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Here is a TSB I found. I guess they need to update it now to include "loose screws":
June 2006
Technical Service
SI B 11 05 06
Engine
SUBJECT
S54 Harsh Metallic Noise from the VANOS Assembly
MODEL
E46 M3 and E46 M3 convertible - All production years with the S54 engine
E36 Z3 M Roadster and E36 Z3 M Coupe - All production years with the S54 engine
E85 Z4 M Roadster and E86 Z4 M Coupe - All production years with the S54 engine
SITUATION
A harsh metallic ringing, knocking noise is heard in the engine speed range of 2800 - 3300 rpm. This is only perceptible when the vehicle is stationary and at operating engine temperature.
CAUSE
This noise is due to the designed operating clearance between the gear hub and the rotor of the VANOS high-pressure pump.
This is a normal acoustic characteristic of this engine and the cause has no effect on the service life of the engine.
Therefore, there is no remedy for this noise and NO PARTS are to be changed.
WARRANTY
Information only.
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