Dear European Central Bank,
Under the right of access to documents in the EU treaties, as developed in Regulation 1049/2001, I am requesting documents which contain the following information:
Background - Infrangilis is a UK based think-tank that focuses on resiliency strategies, and is conducting research on the performance of Credit Rating Agencies. At the end of May 2012 we will publish a study comparing and contrasting the performance of the industry entitled “Rating Credit Raters: Sovereign Credit Rating Agencies – Political Scapegoats or Misguided Bullies?” This international study will look at the practices of firms including: Moody’s, S&P, Fitch, DBRS, JCR, R&I, and Dagong, amongst others.
To support this we need you to answer the below questions. (Data is gratefully requested per year over the last 5 years).
Please note: Infrangilis will not accept unreasonable excuses for not supplying the information requested and any such unhelpful action will be reported in all media outreach associated with the launch of the report.
Thank you for your assistance in this matter.
1. Conflicts of interest – how many complaints/ letters expressing concern has the ECB received against the industry or one of its members? (against which firms? do you categorise the nature of the complaint and if so what were these?)
2. Inaccurate assessments/incompetent performance – how many complaints/ letters expressing concern has the ECB received against the industry or one of its members? (against which firms? do you categorise the nature of the complaint and if so what were these?)
3. Business meetings with senior ECB officials – how many times has the industry/ one of its members met with the ECB at your offices? (who was this with? do you categorise the nature of the meetings and if so what where these?)
4. Industry events – how many times have senior ECB officials accepted invitations to industry-sponsored gatherings or drinks/meals? (who was the sponsor? who was the public official? do you categorise the nature of the event and if so what were these?)
5. Resources deployed – how many people and how much budget is dedicated to dealing with this industry? (absolute numbers, % of total ECB budget) was any of the budget given to/ shared with the industry? (if so who and how much?).
Do also feel free to contact me if you need clarification on this research.
Dear Mr. Monaghan,
Thank you for your e-mail inquiry of 18 April as regards your research on the performance of credit rating agencies.
For your information the ECB has no supervisory power. Its management and staff has to follow the Ethics Framework - see link to the section on the ECB's Website on Corporate Governance: http://www.ecb.europa.eu/ecb/orga/govern....
As regards ECB's activities we recommend you to consult the ECB's Annual Report - see link to the 2011 report published on 25 April 2012: http://www.ecb.europa.eu/pub/pdf/annrep/....
With best regards,
EUROPEAN CENTRAL BANK
Press and Information Division
D-60311 Frankfurt am Main
Tel: +49 69 13 44 74 55
Fax: +49 69 13 44 74 04
E-mail: [ECB request email]