2003/797/EC: Decision of the European Central Bank of 7 November 2003 concerning the administration of the borrowing-and-lending operations concluded by the European Community under the medium-term financial assistance facility (ECB/2003/14)

Decision of the European Central Bank
of 7 November 2003
concerning the administration of the borrowing-and-lending operations concluded by the European Community under the medium-term financial assistance facility
(ECB/2003/14)
(2003/797/EC)
THE GENERAL COUNCIL OF THE EUROPEAN CENTRAL BANK
,
Having regard to the Treaty establishing the European Community and in particular Article 119 and Article 123(2) thereof,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank and in particular Article 21.2, Article 44 and the first indent of Article 47.1 thereof,
Having regard to Council Regulation (EC) No 332/2002 of 18 February 2002 establishing a facility providing medium-term financial assistance for Member States' balances of payments(1) and in particular Article 9 thereof,
Whereas:
(1) In accordance with Article 123(2) of the Treaty and the first paragraph of Article 44 of the Statute, and pursuant to Article 1(1) of Decision ECB/1998/NP2 of 23 June 1998 concerning the performance by the European Central Bank of certain tasks taken over from the European Monetary Institute, the European Central Bank (ECB) took over the tasks of the European Monetary Institute (EMI) referred to in the fifth indent of Article 117(2) of the Treaty, the fifth indent of Article 4.1 and the third indent of Article 6.1 of the Statute of the EMI, until no later than the day immediately preceding the first day of the third stage of economic and monetary union (third stage).
(2) Pursuant to Decision ECB/1998/NP15 of 1 December 1998 concerning the performance by the ECB of certain functions relating to medium-term financial assistance for Member States' balances of payments(2), the EMI's Decision No 8/95 of 2 May 1995 concerning the administration of the borrowing-and-lending operations concluded by the European Community under the medium-term financial assistance mechanism remained valid and continued to apply as of the first day of the third stage.
(3) The functions mentioned under recital 2 were performed on the basis of Article 11 of Council Regulation (EEC) No 1969/88 of 24 June 1988 establishing a single facility providing medium-term financial assistance for Member States' balances of payments(3).
(4) Regulation (EC) No 332/2002, which entered into force on 24 February 2002, repealed Regulation (EEC) No 1969/88.
(5) According to Article 9 of Regulation (EC) No 332/2002, the ECB must make the necessary arrangements for the administration of the loans granted under the medium-term financial assistance facility established by this Regulation.
(6) This decision implementing Article 9 of Regulation (EC) No 332/2002 will repeal Decision ECB/1998/NP15. In view of the fact that the other tasks and decisions of the EMI referred to in Decision ECB/1998/NP2 are also no longer valid or applicable in the third stage, Decision ECB/1998/NP2 may, in the interest of clarity, also be repealed,