natgillin/translations-raw huggingface dataset:
The national central banks are an integral p a n of the ESCB and shall act in accordance with the guidelines and instructions of the ECB .
The national central banks are an integral p a n 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 .
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 .
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 cenual banks and shall not be regarded as being p a n of the functions of the ESCB .
Such functions shall be performed on the responsibility and liability of national cenual banks and shall not be regarded as being p a n of the functions of the ESCB .
Amcle 15 Reporting commitmenu 15.1 .
Amcle 15 Reporting commitmenu 15.1 .
The ECB shall draw up and publish repom on the activities of the ESCB at least quarterly .
The ECB shall draw up and publish repom on the activities of the ESCB at least quarterly .
A consolidated financial statement of the ESCB shall be published each week .
A consolidated financial statement of the ESCB shall be published each week .
In accordance with Anicle 109b ( 3 ) of this Treaty , the ECB shall address an annual report on the activities of 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 .
In accordance with Anicle 109b ( 3 ) of this Treaty , the ECB shall address an annual report on the activities of 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 .
The repom and statements referred to in this Anicle shall be made available to interested panies free of charge .
The repom and statements referred to in this Anicle shall be made available to interested panies free of charge .
MONETARY FUNCTIONS AND OPERATIONS OF THE ESCB
MONETARY FUNCTIONS AND OPERATIONS OF THE ESCB
Article 17 Accouno with the ECB and the national c e n d 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 17 Accouno with the ECB and the national c e n d 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 opentions 18.1 .
Article 18 Open market and credit opentions 18.1 .
In order to achieve the objectives of the ESCB and to carry out iu tasks , the ECB and the national central banks may :
In order to achieve the objectives of the ESCB and to carry out iu 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 Community or in non-Community currencies , as well as precious metals ;
- 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 Community or in non-Community currencies , as well as precious metals ;
- conduct credit operations with credit institutions and other market participants , with lending being based on adequate collateral .
- conduct credit operations with credit institutions and other market participants , with lending being based on adequate collateral .
The ECB shall establish general principles for open market and credit operations carried out by itself or the national cenual banks , including for the announcement of conditions under which they stand ready to enter into such transactions .
The ECB shall establish general principles for open market and credit operations carried out by itself or the national cenual banks , including for the announcement of conditions under which they stand ready to enter into such transactions .
Article 1 9
Article 1 9
Miaimum reserves 19.1 .
Miaimum reserves 19.1 .
Subject to Article 2 , the ECB may require credit institutions established in Member States to hold minimum reserves on accounts with the ECB and national cenual banks in pursuance of monetary policy objectives .
Subject to Article 2 , the ECB may require credit institutions established in Member States to hold minimum reserves on accounts with the ECB and national cenual 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 .
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 .
In cases of non-compliance the ECB shall be entitled to levy penalty interest and to impose other sanctions with comparable effect .
For the application of this Article , the Council shall , in accordance with the procedure laid down in Anicle 42 , 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 .
For the application of this Article , the Council shall , in accordance with the procedure laid down in Anicle 42 , 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 .
Bank notes In accordance with Anicle 105a ( l ) of this Treaty , the Governing Council shall have the exclusive right to authorize the issue of bank notes within the Community .
Bank notes In accordance with Anicle 105a ( l ) of this Treaty , the Governing Council shall have the exclusive right to authorize the issue of bank notes within the Community .
The ECB shall respect as far as possible existing practices regarding the issue and design of bank notes .
The ECB shall respect as far as possible existing practices regarding the issue and design of bank notes .
No C 191/73
No C 191/73
all other assets in the currency of any country or units of account and in whatever form held ;
all other assets in the currency of any country or units of account and in whatever form held ;
Other iaruumcnti 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 .
Other iaruumcnti 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 Anicle 42 , define the scope of such methods if they impose obligations on third parties .
The Council shall , in accordance with the procedure laid down in Anicle 42 , define the scope of such methods if they impose obligations on third parties .
Anicle 21
Anicle 21
- hold and manage the assets referred to in this Anicle ;
- hold and manage the assets referred to in this Anicle ;
- conduct all types of banking transactions in relations with third countries and international organizations , including borrowing and lending operations .
- conduct all types of banking transactions in relations with third countries and international organizations , including borrowing and lending operations .
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 .
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 .
Operations mth public entities 21.1 .
Operations mth public entities 21.1 .
In accordance with Article 104 of this Treaty ,
In accordance with Article 104 of this Treaty ,
overdrafts o r any other type of credit facility with the ECB o r with the national central banks in favour of Community institutions or bodies , 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 .
overdrafts o r any other type of credit facility with the ECB o r with the national central banks in favour of Community institutions or bodies , 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 .
The ECB and national cenrral banks may act as fiscal agents for the entities referred to in Anicle 21.1 .
The ECB and national cenrral banks may act as fiscal agents for the entities referred to in Anicle 21.1 .
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 .
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 .
PRUDENTIAL SUPERVISION
PRUDENTIAL SUPERVISION
Prudential supenition 25.1 .
Prudential supenition 25.1 .
The ECB may offer advice to and be consulted by
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 irnplementation of Community legislation relating to the prudential supervision of credit institutions and t the o stability of the financial system .
the Council , the Commission and the competent authorities of the Member States on the scope and irnplementation of Community legislation relating to the prudential supervision of credit institutions and t the o stability of the financial system .
In accordance with any decision of the Council under Anicle 105 ( 6 ) of this Treaty , the ECB may
In accordance with any decision of the Council under Anicle 105 ( 6 ) of this Treaty , the ECB may
Article 22
Article 22
perform specific tasks concerning policies relating to the prudential supervision of credit institutions and other financial institutions with the exception of insurance undertakings .
perform specific tasks concerning policies relating to the prudential supervision of credit institutions and other financial institutions with the exception of insurance undertakings .
C l a r i n s and payment systcmr FINANCIAL PROVlSlONS OF THE ESCB
C l a r i n s and payment systcmr FINANCIAL PROVlSlONS OF THE ESCB
The ECB and national central banks may provide facilities , and the ECB may make regulations , to ensure efficient and sound dearing and payment systems within the Community and with other countries .
The ECB and national central banks may provide facilities , and the ECB may make regulations , to ensure efficient and sound dearing and payment systems within the Community and with other countries .
The financial year of the ECB and national central
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 .
banks shall begin on the first day of January and end on the last day of December .
The ECB and national central banks may : 26.2 .
The ECB and national central banks may : 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 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 .
The accounts shall be approved by the Governing Council and shall thereafter be published .
- establish relations with central banks and financial institutions in other countries and , where appropriate , with international organizations ;
- establish relations with central banks and financial institutions in other countries and , where appropriate , with international organizations ;
- acquire and sell spot and forward all types of foreign exchange assets and precious metals ;
- acquire and sell spot and forward all types of foreign exchange assets and precious metals ;
the term « foreign exchange asset » shall include securities and
the term « foreign exchange asset » shall include securities 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 .
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 analpica1 and
For analpica1 and
No C 191/74
No C 191/74
For the application of this Article , the Governing Council shall establish the necessary rules for standardizing the accounting and reporting of operations undemken by the national central banks .
For the application of this Article , the Governing Council shall establish the necessary rules for standardizing the accounting and reporting of operations undemken by the national central banks .
- 50 % of the share of its respective Member State in the population of the Community in the penultimate year preceding the establishment of the ESCB ;
- 50 % of the share of its respective Member State in the population of the Community in the penultimate year preceding the establishment of the ESCB ;
of the share of its respenive Member State in the gross domestic product at market prices of the Community as recorded in the last five years preceding the penultimate year before the establishment of the ESCB ;
of the share of its respenive Member State in the gross domestic product at market prices of the Community as recorded in the last five years preceding the penultimate year before the establishment of the ESCB ;
The accounts of the ECB and national central b a n k shall be audited by independent external auditon recommended by the Governing Council and approved by the Council .
The accounts of the ECB and national central b a n k shall be audited by independent external auditon recommended by the Governing Council and approved by the Council .
The auditon shall have full power to examlne all books and accounts of the ECB and national central banks and obtain full information about their transactions .
The auditon shall have full power to examlne all books and accounts of the ECB and national central banks and obtain full information about their transactions .
The provisions of Article l88c of this Treaty shall only apply to an examination of the operational efficiency of the management of the ECB .
The provisions of Article l88c of this Treaty shall only apply to an examination of the operational efficiency of the management of the ECB .
The percentages shall be rounded up multiple of 0.05 percentage points .
The percentages shall be rounded up multiple of 0.05 percentage points .
the nearest
the nearest
The statistical data t o 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 42 .
The statistical data t o 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 42 .
The weightings assigned W 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 weightings assigned W 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 .
The adjusted key shall apply with effect from the first day of the following year .
The Governing Council shall take all other measures necessary for the application of this Article .
The Governing Council shall take all other measures necessary for the application of this Article .
Capital of the ECB 28.1 .
Capital of the ECB 28.1 .
The capital of the ECB , which shall become operational upon its establishment , shall be ECU 5 000 million .
The capital of the ECB , which shall become operational upon its establishment , shall be ECU 5 000 million .
The c a p i d 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 42 .
The c a p i d 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 42 .
The national central banks shall be the sole subscribers W and holders of the capital of the ECB .
The national central banks shall be the sole subscribers W and holders of the capital of the ECB .
The subscription of capital shall be according W the key established in accordance with Article 29 .
The subscription of capital shall be according W 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 W which and the form in which the capital shall be paid up .
The Governing Council , acting by the qualified majority provided for in Article 10.3 , shall determine the extent W which and the form in which the capital shall be paid up .
Subject to Article 28.5 , the shares of the national cenual banks in the subscribed c a p i d of the ECB may not be transferred , pledged o r attached .
Subject to Article 28.5 , the shares of the national cenual banks in the subscribed c a p i d of the ECB may not be transferred , pledged o r attached .
If the key referred to in Article 29 is adjusted , the national cenual b a n k shall transfer among themselves capital shares to the extent necessary to ensure that the distribution of c a p i d shares comsponds to the adjusted key .
If the key referred to in Article 29 is adjusted , the national cenual b a n k shall transfer among themselves capital shares to the extent necessary to ensure that the distribution of c a p i d shares comsponds to the adjusted key .
The Governing Council shall determine the terms and conditions of such transfers .
The Governing Council shall determine the terms and conditions of such transfers .
Article 29
Article 29
T d e r of fo -
T d e r of fo -
reserve assets to the ECB
reserve assets to the ECB
Without prejudice W Article 28 , the ECB shall be provided by the national central banks with foreign reserve assets , other than Member States » currencies , ECUs .
Without prejudice W Article 28 , the ECB shall be provided by the national central banks with foreign reserve assets , other than Member States » currencies , ECUs .
IMF reserve positions and SDRs , up to an amount equivalent to ECU 50000 million .
IMF reserve positions and SDRs , up to an amount equivalent to ECU 50000 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 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 W hold and manage the foreign reserves that are transferred to it and to use them for the purposes set out in this Statute .
The ECB shall have the full right W hold and manage the foreign reserves that are transferred to it and to use them for the purposes set out in this Statute .
The conuibutions of each national cenual bank to shall be fiied in p r o p o ~ o n its share in the subscribed capital of the ECB .
The conuibutions of each national cenual bank to shall be fiied in p r o p o ~ o n its share in the subscribed capital of the ECB .
Each national cenual bank shall be credited by the ECB with a claim equivalent to its contribution .
Each national cenual 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 .
The Governing Council shall determine the denomination and remuneration of such claims .
Funher calls of foreign reserve asserr beyond the limit set in Article 30.1 may be effecud 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 42 .
Funher calls of foreign reserve asserr beyond the limit set in Article 30.1 may be effecud 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 42 .
The ECB may hold and manage IMF reserve positions and SDRs and provide for the pooling of such assets .
The ECB may hold and manage IMF reserve positions and SDRs and provide for the pooling of such assets .
Key for capital subruiption
Key for capital subruiption
When in accordance with the procedure referred to in Article 10941 ) of this Treaty the ESCB and the ECB have been established , the key for subscription of the ECB 's capital shall be established .
When in accordance with the procedure referred to in Article 10941 ) of this Treaty the ESCB and the ECB have been established , the key for subscription of the ECB 's capital shall be established .
Each national central bank shall be assigned a weighting in this key which shall be equal to the sum of :
Each national central bank shall be assigned a weighting in this key which shall be equal to the sum of :
N o C 191/75
N o C 191/75
Atticle 31
Atticle 31
For +
For +
mene usnr held by national cabal b &
mene usnr held by national cabal b &
The national central banks shall be allowed to perform transactions in fulfilment of their obligations towards international organizations in accordance with Article 23 .
The national central banks shall be allowed to perform transactions in fulfilment of their obligations towards international organizations in accordance with Article 23 .