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To: Alex who wrote (23800)	12/3/1998 6:05:00 PM
From: goldsnow	Respond to of 116811

Tietmeyer-Buba adopts ESCB code on gold,currencies 11:24 a.m. Dec 03, 1998 Eastern FRANKFURT, Dec 3 (Reuters) - Bundesbank President Hans Tietmeyer said on Thursday that the Bundesbank had decided to adopt the European System of Central Banks' (ESCB) rules on valuations for gold and currency reserves. Tietmeyer said that the Budesbank was contributing about 12.5 billion euros in reserves to the European Central Bank. The reserves would be comprised of 15 percent gold and 85 percent foreign currencies. Both the gold and the currencies would be marked to market prices during the first week of January, the German central bank chief said at a news conference in Frankfurt. ''We foresee a valuation of the reserves at market prices,'' Tietmeyer said. Earlier on Thursday the Bundesbank cut its key repo rate to 3.0 percent from 3.3 percent. Other European central banks followed suit in a coordinated easing. ((Frankfurt Newsroom +49 69 756525, frankfurt.newsroomreuters.com)) Copyright 1998 Reuters Limited. All rights reserved.

To: Alex who wrote (23800)	12/3/1998 6:09:00 PM
From: goldsnow	Respond to of 116811

ECB says to maintain new European rate level 08:50 a.m. Dec 03, 1998 Eastern FRANKFURT, Dec 3 (Reuters) - The European Central Bank said coordinated European interest rate cuts on Thursday would serve as the European rate level at the start of monetary union and for the ''foreseeable future.'' In a brief statement the ECB said: ''The joint reduction in interest rates has to be seen as a de facto decision on the level of interest rates with which the ESCB will start Stage Three of Monetary Union and which intends to maintain for the foreseeable future.'' Earlier in Thursday, several so-called ''core European'' EMU nations cut their securities repurchase rates to 3.0 percent from 3.30 percent while other nations including Italy, Spai, Portugal and Ireland also reduced interest rates. ((Frankfurt Newsroom +49 69 756525, frankfurt.newsroom+reuters.com)) Copyright 1998 Reuters Limited. All rights reserved.