Date: 2018-02-23Category: Not ApplicableState: Union GovernmentCountry: Europe
Council Decision (EU) 2018/270 of 15 February 2018 amending Decision 1999/70/EC concerning the external auditors of the national central banks, as regards the external auditors of the Central Bank of Cyprus
**Summary:**
Council Decision (EU) 2018/270, issued on February 15, 2018, amends Decision 1999/70/EC regarding the external auditors of the national central banks. Specifically, it concerns the external auditors of the Central Bank of Cyprus. The decision, based on Article 27.1 of Protocol No. 4 of the Treaty on European Union and the Treaty on the Functioning of the European Union, and following a recommendation from the European Central Bank (ECB/2017/43), approves PricewaterhouseCoopers Limited as the external auditors of the Central Bank of Cyprus for the financial years 2018 to 2022. This decision follows the end of the mandate of the previous auditors, KPMG Limited, after the audit for the financial year 2017, and the selection of PricewaterhouseCoopers Limited by the Central Bank of Cyprus. The decision took effect upon notification.
Key Entities Referenced
European Union: A political and economic union of member states located primarily in Europe.
Central Bank of Cyprus: The central bank of Cyprus, responsible for monetary policy and financial stability in the country.
European Central Bank: The central bank of the Eurozone, responsible for the monetary policy of the euro area.
Council of the European Union: A body of the European Union composed of government ministers from each member state.
PricewaterhouseCoopers Limited: An external auditor selected for the Central Bank of Cyprus for the financial years 2018 to 2022.
KPMG Limited: The previous external auditor for the Central Bank of Cyprus whose mandate ended after the audit for the financial year 2017.
Brussels: The location where the Council Decision was finalized.
European System of Central Banks: Comprises the European Central Bank (ECB) and the national central banks (NCBs) of all EU Member States.
L 51/14 EN Official Journal of the European Union 23.2.2018
DECISIONS
COUNCIL DECISION (EU) 2018/270
of 15 February 2018
amending Decision 1999/70/EC concerning the external auditors of the national central banks, as
regards the external auditors of the Central Bank of Cyprus
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to Protocol No 4 on the Statute of the European System of Central Banks and of the European Central
Bank, annexed to the Treaty on European Union and the Treaty on the Functioning of the European Union, and in
particular Article 27.1 thereof,
Having regard to the Recommendation of the European Central Bank of 19 December 2017 to the Council of the
European Union on the external auditors of the Central Bank of Cyprus (ECB/2017/43) (1),
Whereas:
(1) The accounts of the European Central Bank (ECB) and of the national central banks of the Member States whose
currency is the euro are to be audited by independent external auditors recommended by the Governing Council
of the ECB and approved by the Council of the European Union.
(2) The mandate of the Central Bank of Cyprus's current external auditors, KPMG Limited, ends after the audit for
the financial year 2017. It is therefore necessary to appoint external auditors for the Central Bank of Cyprus for
the financial years 2018 to 2022.
(3) The Central Bank of Cyprus has selected PricewaterhouseCoopers Limited as its external auditors for the financial
years 2018 to 2022.
(4) The Governing Council of the ECB has recommended that PricewaterhouseCoopers Limited be appointed as the
external auditors of the Central Bank of Cyprus for the financial years 2018 to 2022.
(5) Following the recommendation of the Governing Council of the ECB, Council Decision 1999/70/EC (2) should be
amended accordingly,
HAS ADOPTED THIS DECISION:
Article 1
In Article 1 of Decision 1999/70/EC, paragraph 14 is replaced by the following:
‘14. PricewaterhouseCoopers Limited is hereby approved as the external auditors of the Central Bank of Cyprus
for the financial years 2018 to 2022.’.
Article 2
This Decision shall take effect on the date of its notification.
(1) OJ C 2, 5.1.2018, p. 1.
(2) Council Decision 1999/70/EC of 25 January 1999 concerning the external auditors of the national central banks (OJ L 22, 29.1.1999,
p. 69).23.2.2018 EN Official Journal of the European Union L 51/15
Article 3
This Decision is addressed to the European Central Bank.
Done at Brussels, 15 February 2018.
For the Council
The President
K. VALCHEV