Circular BCL 2007/207 of 1 October 2007 — Modifications to the General Conditions of the BCL

Luxembourg, 1 October 2007
To all credit institutions and to the financial services of the Post and Telecommunications Company (postal checking account service)

CIRCULAR BCL 2007/207
MODIFICATION OF THE GENERAL CONDITIONS OF THE BCL

Dear Sirs,

The general conditions of operations, Annexes 8, 10, and 14, as well as the "Additional Terms and Conditions of Banque centrale du Luxembourg when acting as CCB and as assisting NCB for claims" have been updated and supplemented in order to implement the new Article 22-1 of the Law of 23 December 1998 on monetary status and the Banque centrale du Luxembourg, as amended by the Law of 13 July 2007 on financial instrument markets (hereinafter "the Law of 13 July 2007").

This new provision aims to create a register of pledge contracts for claims accepted as collateral by the Banque centrale du Luxembourg. The keeping of the register is entrusted by the Law of 13 July 2007 to the Banque centrale du Luxembourg, which is also responsible for setting the rules for the operation and cost coverage of said register. To this effect, a number of modifications had to be made to the aforementioned documents.

The Law of 13 July 2007 establishes the principle of third-party access to the register. The details of this access are specified in the general conditions, as well as in the document titled "Register of pledge contracts for claims: information for third parties" available on the website of the Banque centrale du Luxembourg.

The main modifications introduced notably aim to:

• General Conditions of Operations: provide for the keeping of the register by the Banque centrale du Luxembourg, define the claims subject to the registration formality, and establish the principle of payment of fees related to the operation of the register;
• Annex 8: complete the procedures governing the use of claims for collateral purposes by adding provisions relating to the operational modalities of the register, clarify the effects of registration regarding the obligation to notify the debtor, and define the modalities pertaining to the consultation of the register;
• Annex 10: establish transaction fees relating to claims given as collateral and set the fees for consulting the register;
• Annex 14: define the "Register", provide for the registration of claims, and require the completion of additional steps when the debtor is not established in Luxembourg;
• "Additional Terms and Conditions of Banque centrale du Luxembourg when acting as CCB and as assisting NCB for credit claims": indicate the entry into force date of this modified document, adapt the legal and operational requirements applicable to the mobilization of a claim.

These modifications occurred on the following pages:

• General Conditions of Operations: article 8.4 in section "II. Pledge of assets";
• Annex 8: article 4.1.2.1.1, page 4-16; article 4.1.3., page 4-19; article 4.1.3.1, 1. Procedural controls, page 4-21; article 4.2.2.1., pages 4-26 and 4-27; article 4.2.2.2., page 4-28; as well as article 4.4.6, page 4-32;
• Annex 10: points 8.2., 8.3., 8.4., 9 and 10, page 2;
• Annex 14: articles 1.2 (“Register”), 2.2., 2.3., 2.5., 3.5.;
• "Additional Terms and Conditions of Banque centrale du Luxembourg when acting as CCB and as assisting NCB for credit claims": first paragraph, page 1; articles 1.1, 1.2, 1.6, page 3; article 2.6, page 5.

The General Conditions of Operations, Annexes 8, 10, and 14, as well as the "Additional Terms and Conditions of Banque centrale du Luxembourg when acting as CCB and as assisting NCB for claims", as modified, enter into force on 1 October 2007.

The updated versions of the aforementioned modified documents are available from 1 October 2007 on the BCL website: www.bcl.lu.
A printed version of the BCL General Conditions is available upon request.

Please accept, Ladies and Gentlemen, the assurance of our distinguished sentiments.
BANQUE CENTRALE DU LUXEMBOURG
The Management

Serge KOLB Andrée BILLON Yves MERSCH