22.7.2009 EN Official Journal of the European Union L 190/11
DECISION OF THE EUROPEAN CENTRAL BANK
of 19 June 2009
amending Decision ECB/2003/14 concerning the administration of the borrowing-and-lending operations concluded by the European Community under the medium-term financial assistance facility
(ECB/2009/17)
(2009/555/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 17, Article 21.2, Article 44 and the first indent of Article 47.1 thereof,
Having regard to Council Regulation (EC) No 431/2009 of 18 May 2009 amending Regulation (EC) No 332/2002 establishing a facility providing medium-term financial assistance for Member States' balances of payments (1), and in particular Article 1(5) thereof,
Whereas:
(1) According to Article 9 of Council Regulation (EC) No 332/2002 of 18 February 2002 establishing a facility providing medium-term financial assistance for Member States' balances of payments (2) the European Central Bank (ECB) must make the necessary arrangements for the administration of the loans granted under the medium-term financial assistance facility to Member States that have not adopted the euro.
(2) Article 1(5) of Regulation (EC) No 431/2009 introduces a new Article 7(5) into Regulation (EC) No 332/2002 requiring Member States that receive loans granted under the medium-term financial assistance facility to transfer the amounts required for repayment of the principal and for payment of the interest on such loans to an account with the ECB seven TARGET2 business days prior to the corresponding due dates. The ECB therefore considers it appropriate to open specific accounts for the national central banks of such Member States for that purpose.
(3) Decision ECB/2003/14 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 (3) should be amended in order to reflect these changes,
Decision ECB/2003/14 is amended as follows:
1. Article 2 is replaced by the following:
2. Article 3(2) is replaced by the following:
3. Article 4 is replaced by the following:
(a) an account on the liabilities side for recording the funds received for the account of the European Community and their transfer to the national central bank of the Member State receiving the corresponding loan;
(b) a memorandum account, entitled “European Community liabilities in respect of European Community borrowing operations”, divided, where applicable, into sub-accounts corresponding to the individual creditors in respect of borrowing arrangements;
(c) a memorandum account, entitled “European Community claims in respect of European Community lending operations”.’;
4. Article 5 is replaced by the following:
5. Article 6 is replaced by the following:
The Executive Board of the ECB shall make all the arrangements necessary to give effect to this Decision.
This Decision shall enter into force on the day following its publication in the Official Journal of the European Union.