This document is an excerpt from the EUR-Lex website
Document 32016O0033
Guideline (EU) 2016/2300 of the European Central Bank of 2 November 2016 amending Guideline ECB/2014/31 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2016/33)
Guideline (EU) 2016/2300 of the European Central Bank of 2 November 2016 amending Guideline ECB/2014/31 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2016/33)
Guideline (EU) 2016/2300 of the European Central Bank of 2 November 2016 amending Guideline ECB/2014/31 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2016/33)
OJ L 344, 17.12.2016, p. 123–125
(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
17.12.2016 |
EN |
Official Journal of the European Union |
L 344/123 |
GUIDELINE (EU) 2016/2300 OF THE EUROPEAN CENTRAL BANK
of 2 November 2016
amending Guideline ECB/2014/31 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2016/33)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union, and in particular 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 and Articles 5.1, 12.1, 14.3 and 18.2 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 in respect of asset-backed securities must be made in order to ensure adequate protection. |
(2) |
Therefore, Guideline ECB/2014/31 of the European Central Bank (1) should be amended accordingly, |
HAS ADOPTED THIS GUIDELINE:
Article 1
Amendments to Guideline ECB/2014/31
Guideline ECB/2014/31 is amended as follows:
1. |
Article 3 is amended as follows:
|
2. |
the Annex to this Guideline is inserted as Annex IIa. |
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 1 January 2017. They shall notify the ECB of the texts and means relating to those measures by 5 December 2016 at the latest.
Article 3
Addressees
This Guideline is addressed to all Eurosystem central banks.
Done at Frankfurt am Main, 2 November 2016.
The President of the ECB
Mario DRAGHI
(1) Guideline ECB/2014/31 of the European Central Bank of 9 July 2014 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral and amending Guideline ECB/2007/9 (OJ L 240, 13.8.2014, p. 28)
ANNEX
‘ANNEX IIa
Valuation haircut levels applied to asset-backed securities (ABS) eligible under Article 3(2) of this Guideline
Weighted Average Life |
Valuation haircut |
0-1 |
6,0 |
1-3 |
9,0 |
3-5 |
13,0 |
5-7 |
15,0 |
7-10 |
18,0 |
> 10 |
30,0’ |