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Document 32007X1229(01)

    Agreement of 14 December 2007 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 319, 29.12.2007, p. 7–9 (BG, ES, CS, DA, DE, ET, EL, EN, FR, IT, LV, LT, HU, MT, 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:
    14/12/2007
    Date of effect:
    01/01/2008; Entry into force See Art 3
    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
    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) 01/01/2008
    Modifies 32006X0325(01) Replacement annex 2 01/01/2008
    Instruments cited:
    Link

    29.12.2007   

    EN

    Official Journal of the European Union

    C 319/7

    AGREEMENT

    of 14 December 2007

    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 319/04)

    THE EUROPEAN CENTRAL BANK (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 (EMU) 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)

    Cyprus, as a Member State with a derogation, has participated since 2 May 2005 in ERM II; whereas the Central Bank of Cyprus 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), amended by the Agreement of 21 December 2006 (2) (together hereinafter referred to as the ‘ERM II Central Bank Agreement’).

    (4)

    Malta, as a Member State with a derogation, has participated since 2 May 2005 in ERM II; whereas the Central Bank of Malta is party to the ERM II Central Bank Agreement.

    (5)

    Pursuant to Article 1 of Council Decision 2007/503/EC of 10 July 2007 in accordance with Article 122(2) of the Treaty on the adoption by Cyprus of the single currency on 1 January 2008 (3) the derogation in favour of Cyprus referred to in Article 4 of the 2003 Act of Accession is abrogated with effect from 1 January 2008; whereas the euro will be Cyprus' currency from 1 January 2008; whereas the Central Bank of Cyprus should no longer be party to the ERM II Central Bank Agreement from that date.

    (6)

    Pursuant to Article 1 of Council Decision 2007/504/EC of 10 July 2007 in accordance with Article 122(2) of the Treaty on the adoption by Malta of the single currency on 1 January 2008 (4) the derogation in favour of Malta referred to in Article 4 of the 2003 Act of Accession is abrogated with effect from 1 January 2008; whereas the euro will be Malta's currency from 1 January 2008; whereas the Central Bank of Malta should no longer be party to the ERM II Central Bank Agreement from that date.

    (7)

    It is therefore necessary to amend the ERM II Central Bank Agreement to take account of the abrogation of the derogations in favour of Cyprus and Malta,

    HAVE AGREED AS FOLLOWS:

    Article 1

    Amendment to the ERM II Central Bank Agreement in view of the abrogation of a Member State's derogation

    1.1

    The Central Bank of Cyprus shall no longer be party to the ERM II Central Bank Agreement from 1 January 2008.

    1.2

    The Central Bank of Malta shall no longer be party to the ERM II Central Bank Agreement from 1 January 2008.

    Article 2

    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 3

    Final provisions

    3.1.

    This Agreement amends, with effect from 1 January 2008, the ERM II Central Bank Agreement.

    3.2.

    This Agreement shall be drawn up in the English language and duly signed by the parties. The ECB, which shall retain the original Agreement, shall send a certified copy thereof to each euro area and non-euro area NCB. The Agreement shall be published in the Official Journal of the European Union.

    Done at Frankfurt am Main, 14 December 2007.

    For the

    European Central Bank

    For

    Българска народна банка/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 Națională a României

    For

    Národná banka Slovenska

    For

    Sveriges Riksbank

    For the

    Bank of England

    (1)  OJ C 73, 25.3.2006, p. 21.

    (2)  OJ C 14, 20.1.2007, p. 6

    (3)  OJ L 186, 18.7.2007, p. 29.

    (4)  OJ L 186, 18.7.2007, p. 32.

    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 2008

    (EUR million)

    Central banks party to this Agreement

    Ceilings (1)

    Българска народна банка/the Bulgarian National Bank

    510

    Česká národní banka

    660

    Danmarks Nationalbank

    700

    Eesti Pank

    300

    Latvijas Banka

    330

    Lietuvos bankas

    380

    Magyar Nemzeti Bank

    640

    Narodowy Bank Polski

    1 700

    Banca Naţională a României

    1 000

    Národná banka Slovenska

    450

    Sveriges Riksbank

    940

    Bank of England

    4 390

    European Central Bank

    nil


    Euro area NCBs

    Ceilings

    Nationale Bank van België/Banque Nationale de Belgique

    nil

    Deutsche Bundesbank

    nil

    Central Bank and Financial Services Authority of Ireland

    nil

    Bank of Greece

    nil

    Banco de España

    nil

    Banque de France

    nil

    Banca d'Italia

    nil

    Central Bank of Cyprus

    nil

    Banque centrale du Luxembourg

    nil

    Central Bank of Malta

    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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