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
I. CENTRAL RATES AND FLUCTUATION BANDS
Article 1
Bilateral central rates and intervention rates between the euro and the participating non-euro area currencies
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 15
Closer exchange rate cooperation
V. MONITORING THE FUNCTION OF THE SYSTEM
Article 16
Tasks of the General Council of the ECB
Article 17
Reconsideration of central rates and participation in narrower fluctuation bands
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 ERM II 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
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
with effect from 1 May 2004
(in millions of EUR)
Central banks party to this Agreement |
Ceilings(1) |
Česká národní banka |
700 |
Danmarks Nationalbank |
730 |
Eesti Pank |
300 |
Central Bank of Cyprus |
290 |
Latvijas Banka |
340 |
Lietuvos bankas |
390 |
Magyar Nemzeti Bank |
680 |
Central Bank of Malta |
270 |
Narodowy Bank Polski |
1 830 |
Banka Slovenije |
350 |
Národná banka Slovenska |
470 |
Sveriges Riksbank |
990 |
Bank of England |
4 660 |
European Central Bank |
nil |
Euro area NCBs |
Ceilings |
Nationale Bank van België/Banque Nationale de Belgique |
nil |
Deutsche Bundesbank |
nil |
Bank of Greece |
nil |
Banco de España |
nil |
Banque de France |
nil |
Central Bank and Financial Services Authority of Ireland |
nil |
Banca d'Italia |
nil |
Banque centrale du Luxembourg |
nil |
De Nederlandsche Bank |
nil |
Oesterreichische Nationalbank |
nil |
Banco de Portugal |
nil |
Suomen Pankki |
nil |