(1)

Achieving a single monetary policy entails defining the tools, instruments and procedures to be used by the Eurosystem in order to implement such a policy in a uniform manner throughout the Member States whose currency is the euro.

(2)

Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60) (1) should be amended to incorporate necessary technical and editorial adjustments relating to certain aspects of monetary policy operations.

(3)

Guideline ECB/2012/27 of the European Central Bank (2), which governed the Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET2), was repealed by Guideline (EU) 2022/912 of the European Central Bank (ECB/2022/8) (3), which sets out the new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system (TARGET). The changes introduced by Guideline (EU) 2022/912 (ECB/2022/8) need to be reflected in Guideline (EU) 2015/510 (ECB/2014/60).

(4)

The announcement, allotment and settlement dates of main refinancing operations and regular longer-term refinancing operations should be aligned to facilitate switching between the two types of operations. Furthermore, the time frame of regular longer-term refinancing operations should be adjusted to avoid an overlap between the two types of operations. In addition, the interest rounding rules for regular longer-term refinancing operations should be clarified to ensure a harmonised approach.

(5)

Certain aspects of the issuance of European Central Bank (ECB) debt certificates require further clarification regarding the identity of their legal issuer and the form of their issuance and holding.

(6)

Some further clarification on the treatment of interest rate benchmarks in the context of collateral eligibility for the purposes of Eurosystem monetary policy operations is required, in particular as regards those interest rate benchmarks that are administered from the United Kingdom (UK). UK benchmark administrators, like other benchmark administrators located outside the Union, should be considered third country benchmark administrators and Union supervised entities should only use benchmarks provided by third country administrators if they are authorised for use in the Union in accordance with Regulation (EU) 2016/1011 of the European Parliament and of the Council (4).

(7)

Clarifications are needed with respect to the eligibility as collateral of sustainability-linked bonds with coupon step-up cancellation rights.

(8)

It is necessary to harmonise the Eurosystem collateral eligibility rules applicable to guaranteed assets by further specifying the cases in which the relevant eligibility requirements apply. The applicability of these requirements should depend on whether a guarantee is used to establish the asset’s compliance with the Eurosystem’s credit quality requirements.

(9)

It is necessary to provide greater clarity in the Eurosystem credit assessment framework (ECAF) with regard to counterparties’ reporting of probabilities of default based on their use of the internal ratings-based (IRB) approaches, and the provision of templates to be filled in by a credit rating agency (CRA) applying to become accepted as an external credit assessment institution (ECAI).

(10)

As part of the collateral easing measures it adopted in response to the COVID-19 pandemic to facilitate Eurosystem counterparties in maintaining sufficient eligible collateral in order to be able to participate in all liquidity-providing operations, the Governing Council decided on 7 April 2020 that for domestic use, credit claims should, at the time of their submission as collateral by the counterparty, meet a minimum size threshold of EUR 0, or any higher amount that may be laid down by a national central bank of a Member State whose currency is the euro (hereinafter an ‘NCB’) receiving them as collateral. In view of the gradual phasing out of these collateral easing measures, the Governing Council decided on 30 November 2023 to reinstate the minimum size threshold of EUR 25 000 that credit claims mobilised on an individual basis should meet in order to be acceptable collateral for domestic use under Guideline (EU) 2015/510 (ECB/2014/60). In making its decision, the Governing Council took into consideration: the need to harmonise the use of credit claims as collateral for Eurosystem credit operations, the low percentage of the total amount of collateral mobilised by Eurosystem counterparties that credit claims below that threshold represent, and the need to improve the operational and cost efficiency of mobilisation and handling procedures for the acceptance of credit claims as collateral.

(11)

To enhance the protection of the Eurosystem from risks associated with the acceptance of credit claims as collateral, if it is ascertained that the procedures and systems used by a counterparty are no longer adequate for the submission of information on credit claims to the Eurosystem, the NCB concerned should be allowed to take the measures it deems necessary. These measures should include the partial or full suspension of the mobilisation of credit claims by that counterparty until the NCB concerned has conducted a new verification of the appropriateness of the procedures and systems used by the counterparty to submit the information on credit claims to the Eurosystem.

(12)

In line with the Governing Council’s decision of 22 June 2022, a high-level principle concerning climate change risk disclosure in ECAIs’ credit assessments is to be introduced in the ECAF.

(13)

Adjustments need to be made to the Eurosystem counterparty framework for accessing Eurosystem monetary policy operations to further clarify the treatment of counterparties that do not meet the own funds requirements laid down in Regulation (EU) No 575/2013 of the European Parliament and of the Council (5), the treatment of counterparties in breach of the initial capital requirement laid down in Article 93 of Regulation (EU) No 575/2013 and the relevant national legislation, as well as the treatment of counterparties and of eligible assets issued by entities that are subject to European Union restrictive measures.

(14)

It is necessary to harmonise the events of default within the Eurosystem, also with a view to ensuring transparency and consistency, and to improve the level playing field for the Eurosystem’s counterparties for monetary policy operations.

(15)

Regulation (EU) 2021/378 of the European Central Bank (ECB/2021/1) (6) has been amended as regards the remuneration of holdings of minimum reserves. The changes introduced by Regulation (EU) 2023/1679 of the European Central Bank (ECB/2023/21) (7) therefore need to be reflected in the provisions relating to minimum reserves in Guideline (EU) 2015/510 (ECB/2014/60).

(16)

Therefore, Guideline (EU) 2015/510 (ECB/2014/60) should be amended accordingly,

(1)

references to ‘TARGET2’ are replaced by references to ‘TARGET’ in the following: Article 2, points (6) and (26), Article 19(1) and (2), Article 22(1), Article 51(1) and (3), Article 53(2), Article 61(1), Article 177(2), point (d), Article 186(2), point (b), the heading of Part Seven A, the title of Article 187a, the introductory wording of Article 187a(1), Article 187a(4), the title of Article 187b, Article 187b, first sentence, the title of Article 187c, Article 187c, first sentence, Article 187c, point (b), the title of Article 187d, and Article 187d;

(2)

Article 2 is amended as follows:

(3)

in Article 7, paragraph 6 is replaced by the following:

(4)

in Article 8(2), point (d) is replaced by the following:

(5)

in Article 10(4), point (e) is replaced by the following:

(6)

in Article 11(5), point (d) is replaced by the following:

(7)

Article 12 is amended as follows:

(8)

Article 13 is amended as follows:

(9)

Article 19 is amended as follows:

(10)

in Article 20, paragraph 1 is replaced by the following:

(11)

Article 22 is amended as follows:

(12)

in Article 23, paragraph 1 is replaced by the following:

(13)

Article 25(2) is amended as follows:

(14)

in Article 28(3), Table 7 is replaced by the following:

‘Table 7

Normal trade days for MROs and regular LTROs

(15)

in Article 49, paragraph 1 is replaced by the following:

(16)

in Article 58, paragraph 2 is replaced by the following:

(17)

Article 63 is amended as follows:

(18)

in Article 69, the following paragraph 1a is inserted:

(19)

in Article 70, paragraph 2 is replaced by the following:

(20)

the heading of Part Four, Title II, Chapter 1, Section 2, Subsection 3 is replaced by the following:

‘Specific eligibility criteria for debt certificates issued by the ECB or by NCBs prior to the date of adoption of the euro in their respective Member State’;

(21)

Article 81 is amended as follows:

(22)

in Article 90, point (b)(iii), first indent, the first sub-indent is replaced by the following:

(23)

Article 93 is replaced by the following:

(24)

in Article 95, paragraph 1 is replaced by the following:

(25)

in Article 96, paragraph 2 is replaced by the following:

(26)

in Article 97, point (d) is replaced by the following:

(27)

Article 100 is replaced by the following:

(28)

Article 104 is amended as follows:

(29)

in Article 107a, paragraph 7 is replaced by the following:

(30)

in Article 113, paragraph 2 is replaced by the following:

(31)

Article 118(1) is amended as follows:

(32)

in Article 120, the following paragraph 4 is added:

(33)

Article 122 is amended as follows:

(34)

in Article 123(4), point (d) is replaced by the following:

(35)

Article 144a(2) is amended as follows:

(36)

in Article 154(1), point (d) is replaced by the following:

(37)

Article 158 is amended as follows:

(38)

in Article 159(4), point (a) is replaced by the following:

(39)

Article 165 is replaced by the following:

(40)

Article 166 is amended as follows:

(41)

in Article 187a(1), point (a) is replaced by the following:

(42)

in Article 187b, point (a) is replaced by the following:

(43)

Annexes I, VI, VIa and IXc are amended in accordance with the Annex to this Guideline.