Update of Sion protocols

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PROTOCOL (No 4)
ON THE STATUTE OF THE EUROPEAN SYSTEM OF
CENTRAL BANKS AND OF THE EUROPEAN CENTRAL
BANK
THE HIGH CONTRACTING PARTIES,
DESIRING to lay down the Statute of the European System of Central Banks and of the European Central
Bank provided for in the second paragraph of Article 129 of the Treaty on the Functioning of the
European Union,
HAVE AGREED upon the following provisions, which shall be annexed to the Treaty on European Union
and to the Treaty on the Functioning of the European Union:
CHAPTER I
THE EUROPEAN SYSTEM OF CENTRAL BANKS
Article 1
The European System of Central Banks
In accordance with Article 282(1) of the Treaty on European Union, the European Central Bank (ECB)
and the national central banks shall constitute the European System of Central Banks (ESCB). The ECB
and the national central banks of those Member States whose currency is the euro shall constitute the
Eurosystem.
The ESCB and the ECB shall perform their tasks and carry on their activities in accordance with the
provisions of the Treaties and of this Statute.
CHAPTER II
OBJECTIVES AND TASKS OF THE ESCB
Article 2
Objectives
In accordance with Article 127(1) and Article 282(2) of the Treaty on the Functioning of the European
Union, the primary objective of the ESCB shall be to maintain price stability. Without prejudice to the
objective of price stability, it shall support the general economic policies in the Union with a view to
contributing to the achievement of the objectives of the Union as laid down in Article 3 of the Treaty
on European Union. The ESCB shall act in accordance with the principle of an open market economy
with free competition, favouring an efficient allocation of resources, and in compliance with the
principles set out in Article 119 of the Treaty on the Functioning of the European Union.
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Article 3
Tasks
3.1.
In accordance with Article 127(2) of the Treaty on the Functioning of the European Union,
the basic tasks to be carried out through the ESCB shall be:
— to define and implement the monetary policy of the Union;
— to conduct foreign-exchange operations consistent with the provisions of Article 219 of that
Treaty;
— to hold and manage the official foreign reserves of the Member States;
— to promote the smooth operation of payment systems.
3.2.
In accordance with Article 127(3) of the Treaty on the Functioning of the European Union,
the third indent of Article 3.1 shall be without prejudice to the holding and management by the
governments of Member States of foreign-exchange working balances.
3.3.
In accordance with Article 127(5) of the Treaty on the Functioning of the European Union,
the ESCB shall contribute to the smooth conduct of policies pursued by the competent authorities
relating to the prudential supervision of credit institutions and the stability of the financial system.
Article 4
Advisory functions
In accordance with Article 127(4) of the Treaty on the Functioning of the European Union:
(a) the ECB shall be consulted:
— on any proposed Union act in its fields of competence;
— by national authorities regarding any draft legislative provision in its fields of competence,
but within the limits and under the conditions set out by the Council in accordance with the
procedure laid down in Article 41;
(b) the ECB may submit opinions to the Union institutions, bodies, offices or agencies or to national
authorities on matters in its fields of competence.
Article 5
Collection of statistical information
5.1.
In order to undertake the tasks of the ESCB, the ECB, assisted by the national central banks,
shall collect the necessary statistical information either from the competent national authorities or
directly from economic agents. For these purposes it shall cooperate with the Union institutions,
bodies, offices or agencies and with the competent authorities of the Member States or third countries
and with international organisations.
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5.2.
The national central banks shall carry out, to the extent possible, the tasks described in
Article 5.1.
5.3.
The ECB shall contribute to the harmonisation, where necessary, of the rules and practices
governing the collection, compilation and distribution of statistics in the areas within its fields of
competence.
5.4.
The Council, in accordance with the procedure laid down in Article 41, shall define the
natural and legal persons subject to reporting requirements, the confidentiality regime and the
appropriate provisions for enforcement.
Article 6
International cooperation
6.1.
In the field of international cooperation involving the tasks entrusted to the ESCB, the ECB
shall decide how the ESCB shall be represented.
6.2.
The ECB and, subject to its approval, the national central banks may participate in
international monetary institutions.
6.3.
Articles 6.1 and 6.2 shall be without prejudice to Article 138 of the Treaty on the Functioning
of the European Union.
CHAPTER III
ORGANISATION OF THE ESCB
Article 7
Independence
In accordance with Article 130 of the Treaty on the Functioning of the European Union, when
exercising the powers and carrying out the tasks and duties conferred upon them by the Treaties and
this Statute, neither the ECB, nor a national central bank, nor any member of their decision-making
bodies shall seek or take instructions from Union institutions, bodies, offices or agencies, from any
government of a Member State or from any other body. The Union institutions, bodies, offices or
agencies and the governments of the Member States undertake to respect this principle and not to seek
to influence the members of the decision-making bodies of the ECB or of the national central banks in
the performance of their tasks.
Article 8
General principle
The ESCB shall be governed by the decision-making bodies of the ECB.
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Article 9
The European Central Bank
9.1.
The ECB which, in accordance with Article 282(3) of the Treaty on the Functioning of the
European Union, shall have legal personality, shall enjoy in each of the Member States the most
extensive legal capacity accorded to legal persons under its law; it may, in particular, acquire or dispose
of movable and immovable property and may be a party to legal proceedings.
9.2.
The ECB shall ensure that the tasks conferred upon the ESCB under Article 127(2), (3) and (5)
of the Treaty on the Functioning of the European Union are implemented either by its own activities
pursuant to this Statute or through the national central banks pursuant to Articles 12.1 and 14.
9.3.
In accordance with Article 129(1) of the Treaty on the Functioning of the European Union,
the decision making bodies of the ECB shall be the Governing Council and the Executive Board.
Article 10
The Governing Council
10.1.
In accordance with Article 283(1) of the Treaty on the Functioning of the European Union,
the Governing Council shall comprise the members of the Executive Board of the ECB and the
governors of the national central banks of the Member States whose currency is the euro.
10.2.
Each member of the Governing Council shall have one vote. As from the date on which the
number of members of the Governing Council exceeds 21, each member of the Executive Board shall
have one vote and the number of governors with a voting right shall be 15. The latter voting rights
shall be assigned and shall rotate as follows:
— as from the date on which the number of governors exceeds 15, until it reaches 22, the governors
shall be allocated to two groups, according to a ranking of the size of the share of their national
central bank's Member State in the aggregate gross domestic product at market prices and in the
total aggregated balance sheet of the monetary financial institutions of the Member States whose
currency is the euro. The shares in the aggregate gross domestic product at market prices and in
the total aggregated balance sheet of the monetary financial institutions shall be assigned weights
of 5/6 and 1/6, respectively. The first group shall be composed of five governors and the second
group of the remaining governors. The frequency of voting rights of the governors allocated to
the first group shall not be lower than the frequency of voting rights of those of the second group.
Subject to the previous sentence, the first group shall be assigned four voting rights and the
second group eleven voting rights,
— as from the date on which the number of governors reaches 22, the governors shall be allocated
to three groups according to a ranking based on the above criteria. The first group shall be
composed of five governors and shall be assigned four voting rights. The second group shall be
composed of half of the total number of governors, with any fraction rounded up to the nearest
integer, and shall be assigned eight voting rights. The third group shall be composed of the
remaining governors and shall be assigned three voting rights,
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— within each group, the governors shall have their voting rights for equal amounts of time,
— for the calculation of the shares in the aggregate gross domestic product at market prices
Article 29.2 shall apply. The total aggregated balance sheet of the monetary financial institutions
shall be calculated in accordance with the statistical framework applying in the Union at the time
of the calculation,
— whenever the aggregate gross domestic product at market prices is adjusted in accordance with
Article 29.3, or whenever the number of governors increases, the size and/or composition of the
groups shall be adjusted in accordance with the above principles,
— the Governing Council, acting by a two-thirds majority of all its members, with and without a
voting right, shall take all measures necessary for the implementation of the above principles and
may decide to postpone the start of the rotation system until the date on which the number of
governors exceeds 18.
The right to vote shall be exercised in person. By way of derogation from this rule, the Rules of
Procedure referred to in Article 12.3 may lay down that members of the Governing Council may cast
their vote by means of teleconferencing. These rules shall also provide that a member of the Governing
Council who is prevented from attending meetings of the Governing Council for a prolonged period
may appoint an alternate as a member of the Governing Council.
The provisions of the previous paragraphs are without prejudice to the voting rights of all members of
the Governing Council, with and without a voting right, under Articles 10.3, 40.2 and 40.3.
Save as otherwise provided for in this Statute, the Governing Council shall act by a simple majority of
the members having a voting right. In the event of a tie, the President shall have the casting vote.
In order for the Governing Council to vote, there shall be a quorum of two-thirds of the members
having a voting right. If the quorum is not met, the President may convene an extraordinary meeting at
which decisions may be taken without regard to the quorum.
10.3.
For any decisions to be taken under Articles 28, 29, 30, 32 and 33, the votes in the
Governing Council shall be weighted according to the national central banks' shares in the subscribed
capital of the ECB. The weights of the votes of the members of the Executive Board shall be zero. A
decision requiring a qualified majority shall be adopted if the votes cast in favour represent at least two
thirds of the subscribed capital of the ECB and represent at least half of the shareholders. If a Governor
is unable to be present, he may nominate an alternate to cast his weighted vote.
10.4.
The proceedings of the meetings shall be confidential. The Governing Council may decide to
make the outcome of its deliberations public.
10.5.
The Governing Council shall meet at least 10 times a year.
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Article 11
The Executive Board
11.1.
In accordance with the first subparagraph of Article 283(2) of the Treaty on the Functioning
of the European Union, the Executive Board shall comprise the President, the Vice-President and four
other members.
The members shall perform their duties on a full-time basis. No member shall engage in any
occupation, whether gainful or not, unless exemption is exceptionally granted by the Governing
Council.
11.2.
In accordance with the second subparagraph of Article 283(2) of the Treaty on the
Functioning of the European Union, the President, the Vice-President and the other members of the
Executive Board shall be appointed by the European Council, acting by a qualified majority, from
among persons of recognised standing and professional experience in monetary or banking matters,
on a recommendation from the Council after it has consulted the European Parliament and the
Governing Council.
Their term of office shall be eight years and shall not be renewable.
Only nationals of Member States may be members of the Executive Board.
11.3.
The terms and conditions of employment of the members of the Executive Board, in
particular their salaries, pensions and other social security benefits shall be the subject of contracts
with the ECB and shall be fixed by the Governing Council on a proposal from a Committee comprising
three members appointed by the Governing Council and three members appointed by the Council. The
members of the Executive Board shall not have the right to vote on matters referred to in this
paragraph.
11.4.
If a member of the Executive Board no longer fulfils the conditions required for the
performance of his duties or if he has been guilty of serious misconduct, the Court of Justice may, on
application by the Governing Council or the Executive Board, compulsorily retire him.
11.5.
Each member of the Executive Board present in person shall have the right to vote and shall
have, for that purpose, one vote. Save as otherwise provided, the Executive Board shall act by a simple
majority of the votes cast. In the event of a tie, the President shall have the casting vote. The voting
arrangements shall be specified in the Rules of Procedure referred to in Article 12.3.
11.6.
The Executive Board shall be responsible for the current business of the ECB.
11.7.
Any vacancy on the Executive Board shall be filled by the appointment of a new member in
accordance with Article 11.2.
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Article 12
Responsibilities of the decision-making bodies
12.1.
The Governing Council shall adopt the guidelines and take the decisions necessary to ensure
the performance of the tasks entrusted to the ESCB under these Treaties and this Statute. The
Governing Council shall formulate the monetary policy of the Union including, as appropriate,
decisions relating to intermediate monetary objectives, key interest rates and the supply of reserves in
the ESCB, and shall establish the necessary guidelines for their implementation.
The Executive Board shall implement monetary policy in accordance with the guidelines and decisions
laid down by the Governing Council. In doing so the Executive Board shall give the necessary
instructions to national central banks. In addition the Executive Board may have certain powers
delegated to it where the Governing Council so decides.
To the extent deemed possible and appropriate and without prejudice to the provisions of this Article,
the ECB shall have recourse to the national central banks to carry out operations which form part of
the tasks of the ESCB.
12.2.
The Executive Board shall have responsibility for the preparation of meetings of the
Governing Council.
12.3.
The Governing Council shall adopt Rules of Procedure which determine the internal
organisation of the ECB and its decision-making bodies.
12.4. The Governing Council shall exercise the advisory functions referred to in Article 4.
12.5. The Governing Council shall take the decisions referred to in Article 6.
Article 13
The President
13.1.
The President or, in his absence, the Vice-President shall chair the Governing Council and the
Executive Board of the ECB.
13.2.
Without prejudice to Article 38, the President or his nominee shall represent the ECB
externally.
Article 14
National central banks
14.1.
In accordance with Article 131 of the Treaty on the Functioning of the European Union,
each Member State shall ensure that its national legislation, including the statutes of its national central
bank, is compatible with these Treaties and this Statute.
14.2.
The statutes of the national central banks shall, in particular, provide that the term of office
of a Governor of a national central bank shall be no less than five years.
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A Governor may be relieved from office only if he no longer fulfils the conditions required for the
performance of his duties or if he has been guilty of serious misconduct. A decision to this effect may
be referred to the Court of Justice by the Governor concerned or the Governing Council on grounds of
infringement of these Treaties or of any rule of law relating to their application. Such proceedings shall
be instituted within two months of the publication of the decision or of its notification to the plaintiff
or, in the absence thereof, of the day on which it came to the knowledge of the latter, as the case may
be.
14.3.
The national central banks are an integral part of the ESCB and shall act in accordance with
the guidelines and instructions of the ECB. The Governing Council shall take the necessary steps to
ensure compliance with the guidelines and instructions of the ECB, and shall require that any necessary
information be given to it.
14.4.
National central banks may perform functions other than those specified in this Statute
unless the Governing Council finds, by a majority of two thirds of the votes cast, that these interfere
with the objectives and tasks of the ESCB. Such functions shall be performed on the responsibility and
liability of national central banks and shall not be regarded as being part of the functions of the ESCB.
Article 15
Reporting commitments
15.1. The ECB shall draw up and publish reports on the activities of the ESCB at least quarterly.
15.2. A consolidated financial statement of the ESCB shall be published each week.
15.3.
In accordance with Article 284(3) of the Treaty on the Functioning of the European Union,
the ECB shall address an annual report on the activities of the ESCB and on the monetary policy of
both the previous and the current year to the European Parliament, the Council and the Commission,
and also to the European Council.
15.4.
The reports and statements referred to in this Article shall be made available to interested
parties free of charge.
Article 16
Banknotes
In accordance with Article 128(1) of the Treaty on the Functioning of the European Union, the
Governing Council shall have the exclusive right to authorise the issue of euro banknotes within the
Union. The ECB and the national central banks may issue such notes. The banknotes issued by the ECB
and the national central banks shall be the only such notes to have the status of legal tender within the
Union.
The ECB shall respect as far as possible existing practices regarding the issue and design of banknotes.
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CHAPTER IV
MONETARY FUNCTIONS AND OPERATIONS OF THE ESCB
Article 17
Accounts with the ECB and the national central banks
In order to conduct their operations, the ECB and the national central banks may open accounts for
credit institutions, public entities and other market participants and accept assets, including book entry
securities, as collateral.
Article 18
Open market and credit operations
18.1.
In order to achieve the objectives of the ESCB and to carry out its tasks, the ECB and the
national central banks may:
— operate in the financial markets by buying and selling outright (spot and forward) or under
repurchase agreement and by lending or borrowing claims and marketable instruments, whether
in euro or other currencies, as well as precious metals;
— conduct credit operations with credit institutions and other market participants, with lending
being based on adequate collateral.
18.2.
The ECB shall establish general principles for open market and credit operations carried out
by itself or the national central banks, including for the announcement of conditions under which they
stand ready to enter into such transactions.
Article 19
Minimum reserves
19.1.
Subject to Article 2, the ECB may require credit institutions established in Member States to
hold minimum reserve on accounts with the ECB and national central banks in pursuance of monetary
policy objectives. Regulations concerning the calculation and determination of the required minimum
reserves may be established by the Governing Council. In cases of non-compliance the ECB shall be
entitled to levy penalty interest and to impose other sanctions with comparable effect.
19.2.
For the application of this Article, the Council shall, in accordance with the procedure laid
down in Article 41, define the basis for minimum reserves and the maximum permissible ratios
between those reserves and their basis, as well as the appropriate sanctions in cases of non-compliance.
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Article 20
Other instruments of monetary control
The Governing Council may, by a majority of two thirds of the votes cast, decide upon the use of such
other operational methods of monetary control as it sees fit, respecting Article 2.
The Council shall, in accordance with the procedure laid down in Article 41, define the scope of such
methods if they impose obligations on third parties.
Article 21
Operations with public entities
21.1.
In accordance with Article 123 of the Treaty on the Functioning of the European Union,
overdrafts or any other type of credit facility with the ECB or with the national central banks in favour
of Union institutions, bodies, offices or agencies, central governments, regional, local or other public
authorities, other bodies governed by public law, or public undertakings of Member States shall be
prohibited, as shall the purchase directly from them by the ECB or national central banks of debt
instruments.
21.2.
The ECB and national central banks may act as fiscal agents for the entities referred to in
Article 21.1.
21.3.
The provisions of this Article shall not apply to publicly owned credit institutions which, in
the context of the supply of reserves by central banks, shall be given the same treatment by national
central banks and the ECB as private credit institutions.
Article 22
Clearing and payment systems
The ECB and national central banks may provide facilities, and the ECB may make regulations, to
ensure efficient and sound clearing and payment systems within the Union and with other countries.
Article 23
External operations
The ECB and national central banks may:
— establish relations with central banks and financial institutions in other countries and, where
appropriate, with international organisations;
— acquire and sell spot and forward all types of foreign exchange assets and precious metals; the
term ‘foreign exchange asset’ shall include securities and all other assets in the currency of any
country or units of account and in whatever form held;
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— hold and manage the assets referred to in this Article;
— conduct all types of banking transactions in relations with third countries and international
organisations, including borrowing and lending operations.
Article 24
Other operations
In addition to operations arising from their tasks, the ECB and national central banks may enter into
operations for their administrative purposes or for their staff.
CHAPTER V
PRUDENTIAL SUPERVISION
Article 25
Prudential supervision
25.1.
The ECB may offer advice to and be consulted by the Council, the Commission and the
competent authorities of the Member States on the scope and implementation of Union legislation
relating to the prudential supervision of credit institutions and to the stability of the financial system.
25.2.
In accordance with any regulation of the Council under Article 127(6) of the Treaty on the
Functioning of the European Union, the ECB may perform specific tasks concerning policies relating to
the prudential supervision of credit institutions and other financial institutions with the exception of
insurance undertakings.
CHAPTER VI
FINANCIAL PROVISIONS OF THE ESCB
Article 26
Financial accounts
26.1.
The financial year of the ECB and national central banks shall begin on the first day of
January and end on the last day of December.
26.2.
The annual accounts of the ECB shall be drawn up by the Executive Board, in accordance
with the principles established by the Governing Council. The accounts shall be approved by the
Governing Council and shall thereafter be published.
26.3.
For analytical and operational purposes, the Executive Board shall draw up a consolidated
balance sheet of the ESCB, comprising those assets and liabilities of the national central banks that fall
within the ESCB.
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26.4.
For the application of this Article, the Governing Council shall establish the necessary rules
for standardising the accounting and reporting of operations undertaken by the national central banks.
Article 27
Auditing
27.1.
The accounts of the ECB and national central banks shall be audited by independent external
auditors recommended by the Governing Council and approved by the Council. The auditors shall
have full power to examine all books and accounts of the ECB and national central banks and obtain
full information about their transactions.
27.2.
The provisions of Article 287 of the Treaty on the Functioning of the European Union shall
only apply to an examination of the operational efficiency of the management of the ECB.
Article 28
Capital of the ECB
28.1.
The capital of the ECB shall be euro 5 000 million. The capital may be increased by such
amounts as may be decided by the Governing Council acting by the qualified majority provided for in
Article 10.3, within the limits and under the conditions set by the Council under the procedure laid
down in Article 41.
28.2.
The national central banks shall be the sole subscribers to and holders of the capital of the
ECB. The subscription of capital shall be according to the key established in accordance with
Article 29.
28.3.
The Governing Council, acting by the qualified majority provided for in Article 10.3, shall
determine the extent to which and the form in which the capital shall be paid up.
28.4.
Subject to Article 28.5, the shares of the national central banks in the subscribed capital of
the ECB may not be transferred, pledged or attached.
28.5.
If the key referred to in Article 29 is adjusted, the national central banks shall transfer among
themselves capital shares to the extent necessary to ensure that the distribution of capital shares
corresponds to the adjusted key. The Governing Council shall determine the terms and conditions of
such transfers.
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Article 29
Key for capital subscription
29.1.
The key for subscription of the ECB's capital, fixed for the first time in 1998 when the ESCB
was established, shall be determined by assigning to each national central bank a weighting in this key
equal to the sum of:
— 50 % of the share of its respective Member State in the population of the Union in the
penultimate year preceding the establishment of the ESCB;
— 50 % of the share of its respective Member State in the gross domestic product at market prices of
the Union as recorded in the last five years preceding the penultimate year before the
establishment of the ESCB.
The percentages shall be rounded up or down to the nearest multiple of 0,0001 percentage points.
29.2.
The statistical data to be used for the application of this Article shall be provided by the
Commission in accordance with the rules adopted by the Council under the procedure provided for in
Article 41.
29.3.
The weightings assigned to the national central banks shall be adjusted every five years after
the establishment of the ESCB by analogy with the provisions laid down in Article 29.1. The adjusted
key shall apply with effect from the first day of the following year.
29.4.
Article.
The Governing Council shall take all other measures necessary for the application of this
Article 30
Transfer of foreign reserve assets to the ECB
30.1.
Without prejudice to Article 28, the ECB shall be provided by the national central banks
with foreign reserve assets, other than Member States' currencies, euro, IMF reserve positions and
SDRs, up to an amount equivalent to euro 50 000 million. The Governing Council shall decide upon
the proportion to be called up by the ECB following its establishment and the amounts called up at
later dates. The ECB shall have the full right to hold and manage the foreign reserves that are
transferred to it and to use them for the purposes set out in this Statute.
30.2.
The contributions of each national central bank shall be fixed in proportion to its share in
the subscribed capital of the ECB.
30.3.
Each national central bank shall be credited by the ECB with a claim equivalent to its
contribution. The Governing Council shall determine the denomination and remuneration of such
claims.
30.4.
Further calls of foreign reserve assets beyond the limit set in Article 30.1 may be effected by
the ECB, in accordance with Article 30.2, within the limits and under the conditions set by the Council
in accordance with the procedure laid down in Article 41.
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30.5.
The ECB may hold and manage IMF reserve positions and SDRs and provide for the pooling
of such assets.
30.6.
Article.
The Governing Council shall take all other measures necessary for the application of this
Article 31
Foreign reserve assets held by national central banks
31.1.
The national central banks shall be allowed to perform transactions in fulfilment of their
obligations towards international organisations in accordance with Article 23.
31.2.
All other operations in foreign reserve assets remaining with the national central banks after
the transfers referred to in Article 30, and Member States' transactions with their foreign exchange
working balances shall, above a certain limit to be established within the framework of Article 31.3, be
subject to approval by the ECB in order to ensure consistency with the exchange rate and monetary
policies of the Union.
31.3.
The Governing Council shall issue guidelines with a view to facilitating such operations.
Article 32
Allocation of monetary income of national central banks
32.1.
The income accruing to the national central banks in the performance of the ESCB's
monetary policy function (hereinafter referred to as ‘monetary income’) shall be allocated at the end of
each financial year in accordance with the provisions of this Article.
32.2.
The amount of each national central bank's monetary income shall be equal to its annual
income derived from its assets held against notes in circulation and deposit liabilities to credit
institutions. These assets shall be earmarked by national central banks in accordance with guidelines to
be established by the Governing Council.
32.3.
If, after the introduction of the euro, the balance sheet structures of the national central
banks do not, in the judgment of the Governing Council, permit the application of Article 32.2, the
Governing Council, acting by a qualified majority, may decide that, by way of derogation from
Article 32.2, monetary income shall be measured according to an alternative method for a period of
not more than five years.
32.4.
The amount of each national central bank's monetary income shall be reduced by an
amount equivalent to any interest paid by that central bank on its deposit liabilities to credit
institutions in accordance with Article 19.
The Governing Council may decide that national central banks shall be indemnified against costs
incurred in connection with the issue of banknotes or in exceptional circumstances for specific losses
arising from monetary policy operations undertaken for the ESCB. Indemnification shall be in a form
deemed appropriate in the judgment of the Governing Council; these amounts may be offset against
the national central banks' monetary income.
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32.5.
The sum of the national central banks' monetary income shall be allocated to the national
central banks in proportion to their paid up shares in the capital of the ECB, subject to any decision
taken by the Governing Council pursuant to Article 33.2.
32.6.
The clearing and settlement of the balances arising from the allocation of monetary income
shall be carried out by the ECB in accordance with guidelines established by the Governing Council.
32.7.
Article.
The Governing Council shall take all other measures necessary for the application of this
Article 33
Allocation of net profits and losses of the ECB
33.1.
The net profit of the ECB shall be transferred in the following order:
(a) an amount to be determined by the Governing Council, which may not exceed 20 % of the
net profit, shall be transferred to the general reserve fund subject to a limit equal to 100 % of the
capital;
(b) the remaining net profit shall be distributed to the shareholders of the ECB in proportion to their
paid-up shares.
33.2.
In the event of a loss incurred by the ECB, the shortfall may be offset against the general
reserve fund of the ECB and, if necessary, following a decision by the Governing Council, against the
monetary income of the relevant financial year in proportion and up to the amounts allocated to the
national central banks in accordance with Article 32.5.
CHAPTER VII
GENERAL PROVISIONS
Article 34
Legal acts
34.1.
In accordance with Article 132 of the Treaty on the Functioning of the European Union, the
ECB shall:
— make regulations to the extent necessary to implement the tasks defined in Article 3.1,
first indent, Articles 19.1, 22 or 25.2 and in cases which shall be laid down in the acts of the
Council referred to in Article 41;
— take decisions necessary for carrying out the tasks entrusted to the ESCB under these Treaties and
this Statute;
— make recommendations and deliver opinions.
34.2.
The ECB may decide to publish its decisions, recommendations and opinions.
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34.3.
Within the limits and under the conditions adopted by the Council under the procedure laid
down in Article 41, the ECB shall be entitled to impose fines or periodic penalty payments on
undertakings for failure to comply with obligations under its regulations and decisions.
Article 35
Judicial control and related matters
35.1.
The acts or omissions of the ECB shall be open to review or interpretation by the Court of
Justice of the European Union in the cases and under the conditions laid down in the Treaty on the
Functioning of the European Union. The ECB may institute proceedings in the cases and under the
conditions laid down in the Treaties.
35.2.
Disputes between the ECB, on the one hand, and its creditors, debtors or any other person,
on the other, shall be decided by the competent national courts, save where jurisdiction has been
conferred upon the Court of Justice of the European Union.
35.3.
The ECB shall be subject to the liability regime provided for in Article 340 of the Treaty on
the Functioning of the European Union. The national central banks shall be liable according to their
respective national laws.
35.4.
The Court of Justice of the European Union shall have jurisdiction to give judgment
pursuant to any arbitration clause contained in a contract concluded by or on behalf of the ECB,
whether that contract be governed by public or private law.
35.5.
A decision of the ECB to bring an action before the Court of Justice of the European Union
shall be taken by the Governing Council.
35.6.
The Court of Justice of the European Union shall have jurisdiction in disputes concerning
the fulfilment by a national central bank of obligations under the Treaties and this Statute. If the ECB
considers that a national central bank has failed to fulfil an obligation under the Treaties and this
Statute, it shall deliver a reasoned opinion on the matter after giving the national central bank
concerned the opportunity to submit its observations. If the national central bank concerned does not
comply with the opinion within the period laid down by the ECB, the latter may bring the matter
before the Court of Justice of the European Union.
Article 36
Staff
36.1.
The Governing Council, on a proposal from the Executive Board, shall lay down the
conditions of employment of the staff of the ECB.
36.2.
The Court of Justice of the European Union shall have jurisdiction in any dispute between
the ECB and its servants within the limits and under the conditions laid down in the conditions of
employment.
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Article 37 (ex Article 38)
Professional secrecy
37.1.
Members of the governing bodies and the staff of the ECB and the national central banks
shall be required, even after their duties have ceased, not to disclose information of the kind covered by
the obligation of professional secrecy.
37.2.
Persons having access to data covered by Union legislation imposing an obligation of secrecy
shall be subject to such legislation.
Article 38 (ex Article 39)
Signatories
The ECB shall be legally committed to third parties by the President or by two members of the
Executive Board or by the signatures of two members of the staff of the ECB who have been duly
authorised by the President to sign on behalf of the ECB.
Article 39 (ex Article 40)
Privileges and immunities
The ECB shall enjoy in the territories of the Member States such privileges and immunities as are
necessary for the performance of its tasks, under the conditions laid down in the Protocol on the
privileges and immunities of the European Union.
CHAPTER VIII
AMENDMENT OF THE STATUTE AND COMPLEMENTARY LEGISLATION
Article 40 (ex Article 41)
Simplified amendment procedure
40.1.
In accordance with Article 129(3) of the Treaty on the Functioning of the European Union,
Articles 5.1, 5.2, 5.3, 17, 18, 19.1, 22, 23, 24, 26, 32.2, 32.3, 32.4, 32.6, 33.1(a) and 36 of this
Statute may be amended by the European Parliament and the Council, acting in accordance with the
ordinary legislative procedure either on a recommendation from the ECB and after consulting the
Commission, or on a proposal from the Commission and after consulting the ECB.
40.2.
Article 10.2 may be amended by a decision of the European Council, acting unanimously,
either on a recommendation from the European Central Bank and after consulting the European
Parliament and the Commission, or on a recommendation from the Commission and after consulting
the European Parliament and the European Central Bank. These amendments shall not enter into force
until they are approved by the Member States in accordance with their respective constitutional
requirements.
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40.3.
A recommendation made by the ECB under this Article shall require a unanimous decision
by the Governing Council.
Article 41 (ex Article 42)
Complementary legislation
In accordance with Article 129(4) of the Treaty on the Functioning of the European Union, the
Council, either on a proposal from the Commission and after consulting the European Parliament and
the ECB or on a recommendation from the ECB and after consulting the European Parliament and the
Commission, shall adopt the provisions referred to in Articles 4, 5.4, 19.2, 20, 28.1, 29.2, 30.4 and
34.3 of this Statute.
CHAPTER IX
TRANSITIONAL AND OTHER PROVISIONS FOR THE ESCB
Article 42 (ex Article 43)
General provisions
42.1.
A derogation as referred to in Article 139 of the Treaty on the Functioning of the European
Union shall entail that the following Articles of this Statute shall not confer any rights or impose any
obligations on the Member State concerned: 3, 6, 9.2, 12.1, 14.3, 16, 18, 19, 20, 22, 23, 26.2, 27, 30,
31, 32, 33, 34, and 49.
42.2.
The central banks of Member States with a derogation as specified in Article 139(1) of the
Treaty on the Functioning of the European Union shall retain their powers in the field of monetary
policy according to national law.
42.3.
In accordance with Article 139 of the Treaty on the Functioning of the European Union,
‘Member States’ shall be read as ‘Member States whose currency is the euro’ in the following Articles of
this Statute: 3, 11.2 and 19.
42.4.
‘National central banks’ shall be read as ‘central banks of Member States whose currency is
the euro’ in the following Articles of this Statute: 9.2, 10.2, 10.3, 12.1, 16, 17, 18, 22, 23, 27, 30, 31,
32, 33.2 and 49.
42.5.
‘Shareholders’ shall be read as ‘central banks of Member States whose currency is the euro’ in
Articles 10.3 and 33.1.
42.6.
‘Subscribed capital of the ECB’ shall be read as ‘capital of the ECB subscribed by the central
banks of Member States whose currency is the euro’ in Articles 10.3 and 30.2.
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Article 43 (ex Article 44)
Transitional tasks of the ECB
The ECB shall take over the former tasks of the EMI referred to in Article 141(2) of the Treaty on the
Functioning of the European Union which, because of the derogations of one or more Member States,
still have to be performed after the introduction of the euro.
The ECB shall give advice in the preparations for the abrogation of the derogations specified in
Article 140 of the Treaty on the Functioning of the European Union.
Article 44 (ex Article 45)
The General Council of the ECB
44.1.
Without prejudice to Article 129(3) of the Treaty on the Functioning of the European
Union, the General Council shall be constituted as a third decision-making body of the ECB.
44.2.
The General Council shall comprise the President and Vice-President of the ECB and the
Governors of the national central banks. The other members of the Executive Board may participate,
without having the right to vote, in meetings of the General Council.
44.3.
The responsibilities of the General Council are listed in full in Article 46 of this Statute.
Article 45 (ex Article 46)
Rules of Procedure of the General Council
45.1.
The President or, in his absence, the Vice-President of the ECB shall chair the General
Council of the ECB.
45.2.
The President of the Council and a Member of the Commission may participate, without
having the right to vote, in meetings of the General Council.
45.3.
The President shall prepare the meetings of the General Council.
45.4.
By way of derogation from Article 12.3, the General Council shall adopt its Rules of
Procedure.
45.5.
The Secretariat of the General Council shall be provided by the ECB.
Article 46 (ex Article 47)
Responsibilities of the General Council
46.1.
The General Council shall:
— perform the tasks referred to in Article 43;
— contribute to the advisory functions referred to in Articles 4 and 25.1.
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The General Council shall contribute to:
— the collection of statistical information as referred to in Article 5;
— the reporting activities of the ECB as referred to in Article 15;
— the establishment of the necessary rules for the application of Article 26 as referred to in
Article 26.4;
— the taking of all other measures necessary for the application of Article 29 as referred to in
Article 29.4;
— the laying down of the conditions of employment of the staff of the ECB as referred to in
Article 36.
46.3.
The General Council shall contribute to the necessary preparations for irrevocably fixing the
exchange rates of the currencies of Member States with a derogation against the euro as referred to in
Article 140(3) of the Treaty on the Functioning of the European Union.
46.4.
The General Council shall be informed by the President of the ECB of decisions of the
Governing Council.
Article 47 (ex Article 48)
Transitional provisions for the capital of the ECB
In accordance with Article 29.1, each national central bank shall be assigned a weighting in the key for
subscription of the ECB's capital. By way of derogation from Article 28.3, central banks of Member
States with a derogation shall not pay up their subscribed capital unless the General Council, acting by
a majority representing at least two thirds of the subscribed capital of the ECB and at least half of the
shareholders, decides that a minimal percentage has to be paid up as a contribution to the operational
costs of the ECB.
Article 48 (ex Article 49)
Deferred payment of capital, reserves and provisions of the ECB
48.1.
The central bank of a Member State whose derogation has been abrogated shall pay up its
subscribed share of the capital of the ECB to the same extent as the central banks of other Member
States without a derogation, and shall transfer to the ECB foreign reserve assets in accordance with
Article 30.1. The sum to be transferred shall be determined by multiplying the euro value at current
exchange rates of the foreign reserve assets which have already been transferred to the ECB in
accordance with Article 30.1, by the ratio between the number of shares subscribed by the national
central bank concerned and the number of shares already paid up by the other national central banks.
48.2.
In addition to the payment to be made in accordance with Article 48.1, the central bank
concerned shall contribute to the reserves of the ECB, to those provisions equivalent to reserves, and to
the amount still to be appropriated to the reserves and provisions corresponding to the balance of the
profit and loss account as at 31 December of the year prior to the abrogation of the derogation. The
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sum to be contributed shall be determined by multiplying the amount of the reserves, as defined above
and as stated in the approved balance sheet of the ECB, by the ratio between the number of shares
subscribed by the central bank concerned and the number of shares already paid up by the other
central banks.
48.3.
Upon one or more countries becoming Member States and their respective national central
banks becoming part of the ESCB, the subscribed capital of the ECB and the limit on the amount of
foreign reserve assets that may be transferred to the ECB shall be automatically increased. The increase
shall be determined by multiplying the respective amounts then prevailing by the ratio, within the
expanded capital key, between the weighting of the entering national central banks concerned and the
weighting of the national central banks already members of the ESCB. Each national central bank's
weighting in the capital key shall be calculated by analogy with Article 29.1 and in compliance with
Article 29.2. The reference periods to be used for the statistical data shall be identical to those applied
for the latest quinquennial adjustment of the weightings under Article 29.3.
Article 49 (ex Article 52)
Exchange of banknotes in the currencies of the Member States
Following the irrevocable fixing of exchange rates in accordance with Article 140 of the Treaty on the
Functioning of the European Union, the Governing Council shall take the necessary measures to ensure
that banknotes denominated in currencies with irrevocably fixed exchange rates are exchanged by the
national central banks at their respective par values.
Article 50 (ex Article 53)
Applicability of the transitional provisions
If and as long as there are Member States with a derogation, Articles 42 to 47 shall be applicable.