(1)

The accounts of the European Central Bank (ECB) and of the national central banks of the Eurosystem are to be audited by independent external auditors recommended by the Governing Council of the ECB and approved by the Council of the European Union.

(2)

The mandate of the current external auditors of the Nationale Bank van België/Banque Nationale de Belgique (hereinafter NBB/BNB) has expired and will not be renewed. It is therefore necessary to appoint external auditors from the financial year 2005.

(3)

The NBB/BNB has selected Ernst & Young Bedrijfsrevisoren/Réviseurs d’Entreprises as its new external auditors in accordance with its public procurement rules, and the ECB considers that the selected auditors fulfil the necessary requirements for appointment.

(4)

The Governing Council of the ECB recommended that the mandate of these external auditors should be for three years, renewable once.

(5)

Under the law of Greece, the same external auditor may not be appointed for more than four financial years. Accordingly, the mandate of Charalambos Stathakis, who is one of the two current external auditors, may not be renewed. The Bank of Greece may, under the law of Greece, retain Ernst & Young (Hellas) Certified Auditors SA as its external auditors, provided that the partner in charge is rotated.

(6)

The Bank of Greece has decided that Ernst & Young (Hellas) Certified Auditors SA should be its sole external auditor for the financial year 2005, and the ECB considers that this company fulfils the necessary requirements for such appointment.

(7)

The Governing Council of the ECB recommended that the existing mandate of these external auditors should continue and be for a renewable period of one year.

(8)

It is appropriate to follow the recommendations of the Governing Council of the ECB and to amend Decision 1999/70/EC (3) accordingly,