Decision (EU) 2015/716 of the European Central Bank of 12 February 2015 amending Decision ECB/2004/2 adopting the Rules of Procedure of the European Central Bank (ECB/2015/8) (c. 8)

Article 1 U.K. Amendment to the Rules of Procedure of the European Central Bank

Decision ECB/2004/2 is amended as follows:

1.

Article 4.7 is replaced by the following:

‘Unless specifically provided for in Article 4.8, decisions may also be taken by written procedure, unless at least three members of the Governing Council object. A written procedure shall require: (i) normally not less than 5 working days for consideration by every member of the Governing Council; (ii) the express or tacit personal approval of each member of the Governing Council (or his/her alternate in accordance with Article 4.4); and (iii) a record of any such decision in the minutes of the subsequent meeting of the Governing Council. Decisions to be taken by written procedure shall be approved by the members of the Governing Council with a voting right at the time of approval.’;

2.

the following paragraphs are added to Article 4:

‘4.8 Within the scope of Articles 13g to 13i, decisions may also be taken by written procedure, unless at least five members of the Governing Council object. A written procedure shall require a maximum of 5, or in the case of Article 13h, 2 working days for consideration by every member of the Governing Council.

4.9 For any written procedure, a member of the Governing Council (or their alternate in accordance with Article 4.4) may expressly authorise another person to sign their vote or comment on substance as approved by them in person.’