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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