Article 1 Functional signing powers

By virtue of their function, persons shall be authorised in their respective areas of responsibility to legally commit the ECB to third parties as further specified in Annex I and II.

For the purpose of determining a category under paragraph 1 in cases where it is not possible to clearly determine the net value of the commitment entered into, a reasonable and cautious estimation shall be made. This estimation shall take into account potential risks involved for the ECB, in particular financial and reputational risks.