Examples of ESCB Statute in a sentence
The contribution key for subscribing to ESM authorised capital stock shall, subject to paragraphs 2 and 3, be based on the key for subscription, by the national central banks of ESM Members, of the ECB's capital pursuant to Article 29 of Protocol (No 4) on the Statute of the European System of Central Banks and of the European Central Bank (the "ESCB Statute") annexed to the Treaty on European Union and to the TFEU.
Pursuant to Article 28 of the ESCB Statute, the ESCB national central banks are the sole subscribers to the capital of the ECB.
Decisions about certain issues involving Treaties governing European Communities and ESCB Statute.
The legal set-up of the ECB (Article 18.1 of the ESCB Statute) states that in order to achieve its objectives and to carry out its tasks, the ECB may “inter alia conduct credit operations with credit institutions and other market participants.” However, since the outset, the ECB decided to work only with banks as counterparties due to their dominant role in the euro area financial system.
Subscriptions depend on the participating interests fixed in accordance with Article 29 of the ESCB Statute based on each country’s share in the total population and gross domestic product of the ESCB countries per data furnished by the European Commission.
Inside the euro area (EA) this income is currently collected by the European Central Bank (ECB) and distributed among the national central banks of the EA Member States according to the ECB capital key (Article 32 ESCB Statute).
In particular, the provisions concerning grounds for dismissal of Council members should reflect the ESCB Statute more closely, while the reporting obligations on monetary policy should only be ex-post, in order to prevent any possibility of external influence.
The different features which make up independence may be grouped into three categories: institutional, personal and financial independence.21 In particular concerning personal independence, the ESCB Statute contains specific provisions, for example, on the term of office of the governor of a national central bank and the grounds for his dismissal (Article 14.2 ESCB Statute).
The ECB’s role, on the basis of Article 14.4 of the ESCB Statute, is thus limited to ensuring that ELA provision does not interfere with the ESCB’s tasks and objectives.
Article 14.4 of the ESCB Statute grants the ECB a possible veto right in order to ensure that an ELA provision does not interfere with the ESCB’s tasks and objectives (most notably with the implementation of monetary policy in the euro area).