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2024-04-30

Decision No. 2024-04 of the Governor amending Decision No. 2015-01 of 22 April 2015 on the implementation of monetary policy and intraday credit of the Bank of France

The Governor of the Bank of France issued Decision No. 2024-04 to align French monetary policy implementation with ECB guidelines by replacing MCA references with TARGET accounts and updating operational procedures for refinancing and deposit facilities. The decision introduces new eligibility criteria for private claims, including minimum thresholds and verification requirements, while clarifying the treatment of guarantees and internal rating systems within the Eurosystem framework. It also updates the timeline for open market operations and incorporates climate risk transparency requirements for Credit Rating Agencies.

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PUBLICATION DATE: 30 April 2024 Decision No. 2024-04 of 29 April 2024 amending Decision No. 2015-01 of 22 April 2015 on the implementation of monetary policy and intraday credit of the Bank of France

THE GOVERNOR OF THE BANK OF FRANCE

Having regard to:

  • the Treaty on the Functioning of the European Union, and in particular Article 127(1) and Article 127(2), first indent,
  • the Statutes of the European System of Central Banks and of the European Central Bank (ECB), and in particular Articles 3.1, first indent, 12.1, 14.3, 18.2, and 20, first subparagraph,
  • ECB Guideline (EU) 2015/510 of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60), as amended,
  • ECB Guideline (EU) 2024/1163 of 8 February 2024 amending ECB Guideline ECB/2014/60 on the implementation of the Eurosystem monetary policy framework (ECB/2024/4),
  • the Monetary Agreement between the European Union and the Principality of Monaco of 26 December 2001, as amended on 29 November 2011,
  • the Monetary and Financial Code, and in particular Article L. 142-8,
  • the Governor's Decision No. 2015-01 of 22 April 2015 on the implementation of monetary policy and intraday credit of the Bank of France, as amended,
  • the Governor's Decision No. 2020-02 of 20 April 2020 on additional temporary measures concerning the Bank of France's refinancing operations and the eligibility of collateral, as amended.

DECIDES

Article 1 Amendments

The Governor's Decision No. 2015-01 of 22 April 2015 on the implementation of monetary policy and intraday credit of the Bank of France (hereinafter "the Decision") is amended as follows:

  1. References to "MCA" are replaced by references to "TARGET account" in the following parts: Article 17 (BDF1), paragraph 4, Article 19, paragraph 4, Article 49, paragraph 1, Article 144 bis, paragraph 2, point (a) and point (b).

  2. Article 2 is amended as follows: a) Point 22) is deleted. b) Point 91) is replaced by the following text: "91) 'TARGET', the new generation trans-European automated real-time gross settlement express transfer system, governed by Guideline (EU) 2022/912 (ECB/2022/8);" c) The following point 91 bis) is inserted: "91 bis) 'TARGET account', a TARGET account as defined in the Governor's Decision No. 2022-05 of 6 July 2022 on the harmonised conditions for participation in the new generation trans-European automated real-time gross settlement express transfer system (TARGET), as amended (hereinafter the 'TARGET Decision');"

  3. At Article 7, paragraph 6 is replaced by the following text: "6. Longer-term refinancing operations are carried out by variable-rate tender procedures, unless the Eurosystem decides to carry them out by a fixed-rate tender procedure. In such a case, the rate applicable to fixed-rate tender procedures may be indexed, with or without a spread, on an underlying reference rate (for example, the average rate of main refinancing operations) for the entire duration of the operation. When the applicable interest rate is calculated as the average of an underlying reference rate over the life of the operation, this calculation is performed by rounding the average to at least the eighth decimal place."

  4. At Article 8, paragraph 2, point (d) is replaced by the following text: "(d) are carried out in a decentralized manner by the NCBs;"

  5. At Article 10, paragraph 4, point (e) is replaced by the following text: "(e) are carried out in a decentralized manner by the NCBs."

  6. At Article 11, paragraph 5, point (d) is replaced by the following text: "(d) are carried out in a decentralized manner by the NCBs."

  7. Article 12 is amended as follows: a) Paragraph 5 is replaced by the following text: "5. Term deposits are held on accounts opened with the Bank of France." b) At paragraph 6, point (d) is replaced by the following text: "(d) are carried out in a decentralized manner by the Bank of France"

  8. Article 13 is amended as follows: a) Paragraph 2 is replaced by the following text: "2. They are issued by book entry with a securities depository of a Member State whose currency is the euro. They are held in the form of book entries." b) At paragraph 5, point (e) is replaced by the following text: "(e) are awarded in a decentralized manner by the NCBs."

  9. Article 19 is amended as follows: a) Paragraph 5 is replaced by the following text: "5. Counterparties may access the marginal lending facility after having requested access from the Bank of France no later than 18:15 Central European Time(), which is the deadline for the use of the standing facilities, in accordance with Annex V of the TARGET Decision. On the last Eurosystem business day of a reserve maintenance period, the deadline for submitting the request to access the marginal lending facility is 15 minutes later. In exceptional circumstances, the Eurosystem may decide to postpone these deadlines. The request to access the marginal lending facility specifies the amount of credit required. The counterparty delivers sufficient eligible assets as collateral for the operation, unless it has already previously deposited these assets with the Bank of France in accordance with Article 18, paragraph 4. () Central European Time takes into account the change to Central European Summer Time." b) The first sentence of paragraph 6 is replaced by the following text: "If, at the end of a business day, the total balance of the TARGET accounts of a counterparty opened with the Bank of France is negative after the completion of end-of-day control procedures, this negative balance is automatically considered as a request for recourse ('automatic request') to the marginal lending facility."

  10. At Article 20, paragraph 1 is replaced by the following text: "1. The loan granted under the marginal lending facility is for twenty-four hours. The loan is repaid the following day when: a) TARGET; and b) the relevant securities settlement systems are operational, at the opening of these systems."

  11. Article 22 is amended as follows: a) Paragraph 2 is replaced by the following text: "2. Counterparties may access the deposit facility after having requested access from the Bank of France no later than 18:15 Central European Time(), which is the deadline for the use of the standing facilities, in accordance with Annex V of the TARGET Decision. On the last Eurosystem business day of a reserve maintenance period, the deadline for the request to access the deposit facility is 15 minutes later. In exceptional cases, the Eurosystem may decide to postpone these deadlines. The request to access the deposit facility indicates the amount to be deposited. () Central European Time takes into account the change to Central European Summer Time." b) Paragraph 3 is deleted;

  12. At Article 23, paragraph 1 is replaced by the following text: "1. Deposits made under the deposit facility are for twenty-four hours. Deposits held under the deposit facility mature the following day when TARGET is operational, at the opening of this system."

  13. At Article 25, paragraph 2 is amended as follows: a) The second sentence is replaced by the following text: "The operational characteristics of normal tender procedures and rapid tender procedures are identical, except with regard to the timeline and the range of counterparties." b) Table 5 is deleted; c) The following Table 5 bis is inserted: "Table 5 bis Indicative timeline of normal tender procedures and rapid tender procedures [times indicated in Central European Time (1)]

    Normal Tender ProceduresRapid Tender Procedures
    Main Refinancing Operation
    Regular Longer-Term Refinancing Operation
    Tender AnnouncementT-1 15:40T-1 15:55
    Deadline for submission of tenders by counterpartiesT 09:30T 10:00 + 00:30
    Announcement of tender resultsT 11:30T 12:00 + 01:35
    Settlement of operationsT+1T+1

    (1) Central European Time takes into account the change to Central European Summer Time. T refers to the 'transaction day'." d) Table 6 is deleted;

  14. At Article 28, paragraph 3, Table 7 is replaced by the following table: "Table 7 Normal transaction days for main refinancing operations and regular longer-term refinancing operations

    Category of open market operationsNormal transaction day (T)
    Main refinancing operationsEvery Tuesday(*)
    Regular longer-term refinancing operationsThe last Tuesday of each calendar month(**)

    (*) A special calendar may be established due to holidays. (**) Due to the holiday period, the December operation is normally advanced by one week, i.e., it is carried out on the Tuesday of the previous month."

  15. At Article 49, paragraph 1 is replaced by the following text: "1. Payment orders related to participation in open market operations or the use of standing facilities result in settlement on the TARGET accounts of counterparties opened with the Bank of France or on the account of another credit institution participating in TARGET."

  16. At Article 58, paragraph 2 is replaced by the following text: "In order to participate in Eurosystem credit operations, counterparties provide eligible assets to the Eurosystem as collateral for these operations. Given that Eurosystem credit operations include intraday credit, the collateral provided by counterparties for intraday credit also meets the eligibility criteria set out in this Decision, as described in the TARGET Decision."

  17. Article 63 is amended as follows: a) At paragraph 1, point (b)(i), the first indent is replaced by the following text: "— an euro money market rate whose use is authorized in the Union in accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council (), in particular the euro short-term rate (€STR) (including the daily composed or average €STR), EURIBOR or other similar indices; for the first or last coupon, the reference rate may be a linear interpolation between two maturities of the same euro money market rate, for example a linear interpolation between two different maturities of EURIBOR, () Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as reference values in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, p. 1)." b) At paragraph 1, point (c) is replaced by the following text: "(c) multi-step or variable coupons with levels linked to SPOs, provided that: i) compliance with the SPOs, by the issuer or any company belonging to the same group as the issuer of the bond linked to sustainable development objectives, is subject to verification by an independent third party in accordance with the conditions of the debt instrument; and that ii) the event leading to the increase in the coupon and/or the payment linked to this increase has not been cancelled or left unimplemented by the issuer or by other means." c) The following paragraph 5 is added: "5. By way of derogation from paragraph 4, a coupon structure is not ineligible, in the case of multi-step or variable coupons with levels linked to SPOs, solely due to the existence of the issuer's right to cancel or leave unimplemented the event leading to the increase in the coupon and/or the payment linked to this increase."

  18. At Article 69, the following paragraph 1 bis is inserted: "1 bis. The requirement set out in the first sentence of paragraph 1 does not apply to the guarantor of a debt instrument when the guarantee is not used to determine the compliance of this debt instrument with the credit quality requirements applicable to marketable assets."

  19. At Article 70, paragraph 2 is replaced by the following text: "2. To be eligible, guarantors of debt instruments are established in the EEA, unless a guarantee is not used to determine the compliance of this debt instrument with the credit quality requirements applicable to particular debt instruments, subject to the exceptions set out in paragraphs 3 and 4. The possibility of using the rating by an CRA regarding the guarantor to determine compliance with the credit quality requirements applicable to particular debt instruments is provided for in Article 84."

  20. The title of Part Four, Title II, Chapter 1, Section 2, Sub-section 3 is replaced by the following text: "Specific eligibility criteria for debt certificates issued by the ECB or by NCBs before the date of adoption of the euro in their respective Member State"

  21. Article 81 is amended as follows: a) The title is replaced by the following text: "Eligibility criteria for debt certificates issued by the ECB or by NCBs before the date of adoption of the euro in their respective Member State" b) Paragraph 2 is replaced by the following text: "2. Debt certificates issued by the ECB and those issued by NCBs before the date of adoption of the euro in their respective Member State whose currency is the euro are not subject to the criteria set out in this Part Four, Title II."

  22. At Article 90, point (b)(iii), first indent, the first sub-indent is replaced by the following text: "— an euro money market rate whose use is authorized in the Union in accordance with Regulation (EU) 2016/1011, in particular the €STR (including the daily composed or average €STR), EURIBOR, or other similar indices;"

  23. Article 93 is replaced by the following text: "Article 93 Minimum size of private claims For national use, private claims respect, at the time they are presented by the counterparty as collateral, a minimum threshold of 25,000 EUR. For cross-border use, a minimum threshold of 500,000 EUR applies."

  24. At Article 95, paragraph 1 is replaced by the following text: "1. The debtors and guarantors of eligible private claims are non-financial corporations, public sector entities (excluding public financial corporations), multilateral development banks or international organizations. This requirement does not apply to the guarantor of a private claim when the guarantee is not used to determine the compliance of this private claim with the credit quality requirements applicable to non-marketable assets."

  25. At Article 96, paragraph 2 is replaced by the following text: "2. The guarantor of a private claim is also established in a Member State whose currency is the euro, unless a guarantee is not used to determine the compliance of this private claim with the credit quality requirements applicable to non-marketable assets."

  26. At Article 97, point (d) is replaced by the following text: "(d) the guarantor (only when a guarantee exists and the guarantee is used to determine the compliance of the private claim with the credit quality requirements applicable to non-marketable assets);"

  27. Article 100 is replaced by the following text: "Article 100 Verification of procedures and systems used to transmit information relating to private claims

    1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out.
    2. If the Bank of France finds that the procedures and systems used by the counterparty are no longer appropriate for transmitting to the Eurosystem information relating to private claims, it takes the measures it deems necessary, which may include the partial or total suspension of the mobilization of private claims by the counterparty until a new verification of the appropriateness of these procedures and systems has been carried out."

  28. Article 104 is amended as follows: a) Paragraphs 1 and 2 are replaced by the following text: "1. Private claims are fully transferable and may be mobilized without restriction for the benefit of the Eurosystem. The private claim contract, other contractual provisions agreed between the counterparty and the debtor or the collateral of the private claim, where such collateral exists, do not contain any restrictive provisions concerning mobilization as collateral. 2. Private claims may be realized without restriction for the benefit of the Eurosystem. The private claim contract, other contractual provisions agreed between the counterparty and the debtor or the collateral of the private claim, where such collateral exists, do not contain any restrictive provisions concerning the realization of the private claim used as collateral for Eurosystem credit operations, in particular regarding the form, time limit or any other requirement relating to this realization." b) Paragraph 3 bis is replaced by the following text: "3 bis. NCBs use a mechanism to ensure that counterparty risk is eliminated or significantly mitigated when they accept private claims as collateral."

  29. At Article 107 bis, paragraph 7 is replaced by the following text: "7. The law applicable to the CDOs, the assignor, the debtors and, where applicable, the guarantors of the underlying private claims, the contracts of the underlying private claims and any contract allowing the direct or indirect transfer of the underlying private claims from the assignor to the issuer is the law of the jurisdiction in which the issuer is established. This requirement applies to the guarantors of the underlying private claims only when a guarantee is used to determine the compliance of the private claim with the credit quality requirements."

  30. At Article 113, paragraph 2 is replaced by the following text: "2. Collateral provided by guarantors, which is used to determine compliance with the Eurosystem's credit quality requirements, respects the provisions of this Title."

  31. At Article 118, paragraph 1 is amended as follows: a) Point (a) is replaced by the following text: "(a) for marketable assets, in accordance with Article 70, in the EEA, unless a guarantee is not used to determine the compliance of this marketable asset with the credit quality requirements applicable to a particular debt instrument. The possibility of using the rating by an CRA regarding the guarantor to determine the credit quality requirements applicable to marketable assets is examined in Article 84;" b) Point (c) is replaced by the following text: "(c) for private claims, in accordance with Article 96, in a Member State whose currency is the euro, unless a guarantee is not used to determine the compliance of this private claim with the credit quality requirements applicable to non-marketable assets. The possibility of using a credit assessment regarding a guarantor to determine the compliance of this private claim with the credit quality requirements applicable to private claims is examined in Article 108."

  32. At Article 120, the following paragraph 4 is added: "4. CRAs are transparent regarding the integration of climate change risk into their methods and ratings, when this risk can give rise to credit risk. They regularly provide the ECB with updated information on their activities in this area."

  33. Article 122 is amended as follows: a) Paragraph 1 is replaced by the following text: "1. In order to obtain ECAF approval of an internal rating system ('IRB system'), a counterparty submits an application to the Bank of France. An IRB system can only be approved in the ECAF if the counterparty has been authorized by the competent authority to use it for the purposes of capital requirements. When an IRB system has been authorized, but this authorization is subsequently withdrawn, the ECAF approval is withdrawn simultaneously." b) At paragraph 3, point (d) is replaced by the following text: "(d) information relating to its method of assigning default probabilities to debtors, as well as data relating to rating categories and the associated one-year default probabilities used to determine eligible rating categories. The default probability, referred to in Article 59, paragraph 3, declared by the counterparty's IRB system is the 'final' default probability used for the calculation of capital requirements, including regulatory prudent floors, add-ons, appropriate adjustments, the margin of prudence, exceedances and mapping to standard scales;"

  34. At Article 123, paragraph 4, point (d) is replaced by the following text: "(d) notifications to the Bank of France of facts or circumstances that could have a significant influence on the continued use of the IRB system for the ECAF or on how the IRB system manages to determine eligible collateral, in particular significant changes made to a counterparty's IRB system that are likely to influence the mode of mapping between the rating categories or default probabilities of the IRB system and the Eurosystem's harmonized rating scale. These include, without limitation, changes affecting default probabilities, such as those referred to in Article 122, paragraph 3, point (d), used by the IRB system to calculate capital requirements."

  35. At Article 125, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  36. At Article 127, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  37. At Article 129, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  38. At Article 131, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  39. At Article 133, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  40. At Article 135, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  41. At Article 137, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  42. At Article 139, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  43. At Article 141, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  44. At Article 143, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  45. At Article 145, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  46. At Article 147, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  47. At Article 149, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  48. At Article 151, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  49. At Article 153, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  50. At Article 155, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  51. At Article 157, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  52. At Article 159, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  53. At Article 161, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  54. At Article 163, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  55. At Article 165, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  56. At Article 167, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  57. At Article 169, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  58. At Article 171, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  59. At Article 173, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  60. At Article 175, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  61. At Article 177, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  62. At Article 179, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  63. At Article 181, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  64. At Article 183, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  65. At Article 185, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  66. At Article 187, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  67. At Article 189, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  68. At Article 191, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  69. At Article 193, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  70. At Article 195, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  71. At Article 197, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  72. At Article 199, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  73. At Article 201, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  74. At Article 203, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  75. At Article 205, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  76. At Article 207, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  77. At Article 209, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  78. At Article 211, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  79. At Article 213, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  80. At Article 215, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  81. At Article 217, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  82. At Article 219, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  83. At Article 221, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  84. At Article 223, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  85. At Article 225, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  86. At Article 227, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  87. At Article 229, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  88. At Article 231, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  89. At Article 233, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  90. At Article 235, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  91. At Article 237, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  92. At Article 239, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  93. At Article 241, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  94. At Article 243, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  95. At Article 245, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  96. At Article 247, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  97. At Article 249, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  98. At Article 251, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  99. At Article 253, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  100. At Article 255, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  101. At Article 257, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  102. At Article 259, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  103. At Article 261, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  104. At Article 263, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  105. At Article 265, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  106. At Article 267, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  107. At Article 269, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  108. At Article 271, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  109. At Article 273, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  110. At Article 275, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  111. At Article 277, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  112. At Article 279, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  113. At Article 281, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  114. At Article 283, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  115. At Article 285, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  116. At Article 287, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  117. At Article 289, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  118. At Article 291, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  119. At Article 293, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  120. At Article 295, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  121. At Article 297, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  122. At Article 299, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  123. At Article 301, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  124. At Article 303, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  125. At Article 305, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  126. At Article 307, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  127. At Article 309, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  128. At Article 311, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  129. At Article 313, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  130. At Article 315, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  131. At Article 317, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  132. At Article 319, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to these procedures or systems, a new verification may be carried out."

  133. At Article 321, paragraph 1 is replaced by the following text: "1. The Bank of France verifies the appropriateness of the procedures and systems used by the counterparty to transmit to the Eurosystem information relating to private claims before the first mobilization of private claims by the counterparty. The verification of procedures and systems is then carried out at least once every five years. In the event of significant changes to

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