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Opinions of the European Central Bank

Opinions of the European Central Bank are legal acts adopted by the Governing Council on the basis of article 34 of the Statute of the European System of Central Banks and of the European Central Bank and issued on the basis of article 127 §4 of the Treaty on the Functioning of the European Union and article 4 of the Statute of the European System of Central Banks and of the European Central Bank. The European Central Bank is consulted by national authorities on any Luxembourgish draft legislative provision falling within its field of competence.

According to the Council Decision of 29 June 1998 on the consultation of the European Central Bank by national authorities regarding draft legislative provisions, the European Central Bank’s field of competence concern in particular the following matters :

  • currency matters;
  • means of payment;
  • national central banks;
  • the collection, compilation and distribution of monetary, financial, banking, payment systems and balance of payment statistics;
  • payment and settlement systems;
  • rules applicable to financial institutions insofar as they materially influence the stability of financial institutions and markets.

Opinions concerning the Grand Duchy of Luxembourg are accessible either from the European Central Bank’s website or from this website.

Year 2015
Opinion of 20 November 2015 (CON/2015/48) on the recovery and resolution of credit institutions and investment firms and for deposit guarantee and compensation schemes
Year 2014
Opinion of 26 June 2014 (CON/2014/46) on a systemic risk committee
Year 2013
Opinion of 18 December 2013 (CON/2013/90) on public finances
Year 2012
Opinion of 7 September 2012 (CON/2012/69) on a capital increase of the Banque centrale du Luxembourg
Opinion of 24 January 2012 (CON/2012/3)  on dematerialised securities
Year 2011
Opinion 18 October 2011 (CON/2011/82) on a State guarantee covering certain loans granted to Dexia SA and Dexia Crédit Local SA
Year 2010
Opinion of 5 November 2010 (CON/2010/78) on amendments to the legislation on financial collateral arrangements as regards credit claims
Year 2009
Opinion of 14 May 2009 (CON/2009/46) on broadening the Banque centrale du Luxembourg’s oversight role by a draft law on payment services, electronic money institutions and settlement finality in payment and securities settlement systems
Opinion of 27 January 2009 (CON/2009/7) on the Banque centrale du Luxembourg's role in the compilation of certain statistics
Year 2008
Opinion of 10 September 2008 (CON/2008/42) on amendments enabling the Banque centrale du Luxembourg to contribute more effectively to financial stability and clarifying the minimum reserve requirements regime
Opinion of 15 April 2008 (CON/2008/17) on the powers of the Banque centrale du Luxembourg and on its agents' pension scheme
Year 2006
Opinion of 11 December 2006 (CON/2006/56) on markets in financial instruments
Year 2005
Opinion of 25 May 2005 (CON/2005/12) on financial collateral arrangements
Year 2004
Opinion of 4 February 2004 (CON/2004/3) on the establishment of a specific legal framework for securitisation transactions
Year 2002
Opinion of 7 June 2002 (CON/2002/17) on the Regulation on the designation of the competent national authorities with regard to counterfeiting
Year 2001
Opinion of 26 September 2001 (CON/2001/28) on a Regulation relating to a derogation from the provisions concerning State officials or probationer officials in respect of agents of the Banque centrale du Luxembourg subject to public law status
Opinion of 28 June 2001 (CON/2001/16) on an Act concerning the approval of the International Convention for the Suppression of Counterfeiting Currency, and the Protocol thereto; and the amendments to certain provisions of the Penal Code and the Code of Criminal Procedure
Opinion of 26 April 2001 (CON/2001/7) on a Regulation concerning the 2002 euro cash changeover and amending certain legislative provisions
Year 2000
Opinion of 9 October 2000 (CON/2000/18) on an Act on the circulation of securities and other financial instruments and transfer of title by way of security (amending and completing several other acts)
Opinion of 12 July 2000 (CON/2000/11) on electronic commerce
Opinion of 20 January 2000 (CON/1999/19) on the implementation of Directive 98/26/EC on settlement finality in payment and securities settlement systems (Settlement Finality Directive)
Year 1999
Opinion of 20 December 1999 (CON/1999/22) relating to exchange control
Opinion of 25 November 1999 (CON/1999/17) on the contractual obligations of the financial sector due on 31 December 1999
Year 1998
Opinion of 5 November 1998 (CON/1998/45) on the recording of foreign payments and the establishment of the balance of payments
Opinion of 20 October 1998 (CON/1998/48) on the redenomination of the capital of commercial companies in euro and rounding
Opinion of 23 September 1998 (CON/1998/39) on the Statute of the Banque centrale du Luxembourg and the creation of a commission charged with the surveillance of the financial sector
Opinion of 17 July 1998 (CON/1998/28) on foreign payments of the Belgium-Luxembourg Economic Union and the current account of the Kingdom of Belgium
Year 1995
Opinion of 05 October 1995 (CON/1995/14) on monetary financing
Year 1994
Opinion of 12 April 1994 (CON/1994/1) on the monetary statute of the Grand-Duchy of Luxembourg