This document is an excerpt from the EUR-Lex website
Document 02019O0007-20230501
Guideline (EU) 2019/671 of the European Central Bank of 9 April 2019 on domestic asset and liability management operations by the national central banks (recast) (ECB/2019/7)
Consolidated text: Guideline (EU) 2019/671 of the European Central Bank of 9 April 2019 on domestic asset and liability management operations by the national central banks (recast) (ECB/2019/7)
Guideline (EU) 2019/671 of the European Central Bank of 9 April 2019 on domestic asset and liability management operations by the national central banks (recast) (ECB/2019/7)
ELI: http://data.europa.eu/eli/guideline/2019/671/2023-05-01
This consolidated text may not include the following amendments:
Amending act | Amendment type | Subdivision concerned | Date of effect |
---|---|---|---|
32024O1210 | Modified by | article 2 point 2 | 01/12/2024 |
32024O1210 | Modified by | article 2 point 10 | 01/12/2024 |
32024O1210 | Modified by | article 2 point 9 | 01/12/2024 |
32024O1210 | Modified by | article 2 point 7 | 01/12/2024 |
32024O1210 | Modified by | article 4 | 01/12/2024 |
02019O0007 — EN — 01.05.2023 — 001.001
This text is meant purely as a documentation tool and has no legal effect. The Union's institutions do not assume any liability for its contents. The authentic versions of the relevant acts, including their preambles, are those published in the Official Journal of the European Union and available in EUR-Lex. Those official texts are directly accessible through the links embedded in this document
GUIDELINE (EU) 2019/671 OF THE EUROPEAN CENTRAL BANK of 9 April 2019 (OJ L 113 29.4.2019, p. 11) |
Amended by:
|
|
Official Journal |
||
No |
page |
date |
||
GUIDELINE (EU) 2023/818 OF THE EUROPEAN CENTRAL BANK of 5 April 2023 |
L 102 |
59 |
17.4.2023 |
GUIDELINE (EU) 2019/671 OF THE EUROPEAN CENTRAL BANK
of 9 April 2019
on domestic asset and liability management operations by the national central banks (recast) (ECB/2019/7)
Article 1
Scope of application
This Guideline shall apply to transactions involving NCBs that are denominated in euro and to non-monetary policy deposits, provided that these are, in each case, recorded in the balance sheet and that they are none of the following:
transactions that are executed by NCBs to implement the single monetary policy as decided by the Governing Council;
transactions regulated by guidelines established on the basis of Article 31.3 of the Statute of the European System of Central Banks and of the European Central Bank;
transactions executed and deposits taken in the context of the Eurosystem's reserve management services as set out in Guideline (EU) 2018/797 of the European Central Bank (ECB/2018/14) ( 1 );
operations related to the provision of emergency liquidity assistance as defined in the Agreement on emergency liquidity assistance.
Article 2
Definitions
For the purposes of this Guideline:
‘NCB’ means a national central bank of a Member State whose currency is the euro;
‘deposit facility rate’ means the interest rate applied to the Eurosystem deposit facility;
‘deposit’ means a credit balance in euro or in another currency resulting from funds held in an account with an NCB or from temporary situations deriving from other services provided by an NCB, giving rise to a liability recorded on that NCB's balance sheet, and which that NCB is required to repay under the applicable contractual or regulatory conditions, including overnight and fixed term deposits;
‘government’ means all public entities of a Member State or any public entities of the Union mentioned in Article 123 of the Treaty, as interpreted in the light of Council Regulation (EC) No 3603/93 ( 2 ), except for publicly owned credit institutions which, in the context of the supply of reserves by NCBs, are given the same treatment by NCBs and the ECB as private credit institutions;
‘government deposits’ means non-monetary policy deposits accepted by NCBs from any government;
‘government deposits related to an adjustment programme’ means deposits of:
funds disbursed by the European Stability Mechanism (ESM), Union bodies or the International Monetary Fund (IMF) to the government of a Member State whose currency is the euro benefiting from a European and/or IMF financial support programme whose contractual or other legal arrangements require those funds to be held by the government of the Member State with the NCB of the Member State;
funds which correspond to the accumulated Eurosystem profits resulting from Greek government bonds held under the Securities Markets Programme (SMP) which have been transferred by euro area governments to a dedicated ESM account; or
funds which are held by the government of a Member State that benefits or has benefited from a European and/or IMF financial support programme with the NCB of the Member State and which are earmarked for disbursement to the lenders under such programme or required by the contractual or other legal arrangements related to the programme or the post-programme surveillance to be held with such NCB. For this purpose ‘earmarked’ includes the precautionary cash buffers that treasuries are required to hold under the contractual or other legal arrangements related to the post-programme surveillance or as the result of a waiver issued by one or more financial assistance programme creditors whenever an early repayment is made to any other financial assistance programme creditor.
‘gross domestic product’ (GDP) means the value of an economy's total output of goods and services, less intermediate consumption, plus net taxes on products and imports in a specified period;
‘non-monetary policy deposits’ means any deposits accepted by NCBs from governments and other external sources that are recorded in balance sheet items other than liability item L2 (‘Liabilities to euro area credit institutions related to monetary policy operations denominated in euro’) as defined in the context of the Eurosystem harmonised balance sheet. Non-monetary policy deposits from other external sources do not include IMF No 1 and No 2 accounts, as decided by the Governing Council, or deposits from internal sources, i.e. deposits from current or former staff, branches or subsidiaries of the relevant NCB, overseas monetary authorities linked to the relevant NCB and located in countries and territories specified in Article 198 of the Treaty;
‘secured market rate’ means (a) with regard to fixed-term deposits denominated in euro, the STOXX EUR GC Pooling term index with a comparable maturity, or its equivalent if it is discontinued or no longer considered as a benchmark; and (b) with regard to fixed-term deposits denominated in currencies other than the euro, a comparable rate;
‘unsecured overnight market rate’ means (a) with regard to overnight deposits denominated in euro, the euro overnight index average rate (EONIA), or, following the discontinuation of EONIA, the euro short-term rate (€STR); and (b) with regard to overnight deposits denominated in currencies other than the euro, a comparable rate;
‘outright transaction’ means a purchase, sale or redemption of a security that is recorded in a balance sheet item other than asset item A7.1 (‘Securities held for monetary policy purposes’) as defined in the context of the Eurosystem harmonised balance sheet;
‘securities’ mean the following types of securities: (a) debt securities; (b) listed shares; and (c) investment fund shares or units;
‘securities financing transaction’ means a transaction that meets the definition in Article 3(11) of Regulation (EU) 2015/2365 of the European Parliament and of the Council ( 3 ) and which involves securities that are recorded in a balance sheet item other than asset item A7.1 (‘Securities held for monetary policy purposes’) as defined in the context of the Eurosystem harmonised balance sheet, and consists of either:
‘lending transaction’ meaning a securities financing transaction which is conducted by an NCB with the effect of providing securities; or
‘borrowing transaction’ meaning a securities financing transaction which is conducted by an NCB with the effect of receiving securities;
‘bilateral liquidity arrangement’ means an agreement which an NCB enters into with a non-euro area central bank or a monetary authority with the purpose of conducting transactions to exchange euro cash with euro non-cash collateral.
Article 3
Organisational issues
Article 4
Limitations on the remuneration of non-monetary policy deposits
The remuneration of government deposits shall be subject to the following ceilings:
in the case of government deposits denominated in euro, other than government deposits related to an adjustment programme:
for overnight government deposits, the unsecured overnight market rate minus 20 basis points;
for fixed term government deposits, the secured market rate with a comparable maturity minus 20 basis points or if that is not available, the unsecured overnight market rate minus 20 basis points;
in the case of government deposits denominated in other currencies, other than government deposits related to an adjustment programme, an approach comparable for the concerned currency to the approach set out for deposits denominated in euro, as set out in point (a);
in the case of government deposits related to an adjustment programme, the higher of: (i) zero per cent and (ii) the unsecured overnight market rate or, if available, the secured market rate with a comparable maturity, as applicable.
Article 5
Ex ante obligations
Article 6
Ex post reporting
The NCBs shall report information ex post to the ECB once a calendar quarter on:
outright transactions;
securities financing transactions;
average outstanding amounts related to non-monetary policy deposits which were carried out or observed during the previous calendar quarter.
Article 7
Monitoring
Article 8
Confidentiality
Any information and data exchanged in the context of this Guideline shall be treated confidentially.
Article 9
Repeal
Article 10
Taking effect and implementation
Article 11
Addressees
This Guideline is addressed to the NCBs.
ANNEX I
Repealed Guideline with list of the successive amendments thereto
(referred to in Article 9)
Guideline ECB/2014/9
Guideline ECB/2014/22 ( 4 )
Guideline (EU) 2015/1575 of the European Central Bank (ECB/2015/28) ( 5 )
ANNEX II
Correlation table
Guideline ECB/2014/9 |
This Guideline |
Article1(1) |
Article 1 |
Article 1(2) |
|
Article 1(3) |
|
Article 1(4) |
|
Article 2 |
Article 2 |
Article 3 |
Article 3 |
Article 4 |
|
Article 5(1)(a) and (b) |
Article 4(1)(a) |
Article 5(2) |
Article 4(1)(b) and (3) |
Article 5(3) |
Article 4(1)(d) |
Article 6(1) |
Article 5(1) |
Article 6(2) |
Article 6 |
Article 6(3) |
Article 7(3) |
Article 7(1) |
Article 5(2) |
Article 7(2) |
Article 7(2) |
Article 7(3) |
|
Article 8 |
|
Article 9(1) |
Article 7(1) |
Article 9(2) |
|
Article 10 |
Article 8 |
Article 11 |
|
Article 12 |
Article 10 |
Article 13 |
Article 11 |
( 1 ) Guideline (EU) 2018/797 of the European Central Bank of 3 May 2018 on the Eurosystem's provision of reserve management services in euro to central banks and countries located outside the euro area and to international organisations (ECB/2018/14) (OJ L 136, 1.6.2018, p. 81).
( 2 ) Council Regulation (EC) No 3603/93 of 13 December 1993 specifying definitions for the application of the prohibitions referred to in Articles 104 and 104b(1) of the Treaty (OJ L 332, 31.12.1993, p. 1).
( 3 ) Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (OJ L 337, 23.12.2015, p. 1).
( 4 ) Guideline ECB/2014/22 of 5 June 2014 amending Guideline ECB/2014/9 on domestic asset and liability management operations by the national central banks (OJ L 168, 7.6.2014, p. 118).
( 5 ) Guideline (EU) 2015/1575 of the European Central Bank of 4 September 2015 amending Guideline ECB/2014/9 on domestic asset and liability management operations by the national central banks (ECB/2015/28) (OJ L 245, 22.9.2015, p. 13).