Guideline of the European Central Bank of 19 June 2008 amending Guideline ECB/2006/9 on certain preparations for the euro cash changeover and on frontloading and sub-frontloading of euro banknotes and coins outside the euro area (ECB/2008/4)

‘11 A future Eurosystem NCB shall report the following to the ECB and to the delivering Eurosystem NCB(s), taking into account the requirements laid down in a separate legal instrument: (a) the final total amount of frontloaded and sub-frontloaded euro banknotes (broken down by denomination); and (b) the final total amount of frontloaded and sub-frontloaded euro coins (broken down by denomination).’.

‘1 A future Eurosystem NCB shall prohibit eligible counterparties (including their appointed agents) from disposing of the euro banknotes and coins delivered to them before 00:00 (local time) on the cash changeover date, unless otherwise provided for by this Guideline. In particular, the future Eurosystem NCB shall require that eligible counterparties, including their appointed agents, store the frontloaded euro banknotes and coins in their vaults or in the vaults of their appointed agents, if any, separately from any other euro banknotes and coins, other currency and other property, and safely in order to avoid destruction, theft, robbery or any other cause of early circulation.’;

‘3 In order to verify the presence of the frontloaded euro banknotes and coins and the arrangements under which the eligible counterparties carry out sub-frontloading, eligible counterparties, including their appointed agents, shall grant their future Eurosystem NCB the right to audit and inspect their premises. The future Eurosystem NCB may entrust another competent public authority with the audit and inspection of such premises, in which case the ECB shall be informed.’.

‘3 By derogation from the sub-frontloading procedure described in paragraph 2, the following simplified sub-frontloading procedure shall apply, amongst professional third parties, to retailers under the following conditions: (a) the retailer is a micro enterprise as defined in Commission Recommendation 2003/361/EC of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises , i.e. it employs fewer than 10 persons and has an annual turnover and/or annual balance sheet total that does not exceed EUR 2 million; (b) the face value of the euro banknotes and coins sub-frontloaded to a retailer do not exceed EUR 10000 in total; (c) the retailer shall sign a standard form prepared by the future Eurosystem NCB in which it agrees not to dispose of the sub-frontloaded euro banknotes and coins before 00:00 (local time) on the cash changeover date. No other contractual arrangements shall be necessary; and (d) the retailer shall store sub-frontloaded euro banknotes and coins as required under Article 10(a), and paragraph 2(d) shall apply accordingly.

‘4 Under the conditions mentioned in paragraph 3, simplified sub-frontloading may only occur five calendar days before the cash changeover date. The value in the legacy currency corresponding to the face value of the euro banknotes and coins sub-frontloaded by an eligible counterparty to a retailer under the simplified sub-frontloading procedure shall be blocked on the retailer’s account with the eligible counterparty, and debited on the cash changeover date.’.

This Guideline shall enter into force on the day following its publication in the Official Journal of the European Union.

This Guideline is addressed to the NCBs of participating Member States.