Terms and conditions for European Anti-Fraud Office investigations of the European Central Bank

KEY POINTS

• The ECB decision applies to:
  • members of the ECB’s Governing and General Councils, Executive Board, Supervisory Board, Administrative Board of Review, Mediation Panel and Audit and Ethics Committees in matters related to their function as members of these bodies;
  • members of the governing bodies and any staff member of national central banks or national competent authorities who participate in the meetings of the ECB’s Governing and General Councils and Supervisory Board in matters related to that function;
  • permanent or temporary ECB staff subject to its conditions of employment;
  • persons working for the ECB without an ECB employment contract in matters related to their work for the ECB.
• Everyone to whom the decision applies must cooperate with and supply information to OLAF, while ensuring the confidentiality of any internal investigation.
• In addition, everyone to whom the decision applies must report any information about possible illegal activity to a competent person within the ECB.
• When sensitive information is concerned and its wider circulation could undermine the ECB’s functioning, the Executive Board may:
  • withhold access to information that concerns:
    • monetary policy decisions, foreign reserves and foreign exchange markets and is less than 1 year old,
    • information concerning the tasks conferred upon the ECB by Regulation (EU) No 1024/2013,
    • data received by the ECB from the national competent authorities regarding the stability of the financial system or individual credit institutions, and
    • the euro banknotes’ security features and technical specifications;
  • in very exceptional cases, decide to withhold information related to other areas of ECB activity of equivalent sensitivity for a maximum of 6 months.
• In order to launch an internal investigation, OLAF’s director-general must issue a written authorisation indicating the agents’ identity and their job title, the subject matter and purpose of the investigation, the legal basis for the investigation and the investigative powers. Upon production of this authorisation, the ECB must:
  • grant access to OLAF’s agents to the ECB’s premises;
  • assist in the practical organisation of investigations;
  • supply requested information; and
  • keep records of information provided.
• If suspected of fraud, corruption or any illegal act, an individual must be informed rapidly, provided this does not harm the investigation. The individual has the right to express their views, remain silent, refrain from incriminating themselves and seek legal advice.
• Where no case can be made against an individual, the internal investigation must be closed.
• The ECB’s Governing Council decides whether to waive the immunity from judicial proceedings of participants in the decision-making process, and other bodies and the Executive Board make such decisions in all other cases if a national police or judicial authority makes such a request.