guidelin european central bank januari adopt provis cash changeov ecb ec govern council european central bank regard treati establish european commun hereinaft refer quot treati quot articl thereof articl statut european system central bank european central bank hereinaft refer quot statut quot articl council regul ec introduct euro januari ecb central bank particip member state put circul banknot denomin euro frontload euro banknot januari target group allevi logist burden relat introduct euro contribut reduc cost dual currenc circul end transit period frontload euro banknot effect anticip circul euro banknot gener public euro banknot legal tender statu januari restrict observ order avoid put euro banknot circul januari frontload euro banknot credit institut appoint agent frontload organis put place statutori contractu arrang set nation central bank ncb particip member state credit institut januari euro banknot account balanc sheet full face legal certainti pursuant articl regul ec banknot legal tender januari frontload banknot debit date debit model guidelin debit model take account addit cash hold caus cash changeov mean cover credit risk frontload account mean involv retent ownership asset collater arrang cash collater form deposit dedic account remuner rate appli minimum reserv form deem ncb long frontload banknot coin remain properti ncb insur polici mean cover risk damag theft robberi penalti claus inspect audit order cover risk anticip public frontload euro banknot sole purpos verifi presenc frontload banknot frontload euro banknot logist oper aim facilit implement nation cash changeov scenario ncb primarili respons implement guidelin ncb endeavour follow unbureaucrat flexibl approach account nation peculiar attempt minimis burden credit sector order ensur smooth cash changeov acknowledg primari compet establish regim issuanc euro coin li particip member state ncb plai essenti role distribut euro coin provis guidelin relat euro coin supplementari natur appli ncb framework set compet nation author accord articl statut ecb guidelin form integr part commun law adopt guidelin chapter gener provis articl definit purpos guidelin quot cash transit compani quot cit entiti provid transport storag handl servic banknot coin credit institut quot credit institut quot institut elig monetari polici oper accord guidelin ecb european central bank monetari polici instrument procedur eurosystem august quot eurosystem quot nation central bank particip member state ncb ecb quot euro area quot territori particip member state quot frontload quot physic deliveri euro banknot coin ncb credit institut appoint agent septemb decemb statutori contractu arrang set ncb ncb credit institut quot ncb quot nation central bank particip member state quot particip member state quot belgium germani greec spain franc ireland itali luxembourg netherland austria portug finland quot frontload quot deliveri euro banknot coin credit institut appoint agent parti septemb decemb contractu arrang set credit institut appoint agent parti chapter ii frontload articl elig counterparti ncb entitl frontload euro banknot coin credit institut ncb credit institut appoint cit entiti automatia finland account ncb act behalf credit institut appoint agent frontload ncb entitl frontload euro banknot coin institut refer indent articl direct ec european parliament council march relat take pursuit busi credit institut amend direct ec septemb provid deposit servic privat individu ncb nation post offic account ncb receiv euro banknot coin frontload purpos articl deliveri ncb start frontload credit institut appoint agent septemb ncb requir credit institut appoint agent frontload euro banknot coin safe custodi ncb prohibit credit institut appoint agent dispos euro banknot deliv pursuant januari local time provid guidelin articl properti right frontload euro banknot frontload euro banknot remain properti ncb januari local time event arrang retent ownership consid ncb legal feasibl legal enforc elig asset defin articl provid collater ncb right frontload euro banknot asset provid collater parallel arrang retent ownership articl coverag risk damag theft robberi banknot coin ncb ensur credit institut appoint agent case cover risk damag theft robberi frontload banknot coin remain properti ncb subscrib insur polici mean condit frontload address insur risk credit institut appoint agent case exclus respons articl prevent anticip public order ascertain complianc credit institut appoint agent oblig prevent anticip public frontload euro banknot sole purpos verifi presenc frontload banknot ncb provid audit inspect provis includ statutori contractu arrang set frontload articl contractu statutori penalti breach credit institut appoint agent oblig includ limit put act conduc put euro banknot circul januari deem damag eurosystem object smooth cash changeov subject payment contractu statutori penalti requir ncb amount proport respect damag penalti requir ncb regulatori framework provid equival level protect set particip member state question articl escb report purpos draw weekli consolid financi statement consolid balanc sheet escb eurosystem septemb decemb amount frontload euro banknot coin record balanc sheet face ncb januari euro banknot coin regard balanc sheet item actual record requir conduct busi dai januari amount frontload banknot record banknot circul figur actual record requir conduct busi dai differ amount frontload banknot amount banknot debit account credit institut appoint agent ncb treat collateralis remuner loan paid back accord provis laid articl articl debit credit euro banknot coin frontload credit institut appoint agent debit respect account ncb case face quot linear debit model quot frontload sum januari januari januari euro banknot coin deliv credit institut appoint agent januari debit respect account ncb case current practic euro banknot coin return credit institut appoint agent januari credit respect account ncb case current practic banknot coin denomin nation currenc unit return credit institut appoint agent credit respect account ncb case current practic articl coverag credit risk elig asset defin articl provid ncb close busi busi dai latest collater amount frontload banknot coin deliv decemb asset refer articl submit arrang accord guidelin ecb suffici collater maintain discharg guarante oblig articl elig asset asset consid elig collater eurosystem credit oper accord ecb guidelin ecb asset approv govern council propos ncb elig collater frontload frontload cash form deposit dedic account remuner rate appli minimum reserv form deem ncb provid elig collater articl statist aspect purpos applic regul ec european central bank decemb consolid balanc sheet monetari financi institut sector amend regul ec august ncb ensur mfi record balanc sheet posit transact relat frontload banknot coin septemb decemb articl distribut branch establish insid euro area subject condit laid guidelin ncb credit institut appoint agent distribut frontload banknot septemb branch establish insid euro area articl distribut branch headquart locat euro area subject condit laid guidelin deliveri collater articl ncb credit institut appoint agent distribut frontload banknot decemb branch headquart locat euro area chapter iii frontload articl deliveri condit ncb credit institut appoint agent frontload euro banknot coin parti septemb decemb frontload credit institut appoint agent place risk full respons subject condit laid ncb accord guidelin ncb subject frontload credit institut appoint agent report oblig ncb requir credit institut appoint agent specif provid frontload arrang parti receiv euro banknot pursuant dispos januari local time parti receiv frontload banknot frontload euro banknot safe custodi breach oblig parti receiv frontload banknot subject payment contractu penalti penalti overlap exist nation legisl provid equival level protect articl exclus gener public ncb prohibit credit institut appoint agent conclud frontload arrang euro banknot effect anticip circul euro banknot gener public articl coverag credit risk provid earlier pursuant articl elig asset articl provid ncb collater moment frontload amount frontload banknot coin discharg guarante oblig asset refer articl submit arrang accord guidelin ecb articl frontload euro area notwithstand paragraph ncb prohibit credit institut appoint agent frontload parti includ retail locat euro area ncb frontload credit institut defin articl direct ec locat euro area subsidiari credit institut main place busi locat insid euro area ii credit institut regist head offic insid euro area condit frontload place decemb provis chapter iii appli entiti refer paragraph ii prohibit frontload parti whatsoev chapter iv final provis articl verif ncb forward ecb copi legal instrument adopt order compli guidelin march latest articl final provis guidelin appli physic deliveri euro banknot coin ncb central bank locat euro area recommend ncb appli provis guidelin refer euro coin provid nation rule govern relationship ncb respect treasuri guidelin address nation central bank particip member state guidelin publish offici journal european commun frankfurt main januari behalf govern council ecb presid willem duisenberg oj oj oj oj oj oj