(1)

A number of amendments are to be made to Guideline (EU) 2018/797 of the European Central Bank (ECB/2018/14) (1). In the interest of clarity, that Guideline should be recast.

(2)

Pursuant to Article 23 in conjunction with Article 42.4 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’), the European Central Bank (ECB) and the national central banks of the Member States whose currency is the euro may establish relations with central banks and financial institutions in other countries and, where appropriate, with international organisations, and conduct all types of banking transactions in their relations with third countries and international organisations.

(3)

When providing Eurosystem reserve management services to customers, irrespective of the Eurosystem central bank through which such services are provided, the Eurosystem should act as a single system. To this end, this Guideline aims to ensure, inter alia, that Eurosystem reserve management services are provided on a standardised basis under harmonised terms and conditions, that the ECB receives adequate information regarding these services, and that the minimum common features required in contractual arrangements with customers are identified.

(4)

All information, data and documents drafted by and/or exchanged between Eurosystem central banks in the context of Eurosystem reserve management services are of a confidential nature and are subject to Article 37 of the Statute of the ESCB.

(5)

Guideline (EU) 2020/1284 of the European Central Bank (ECB/2020/34) (2) provided that the Eurosystem central banks must comply with that Guideline from 1 April 2021. As the Eurosystem central banks need more time to implement the provisions introduced by that Guideline aimed at further increasing transparency in reporting and information sharing within the Eurosystem in the context of Eurosystem reserve management services, and in particular to obtain their customers’ consent, these provisions should be implemented by way of this recast with effect from 1 July 2021. Therefore, Guideline (EU) 2020/1284 (ECB/2020/34) should be repealed,

(1)

‘all types of banking transactions’ includes the provision of Eurosystem reserve management services to customers;

(2)

‘authorised ECB personnel’ means such persons at the ECB as are identified from time to time by the Executive Board as the authorised senders and recipients of the information to be provided within the framework of Eurosystem reserve management services;

(3)

‘central bank’ includes monetary authorities;

(4)

‘customer’ means any central bank or any country (including any public authority or government agency) located outside the euro area, or any international organisation to which Eurosystem reserve management services are provided by a Eurosystem central bank;

(5)

‘Eurosystem central bank’ means the ECB and the national central banks of the Member States whose currency is the euro;

(6)

‘Eurosystem reserve management services’ means the reserve management services listed in Article 2 that may be provided by Eurosystem central banks to customers allowing customers to comprehensively manage their reserves through a single Eurosystem central bank;

(7)

‘ERMS provider’ means a Eurosystem central bank which undertakes to provide all or a subset of the Eurosystem reserve management services;

(8)

‘international organisation’ means any organisation, other than Union institutions and bodies, established by or under the authority of an international treaty;

(9)

‘potential customer’ means any central bank or any country (including any public authority or government agency) located outside the euro area, or any international organisation that has entered into negotiations with an ERMS provider with the intention of establishing a business relationship and that has received a contract for negotiation and possible signature;

(10)

‘reserves’ means the customer’s eligible euro-denominated assets, i.e. cash and all securities that are included in the Eurosystem list of eligible marketable assets, as published and updated daily on the ECB’s website, with the exception of:

(1)

custody (safe keeping) accounts for the reserves;

(2)

the following custodian (safe keeping) services:

(3)

the following settlement services:

(4)

the following cash/investment services:

(5)

the following cash account service:

(a)

state that the counterparty of the customer is the Eurosystem central bank with whom that customer has concluded an arrangement for the provision of Eurosystem reserve management services or any part thereof, and that such arrangement does not in itself create customer rights or entitlements with respect to any other Eurosystem central banks;

(b)

refer to the links that may be used for the settlement of securities held by customers’ counterparties and the relevant risks of using links not eligible for monetary policy operations;

(c)

refer to the fact that certain transactions within the framework of Eurosystem reserve management services shall be carried out on a best effort basis;

(d)

refer to the fact that the Eurosystem central bank may make suggestions to customers as to the timing and execution of a transaction to avoid conflicts with the Eurosystem’s monetary and exchange rate policy, and that such Eurosystem central bank shall not be liable for any consequences that such suggestions may have for the customer;

(e)

refer to the fact that the fees that Eurosystem central banks charge to their customers for the provision of Eurosystem reserve management services are subject to reviews by the Eurosystem and that customers shall, in accordance with applicable law, be bound by the fee revisions that may result from such reviews;

(f)

state that the customer shall confirm to the Eurosystem central bank that it complies with all Union and national laws for the prevention of money laundering and terrorist financing, in so far as and to the extent applicable to the customer, including instructions given by competent authorities, and that it is not involved with any form of money laundering or terrorist financing.