This document is an excerpt from the EUR-Lex website
Document 32019O0012
Guideline (EU) 2019/1033 of the European Central Bank of 10 May 2019 amending Guideline (EU) 2016/65 on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework (ECB/2019/12)
Guideline (EU) 2019/1033 of the European Central Bank of 10 May 2019 amending Guideline (EU) 2016/65 on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework (ECB/2019/12)
Guideline (EU) 2019/1033 of the European Central Bank of 10 May 2019 amending Guideline (EU) 2016/65 on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework (ECB/2019/12)
OJ L 167, 24.6.2019, p. 75–78
(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 | Repeal | article 5 paragraph 3 | 05/08/2019 | |
Modifies | 32015O0035 | Repeal | article 5 paragraph 4 | 05/08/2019 | |
Modifies | 32015O0035 | Replacement | annex table 1 | 05/08/2019 | |
Modifies | 32015O0035 | Replacement | annex table 2 | 05/08/2019 | |
Modifies | 32015O0035 | Replacement | annex table 3 | 05/08/2019 | |
Modifies | 32015O0035 | Replacement | article 2 point (b) | 05/08/2019 | |
Modifies | 32015O0035 | Replacement | article 2 point (c) | 05/08/2019 | |
Modifies | 32015O0035 | Replacement | article 2 point (d) | 05/08/2019 | |
Modifies | 32015O0035 | Replacement | article 5 paragraph 1 | 05/08/2019 | |
Modifies | 32015O0035 | Replacement | article 5 paragraph 2 | 05/08/2019 | |
Modifies | 32015O0035 | Replacement | article 5 paragraph 7 Text | 05/08/2019 |
24.6.2019 |
EN |
Official Journal of the European Union |
L 167/75 |
GUIDELINE (EU) 2019/1033 OF THE EUROPEAN CENTRAL BANK
of 10 May 2019
amending Guideline (EU) 2016/65 on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework (ECB/2019/12)
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 valuation rules and 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 a review of the Eurosystem risk control and valuation framework in relation to non-marketable assets, several adjustments must be made in order to ensure adequate risk protection of the Eurosystem. |
(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. |
in Article 2, point (b) is replaced by the following:
|
2. |
in Article 2, point (c) is replaced by the following:
|
3. |
in Article 2, point (d) is replaced by the following:
|
4. |
Article 5 is amended as follows:
|
5. |
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 5 August 2019. They shall notify the European Central Bank of the texts and means relating to those measures by 21 June 2019 at the latest.
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, 10 May 2019.
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 1 is replaced by the following: ‘Table 1 Haircut categories for eligible marketable assets based on the type of issuer and/or type of asset
|
2. |
Table 2 is replaced by the following: ‘Table 2 Valuation haircut levels applied to eligible marketable assets in haircut categories I to IV
|
3. |
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 one year, [1-3) residual maturity equal to or greater than one year and less than three years, etc.’
(*2) i.e. [0-1) residual maturity less than one year, [1-3) residual maturity equal to or greater than one year and less than three years, etc.’