EP - Transfer of currency reserves

Parliamentary questions
7 February 2003	E-0276/03
WRITTEN QUESTION by Wolfgang Ilgenfritz (NI) to the Council

Subject:  Transfer of currency reserves

Answer(s)

Transfers of currency reserves have reportedly taken place in Belgium, the Netherlands and Italy without objections being raised by the competent EU authorities. Have currency reserves held by national banks in fact been transferred and can these reserves then be used freely on the basis of national budget decisions (e.g. to finance public road-building or research)? Must EU authorities, and if so, which ones, authorise such transfers, or can such a decision be taken solely at national level? What volume of currency reserves are available for transfer in the individual countries involved? 3 May 2003 E-0276/2003 Reply In accordance with Article 31 paragraph 2 of the Statute of the ESCB and the ECB and subject to Article 23 thereof (fulfilment of external obligations of national central banks), operations in foreign reserve assets remaining with the national central banks after the obligatory transfers of such assets to the ECB for the purposes of the monetary policy of the Community, are subject to approval by the ECB in order to ensure their consistency with the exchange rate and monetary policies of the Community. Source: http://www.europarl.europa.eu/sides/getAllAnswers.do?reference=E-2003-0276&language=EN