2014年-ECB欧洲央行_Legal_framework_of_the_Eurosystem_and_the_European_System_of_Central_BanksECB_legal_acts_and_instruments_2014_update_77页_864kb

Legal Framework of the Eurosystem and the European System of Central Banks (July 2014)

Core Content Overview

This booklet provides a concise summary of the legal acts and instruments that form the legal framework of the Eurosystem and the European System of Central Banks (ESCB). It updates the legal provisions effective from 1 January 2014, incorporating changes adopted between 1 January 2011 and 31 December 2013. The document serves as a reference tool for ECB and NCB staff, offering a user-friendly overview of the legal structure governing monetary policy, operations, payment systems, banknotes and coins, foreign reserves, statistics, and fraud prevention.

Main Legal Areas Covered

1. ECB Institutional Provisions

• Capital Contributions:

  • Each NCB in the ESCB contributes a proportion of the ECB's capital.
  • The "capital key" determines the contribution based on population and GDP of the relevant Member State.
  • The capital key is adjusted every five years.
  • The ECB's subscribed capital is set at EUR 10,825,007,069.61 as of 1 January 2014.
  • Non-euro area NCBs pay 3.75% of their share until the euro is adopted by their country.
  • Euro area NCBs pay the full amount of their share.

• Capital Adjustment Decisions:

  • Four decisions were adopted in June 2013 for Croatia's accession.
  • Four more decisions were adopted in August 2013 for the quinquennial adjustment and Latvia's adoption of the euro.

• Accounting, Reporting, and Auditing:

  • The ECB and NCBs are required to follow the accounting principles outlined in the Guideline ECB/2010/20.
  • This includes the accruals principle, valuation rules, and reporting formats.
  • The Guideline ECB/2011/27 and ECB/2012/29 introduced flexibility in risk provisions and clarified the accounting treatment for emergency liquidity assistance operations.
  • The Guideline ECB/2010/20 also includes valuation principles for securities held for monetary policy purposes.

• Procurement Rules:

  • The ECB and NCBs must follow transparent and fair procurement procedures.
  • The Decision ECB/2007/5 outlines the procurement framework, including thresholds, contract duration, and tender procedures.
  • Subsequent amendments (ECB/2009/2, ECB/2010/8, ECB/2012/10) refined these rules, aligning them with EU procurement legislation and increasing access for unsuccessful candidates to ECB documents.
  • The Decision ECB/2008/17 established a framework for joint Eurosystem procurement, with the Eurosystem Procurement Coordination Office (EPCO) hosted by the Luxembourg Central Bank.

2. Monetary Policy and Operations

• Monetary Policy Instruments:

  • The Guideline ECB/2011/14 outlines the principles, instruments, and procedures for the Eurosystem's monetary policy.
  • It includes the General Documentation, which consists of seven chapters and eight appendices.

• Types of Monetary Policy Instruments:

  • Main refinancing operations (MROs)
  • Longer-term refinancing operations (LTROs)
  • Fine-tuning operations
  • Structural operations

• Standing Facilities:

  • Marginal lending facility (provides overnight liquidity)
  • Deposit facility (allows overnight deposits)

• Collateral Eligibility:

  • All credit operations must be based on adequate collateral.
  • Collateral can be in the form of asset transfer or pledge.
  • Risk control measures were updated, including the reduction of the limit for unsecured debt instruments and the introduction of new risk provisions.

• Minimum Reserves:

  • The Guideline outlines how minimum reserves for credit institutions are calculated.
  • It emphasizes the importance of counterparty compliance with anti-money laundering and counter-terrorist financing laws.

• Sanctions and Financial Assistance:

  • The Guideline on Sanctions (ECB/2011/15) sets out the procedures for imposing sanctions on non-compliant counterparties.
  • The Guideline on Financial Assistance (ECB/2011/16) outlines the conditions under which financial assistance can be provided.

3. Payment and Settlement Systems

• TARGET2:

  • The Guideline ECB/2010/20 (recast) harmonizes the accounting and reporting of NCBs and the Eurosystem.
  • It establishes the Data Exchange for Cash Services (DECS) to improve the exchange of data on cash services.

• TARGET2-Securities (T2S):

  • Several decisions and guidelines were adopted to update the legal framework for T2S, including:
    • A recast of the T2S Guideline
    • A Decision on eligibility criteria for CSDs
    • A Decision on selection of T2S network service providers

4. Banknotes and Coins, Currency Matters

• Euro Banknotes Issuance:

  • The Decision ECB/2010/29 (recast) sets out the rules for the issuance of euro banknotes.
  • The Decision ECB/2013/52 (recast) provides for the reporting of remeasurement results of the net defined benefit liability in the ECB's balance sheet.

• Exchange of Damaged Banknotes:

  • A Decision outlines the rules for exchanging damaged euro banknotes.

• Environmental and Health Safety Standards:

  • A Decision establishes the procedures for environmental and health and safety accreditation in the production of euro banknotes.

• Cash Changeover:

  • The process for transitioning to new banknotes and coins is outlined, with a focus on data collection and protection of the euro.

5. Foreign Reserves and Reserve Management Services

• ECB's Foreign Reserves:

  • The ECB manages foreign reserves as part of its monetary policy and exchange rate mechanism activities.

• NCBs and Member States' Foreign Reserves:

  • NCBs and member states are responsible for managing their own foreign reserves.

• Exchange Rate Mechanism (ERM):

  • The ECB and NCBs participate in the ERM to maintain exchange rate stability.

• Eurosystem Reserve Management Services:

  • The ECB provides services for the management of foreign reserves, including the use of standing facilities and the coordination of reserve management.

6. Statistics

• Monetary and Financial Statistics:

  • The Guideline ECB/2010/20 (recast) harmonizes the statistical reporting of the Eurosystem and NCBs.
  • It includes guidelines on the balance sheet of monetary financial institutions, post office giro institutions, investment funds, and financial vehicle corporations.

• Statistical Reporting Requirements:

  • The Guideline on the Harmonised Indices of Consumer Prices (HICP) is included.
  • The Decision ECB/2010/21 (recast) sets out the format and composition of the ECB's annual accounts.

• Confidentiality and Data Protection:

  • The Guideline on Confidentiality (ECB/2011/27) ensures that sensitive data is protected while maintaining transparency.

7. Fraud Prevention, Transparency, and Data Protection

• Fraud Prevention:

  • The Eurosystem has implemented measures to prevent fraud, including the Guideline on the protection of the euro.

• Transparency:

  • The ECB and NCBs are required to maintain transparency in their operations and reporting.

• Data Protection:

  • The Decision on Public Key Infrastructure (PKI) for the ESCB was adopted to ensure secure data handling.

Key Legal Acts and Instruments

Conclusion

This booklet serves as a comprehensive and updated summary of the legal framework governing the Eurosystem and the ESCB, emphasizing transparency, consistency, and the alignment of NCBs and the ECB with EU and international standards. It includes new provisions related to the financial crisis, changes in procurement, and the implementation of modern payment systems like TARGET2 and T2S. The document highlights the ECB's commitment to maintaining a robust and clear legal environment for monetary policy and financial stability in the euro area.