91998E3657

WRITTEN QUESTION E-3657/98

by José García-Margallo y Marfil (PPE) to the Council

(4 December 1998)

Subject: ECB sanctions

On 7 July 1998 the ECB published a draft recommendation for a Council Regulation on the powers of the European Central Bank to impose sanctions. The said regulation will enter into force on 1 January 1999.

Article 3(8), concerning procedural rules, states that the proceeds from sanctions imposed by the ECB will belong to the ECB itself.

Will the Commission explain whether the Statute of the ECB contains specific provisions on how these proceeds are to be utilised?

Reply

(8 February 1999)

On 23 November 1998 the Council adopted, pursuant to Article 108 paragraph 3 of the Treaty and Article 34.3 of the Statute of the European System of Central Banks and of the European Central Bank, a Regulation laying down the limits and the conditions for the imposition of sanctions by the ECB. This Regulation will apply in its entirety as from 1 January 1999.

Article 3 paragraph 9 of this Regulation stipulates that the proceeds of sanctions imposed by the ECB on undertakings for failure to comply with obligations under regulations or decisions adopted by the ECB shall belong to the ECB.

The Statute of the ECB does not contain specific rules concerning the use of these proceeds.