2014/114/EU: Guideline of the European Central Bank of 28 November 2013 amending Guideline ECB/2008/5 on the management of the foreign reserve assets of the European Central Bank by the national central banks and the legal documentation for operations involving such assets (ECB/2013/45)

‘1 Each euro area NCB shall be entitled to participate in the operational management of the foreign reserve assets transferred to the ECB. A euro area NCB may decide to: (a) abstain from such management or (b) pool such management with one or more other euro area NCBs. If a euro area NCB decides to abstain from such management, then the other euro area NCBs shall manage the assets that otherwise would have been managed by the abstaining euro area NCB. A request by a euro area NCB to the ECB or another euro area NCB to assume certain tasks whilst retaining other tasks relating to the management of the foreign reserve assets transferred to the ECB shall also be possible. The ECB and the relevant euro area NCB are free to consent to or to reject such a request.’

This Guideline shall take effect on the day of its notification to the euro area NCBs.

This Guideline is addressed to the euro area NCBs.