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Committee on Economic and Monetary Affairs
PROVISIONAL 2001/0805(CNS)
18 June 2001
* DRAFT REPORT
on the recommendation for a Council regulation concerning an amendment to Council Regulation (EC) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank (ECB/2001/2 – C5-0141/2001 – 2001/0805(CNS))
Committee on Economic and Monetary Affairs
Rapporteur: Christa Randzio-Plath
PR\437749EN.doc PE 304.707
EN EN Symbols for procedures
* Consultation procedure majority of the votes cast **I Cooperation procedure (first reading) majority of the votes cast **II Cooperation procedure (second reading) majority of the votes cast, to approve the common position majority of Parliament’s component Members, to reject or amend the common position *** Assent procedure majority of Parliament’s component Members except in cases covered by Articles 105, 107, 161 and 300 of the EC Treaty and Article 7 of the EU Treaty ***I Codecision procedure (first reading) majority of the votes cast ***II Codecision procedure (second reading) majority of the votes cast, to approve the common position majority of Parliament’s component Members, to reject or amend the common position ***III Codecision procedure (third reading) majority of the votes cast, to approve the joint text
(The type of procedure depends on the legal basis proposed by the Commission)
Amendments to a legislative text
In amendments by Parliament, amended text is highlighted in bold italics. Highlighting in normal italics is an indication for the relevant departments showing parts of the legislative text for which a correction is proposed, to assist preparation of the final text (for instance, obvious errors or omissions in a given language version). These suggested corrections are subject to the agreement of the departments concerned.
PE 304.707 2/6 PR\437749EN.doc
EN CONTENTS
Page
PROCEDURAL PAGE...... 4
LEGISLATIVE PROPOSAL...... 5
DRAFT LEGISLATIVE RESOLUTION...... 5
EXPLANATORY STATEMENT ...... 6
PR\437749EN.doc 3/6 PE 304.707
EN PROCEDURAL PAGE
By letter of 6 April 2001 the Council consulted Parliament, pursuant to Article 107 of the EC Treaty, on the recommendation of the European Central Bank for a Council regulation concerning an amendment to Council Regulation (EC) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank (ECB/2001/2 - 2001/0805 (CNS)).
At the sitting of 2 May 2001 the President of Parliament announced that she had referred this recommendation to the Committee on Economic and Monetary Affairs as the committee responsible (C5-0141/2001).
The Committee on Economic and Monetary Affairs appointed Christa Randzio-Plath rapporteur at its meeting of 28 May 2001.
It considered the recommendation of the European Central Bank and draft report at its meeting(s) of.
At the latter/last meeting it adopted the draft legislative resolution by … votes to …, with … abstention(s)/unanimously.
The following were present for the vote: …, chairman/acting chairman; ... (and ...), vice- chairman/vice-chairmen; …, rapporteur; ..., ... (for ...), ... (for ... pursuant to Rule 153(2)), ... and ... .
The report was tabled on ….
The deadline for tabling amendments will be indicated in the draft agenda for the relevant part-session/is … a.m./p.m. on ….
PE 304.707 4/6 PR\437749EN.doc
EN LEGISLATIVE PROPOSAL
Recommendation for a Council regulation concerning an amendment to Council Regulation (EC) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank (ECB/2001/2 – C5-0141/2001 – 2001/0805(CNS))
The proposal is approved.
DRAFT LEGISLATIVE RESOLUTION
European Parliament legislative resolution on the recommendation for a Council regulation concerning an amendment to Council Regulation (EC) No 2531/98 of 23 November 1998 concerning the application of minimum reserves by the European Central Bank (ECB/2001/2 – C5-0141/2001 – 2001/0805(CNS))
(Consultation procedure)
The European Parliament,
– having regard to the recommendation of the European Central Bank to the Council (ECB/2001/21),
– having been consulted by the Council pursuant to Article 107 of the Treaty establishing the European Community (C5-0141/2001),
– having regard to Rule 67 of its Rules of Procedure,
– having regard to the report of the Committee on Economic and Monetary Affairs (A5-0000/2001),
1. Approves the recommendation of the European Central Bank;
2. Calls on the Council to notify Parliament should it intend to depart from the text approved by Parliament;
3. Asks to be consulted again should the Council intend to amend the recommendation of the European Central Bank substantially;
5. Instructs its President to forward its position to the Council, the Commission and the European Central Bank.
1 OJ C 89, 20.3.2001, p. 4.
PR\437749EN.doc 5/6 PE 304.707
EN EXPLANATORY STATEMENT
The text on which we are being consulted by the Council is a recommendation of the European Central Bank concerning an amendment to Council Regulation (EC) No 2531/98 with regard to the procedure for judicial review of sanctions imposed by the Executive Board of the ECB.
Whenever the ECB Executive Board imposes a sanction pursuant to Article 19 of its Statute, the undertaking concerned may request a review by the Governing Council of the decision. If no decision has been taken by the latter within a specified period, normally two months, the party on which the sanction has been imposed may request judicial review by the Court of Justice.
Sanctions for non-compliance with requirements in respect of minimum reserves are the exception to the rule; in this case, the period for review is only 15 days.
The experience of the ECB in the last few years has shown that this 15-day period is too short to allow the Governing Council to carry out a comprehensive review and to take a decision complying with all of the procedural requirements, and in particular those arising from the rights of the undertaking concerned. This means that the latter is entitled, after the expiry of the 15-day period, to lodge a request for judicial review, without the Governing Council having been able to deliver a decision.
In order to avoid the review procedure being bypassed in this way, the ECB proposes that the clause in the regulation providing for an exception for sanctions for non-compliance with the rules on minimum reserves be deleted, so that they would also be subject to the general period for review of two months.
Adjusting the procedural rules in this way in the light of the experience of the first years of operation would seem justified in order to avoid bypassing of ECB bodies and premature lodging of requests for judicial review by the Court of Justice. It will also help ensure that the right of defence of the undertakings concerned is respected within the context of the review procedure.
Accordingly, it is proposed that the recommendation of the ECB be approved without amendments.
PE 304.707 6/6 PR\437749EN.doc
EN