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Document 32018O0004
Guideline (EU) 2018/571 of the European Central Bank of 7 February 2018 amending Guideline (EU) 2016/65 on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework (ECB/2018/4)
Guideline (EU) 2018/571 of the European Central Bank of 7 February 2018 amending Guideline (EU) 2016/65 on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework (ECB/2018/4)
Guideline (EU) 2018/571 of the European Central Bank of 7 February 2018 amending Guideline (EU) 2016/65 on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework (ECB/2018/4)
OJ L 95, 13.4.2018, p. 45–48
(BG, ES, CS, DA, DE, ET, EL, EN, FR, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
In force
Relation | Act | Comment | Subdivision concerned | From | To |
---|---|---|---|---|---|
Modifies | 32015O0035 | Replacement | annex TABL 2 | 16/04/2018 | |
Modifies | 32015O0035 | Replacement | annex TABL 3 | 16/04/2018 | |
Modifies | 32015O0035 | Replacement | article 3 paragraph 2 | 16/04/2018 | |
Modifies | 32015O0035 | Addition | article 3 paragraph 2a | 16/04/2018 | |
Modifies | 32015O0035 | Replacement | article 4 paragraph (c) | 16/04/2018 | |
Modifies | 32015O0035 | Replacement | article 5 paragraph 1 | 16/04/2018 | |
Modifies | 32015O0035 | Replacement | article 5 paragraph 2 | 16/04/2018 | |
Modifies | 32015O0035 | Replacement | article 5 paragraph 5 | 16/04/2018 | |
Modifies | 32015O0035 | Addition | article 5 paragraph 2 L | 01/10/2018 |
13.4.2018 |
EN |
Official Journal of the European Union |
L 95/45 |
GUIDELINE (EU) 2018/571 OF THE EUROPEAN CENTRAL BANK
of 7 February 2018
amending Guideline (EU) 2016/65 on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework (ECB/2018/4)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union, and in particular the first indent of Article 127(2) thereof,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular the first indent of Article 3.1, Articles 9.2, 12.1, 14.3, 18.2 and the first paragraph of Article 20 thereof,
Whereas:
(1) |
All eligible assets for Eurosystem credit operations are subject to specific risk control measures in order to protect the Eurosystem against financial losses in circumstances where its collateral has to be realised due to an event of default of a counterparty. As a result of the regular review of the Eurosystem risk control framework, several adjustments must be made in order to ensure adequate protection. |
(2) |
Therefore, Guideline (EU) 2016/65 of the European Central Bank (ECB/2015/35) (1) should be amended accordingly, |
HAS ADOPTED THIS GUIDELINE:
Article 1
Amendments
Guideline (EU) 2016/65 (ECB/2015/35) is amended as follows:
1. |
Article 3 is amended as follows:
|
2. |
in Article 4, point (c) is replaced by the following:
|
3. |
Article 5 is amended as follows:
|
4. |
the Annex is amended in accordance with the Annex to this Guideline. |
Article 2
Taking effect and implementation
1. This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro.
2. The national central banks of the Member States whose currency is the euro shall take the necessary measures to comply with this Guideline and apply them from 16 April 2018 except for point 3(c) of Article 1 in respect of which they shall take the necessary measures and apply them from 1 October 2018. They shall notify the ECB of the texts and means relating to those measures by 16 March 2018, except for the texts and means relating to the measures in respect of point 3(c) of Article 1 which they shall notify by 3 September 2018.
Article 3
Addressees
This Guideline is addressed to the national central banks of the Member States whose currency is the euro.
Done at Frankfurt am Main, 7 February 2018.
For the Governing Council of the ECB
The President of the ECB
Mario DRAGHI
(1) Guideline (EU) 2016/65 of the European Central Bank of 18 November 2015 on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework (ECB/2015/35) (OJ L 14, 21.1.2016, p. 30).
ANNEX
The Annex to Guideline (EU) 2016/65 (ECB/2015/35) is amended as follows:
1. |
Table 2 is replaced by the following: ‘Table 2 Valuation haircut levels applied to eligible marketable assets in haircut categories I to IV
|
2. |
Table 3 is replaced by the following: ‘Table 3 Valuation haircut levels applied to eligible credit claims with fixed or floating interest payments
|
(*1) i.e. [0-1) residual maturity less than 1 year, [1-3) residual maturity equal to or greater than 1 year and less than 3 years, etc.’.
(*2) i.e. [0-1) residual maturity less than 1 year, [1-3) residual maturity equal to or greater than 1 year and less than 3 years, etc.’.