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

July 2009

Extension of swap agreements with the Federal Reserve System and the Swiss National Bank

On 25 June 2009 the Governing Council approved the extension of the temporary reciprocal currency arrangements (swap lines) with the Federal Reserve System until 1 February 2010 and decided to continue conducting 7-day and 84-day US dollar liquidity-providing operations until at least 30 September 2009. At the same time, the Governing Council decided to discontinue US dollar liquidity-providing operations with a maturity of 28 days following the operation to be held on 28 July 2009. The Governing Council also approved the extension of its swap arrangement with the Swiss National Bank and decided to continue conducting one-week Swiss franc liquidity-providing operations until at least 31 October 2009. Two press releases providing more detailed information were published on the ECB’s website on 25 June 2009.

ECB Decision on the implementation of the covered bond purchase programme

On 2 July 2009 the Governing Council adopted a Decision on the implementation of the covered bond purchase programme (ECB/2009/16). The Decision was published in the Official Journal of the EU on 4 July 2009 and is also available on the ECB’s website.

Infrastructure for OTC derivatives

On 16 July 2009 the Governing Council reviewed the progress made towards strengthening the infrastructure for over-the-counter (OTC) derivatives. It recognised the usefulness of private and public sector initiatives to enhance harmonisation, transparency and risk management in the field of credit derivatives. The Governing Council considered that this work should be continued and eventually extended to other asset classes. It welcomed, in particular, the progress that has been made towards the introduction of central counterparty (CCP) clearing facilities for OTC credit derivatives. In line with its decision of 18 December 2008 and its earlier statement of September 2001 on CCP clearing, and given the systemic importance of securities clearing and settlement systems, the Governing Council confirmed the importance of having at least one CCP clearing facility for OTC credit derivates located within the euro area. In this context, particular priority will be given to the use of euro area infrastructures for clearing credit default swaps denominated in euro, which will be closely monitored by the Eurosystem in the coming months.

ECB Opinion on the distribution of Latvijas Banka’s profits

On 24 June 2009, at the request of Latvijas Banka, the Governing Council adopted an Opinion on the distribution of Latvijas Banka’s profits (CON/2009/53). The Opinion is available on the ECB’s website.

ECB Opinion on further financial market stabilisation measures in Germany

On 24 June 2009, at the request of the German Ministry of Finance, the Governing Council adopted an Opinion on further financial market stabilisation measures (CON/2009/54). The Opinion is available on the ECB’s website.

ECB Opinion on amendments to the rules governing the central securities depository in Poland

On 24 June 2009, at the request of the Marshall of the Polish Parliament, the Governing Council adopted an Opinion on amendments to the rules governing the central securities depository (CON/2009/55). The Opinion is available on the ECB’s website.

ECB Opinion on the regulation of finance leasing and leasing companies’ activities in Cyprus

On 26 June 2009, at the request of the Cypriot Ministry of Finance, the Governing Council adopted an Opinion on the regulation of finance leasing and leasing companies’ activities (CON/2009/57). The Opinion is available on the ECB’s website.

ECB Opinion on the State recapitalisation scheme in Sweden

On 14 July 2009, at the request of the Swedish Ministry of Finance, the Governing Council adopted an Opinion on the State recapitalisation scheme (CON/2009/58). The Opinion is available on the ECB’s website.

ECB Opinion on the taxation of Banca d’Italia’s gold reserves

On 14 July 2009, the Governing Council adopted an Opinion on the taxation of Banca d’Italia’s gold reserves (CON/2009/59). The Opinion is available on the ECB’s website.

ECB Opinion on the legal framework for cooperative savings and credit unions in Poland

On 16 July 2009, at the request of the Polish Parliament, the Governing Council adopted an Opinion on the legal framework for cooperative savings and credit unions (CON/2009/60). The Opinion will be published shortly on the ECB’s website.

ECB Regulation concerning the balance sheet of the monetary financial institutions sector (ECB/2008/32)

On 29 June 2009 the Governing Council adopted a corrigendum to the Swedish version of Regulation (EC) No 25/2009 of the ECB of 19 December 2008 concerning the balance sheet of the monetary financial institutions sector (recast) (ECB/2008/32).

The eighth “Review of the international role of the euro”

On 19 June 2009 the Governing Council approved the publication of the eighth “Review of the international role of the euro” on the ECB’s website on 8 July 2009. The review, which covers developments in 2008, examines the role of the euro in global markets and countries outside the euro area and aims to enhance understanding of the current state of internationalisation of the euro, identifying the main developments and underlying trends.

ECB Recommendation on the external auditors of Národná Banka Slovenska

On 25 June 2009 the Governing Council adopted a Recommendation to the EU Council on the external auditors of Národná Banka Slovenska (ECB/2009/14). The Recommendation was published in the Official Journal of the EU on 4 July 2009 and is also available on the ECB’s website.

ECB Decision modifying the volume of euro coins that Austria may issue in 2009

On 25 June 2009 the Governing Council adopted a Decision amending Decision ECB/2008/20 as regards the volume of euro coins that Austria may issue in 2009 (ECB/2009/15), whereby the Governing Council authorised an increase in the volume of euro coins to be issued by Austria by EUR 160 million. The Decision was published in the Official Journal of the EU on 2 July 2009 and is also available on the ECB’s website.