ANNUAL REPORT 2008 - Polymer Bank Notes of the World

2 LEGAL ASPECTS OF THE INTEGRATIONOF NÁRODNÁ BANKA SLOVENSKA INTOTHE EUROSYSTEMPursuant to Article 122(2) of the Treaty, theECB reviewed the statute of Národná bankaSlovenska and other relevant Slovak legislationfor compliance with Article 109 of the Treaty.The ECB made a favourable assessment of thecompatibility of Slovak legislation with theTreaty and with the Statute of the ESCB, asstated in its Convergence Report published inMay 2008.The ECB and Národná banka Slovenska putin place a number of legal instruments with aview to ensuring the integration of Národnábanka Slovenska into the Eurosystem on1 January 2009. The Eurosystem’s legalframework was adapted as a consequence ofthe decision taken by the ECOFIN Councilon 8 July 2008 to abrogate the derogation ofSlovakia 1 . The introduction of the euro inSlovakia and the integration of the central bankinto the Eurosystem also required changes tosome Slovak legal instruments.As regards legal preparations for the integrationof Národná banka Slovenska into theEurosystem, the ECB adopted the necessarylegal instruments to provide for the paying-upof the remaining capital and the transfer offoreign reserves to the ECB. 7 The ECB alsoreviewed its legal framework and introduced,where necessary, amendments resulting fromNárodná banka Slovenska’s membership of theEurosystem. This included a review of Slovaklegislation implementing the Eurosystem’s legalframework for monetary policy and TARGET2,which enabled Slovak counterparties toparticipate in the Eurosystem’s open marketoperations from 2 January 2009. The ECB alsoadopted a decision on transitional provisions forthe application of minimum reserves by theECB following the introduction of the euro inSlovakia. 8 Finally, the ERM II agreement 9 wasterminated for Národná banka Slovenska.By the end of 2007 Národná banka Slovenska’sstatute had been brought into line withrecommendations in the ECB’s 2004 and 2006Convergence Reports. Slovakia consulted theECB on the draft amendments to the statute ofNárodná banka Slovenska on 20 July 2007 andthe ECB adopted an opinion proposing certainchanges, which were reflected in the finalversion of the statute. 2The ECOFIN Council’s decision of 8 July 2008entailed amendments to Council Regulation(EC) No 974/98 to enable the introductionof the euro in Slovakia 3 , and the adoptionof Council Regulation (EC) No 694/2008 4amending Regulation (EC) No 2866/98, whichdetermined the irrevocably fixed exchange rateof the euro vis-à-vis the Slovak koruna. TheCouncil consulted the ECB on its proposalsfor both these regulations, on which the ECBadopted an opinion 5 . The ECB was alsoconsulted on national legislation governingthe euro changeover, payment and settlementsystems, rounding rules and currency circulationin Slovakia. 6123456789Council Decision 2008/608/EC of 8 July 2008 in accordancewith Article 122(2) of the Treaty on the adoption by Slovakiaof the single currency on 1 January 2009, OJ L 195, 24.7.2008,p. 24.CON/2007/43.Council Regulation (EC) No 693/2008 of 8 July 2008 amendingRegulation (EC) No 974/98 as regards the introduction of theeuro in Slovakia, OJ L 195, 24.7.2008, p. 1.Council Regulation (EC) No 694/2008 of 8 July 2008 amendingRegulation (EC) No 2866/98 as regards the conversion rate tothe euro for Slovakia, OJ L 195, 24.7.2008, p. 3.CON/2008/28.CON/2008/18, CON/2008/23, CON/2008/25, CON/2008/27,CON/2008/40 and CON/2008/86.Decision ECB/2008/33 of 31 December 2008 on the paying-upof capital, transfer of foreign reserve assets and contributionsby Národná banka Slovenska to the European Central Bank’sreserves and provisions, OJ L 21, 24.1.2009, p. 83.Decision ECB/2008/14 of 28 October 2008 on transitionalprovisions for the application of minimum reserves by the ECBfollowing the introduction of the euro in Slovakia, OJ L 319,29.11.2008, p. 73.Agreement of 8 December 2008 between the ECB and thenational central banks of the Member States outside the euro areaamending the Agreement of 16 March 2006 between the ECBand the national central banks of the Member States outside theeuro area laying down the operating procedures for an exchangerate mechanism in stage three of economic and monetary union,OJ C 16, 22.1.2009, p. 10.142 ECBAnnual Report2008