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

June 2009

Technical modalities of the purchase programme for covered bonds

On 4 June 2009 the Governing Council decided upon the technical modalities of the purchase programme of euro-denominated covered bonds which it had approved in principle at its 7 May 2009 meeting. A press release specifying the modalities of this programme was published on 4 June 2009 on the ECB’s website.

Indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods

On 28 May 2009 the Governing Council approved the indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods for 2010 and 2011. Details are provided in two press releases published on the ECB’s website on 29 May 2009 in all official Community languages.

Amendment to the ECB Guideline on reserve management services

On 28 May 2009 the Governing Council adopted a Guideline amending Guideline ECB/2006/4 on the Eurosystem’s provision of reserve management services in euro to central banks and countries located outside the euro area and to international organisations (ECB/2009/11). The amendments relate to (a) the definition of “reserves” to reflect the replacement of the two-tier system by the single framework for eligible collateral common to all Eurosystem credit operations; and (b) the list of Eurosystem reserve management services which now includes fixed-term deposit services on a principal basis. The Guideline was published in the Official Journal of the EU on 5 June 2009 and is available on the ECB’s website.

ESCB/CESR recommendations for securities settlement systems and central counterparties

On 22 May 2009 the Governing Council approved the ESCB/CESR Recommendations for securities settlement systems and central counterparties (CCPs). The Governing Council also approved the feedback document in response to comments received in the course of the relevant public consultations. Both documents, which have been communicated to the European Commission, the ECOFIN Council and the European Parliament, are being published on the websites of the ESCB.

Systemic impact assessment framework

On 18 June 2009 the Governing Council took note of a report, prepared by the Banking Supervision Committee, on the status of implementation, as at February 2009, of the common analytical framework for assessing the systemic impact of a financial crisis which, in accordance with the ECOFIN Council conclusions of 9 October 2007, should have been in place in all Member States by the end of 2008. The Governing Council authorised the subsequent transmission of the report to the relevant European authorities.

ECB Opinion on Banca Naţională a României and financial stability measures

On 27 May 2009, at the request of Banca Naţională a României, the Governing Council adopted an Opinion on strengthening Banca Naţională a României’s remedial powers in relation to credit institutions in distress (CON/2009/48). The Opinion is available on the ECB’s website.

ECB Opinion on Slovak financial stability legislation

On 27 May 2009, at the request of the Slovak Ministry of Finance, the Governing Council adopted an Opinion on measures to mitigate financial turmoil (CON/2009/49). The Opinion is available on the ECB’s website.

ECB Opinion on financial supervision in Germany

On 2 June 2009, at the request of the German Federal Ministry of Finance, the Governing Council adopted an Opinion on new measures strengthening financial supervision (CON/2009/50). The Opinion is available on the ECB’s website.

ECB Opinion on the Romanian deposit guarantee scheme

On 5 June 2009, at the request of Banca Naţională a României, the Governing Council adopted an Opinion on measures to increase the effectiveness of the deposit-guarantee scheme (CON/2009/51). The Opinion is available on the ECB’s website.

ECB Opinion on Czech legislation related to the circulation of banknotes and coins

On 18 June 2009, at the request of Česká národní banka, the Governing Council adopted an Opinion on the circulation of banknotes and coins (CON/2009/52). The Opinion will be published shortly on the ECB’s website.

Chairmanship of the International Relations Committee (IRC)

On 4 June 2009 the Governing Council appointed Mr Ignazio Visco, Deputy Director General of the Banca d’Italia, as Chairman of the IRC with immediate effect. His term as IRC Chairman will expire on 31 August 2010, so as to coincide with the expiry of the terms of office of all the other Eurosystem/ESCB committee chairpersons, who were (re-)appointed by the Governing Council on 19 July 2007 for a three-year period.

ECB Recommendation on the external auditors of Banka Slovenije

On 5 June 2009 the Governing Council adopted a Recommendation to the EU Council on the external auditors of Banka Slovenije (ECB/2009/12). The Recommendation was published in the Official Journal of the EU on 11 June 2009 and is also available on the ECB’s website.