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

May 2007

Operational issues

Indicative calendars for Eurosystem tender operations and reserve maintenance periods

On 16 May 2007 the Governing Council approved the indicative calendars for Eurosystem tender operations and reserve maintenance periods in 2008. Details are provided in two press releases, which were published today on the ECB’s website.

Amendments to the criteria for assets eligible as collateral for Eurosystem credit operations

On 24 May 2007 the Governing Council decided that marketable assets which will have been issued prior to 31 May 2007 and are traded on non-regulated markets that currently fulfil the Eurosystem’s requirements for safety and accessibility, but not for transparency, will remain eligible as collateral until 31 December 2009 and will become ineligible thereafter. The uncovered marketable tier two assets issued by credit institutions will be phased out on 31 May 2007 and become ineligible after that date. A press release announcing this decision was published today on the ECB’s website.

Clarification of the criteria for assets eligible as collateral for Eurosystem credit operations

On 24 May 2007 the Governing Council decided to grandfather assets issued by entities established outside the European Economic Area (EEA) or the non-EEA G10 countries prior to 1 January 2007 until 31 December 2011. Further information is provided in the press release which was published today on the ECB’s website.

Payment Systems and market infrastructure

Card payment scheme oversight framework – public consultation

On 27 April 2007 the Governing Council decided to launch a public consultation on the Eurosystem oversight requirements for card payment schemes. The consultation was announced on 3 May 2007 on the ECB’s website.

Chairperson of the Advisory Group of the TARGET2-Securities project

On 30 April 2007 the Governing Council appointed Mr J.-M. Godeffroy, Director General Payment Systems and Market Infrastructure at the ECB, as Chairperson of the Advisory Group of the TARGET2-Securities project.

Oversight of payment infrastructures – public consultation on Eurosystem common methodology

On 4 May 2007 the Governing Council decided to launch a public consultation on the draft Eurosystem common methodology for the assessment of euro systemically and prominently important payment systems against the Core Principles. The consultation was announced on 14 May 2007 on the ECB’s website.

Financial stability and supervision

Impact of Solvency II on financial stability

On 22 May 2007 the Governing Council approved a report entitled “Potential impact of Solvency II on financial stability”, analysing the possible consequences of the new regulatory regime for financial stability. This report will be sent to the European Commission to become part of the Impact Assessment Studies (IAS) which will accompany the Commission’s forthcoming proposal for the Solvency II Directive. The report will be published on the ECB’s website in parallel with the Commission’s publication of the IAS in July 2007.

Financial Stability Review - June 2007

On 24 May 2007 the Governing Council approved the June 2007 issue of the euro area’s Financial Stability Review, which will be published on the ECB’s website in mid-June 2007. The Review provides a comprehensive assessment of the ability of the euro area’s financial system to absorb adverse disturbances and examines the main sources of risks to, and vulnerabilities of, the stability of the euro area’s financial system.

Chairmanship of the Banking Supervision Committee (BSC)

On 24 May 2007 the Governing Council appointed, following the retirement of Mr Edgar Meister, Mr Peter Praet (member of the Board of Directors of the Nationale Bank van België/Banque Nationale de Belgique) as the new Chairman of the BSC with immediate effect.

Advice on legislation

ECB Opinion on Latvian monetary policy instruments

On 30 April 2007, at the request of Latvijas Banka, the Governing Council adopted an Opinion on monetary policy instruments and Latvijas Banka’s securities settlement system (CON/2007/12). The Opinion is available on the ECB’s website.

ECB Opinion on amendments to the Bank of Greece’s statutes

On 8 May 2007, at the request of the Bank of Greece, the Governing Council adopted an Opinion on amendments to the Bank of Greece’s statutes to adapt to developments in the Eurosystem collateral framework and to safeguard the smooth operation of payment systems (CON/2007/13). The Opinion is available on the ECB’s website.

ECB Opinion on amendments to the Magyar Nemzeti Bank’s statutes

On 24 May 2007, at the request of the Hungarian Ministry of Finance, the Governing Council adopted an Opinion on amendments to the Magyar Nemzeti Bank’s statutes relating to the Magyar Nemzeti Bank’s structure and governance (CON/2007/14). The Opinion will be published shortly on the ECB’s website.

Statistics

ESCB public commitment in the area of statistics

On 24 May 2007 the ECB decision-making bodies approved the publication of a commitment regarding the core values and principles that govern the collection, compilation and dissemination of statistics by the European System of Central Banks. This commitment will be published on the ECB’s website on 29 May 2007.

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