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Document 02020D0440-20210219
Decision (EU) 2020/440 of the European Central Bank of 24 March 2020 on a temporary pandemic emergency purchase programme (ECB/2020/17)
Consolidated text: Decision (EU) 2020/440 of the European Central Bank of 24 March 2020 on a temporary pandemic emergency purchase programme (ECB/2020/17)
Decision (EU) 2020/440 of the European Central Bank of 24 March 2020 on a temporary pandemic emergency purchase programme (ECB/2020/17)
02020D0440 — EN — 19.02.2021 — 002.001
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DECISION (EU) 2020/440 OF THE EUROPEAN CENTRAL BANK of 24 March 2020 on a temporary pandemic emergency purchase programme (ECB/2020/17) (OJ L 091 25.3.2020, p. 1) |
Amended by:
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Official Journal |
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No |
page |
date |
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DECISION (EU) 2020/1143 OF THE EUROPEAN CENTRAL BANK of 28 July 2020 |
L 248 |
24 |
31.7.2020 |
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DECISION (EU) 2021/174 OF THE EUROPEAN CENTRAL BANK of 10 February 2021 |
L 50 |
29 |
15.2.2021 |
DECISION (EU) 2020/440 OF THE EUROPEAN CENTRAL BANK
of 24 March 2020
on a temporary pandemic emergency purchase programme (ECB/2020/17)
Article 1
Establishment and scope of the PEPP
Under the PEPP the Eurosystem central banks shall, except as explicitly provided otherwise in this Decision, purchase:
eligible marketable debt securities within the meaning of, and in accordance with, the provisions of Decision (EU) 2020/188 of the European Central Bank (ECB/2020/9);
eligible corporate bonds and other marketable debt instruments within the meaning of, and in accordance with, the provisions of Decision (EU) 2016/948 of the European Central Bank (ECB/2016/16) ( 1 );
eligible covered bonds within the meaning of, and in accordance with, the provisions of Decision (EU) 2020/187 of the European Central Bank (ECB/2020/8) ( 2 );
eligible asset-backed securities (ABS) within the meaning of, and in accordance with, the provisions of Decision (EU) 2015/5 of the European Central Bank (ECB/2014/45) ( 3 ).
Article 2
Maturity of marketable public debt securities
In order to be eligible for purchase under the PEPP, marketable debt securities, within the meaning of Article 1 paragraph 2(a), shall have a minimum remaining maturity of 70 days and a maximum remaining maturity of 30 years at the time of their purchase by the relevant Eurosystem central bank. In order to facilitate smooth implementation, marketable debt instruments with a remaining maturity of 30 years and 364 days shall be eligible under the PEPP.
Article 3
Waiver for marketable debt securities issued by the Hellenic Republic
Despite the requirements set forth in paragraph 2 of Article 3 of Decision (EU) 2020/188 (ECB/2020/9), euro-denominated marketable debt securities issued by the central government of the Hellenic Republic shall be eligible for purchases under the PEPP, provided they comply with the criteria for purchases as set out in paragraph 4 of Article 3 of Decision (EU) 2020/188 (ECB/2020/9).
Article 4
Purchase amounts
Purchases shall be carried out under the PEPP to the extent deemed necessary and proportionate to counter the threats posed by the extraordinary economic and market conditions on the ability of the Eurosystem to fulfil its mandate. In order to enable the effectiveness of this exceptional decision, the consolidation of holdings under Article 5 of Decision (EU) 2020/188 (ECB/2020/9) shall not apply to PEPP holdings.
Article 5
Allocation of portfolios
Article 6
Transparency
Article 7
Securities lending
The Eurosystem shall make securities purchased under the PEPP available for lending, including repos, with a view to ensuring the effectiveness of the PEPP.
Article 8
Final provision
This Decision shall enter into force on the day following that of its publication in the Official Journal of the European Union.
( 1 ) Decision (EU) 2016/948 of the European Central Bank of 1 June 2016 on the implementation of the corporate sector purchase programme (ECB/2016/16) (OJ L 157, 15.6.2016, p. 28).
( 2 ) Decision (EU) 2020/187 of the European Central Bank of 3 February 2020 on the implementation of the third covered bond purchase programme (ECB/2020/8),(OJ L 39, 12.2.2020, p. 6).
( 3 ) Decision (EU) 2015/5 of the European Central Bank of 19 November 2014 on the implementation of the asset-backed securities purchase programme (ECB/2014/45) (OJ L 1, 6.1.2015, p. 4).