PA 2011 15 03 Secretary Reply to Original Application

1.1 MB·English

Mr Gavin Sheridan
ask-request 34-b9.2768efasktheeu org,

9 Jamary 2012
I siPed in2F

Public esses to ECB dcunaents

Dear Mr Sheridan,

(019 Desember 2011, the Earopean Centma Dunk (ECB) received yout request for access 10 “any and
lf comnuenicatonsjrom the ECB edinessed 1a the Irish Finance Minister (or hls arect afc n he
musth of November 2010"

‘We wool like to inform yeu that ducing the woath of Novernber 2010, the EC sant tw lttee fram
the ECR President ta the Irish Finunve Minister aad ao counzaunication was tent his dest office

‘he fit eter, dated 18 November 2019, concerns the cansultston ofthe ECB by national suhoriies
on the national inglementarion of Vireetive 200K4EC of the Emopean Puslinaaenl wud of dhe
Coumil of 6 May 2009 amending Diretive 9826°EC om setlement null in payzent and securities
setilemen systems and Directive 2002/47EC un Gneacia] vollateral arangements as regards linked

systems and oredt claims

Following a dhuroagh wssesment of this fear, in line with the requirements estublided by Ohe
Lccsion ofthe European Central Bank af 4 March 2004 (CCB{2004/7) um publi access to Europese
Central ak documents, there are no graunds for refusing access 10 it and therefore i is disclosed
you it fll fee artachment)

‘the second Inter, dnied 19 Novembor 2011, is 2 strielly confidential comunicaion between the
ECE President wad the Irish Minister of ince and coucems messires addressing. the
cstraordaurly severe and difficult atuaton ofl rsh fvancil stor and weir reporcustins om the
‘nnegrity ofthe uo area mnctary policy und he stability ofthe Irish financial sector.
Following « Gotovgh asscaament of the letter, in line wit the requirements established by the
Hecision ECB:20083 on public assess to Europes Cenuat Bank dowuments the FCB cannot grant
cues to this document sinee the disclosure ofits content beyund whl is deseibed abuse would
‘uulcomine the protection ofthe public inerest as regards the monetary potiey af the Union (cond
indent of Anicle 41a) of ECD Desision on public avoess) and as regards the stability of she

nancial systeas i a Member Suto (Seventh indent of Article 4(2%a) of LCI Decision om publis

aecess

‘the ECB must be ina positon to convey pertinent and candid measages to Eoroptan and national
suthortes in the manner judged to be the ast effective ta serve the pubic interest aw regurds the
tsa effective informal and
ceuntiomtial communication must be pestble and shoold wot be wndcrmined by the prospect of

ulimsnt of its mandate, If mquired and in the best interetwf the publ

publicity. In this cas, the confidential comvmunicaion was ained at diseusing measures conducive
taprotecting the ctfbetiveness und integrity of the ECB's monetary policy and fostering an
envionment that vidinately cuntebmtes tn sestoring confidence: among investors in the overall
solvency and sustainability of the Iish financial sector and iaekots, which, in tun, is of averiding
‘importance far the smoeth conduet oF monetary policy.

‘We should Tike to daw your attention tothe Le hat in Hine with Article LO af the KC Decision on
public acces to ECD documents (ECIV2004) “documents released shall nit be reproduced or
exploited for commetcial purposes without the EC's prior speciti authorisation. The ECB may
‘tho swoh wuthuristion without sacing reasons.”

Morcover, far te sake af goal urder, we woul Leto faform you thet i fine with Artiofe 7.2 af the
HCE Decision on public access “inthe event of total ot partial refs, the applicant may, within 20
working days of receiving the ECR's reply, make @ snafimatory application asking the ECB"

executive Board to reeonsider its position”

‘With kind rogad,

ltllhu

7 ome er gen onan Ssemer
Pint ener! Secor Langage eves tea Seca Dine
JeenChud TRCHET

Mr rian Leen

asasteand Minister fo Fince

Depatment of Fines

Goverment Builings

Upper Mercian Stes November 2010
Hae \wernonase
ireland

Des Minne

Tine ECB his reenly been iniermally asked hy some rational authorities wieer te BCR should be
consulted ofthe ratczalimpienisntaion of Dsctive 209244/EC of the Lunepeun Palianiew a of the

(Council 9°6 May 2009 amzing Diestte 98:267FC wn seller finality payne al secu es

serloment syatens and Directive 22 TEC on finncialcolletstal arr gements as regards Hikes

Tn its alviery Saetio, the ECT sends res 19 respond to aay fovmal or inform vohutary nations!
‘casas #ae yor may ws o state und fer guidance on the wanspestion measures prepa fr

Trclané even i here so farm bligaton to consah, whic the eae.

Article 12) 0 Chuneil Decision 9R5115VFC of 29 Jane 1998 on

ke censilation ofthe European Car
‘ark bs rational authorities egurding drat epslatve provisions’ doss not fomlly blige salon
suboriies t2 consult the ECR if che excnsive pupnse oF da national leesative provsions 6 the

Irarspestion FFL Dvetives

fs you fon, the BCB socks 10 promote proactively harmowised EUs implmsentacon af Direstve

20007S21L0 inthe leisation wf the Meher Sas in oder to Feser meximun transparssy and legal
certainty Rae the elosely connested payment and seeuries stleriea sysiems and 4 ensire a tevel

loyingsekl thmughout she Laropean Lion. The ECR would therefore see ment i vation
implementsion measores are shared ith the ECR hoforeadoosion. as a way 40 fuilitte consistency
moa Member Sites an level plain ied in his ava, Te ECW as a cent point would beable to
compare natura) inplsnicitation measures, ler ip eases of isousistencies, and recommend best

practices fcghout the Union,

‘Tre interest a the ECR is based on dhe inportane of Dietive 2009540/EC far the promotion of the
smooth operation of paginent sysens the Union and for the mobilisation of adtional pes of
alas in eet operations. The iaplsmentaton of the following aspect of Dicetve 2009:4/EC is of
particslaimgonarce to the CCB,

(0) 4s rogards she ameséments tthe Settlement Fanaiy Delve, the pratetinn 9 aighetime
setlement ant inttcomnovted systens owing t th expected increase mn spe inteine-abi
ier alia in fine with the Markets in Financial Insunenss Pctive and the European Cade of
Conduct tor Clery aid Setorent, considering Ut thse changes are erin to TARGET®:

Securitas (728)! and TARGET"

(2) as regards the amennients ofthe Collateral Ditetise the mabilistion of srdit claims as
colluieel fn etedt operations in cir ails their use dem aghout the Ulon, consider that

‘ust caller is inyportent fr the contervaties of Eurnsystem monetary policy operations

In any ease, soy of she srminen Fin saion ofthe tarsposit proces i Irken,L wall also lise
ti kindly referte ECR Opinion CON:2008'37 wf 7 August 2008 onthe propos! fra dirserive anening
Direstve 8N26°EC and Dircetive 200247EC', whicr nay be helpful for she Deputnent of Finanse
‘sben tansposing Diretive 2000/447EC notion Ta.

Yours sincerely