I have recently read ECB/2011/14 (GUIDELINE OF THE EUROPEAN CENTRAL BANK of 20 September 2011 on monetary policy instruments and procedures of the Eurosystem) and have stumbled upon the following gem.
An institution may access the Eurosystem's standing facilities and open market operations based on standard tenders only through the NCB of the Member State in which it is incorporated. If an institution has establishments (its head office or branches) in more than one Member State, each establishment has access to these operations through the NCB of the Member State in which it is established, notwithstanding the fact that the bids of an institution may only be submitted by one establishment (either the head office or a designated branch) in each Member State.
At first glance this fine, it is easily readable. (All abbreviations are explained at the start of document.) However a more attentive examination corrects this impression. Compare the two highlighted versions below:
An institution may access the Eurosystem's standing facilities and open market operations based on standard tenders only through the NCB of the Member State in which it is incorporated. If an institution has establishments (its head office or branches) in more than one Member State, each establishment has access to these operations through the NCB of the Member State in which it is established […].
An institution may access the Eurosystem's standing facilities and open market operations based on standard tenders only through the NCB of the Member State in which it is incorporated. If an institution has establishments (its head office or branches) in more than one Member State, each establishment has access to these operations through the NCB of the Member State in which it is established […].
Perfect contradiction. Either only the "own" NCB works or any NCB where we have a establishments.
Ex falsum quodlibet and Bob's your uncle. ;-)