on access rights and adequate recording 
of such decisions shall be ensured.

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Article 6
Exchange of confidential information between policy functions

1.  The  ECB’s  policy  functions  shall  disclose  confidential  information  in  the 
form of non-anonymised common reporting (COREP) and financial reporting 
(FINREP) 8 data as well as other raw data to the respective other policy function 
of the ECB upon request on a need to know basis, subject to Executive Board 
approval, except where Union law provides otherwise. The ECB’s supervisory 
function  shall  disclose  confidential  information  in  the  form  of  anonymised 
COREP  and  FINREP  data  to  the  monetary  policy  function  of  the  ECB  upon 
request on a need to know basis, except where Union law provides otherwise.

2.  The ECB’s policy functions shall not disclose confidential information containing 
assessments or policy recommendations to the respective other policy function, 
except  upon  request  on  a  need  to  know  basis,  and  ensuring  that  each  policy 
function is exercised in accordance with the applicable objectives, and where such 
disclosure has been expressly authorised by the Executive Board.

The ECB’s policy functions may disclose confidential aggregated information 
containing  neither  individual  banking  information  nor  policy-sensitive 
information related to the preparation of decisions to the respective other policy 
function upon request on a need to know basis, and ensuring that each policy 
function is exercised in accordance with the applicable objectives.

3.  Analysis  of  the  confidential  information  received  under  this  Article  shall  be 
conducted autonomously by the receiving policy function in accordance with 
its objective. Any subsequent decision shall be taken solely on this basis.

Article 7
Exchange of confidential information involving personal data

The exchange of information involving personal data shall be subject to applicable 
Union law on the protection of individuals with regard to the processing of personal 
data and on the free movement of such data.

8  See Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down 
implementing  technical  standards  with  regard  to  supervisory  reporting  of  institutions  according 
to  Regulation  (EU)  No  575/2013  of  the  European  Parliament  and  of  the  Council,  (OJ  L  191, 
28.6.2014, p. 1).

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91

 
Article 8
Exchange of confidential information in emergency situations

Notwithstanding Article 6, in an emergency situation as defined in Article 114 of 
Directive  2013/36/EU,  the  ECB’s  policy  functions  shall  communicate,  without 
delay, confidential information to the respective other policy function of the ECB, 
where  that  information  is  relevant  for  the  exercise  of  its  tasks  in  respect  of  the 
particular emergency at hand.

Article 9
Final provision

This  Decision  shall  enter  into  force  on  the  day  of  its  publication  in  the  Official 
Journal of the European Union.

Done at Frankfurt am Main, 17 September 2014.

The President of the ECB 
Mario DRAGHI

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A N NeX

eX CeR P T   F R Om  T He eC B   C O N F I DeN T I A L I T Y   ReG Im e

All  documents  created  by  the  ECB  must  be  assigned  one  of  the  five  security 
classifications below.

Documents received from parties outside the ECB are to be handled in accordance 
with  the  classification  label  on  the  document.  If  that  document  does  not  have  a 
classification  label,  or  the  classification  is  assessed  by  the  recipient  as  being  too 
low,  the  document  must  be  relabelled,  with  an  appropriate  ECB  classification 
level clearly indicated at least on the first page. The classification should only be 
downgraded with the written permission of the originating organisation.

The ECB’s five security classifications with their access rights are listed below.

ECB-SECRET: 

 Access within the ECB limited to those with a strict ‘need 
to  know’,  approved  by  an  ECB  senior  manager  of  the 
originating business area, or above.

ECB-CONFIDENTIAL:  Access  within  the  ECB  limited  to  those  with  a  ‘need  to 
know’ broad enough to enable staff to access information 
relevant to their tasks and take over tasks from colleagues 
with minimal delay.

ECB-RESTRICTED: 

 Can be made accessible to ECB staff and, if appropriate, 
ESCB staff with a legitimate interest.

ECB-UNRESTRICTED:  Can  be  made  accessible  to  all  ECB  staff  and,  if 

appropriate, ESCB staff.

ECB-PUBLIC: 

 Authorised to be made available to the general public.

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