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Document 32007X0120(01)

    Agreement of 21 December 2006 between the European Central Bank and the national central banks of the Member States outside the euro area amending the Agreement of 16 March 2006 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of economic and monetary union

    OJ C 14, 20.1.2007, p. 6–8 (BG, ES, CS, DA, DE, ET, EL, EN, FR, IT, LV, LT, HU, NL, PL, PT, RO, SK, SL, FI, SV)

    ⏵This document has been published in a special edition(s) (HR)

    Legal status of the document In force

    Date of document:
    21/12/2006
    Date of effect:
    01/01/2007; Entry into force See Art 4.1
    Date of signature:
    21/12/2006
    Date of end of validity:
    No end date
    Author:
    European Central Bank, Non-euro area Member States: Denmark, Greece, Sweden, United Kingdom
    Form:
    Interinstitutional agreement
    Authentic language:
    English
    Treaty:
    Treaty establishing the European Community
    Link
    Link
    Link
    Select all documents mentioning this document
    Modifies:
    Relation Act Comment Subdivision concerned From To
    Modifies 32006X0325(01) Replacement annex 2 01/01/2007
    Modified by:
    Relation Act Comment Subdivision concerned From To
    Corrected by 32007X0120(01)R(01) (RO)
    Instruments cited:
    Link

    20.1.2007   

    EN

    Official Journal of the European Union

    C 14/6

    AGREEMENT

    of 21 December 2006

    between the European Central Bank and the national central banks of the Member States outside the euro area amending the Agreement of 16 March 2006 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of economic and monetary union

    (2007/C 14/03)

    THE EUROPEAN CENTRAL BANK (HEREINAFTER REFERRED TO AS THE ‘ECB’) AND THE NATIONAL CENTRAL BANKS OF THE MEMBER STATES OUTSIDE THE EURO AREA (HEREINAFTER REFERRED TO AS THE ‘NON-EURO AREA NCBs’ AND THE ‘NON-EURO AREA MEMBER STATES’ RESPECTIVELY),

    Whereas:

    (1)

    The European Council in its Resolution of 16 June 1997 (hereinafter referred to as the 'Resolution') agreed to set up an exchange rate mechanism (hereinafter referred to as 'ERM II') when the third stage of economic and monetary union began on 1 January 1999.

    (2)

    Under the terms of the Resolution, ERM II is designed to help to ensure that non-euro area Member States participating in ERM II orient their policies to stability, foster convergence and thereby help them in their efforts to adopt the euro.

    (3)

    Slovenia, as a Member State with a derogation, has participated in ERM II since 28 June 2004 and Banka Slovenije is party to the Agreement of 16 March 2006 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of economic and monetary union (1) (hereinafter referred to as the 'ERM II Central Bank Agreement').

    (4)

    Pursuant to Article 1 of Council Decision 2006/495/EC of 11 July 2006 in accordance with Article 122(2) of the Treaty on the adoption by Slovenia of the single currency on 1 January 2007 (2), the derogation in favour of Slovenia referred to in Article 4 of the 2003 Act of Accession (3) is abrogated with effect from 1 January 2007. Banka Slovenije should therefore no longer be party to the ERM II Central Bank Agreement with effect from that date and the ERM II Central Bank Agreement should be amended accordingly.

    (5)

    In view of the accession of Romania and Bulgaria to the European Union, their respective national central banks (NCBs) become part of the European System of Central Banks on 1 January 2007. The ERM II Central Bank Agreement should be amended accordingly,

    HAVE AGREED AS FOLLOWS:

    Article 1

    Amendment to the ERM II Central Bank Agreement in view of the abrogation of Slovenia's derogation

    Banka Slovenije shall no longer be party to the ERM II Central Bank Agreement with effect from 1 January 2007.

    Article 2

    Amendments to the ERM II Central Bank Agreement in view of the accession of Romania and Bulgaria

    The Bulgarian National Bank and Banca Naţională a României shall become parties to the ERM II Central Bank Agreement with effect from 1 January 2007.

    Article 3

    Replacement of Annex II to the ERM II Central Bank Agreement

    Annex II to the ERM II Central Bank Agreement is replaced by the text set out in the Annex to this Agreement.

    Article 4

    Final provisions

    4.1

    This Agreement shall enter into force on 1 January 2007.

    4.2

    This Agreement shall be drawn up in the English and duly signed by the parties. The ECB, which is required to retain the original Agreement, shall send a certified copy thereof to each euro area and non-euro area NCB. The Agreement shall be translated into all other official Community languages and be published in the C series of the Official Journal of the European Union.

    Done at Frankfurt am Main, 21 December 2006.

    For the

    European Central Bank

    For the

    Bulgarian National Bank

    For

    Česká národní banka

    For

    Danmarks Nationalbank

    For

    Eesti Pank

    For the

    Central Bank of Cyprus

    For

    Latvijas Banka

    For

    Lietuvos bankas

    For the

    Magyar Nemzeti Bank

    For the

    Central Bank of Malta

    For

    Narodowy Bank Polski

    For

    Banca Naţională a României

    For

    Banka Slovenije

    For

    Národná banka Slovenska

    For

    Sveriges Riksbank

    For the

    Bank of England

    (1)  OJ C 73, 25.3.2006, p. 21.

    (2)  OJ L 195, 15.7.2006, p. 25.

    (3)  OJ L 236, 23.9.2003, p. 33.

    ANNEX

    ‘ANNEX II

    CEILINGS ON ACCESS TO THE VERY SHORT-TERM FINANCING FACILITY REFERRED TO IN ARTICLES 8, 10 AND 11 OF THE CENTRAL BANK AGREEMENT

    with effect from 1 January 2007

    (EUR million)

    Central banks party to this Agreement

    Ceilings (1)

    Bulgarian National Bank

    490

    Ceská národní banka

    640

    Danmarks Nationalbank

    670

    Eesti Pank

    300

    Central Bank of Cyprus

    280

    Latvijas Banka

    330

    Lietuvos bankas

    370

    Magyar Nemzeti Bank

    620

    Central Bank of Malta

    270

    Narodowy Bank Polski

    1 610

    Banca Naţională a României

    950

    Národná banka Slovenska

    440

    Sveriges Riksbank

    900

    Bank of England

    4 130

    European Central Bank

    nil


    Euro area NCBs

    Ceilings

    Nationale Bank van België/Banque Nationale de Belgique

    nil

    Deutsche Bundesbank

    nil

    Bank of Greece

    nil

    Banco de España

    nil

    Banque de France

    nil

    Central Bank and Financial Services Authority of Ireland

    nil

    Banca d'Italia

    nil

    Banque centrale du Luxembourg

    nil

    De Nederlandsche Bank

    nil

    Oesterreichische Nationalbank

    nil

    Banco de Portugal

    nil

    Banka Slovenije

    nil

    Suomen Pankki

    nil’

    (1)  The amounts indicated are notional for central banks which do not participate in ERM II.

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