2011年-ECB欧洲央行_Legal_framework_of_the_Eurosystem_and_the_European_System_of_Central_BanksECB_legal_acts_and_instruments_2011_update_58页_822kb

Legal Framework of the Eurosystem and the European System of Central Banks (October 2011)

Core Content Overview

This document provides a concise summary of the legal framework governing the Eurosystem and the European System of Central Banks (ESCB), highlighting key legal acts and instruments relevant to monetary policy, operations, and related functions.

Main Legal Areas Covered

• ECB Institutional Provisions
• Monetary Policy and Operations
• Payment and Settlement Systems (TARGET2 and TARGET2-Securities)
• Banknotes and Coins, Means of Payment and Currency Matters
• Foreign Reserves, Foreign Exchange and Reserve Management Services
• Statistics
• Fraud Prevention, Transparency and Data Protection

Key Information and Main Points

2.1 ECB's Capital

• Subscription and Paid-Up Capital: Each National Central Bank (NCB) in the ESCB contributes to the ECB's capital based on a "capital key" which is determined by the population and GDP of the relevant Member State.
• Capital Key Calculation: The capital key is adjusted every five years and the percentages are rounded up to the nearest multiple of 0.05 percentage points.
• Capital Increase: The ECB's capital was last increased to EUR 10,760,652,402.58 by Decision ECB/2010/26.
• Payment of Capital: The decision to pay up the capital is made by the ECB and the Council of the European Union. The rate for non-euro area NCBs was reduced to 3.75% from 7% due to Decision ECB/2010/28.
• Estonia's Capital Contribution: Decision ECB/2010/34 outlines the capital contribution, transfer of assets, and other financial commitments by Eesti Pank when it joined the Eurosystem.

2.2 Accounting, Reporting and Auditing

• ESCB Statute: Article 15 and 26.3 of the ESCB Statute outline reporting and auditing requirements for the ECB and NCBs.
• Guideline ECB/2010/20: This guideline harmonises the accounting and financial reporting of NCBs within the Eurosystem, covering:
  • Disclosure of euro banknotes in circulation
  • Remuneration of intra-Eurosystem claims/liabilities
  • Monetary income
• Annual Accounts: Decision ECB/2010/21 provides detailed rules on the composition, valuation, and format of the ECB's annual accounts.
• Transitional Rules: NCBs must revalue all financial assets and liabilities at the time they join the Eurosystem.
• Procurement Rules: Decision ECB/2007/5 and its amendments (ECB/2009/2 and ECB/2010/8) outline the procurement procedures, transparency, and fair competition principles.

2.3 Monetary Income

• Allocation of Monetary Income: NCBs receive monetary income based on their paid-up capital share, derived from assets held against notes in circulation and deposit liabilities to credit institutions.
• Income Distribution: The ECB's income from euro banknotes and SMP securities is distributed to NCBs in proportion to their paid-up shares, unless the Governing Council decides to retain some or all of it.
• Income Retention: The Governing Council may retain ECB income to ensure that distributed income does not exceed the ECB's net profit.
• Provisions for Risks: The Governing Council may transfer ECB income to provisions for foreign exchange rate, interest rate, credit and gold price risks.

3.1 Monetary Policy Instruments

• Guideline ECB/2000/7: Defines the Eurosystem's monetary policy instruments and procedures, including:
  • General Documentation: Sets out the legal framework for monetary policy instruments and procedures.
  • Annex II: Outlines additional minimum common features for all monetary policy operations.
• Types of Open Market Operations: Includes main refinancing operations, longer-term refinancing operations, fine-tuning operations, and structural operations.
• Standing Facilities: Marginal lending facility and deposit facility provide liquidity to counterparties.
• Collateral Rules: All credit operations require adequate collateral, which can be in the form of asset transfer or pledge.
• Credit Assessment Framework: Detailed rules for assessing the creditworthiness of counterparties and managing risks.

3.2 Crisis-Related Measures and Programmes

• Covered Bond Purchase Programme: Decision ECB/2009/16 introduced a programme for the outright purchase of eligible covered bonds, with a target of EUR 60 billion.
• Securities Market Programme (SMP): Decision ECB/2010/5 established a temporary programme for securities market operations, aimed at stabilising financial markets.
• Amendments: Several guidelines were amended in 2009 and 2010 to address the financial crisis, including changes to collateral eligibility and credit assessment criteria.

4. Payment and Settlement Systems

• TARGET2: A real-time gross settlement system for payments within the Eurosystem.
• TARGET2-Securities (T2S): A system for securities settlement, launched following the establishment of the T2S Programme Board.

5. Banknotes and Coins

• Euro Banknotes Issuance: The ECB is responsible for the issuance and production of euro banknotes.
• Coin Issuance: NCBs are responsible for the issuance of coins.
• Data Collection: Detailed data collection procedures are in place for euro banknotes and coins.
• Protection of the Euro: Measures are in place to prevent counterfeiting and ensure the integrity of the euro.
• Cash Changeover: Guidelines exist for the transition to the euro in new Member States.

6. Foreign Reserves and Reserve Management Services

• ECB's Foreign Reserves: The ECB manages its foreign reserves, which are used for foreign exchange interventions.
• NCBs' Foreign Reserves: NCBs also hold foreign reserves, which are managed under the Eurosystem reserve management services.
• Exchange Rate Mechanism: The ECB and NCBs follow the exchange rate mechanism to manage currency values.
• Reserve Management Services: These services include the management of foreign reserves and the provision of foreign exchange services.

7. Statistics

• Monetary and Financial Statistics: The Eurosystem collects and reports on monetary, financial institutions, and market statistics.
• Euro Area Accounts: These provide a comprehensive overview of the Eurosystem's financial position.
• External Statistics: Cover transactions with non-Eurosystem entities.
• HICP: Harmonised Indices of Consumer Prices are used for inflation monitoring.
• Confidentiality: Rules exist to protect the confidentiality of statistical data.

8. Fraud Prevention, Transparency and Data Protection

• Fraud Prevention Measures: The Eurosystem has measures in place to prevent and detect fraud.
• Transparency: The Eurosystem ensures transparency in its operations and decision-making.
• Data Protection: Compliance with data protection regulations is required, and the ECB follows international accounting standards for data handling.

Annex: Overview of Legal Acts and Instruments

• A comprehensive list of legal acts and instruments is provided, including decisions and guidelines related to capital, accounting, monetary policy, and other functions.