tailieunhanh - PROTOCOL ON THE STATUTE OF THE EUROPEAN SYSTEM OF CENTRAL BANKS AND OF THE EUROPEAN CENTRAL BANK

Concerning the first threshold, we do not see any reason to refer to the volume of the Available for Sale portfolio (AfS). The AfS portfolio is a banking book portfolio which is widely used for asset/liability steering purposes. The volume of this portfolio is not a good indicator for the volume of proprietary trading. In page 101 of the Report it is clearly set out that these assets shall not be included in the ring-fence. Also the held for trading portfolio as such is not a good indicator as this portfolio covers not only proprietary trading. The needed volume. | PROTOCOL ON THE STATUTE OF THE EUROPEAN SYSTEM OF CENTRAL BANKS AND OF THE EUROPEAN CENTRAL BANK THE HIGH CONTRACTING PARTIES DESIRING to lay down the Statute of the European System of Central Banks and of the European Central Bank provided for in Article 8 of the Treaty establishing the European Community HAVE AGREED upon the following provisions which shall be annexed to the Treaty establishing the European Community. CHAPTER I CONSTITUTION OF THE ESCB Article 1 The European System of Central Banks . The European System of Central Banks ESCB and the European Central Bank ECB shall be established in accordance with Article 8 of this Treaty they shall perform their tasks and carry on their activities in accordance with the provisions of this Treaty and of this Statute. . In accordance with Article 107 1 of this Treaty the ESCB shall be composed of the ECB and of the central banks of the Member States national central banks . The Institut monétaire luxembourgeois will be the central bank of Luxembourg. CHAPTER II OBJECTIVES AND TASKS OF THE ESCB Article 2 Objectives In accordance with Article 105 1 of this Treaty the primary objective of the ESCB shall be to maintain price stability. Without prejudice to the objective of price stability it shall support the general economic policies in the Community with a view to contributing to the achievement of the objectives of the Community as laid down in Article 2 of this Treaty. The ESCB shall act in accordance with the principle of an open market economy with free competition favouring an efficient allocation of resources and in compliance with the principles set out in Article 4 of this Treaty. Article 3 Tasks . In accordance with Article 105 2 of this Treaty the basic tasks to be carried out through the ESCB shall be to define and implement the monetary policy of the Community to conduct foreign-exchange operations consistent with the provisions of Article 111 of this Treaty to hold and manage the official .