4.7.2008   

EN

Official Journal of the European Union

L 176/16

(1)

Guideline ECB/2006/9 of 14 July 2006 on certain preparations for the euro cash changeover and on frontloading and sub-frontloading of euro banknotes and coins outside the euro area (1) lays down the rules allowing the national central banks (NCBs) of future participating Member States to borrow euro banknotes and coins from the Eurosystem for the purpose of frontloading and sub-frontloading them before the cash changeover and defines the obligations to be fulfilled by eligible counterparties and professional third parties in order for them to be frontloaded and sub-frontloaded respectively.

(2)

Following the introduction of the euro in Slovenia, Cyprus and Malta pursuant to the rules contained in Guideline ECB/2006/9, the need to make various amendments aimed at improving the logistical aspects of the cash changeover in future participating Member States was identified.

(3)

In view of the difficulties likely to be faced by future Eurosystem NCBs in planning the volume and denominations of euro banknotes needed after the cash changeover date, such Eurosystem NCBs must have the possibility, immediately after the cash changeover date, to refine the denominational structure of their stocks of euro banknotes at low cost.

(4)

While only credit institutions and national post offices that have an account with their future Eurosystem NCB are currently entitled to sub-frontload euro banknotes and coins to professional third parties, experience gained so far with cash changeovers pursuant to Guideline ECB/2006/9 has demonstrated the usefulness of involving cash in transit companies in sub-frontloading operations. Credit institutions and national post offices should therefore be allowed to appoint cash-in-transit companies as their agents for the purpose of sub-frontloading euro banknotes and coins.

(5)

To avoid the duplication of reporting obligations relating to the volume and denomination of frontloaded and sub-frontloaded euro banknotes and coins, the reporting procedure applicable to future Eurosystem NCBs and eligible counterparties must be simplified.

(6)

In view of the potentially numerous and frequent audits and inspections to be carried out by the future Eurosystem NCBs at the premises of frontloaded and sub-frontloaded entities to check that the latter do not put euro banknotes and coins into circulation before the cash changeover date, it is necessary to allow the future Eurosystem NCBs to entrust other public authorities with such tasks.

(7)

The contractual arrangements to be entered into between frontloaded and sub-frontloaded entities before any sub-frontloading taking place and the lack of financial incentives available to sub-frontloaded entities have proven, based on experience gained so far with cash changeovers pursuant to Guideline ECB/2006/9, to be detrimental to the success of sub-frontloading in relation to certain categories of retailers, e.g. convenience stores and other small retail outlets. It is therefore necessary to introduce a simplified sub-frontloading procedure to be used when only small amounts of euro banknotes and coins are involved.

(8)

The need to make various other minor amendments to Guideline ECB/2006/9 has also been identified,

1.

Article 4 is amended as follows:

2.

The following text is added at the end of Article 5:

‘Eligible counterparties may appoint cash in transit companies as agents acting on their behalf and at their risk for the purpose of storage and sub-frontloading of euro banknotes and coins to professional third parties on condition that: (i) notwithstanding the appointment of an agent, eligible counterparties comply with all applicable rules and procedures laid down in this Guideline; and (ii) eligible counterparties conclude contractual arrangements with cash in transit companies stipulating that the cash in transit companies shall fulfil the obligations laid down in Article 10(a) and (b) and in Articles 13(1) to 13(3).’.

3.

In Article 9, the following text is added at the end of paragraph 2:

‘The future Eurosystem NCB shall report the information received from an eligible counterparty to the ECB, taking into account the requirements laid down in a separate legal instrument.’.

4.

Article 10 is amended as follows:

5.

Article 13 is amended as follows:

6.

Article 16 is amended as follows:

7.

Article 18 is replaced by the following:

‘Future Eurosystem NCBs shall forward to the ECB copies of any legal instruments and measures adopted in their Member State in relation to this Guideline at the latest one month before commencement of the frontloading/sub-frontloading period, however not before any decision on abrogation of the derogation has been taken in relation to such Member State.’.