ANNUAL REPORT 2008 - Polymer Bank Notes of the World

EU. The reform of such systems may implyreduced reporting obligations for banks but alsoan increased reporting burden for non-banks,which should be kept to a minimum. It shouldalso be ensured that b.o.p. statistics continue tobe compiled with the high reliability, frequencyand timeliness required for the ECB’s conductof monetary policy.The ECB issued an opinion 38 on amendmentsto the Deposit-Guarantee Schemes Directive 39aimed at improving depositor confidence byincreasing the minimum coverage amount ofdeposit-guarantee schemes and reducing themaximum delays in payouts of guaranteeddeposits. The ECB supported these aims, whilestressing that the credibility of deposit-guaranteeschemes should be preserved by establishingefficient operational processes for verifyingclaims and paying depositors, ensuring thatsufficient funding is available, and enhancingdepositors’ awareness of the terms and conditionsof deposit protection. Any arrangements mustrespect the monetary financing prohibition ofArticle 101 of the Treaty. 40 The ECB expects tocontribute to further work in this field in 2009.The ECB continued to be consulted by nationalauthorities on issues pertaining to the NCBs, inparticular on amendments to the statutes of theBelgian, Bulgarian, Czech, German, Estonian,Spanish, Luxembourg, Hungarian, Romanianand Swedish NCBs. 41 With regard to a proposedamendment to the Law of the DeutscheBundesbank, the ECB noted that a MemberState may not impair an NCB’s ability toemploy and retain the qualified staff necessaryfor the NCB to perform independently the tasksconferred on it by the Treaty and the Statute ofthe ESCB, and that an NCB may not be put in aposition where the government may influenceits policy on staff matters. 42 The ECB indicatedthat it would welcome a revision of theproposed amendments, extending the powersof the Executive Board of the DeutscheBundesbank to adopt staff regulations. Inconnection with the proposed amendments tothe Statute of Banca Naţională a României, theECB was of the opinion that they wouldconsiderably limit central bank independence,in particular owing to the requirement forparliamentary approval of Banca Naţională aRomâniei’s annual report and the possibility ofcentral bank staff being held personally liablefor losses. 43 In its opinion on the financialindependence of Sveriges Riksbank in thecontext of capital structure and profitdistribution, the ECB emphasised that Swedenwas obliged to have brought into force thenecessary adaptations to comply with therelevant provisions of the Treaty and theStatute of the ESCB concerning central bankindependence by the time of the establishmentof the ESCB on 1 June 1998. 44 Moreover, theECB underlined that any legislative reformshould aim to gradually achieve consistencywith Eurosystem standards. In addition, theECB submitted an own-initiative opinion onthe reform of the Greek social security system,since the ECB considered that the proposedprovisions could affect the status of the Bankof Greece as an independent authority. 45 TheBank of Greece’s pension fund was integratedinto a state-run pension fund and the Bank wasrequired to contribute an amount of €23 millionannually for a period of 15 years. The relevantprovisions of the law would have warrantedconsideration with regard to the possibleimplications for central bank independence,including financial independence, and theprohibition of monetary financing.The ECB was consulted twice by Luxembourgon a draft law improving the legislativeframework for Luxembourg as a financial centreand amending the Law on monetary status and38 CON/2008/70.39 Directive 94/19/EC of the European Parliament and of theCouncil of 30 May 1994 on deposit-guarantee schemes,OJ L 135, 31.5.1994, p. 5.40 Interpreted in line with Council Regulation (EC) No 3603/93 of13 December 1993 specifying definitions for the application ofthe prohibitions referred to in Articles 104 and 104b(1) of theTreaty, OJ L 332, 31.12.1993, p. 1.41 CON/2008/33, CON/2008/73, CON/2008/2, CON/2008/21,CON/2008/9, CON/2008/14, CON/2008/82, CON/2008/17,CON/2008/83, CON/2008/31, CON/2008/4 and CON/2008/34.42 CON/2008/9.43 CON/2008/31.44 CON/2008/34.45 CON/2008/13.132 ECBAnnual Report2008