2010/574/EU: Decision of the European Central Bank of 21 September 2010 concerning the administration of EFSF loans to Member States whose currency is the euro (ECB/2010/15)

28.9.2010 EN Official Journal of the European Union L 253/58
DECISION OF THE EUROPEAN CENTRAL BANK
of 21 September 2010
concerning the administration of EFSF loans to Member States whose currency is the euro
(ECB/2010/15)
(2010/574/EU)
THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK
,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’), and in particular Articles 17 and 21 thereof,
Whereas:
(1) Pursuant to Article 17 of the Statute of the ESCB, in order to conduct its operations, the European Central Bank (ECB) may open accounts for credit institutions, public entities and other market participants.
(2) Pursuant to Articles 21.1 and 21.2 of the Statute of the ESCB, the ECB may act as fiscal agent for 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.
(3) Reference is made to the EFSF Framework Agreement between the Member States whose currency is the euro and European Financial Stability Facility, Société Anonyme (EFSF), a public limited liability company incorporated in Luxembourg, with the Member States whose currency is the euro as its shareholders. The EFSF Framework Agreement entered into force and became binding on 4 August 2010.
(4) Pursuant to the EFSF Framework Agreement and in accordance with EFSF’s by-laws, EFSF is to provide financing in the form of loan facility agreements (hereinafter the ‘Loan Facility Agreements’) to Member States whose currency is the euro where such Member States are in financial difficulties and have entered into a memorandum of understanding with the European Commission containing policy conditionality.
(5) Article 3(5) of the EFSF Framework Agreement states that the disbursement of the loan made available by EFSF to a Member State whose currency is the euro shall be made through the accounts of EFSF and the relevant Member State borrower which have been opened with the ECB for the purpose of the Loan Facility Agreement. Pursuant to Article 12(2) of the EFSF Framework Agreement, EFSF may contract the ECB to act as its paying agent and may appoint the ECB to maintain its bank and securities accounts.
(6) It is necessary to lay down provisions concerning the EFSF cash account which is to be opened with the ECB for the operation of the Loan Facility Agreements,