rohibited, as shall the purchase directly from them by the ECB or
national central banks of debt instruments.
21.2. The ECB and national central banks may act as fiscal agents for
the entities referred to in 21.1.
21.3. The provisions of this Article shall not apply to publicly-owned
credit institutions which, in the context of the supply of reserves by
central banks, shall be given the same treatment by national central
banks and the ECB as private credit institutions.
ARTICLE 22
Clearing and payment systems
The ECB and national central banks may provide facilities, and the
ECB may make regulations, to ensure efficient and sound clearing and
payment systems within the Community and with other countries.
ARTICLE 23
External operations
The ECB and national central banks may:
- establish relations with central banks and financial institutions in
other countries and, where appropriate, with international
organizations;
- acquire and sell spot and forward all types of foreign exchange
assets and precious metals; the term "foreign exchange asset" shall
include securities and all other assets in the currency of any country
or units of account in whatever form held;
- hold and manage the assets referred to in this Article;
- conduct all types of banking transactions in relations with third
countries and international organizations, including borrowing and
lending operations.
ARTICLE 24
Other operations
In addition to operations arising from their tasks, the ECB and national
central banks may enter into operations for their administrative
purposes or for their staff.
CHAPTER V
PRUDENTIAL SUPERVISION
ARTICLE 25
Prudential supervision
25.1. The ECB may offer advice to and be consulted by the Council,
the Commission and the competent authorities of the Member States
on the scope and implementation of Community legislation relating to
the prudential supervision of credit institutions and to the stability of
the financial system.
25.2. In accordance with any decision of the Council under Article
105(6) of this Treaty, the ECB may perform specific tasks concerning
policies relating to the prudential supervision of credit institutions and
other financial institutions with the exception of insurance
undertakings.
CHAPTER VI
FINANCIAL PROVISIONS OF THE ESCB
ARTICLE 26
Financial accounts
26.1. The financial year of the ECB and national central banks shall
begin on the first day of January and end on the last day of Dece
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