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Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)

April 2009

Operational issues

US dollar swap line with the Federal Reserve System

On 6 April 2009 the ECB announced that the Governing Council had decided to establish a temporary reciprocal currency arrangement (swap line) with the Federal Reserve System. This agreement will provide the Federal Reserve with the capacity to offer liquidity of up to EUR 80 billion. The Governing Council also approved this swap line until 30 October 2009. The Bank of England, the Bank of Japan, and the Swiss National Bank simultaneously announced equivalent swap arrangements with the Federal Reserve.

Payment systems and market infrastructure

Public consultation on ESCB/CESR recommendations for CCPs

On 30 March 2009 the Governing Council decided to launch a public consultation to be conducted jointly with the Committee on European Securities Regulators (CESR) on the amendments of the ESCB-CESR “Recommendations for securities clearing and settlement in the European Union” for central counterparties (CCPs) with regard to over-the-counter (OTC) derivatives. The consultation ended on 17 April 2009. A press release announcing the launch of this public consultation was published on the ECB’s website on 31 March 2009.

Establishment of the T2S Programme Board and appointment of its members

Further to its 19 March 2009 decision to establish the T2S Programme Board (ECB/2009/6), which will assist the ECB’s decision-making bodies in ensuring the successful and timely completion of the TARGET2-Securities (T2S) programme in 2013, on 23 April 2009 the Governing Council appointed the chairman and the members of the T2S Programme Board. The ECB Decision on the establishment of the Programme Board (ECB/2009/6), also published on 22 April 2009 in the Official Journal of the European Union, and the press release related to the appointment decisions are available on the ECB’s website.

Advice on legislation

ECB Opinion on the rules governing the distribution of the profits of Lietuvos bankas

On 24 March 2009, at the request of Lietuvos bankas, the Governing Council adopted an Opinion on amendment to the rules on the distribution of the profits of Lietuvos bankas in the context of financial turmoil (CON/2009/26). The Opinion is available on the ECB’s website.

ECB Opinion on Slovenian legislation on payment services and systems

On 24 March 2009, at the request of the Slovenian Ministry of Finance, the Governing Council adopted an Opinion on payment services and systems (CON/2009/27). The Opinion is available on the ECB’s website.

ECB Opinion on procedural rules for State guarantees in Hungary

On 25 March 2009, at the request of the Hungarian Minister for Finance, the Governing Council adopted an Opinion on procedural rules for State guarantees in the interests of maintaining financial stability (CON/2009/28). The Opinion is available on the ECB’s website.

ECB Opinion on financial crisis measures in Belgium

On 25 March 2009, at the request from the Nationale Bank van België/Banque Nationale de Belgique on behalf of the Belgian Ministry of Finance, the Governing Council adopted an Opinion on extension of the scope of measures that can be taken in financial crisis (CON/2009/29). The Opinion is available on the ECB’s website.

ECB Opinion on State guarantees in Sweden

On 26 March 2009, at the request of the Swedish Ministry of Finance, the Governing Council adopted an Opinion on the provision of State guarantees to banks and other institutions (CON/2009/30). The Opinion is available on the ECB’s website.

ECB Opinion on the Latvian deposit guarantee scheme

On 26 March 2009, at the request of the Latvian Financial and Capital Market Commission, the Governing Council adopted an Opinion on amendments to the Law on the deposit guarantee scheme as regards coverage and payment (CON/2009/31). The Opinion is available on the ECB’s website.

ECB Opinion on financial stability measures in Lithuania

On 2 April 2009, at the request of the Lithuanian Ministry of Finance, the Governing Council adopted an Opinion on new measures to strengthen financial stability (CON/2009/32). The Opinion is available on the ECB’s website.

ECB Opinion on an increase of Italy’s IMF quota

On 3 April 2009, at the request of the Italian Ministry of Economy and Finance, the Governing Council adopted an Opinion on the increase of Italy’s quota with the International Monetary Fund (CON/2009/33). The Opinion is available on the ECB’s website.

ECB Opinion on financial stability measures in the Czech Republic

On 15 April 2009, at the request of the Czech Ministry of Finance, the Governing Council adopted an Opinion on certain amendments to the Law on banks in connection with the financial markets crisis (CON/2009/34). The Opinion is available on the ECB’s website.

ECB Opinion on an increase of Spain’s IMF quota

On 16 April 2009, at the request of the Spanish Ministry for Economic Affairs, the Governing Council adopted an Opinion on the payment by the Banco de España of the proposed increase in Spain’s IMF quota (CON/2009/35). The Opinion is available on the ECB’s website.

ECB Opinion on Cypriot legislation on payment services and systems

On 16 April 2009, at the request of the Cypriot Ministry of Finance, the Governing Council adopted an Opinion on payment services and systems (CON/2009/36). The Opinion is available on the ECB’s website.

ECB Opinion on the medium-term financial assistance facility

On 20 April 2009, at the request of the EU Commission, the Governing Council adopted an Opinion on amendments to the medium-term financial assistance facility for Member States’ balances of payments (CON/2009/37). The Opinion will be published shortly in the Official Journal of the EU and on the ECB’s website.

ECB Opinion on Community legislation on credit rating agencies operating in Europe

On 21 April 2009, at the request of the EU Council, the Governing Council adopted an Opinion on creation of a regulatory framework for credit rating agencies operating in Europe whose ratings are used for regulatory purposes (CON/2009/38). The Opinion will be published shortly in the Official Journal of the EU and on the ECB’s website.

ECB Opinion on Greek legislation aimed at enhancing liquidity in the economy

On 21 April 2009, at the request of the Greek Ministry of Economy and Finance, the Governing Council adopted an Opinion on measures to enhance liquidity in the economy (CON/2009/39). The Opinion is available on the ECB’s website.

Statistics

ECB Regulation on interest rate statistics

On 31 March 2009 the Governing Council adopted a Regulation amending Regulation ECB/2001/18 concerning statistics on interest rates applied by monetary financial institutions to deposits and loans vis-à-vis households and non-financial corporations (ECB/2009/7). The Regulation was published in the Official Journal of the EU on 8 April 2009 and is also available on the ECB’s website.

Corporate governance

ECB Recommendation on the external auditors of De Nederlandsche Bank

On 3 April 2009 the Governing Council adopted a Recommendation to the EU Council on the external auditors of De Nederlandsche Bank (ECB/2009/8). The Recommendation was published in the Official Journal of the EU on 22 April 2009 and is also available on the ECB’s website

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