Council Regulation (EC) No 1010/2000 of 8 May 2000 concerning further calls of foreign reserve assets by the European Central Bank

• CELEX: Regulation (EC) No 1010/2000
• Articles: 3

Article 1

Definitions

For the purposes of this Regulation:

- "foreign reserve assets" mean any official foreign reserve assets of the participating Member States held by national central banks that are denominated in, or comprise, currencies, units of account or gold other than Member States' currencies, euro, IMF reserve positions and SDRs,

- "national central bank" means the central bank of a participating Member State, and

- "participating Member State" means a Member State which has adopted the single currency in accordance with the Treaty.

Article 2

Further calls of foreign reserve assets

1. The ECB may effect further calls of foreign reserve assets from the national central banks beyond the limit set in Article 30(1) of the Statute, up to an amount equivalent to an additional EUR 50000 million, in case of need for such foreign reserve assets.

2. The central bank of a Member State whose derogation has been abrogated, or who is treated on the same basis as the central bank of a Member State whose derogation has been abrogated, shall transfer to the ECB a sum of foreign reserve assets 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 paragraph 1, 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 national central banks.

Article 3

Final provisions

This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Communities.

This Regulation shall be binding in its entirety and directly applicable in the Member States in accordance with the Treaty establishing the European Community.

Done at Brussels, 8 May 2000.

For the Council

The President

J. Pina Moura

(1) OJ C 269, 23.9.1999, p. 9.

(2) Opinion delivered on 17 March 2000 (not yet published in the Official Journal).

(3) Opinion delivered on 8 March 2000 (not yet published in the Official Journal).