Agreement of 16 March 2006 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in Stage III of economic or and monetary union
Economic and monetary union. Legal and political texts (2007)
Secretariat General - Council of the European Union
Section: Exchange rate mechanism in the third stage of EM
Permanent Link:
http://vlex.com/vid/banks-outside-area-laying-operating-455598
Id. vLex: VLEX-455598
I. Central Rates and Fluctuation Bands- Article 1- II. INTERVENTION- Article 2 General provisions- Article 3 Intervention at the margins- Article 4 Coordinated intramarginal intervention- Article 5 Procedures for intervention and other transactions- III. Very Short-Term Financing Facility- Article 6 General provisions- Article 7 Financing of intervention at the margins- Article 8 Financing of intramarginal intervention- Article 9 Remuneration- Article 10 Automatic renewal- Article 11 Renewal by mutual agreement- Article 12 Advance repayment- Article 13 Netting-out of mutual claims and liabilities- Article 14 Means of settlement- IV. Closer Exchange Rate Cooperation- Article is Closer exchange rate cooperation- V. Monitoring the Function of the System- Article 16 Tasks of the General Council of the ECB- Article 17- VI. Non-Participation- Article 18 Applicability- Article 19 Cooperation in the concertation- VII. Final Provisions- Article 20 Final provisions- Annex I: Quotation Convention for Currencies Participating in ERM2 And The Payment After Payment Procedure in the Event of Intervention at the Margins- A. Quotation convention- B. Payment after payment procedure- (i) General principles- (ii) Deadline for the receipt of funds from counterparties Counterparties shall pay intervention amounts at the latest by 1 p.m. ECB (CET) time on value date.- Annex II: Ceilings on access to the very short-term financing facility referred to in Articles 8,10 and 11 of the Central Bank Agreement
Agreement of 16 March 2006 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in Stage III of economic or and monetary union
THE EUROPEAN CENTRAL BANK (ECB) AND THE NATIONAL CENTRAL BANKS OF THE MEMBER STATES THAT ARE OUTSIDE THE EURO AREA ON 16 MARCH 2006 (HEREINAFTER THE 'NON-EURO AREA NCBs'), Whereas85: (1) The Agreement of 1 September 1998 between the European Central Bank and the national central banks of the Member States outside the euro area lay ing down the operating procedures for an exchange rate mechanism in Stage IIIof economic and monetary union 86 (hereinafter the 'Agreement of 1 Sep tember 1998') has been amended three times. The introduction of a new cri terion for counterparties eligible to conduct interventions at the margins directly with the ECB would require a further amendment of Annex I to the Agreement of 1 September 1998. In the interests of clarity and transparency therefore, the Agreement of 1 September 1998 should be replaced by a new Agreement. (2) The European Council agreed in its Resolution of 16 June 1997 (hereinafter the 'Resolution') to set up an exchange rate mechanism (hereinafter 'ERM2') when the third stage of economic and monetary union began on 1 January 1999. (3) Under the terms of the Resolution, - ERM2 replaces the European Monetary System; - a stable econ...
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