HC Deb 21 October 1992 vol 212 cc311-2W
Mr. Cash

To ask the Chancellor of the Exchequer what privileges and immunities Her Majesty's Government have assessed to be necessary for the performance of the tasks of the European central bank in the territories of the member states under article 40 of the protocol to the Maastricht treaty on European central banks.

Mr. Nelson

The relevant privileges and immunities are set out in the protocol on the privileges and immunities of the European Communities annexed to the treaty establishing a single Council and a single Commission of the European Communities—sometimes known as the merger treaty. This is published in the Official Journal of the European Communities, No. 152, 13 July 1967, and reproduced in the full edition of "Treaties establishing the European Communities" published by the office for official publications of the European Communities. In addition, the protocol amending the protocol on the privileges and immunities of the European Communities annexed to the treaty on European union would exempt the European central bank from liability to tax on increases in its capital and from liability to turnover tax.

Mr. Cash

To ask the Chancellor of the Exchequer what sanctions exist to ensure the compliance of national central banks with the instructions of the European central bank under article 14.3 of the protocol to the Maastricht treaty on European central banks.

Mr. Nelson

If the European central bank were to consider that a national central bank has failed to fulfil an obligation under the statute, it may bring the matter before the European Court of Justice under the procedure in article 35.6.

Mr. Cash

To ask the Chancellor of the Exchequer, pursuant to article 15 of the protocol to the Maastricht treaty on European central banks, what(a) efforts have been made to ensure the harmonisation of national central banks' accounting practices and (b) what estimates have been made of the cost of article 15.4.

Mr. Nelson

Article 26.4 of the protocol on the statute of the European system of central banks and of the European central bank—ECB—provides for the governing council of the ECB to establish the necessary rules for standardising the accounting and reporting of national central bank operations.

It is not possible to estimate the cost to the ECB of issuing reports under article 15.4.