Agreement of 13 November 2014 between the European Central Bank and the natio... (32015Y0221(01))
    EU - Rechtsakte: 10 Economic and monetary policy and free movement of capital

    AGREEMENT

    of 13 November 2014

    between the European Central Bank and the national central banks of the Member States outside the euro area amending the 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 three of Economic and Monetary Union

    (2015/C 64/01)
    1.
    Българска народна банка (Bulgarian National Bank)
    1, Knyaz Alexander I Sq.
    1000 София/Sofia
    БЪЛГАРИЯ/BULGARIA
    Česká národní banka
    Na Příkopě 28
    115 03 Praha 1
    ČESKÁ REPUBLIKA
    Danmarks Nationalbank
    Havnegade 5
    1093 København K
    DANMARK
    Hrvatska narodna banka
    Trg hrvatskih velikana 3
    HR-10002 Zagreb
    HRVATSKA
    Lietuvos bankas
    Gedimino pr. 6
    LT-01103 Vilnius
    LIETUVA/LITHUANIA
    Magyar Nemzeti Bank
    Budapest
    Szabadság tér 8/9
    1054
    MAGYARORSZÁG/HUNGARY
    Narodowy Bank Polski
    ul. Świętokrzyska 11/21
    00-919 Warszawa
    POLSKA/POLAND
    Banca Naţională a României
    Strada Lipscani nr. 25, sector 3
    030031 București
    ROMÂNIA
    Sveriges Riksbank
    Brunkebergstorg 11
    SE-103 37 Stockholm
    SVERIGE
    Bank of England
    Threadneedle Street
    London EC2R 8AH
    UNITED KINGDOM
    and
    2.
    European Central Bank (ECB)
    (hereinafter the ‘Parties’)
    Whereas:
    1.
    The European Council in its Resolution of 16 June 1997 (hereinafter the ‘Resolution’) agreed to set up an exchange rate mechanism (hereinafter ‘ERM II’) when the third stage of Economic and Monetary Union began on 1 January 1999.
    2.
    Under the terms of the Resolution, ERM II is designed to help ensure that non-euro area Member States participating in ERM II orient their policies to stability, foster convergence and thereby help the non-euro area Member States in their efforts to adopt the euro.
    3.
    Lithuania, as a Member State with a derogation, has participated in ERM II since 2004. Lietuvos bankas is a party to the 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 three of Economic and Monetary Union(1), as amended by the Agreement of 21 December 2006(2), by the Agreement of 14 December 2007(3), by the Agreement of 8 December 2008(4), by the Agreement of 13 December 2010(5), by the Agreement of 21 June 2013(6) and by the Agreement of 6 December 2013(7) (hereinafter collectively referred to as the ‘ERM II Central Bank Agreement’).
    4.
    Pursuant to Article 1 of Council Decision 2014/509/EU of 23 July 2014 on the adoption by Lithuania of the euro on 1 January 2015(8) the derogation in favour of Lithuania referred to in Article 4 of the 2003 Act of Accession is abrogated with effect from 1 January 2015. The euro will be Lithuania's currency from 1 January 2015 and Lietuvos bankas should no longer be party to the ERM II Central Bank Agreement from that date.
    5.
    It is therefore necessary to amend the ERM II Central Bank Agreement to take account of the abrogation of the derogation in favour of Lithuania,
    HAVE AGREED AS FOLLOWS:

    Article 1

    Amendment to the ERM II Central Bank Agreement in view of the abrogation of Lithuania's derogation

    Lietuvos bankas shall no longer be party to the ERM II Central Bank Agreement from 1 January 2015.

    Article 2

    Replacement of Annex II to the ERM II Central Bank Agreement

    Annex II to the ERM II Central Bank Agreement is replaced by the text set out in the Annex to this Agreement.

    Article 3

    Final provisions

    1.   This Agreement amends the ERM II Central Bank Agreement with effect from 1 January 2015.
    2.   This Agreement shall be drawn up in English and duly signed by the Parties' authorised representatives. The ECB, which shall retain the original Agreement, shall send a certified copy of the original Agreement to each euro area and non-euro area national central bank. The Agreement shall be published in the
    Official Journal of the European Union
    .
    Done at Frankfurt am Main, 13 November 2014.
    For
    Българска народна банка (Bulgarian National Bank)
    For
    Česká národní banka
    For
    Danmarks Nationalbank
    For
    Hrvatska narodna banka
    For
    Lietuvos bankas
    For
    the Magyar Nemzeti Bank
    For
    Narodowy Bank Polski
    For
    Banca Naţională a României
    For
    Sveriges Riksbank
    For
    the Bank of England
    For
    the European Central Bank
    (1)  
    OJ C 73, 25.3.2006, p. 21
    .
    (2)  
    OJ C 14, 20.1.2007, p. 6
    .
    (3)  
    OJ C 319, 29.12.2007, p. 7
    .
    (4)  
    OJ C 16, 22.1.2009, p. 10
    .
    (5)  
    OJ C 5, 8.1.2011, p. 3
    .
    (6)  
    OJ C 187, 29.6.2013, p. 1
    .
    (7)  
    OJ C 17, 21.1.2014, p. 1
    .
    (8)  
    OJ L 228, 31.7.2014, p. 29
    .

    ANNEX

    CEILINGS ON ACCESS TO THE VERY SHORT-TERM FINANCING FACILITY REFERRED TO IN ARTICLES 8, 10 AND 11 OF THE ERM II CENTRAL BANK AGREEMENT
    with effect from 1 January 2015

    (EUR million)

    Central banks party to this Agreement

    Ceilings(1)

    Българска народна банка (Bulgarian National Bank)

    530

    Česká národní banka

    780

    Danmarks Nationalbank

    740

    Hrvatska narodna banka

    450

    Magyar Nemzeti Bank

    700

    Narodowy Bank Polski

    1 940

    Banca Naţională a României

    1 110

    Sveriges Riksbank

    1 000

    Bank of England

    4 750

    European Central Bank

    nil

    Euro area national central banks

    Ceilings

    Nationale Bank van België/Banque Nationale de Belgique

    nil

    Deutsche Bundesbank

    nil

    Eesti Pank

    nil

    Central Bank of Ireland

    nil

    Bank of Greece

    nil

    Banco de España

    nil

    Banque de France

    nil

    Banca d’Italia

    nil

    Central Bank of Cyprus

    nil

    Latvijas Banka

    nil

    Lietuvos bankas

    nil

    Banque centrale du Luxembourg

    nil

    Central Bank of Malta

    nil

    De Nederlandsche Bank

    nil

    Oesterreichische Nationalbank

    nil

    Banco de Portugal

    nil

    Banka Slovenije

    nil

    Národná banka Slovenska

    nil

    Suomen Pankki

    nil

    (1)  The amounts indicated are notional for central banks which do not participate in ERM II.
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