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

October 2009

Operational issues

Progress report on the Market Operations Platform

On 18 September 2009 the Governing Council approved the first progress report on the Market Operations Platform (MOP), a shared technical solution which aims, via a single platform, to achieve greater efficiency across the ESCB with respect to the cost, technical, operational and organisational aspects involved in the conduct of foreign exchange and portfolio management operations and other related operations.

Extension of foreign currency liquidity-providing operations

In agreement with the Federal Reserve System and other central banks, the Governing Council decided to continue conducting one-week US dollar operations until the end of January 2010. It also decided to discontinue the US dollar operations with a term of 84 days following the one held on 6 October 2009 which matures on 7 January 2010. Operations that were previously discontinued could be started again in the future if needed. The Governing Council also decided, in agreement with the Swiss National Bank, to continue conducting one-week Swiss franc liquidity-providing swap operations until the end of January 2010. Two press releases announcing these decisions were published on 24 September 2009 on the ECB’s website.

Payment systems and market infrastructure

TARGET2-Securities

On 22 October 2009 the Governing Council considered the status of the TARGET2-Securities Programme and approved the mandate of the Central Securities Depositories Coordination Group. Further information will be made available in due course on the ECB’s website.

Financial stability and supervision

Review of the Recommendations of the Governing Council of the European Central Bank on government guarantees for bank debt

On 8 October 2009, in line with Recommendation No 9 of the Recommendations of the Governing Council of the ECB on government guarantees for bank debt, which foresees a regular review of the parameters of the pricing system, including credit default swap spreads, to reflect changes in market conditions, the Governing Council decided not to amend these Recommendations. The Recommendations, as available on the ECB’s website, thus remain valid until further notice.

Advice on legislation

ECB Opinion on the extension of Belgian financial stability measures

On 23 September 2009, at the request of the Nationale Bank van België/Banque Nationale de Belgique, the Governing Council adopted an Opinion on an extension of the State guarantee covering liabilities of credit institutions (CON/2009/73). The Opinion is available on the ECB’s website.

ECB Opinion on the nomination procedure for the Governor of the Banque de France

On 24 September 2009, at the request of the French Ministry for Economic Affairs, Industry and Employment, the Governing Council adopted an Opinion on the nomination procedure for the Governor of the Banque de France (CON/2009/74). The Opinion is available on the ECB’s website.

ECB Opinion on payment services in Slovakia

On 29 September 2009, at the request of the Slovak Ministry of Finance, the Governing Council adopted an Opinion on payment services (CON/2009/75). The Opinion is available on the ECB’s website.

ECB Opinion on Community legislation related to the introduction of the euro

On 29 September 2009, at the request of the Council of the European Union, the Governing Council adopted an Opinion on the introduction of the euro (Codified version) (CON/2009/76). The Opinion was published in the Official Journal of the EU on 14 October 2009 and is also available on the ECB’s website.

ECB Opinion on the public audit of Lietuvos bankas

On 29 September 2009, at the request of the Audit Committee of the Seimas (Parliament) of Lithuania, the Governing Council adopted an Opinion on the public audit of Lietuvos bankas (CON/2009/77). The Opinion is available on the ECB’s website.

ECB Opinion on the issuance of special government bonds to credit institutions in Cyprus

On 1 October 2009, at the request of the Cypriot Ministry of Finance, the Governing Council adopted an Opinion on the issuance of special government bonds to credit institutions (CON/2009/78). The Opinion is available on the ECB’s website.

ECB Opinion on the extension of Swedish financial stability measures

On 7 October 2009, at the request of the Swedish Ministry of Finance, the Governing Council adopted an Opinion on extending government guarantees to banks and other institutions (CON/2009/79). The Opinion is available on the ECB’s website.

ECB Opinion on De Nederlandsche Bank’s involvement in the monetary system in Bonaire, Sint Eustatius and Saba

On 9 October 2009, at the request of the Dutch Ministry of Finance, the Governing Council adopted an Opinion on involvement of De Nederlandsche Bank in the monetary system in Bonaire, Sint Eustatius and Saba (CON/2009/80). The Opinion is available on the ECB’s website.

ECB Opinion on Community legislation on Alternative Investment Fund Managers

On 16 October 2009, at the request of the Council of the European Union, the Governing Council adopted an Opinion on a proposal for a Directive of the European Parliament and of the Council on Alternative Investment Fund Managers and amending Directives 2004/39/EC and 2009/…/ EC (CON/2009/81). The Opinion will be published shortly in the Official Journal of the EU and is available on the ECB’s website.

Statistics

Eurostat’s methodological decisions on government finance statistics

On 8 October 2009 the Governing Council, having regard to Eurostat’s methodological decisions on government finance statistics in the EU, confirmed that comprehensive information is needed on government guarantees and on the related liabilities of newly created special-purpose entities classified outside the general government sector in order to assess the sustainability of government finances. It also affirmed the ESCB’s support for basing such methodological decisions on the accounting rules laid down in the European System of Accounts 1995 (ESA 95), which is essential for the credibility of the statistical basis underlying the Stability and Growth Pact and which limits the scope for creative accounting.

Enhancement of the “Public Commitment on European Statistics by the ESCB”

On 15 October 2009 the Governing Council approved an amended version of the ESCB’s public commitment with respect to the European statistics it compiles. In line with the amendment of Council Regulation (EC) No 2533/98, concerning the collection of statistical information by the ECB, which was adopted by the Council of the EU on 9 October 2009 following the ECB’s Recommendation ECB/2008/9, the amended public commitment contains the definitions of the statistical principles governing the production of European statistics by the ESCB. The amended public commitment is available on the ECB’s website.

Corporate governance

Eurosystem Procurement Coordination Office – 2009 updated procurement plan

On 15 October 2009 the Governing Council took note of the update of the 2009 procurement plan of the Eurosystem Procurement Coordination Office, which was approved by the Governing Council on 18 December 2008.

Chairmanship of the ECB Audit Committee

Mr Erkki Liikanen, member of the Governing Council of the ECB and Governor of Suomen Pankki – Finlands Bank, will assume the function of Chairman of the ECB Audit Committee for the next three years. Mr Liikanen succeeds Mr Hurley, former Governor of the Central Bank and Financial Services Authority of Ireland, who retired in September 2009.

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