32 / 38
126
Section C
cording to
Article 127, paragraph 2, Àrst indent, TFEU
) and its other tasks. In
particular:
468
(i)
The speciÀc supervisory tasks should neither interfere with, nor be de-
termined by, its tasks relating to monetary policy. They should also not
interfere with its tasks in relation to the ESRB, according to the provi-
sions of
Regulation (EU) No 1096/2010
, or any other tasks. For the sake
of accountability, the ECB must report to the European Parliament and
to the Council with regard to its compliance with this provision.
(ii)
The tasks should not alter the ongoing monitoring of the solvency of its
monetary policy counterparties.
469
(iii)
Finally, the staff involved in carrying out these tasks must be organisa-
tionally separated from, and subject to, separate reporting lines from
the staff involved in carrying out other tasks conferred on the ECB.
Recital 66
states on this:
“Organisational separation of staff should concern all services needed for indepen-
dent monetary policy purposes and should ensure that the exercise of the tasks con-
ferred by this Regulation is fully subject to democratic accountability and oversight
as provided for by this Regulation. The staff involved in carrying out the tasks con-
ferred on the ECB by this Regulation should report to the Chair of the Supervisory
Board.”
(c)
Finally, it is also worth mentioning that
Article 3 of the Code of Con-
duct
for the members of the Supervisory Board on ‘separation from the mon-
etary policy function’ provides for the following in this respect:
(i)
Members of the Supervisory Board and other participants in its meetings
must:
x
respect the separation of the ECB’s speciÀc tasks concerning policies re-
lating to prudential supervision from its tasks relating to monetary policy,
as well as other tasks, and
x
comply with internal ECB rules on the separation of prudential supervi-
sion from monetary policy to be adopted pursuant to
Article 25, para-
graph 3
of the SSM Regulation.
468.
Ibid
., Article 25, paragraph 2.
469. On the ECB counterparties for the conduct of monetary policy operations, see
Euro-
pean Central Bank (2011a)
, pp. 96-97.