ISSN 1977-0677
Official Journal
of the European Union
L 14
English edition
Legislation
Volume 59
21 January 2016
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ISSN 1977-0677 |
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Official Journal of the European Union |
L 14 |
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English edition |
Legislation |
Volume 59 |
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Contents |
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II Non-legislative acts |
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REGULATIONS |
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Commission Regulation (EU) 2016/60 of 19 January 2016 amending Annexes II and III to Regulation (EC) No 396/2005 of the European Parliament and of the Council as regards maximum residue levels for chlorpyrifos in or on certain products ( 1 ) |
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DECISIONS |
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GUIDELINES |
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(1) Text with EEA relevance |
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EN |
Acts whose titles are printed in light type are those relating to day-to-day management of agricultural matters, and are generally valid for a limited period. The titles of all other Acts are printed in bold type and preceded by an asterisk. |
II Non-legislative acts
REGULATIONS
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21.1.2016 |
EN |
Official Journal of the European Union |
L 14/1 |
COMMISSION REGULATION (EU) 2016/60
of 19 January 2016
amending Annexes II and III to Regulation (EC) No 396/2005 of the European Parliament and of the Council as regards maximum residue levels for chlorpyrifos in or on certain products
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EC) No 396/2005 of the European Parliament and of the Council of 23 February 2005 on maximum residue levels of pesticides in or on food and feed of plant and animal origin and amending Council Directive 91/414/EEC (1), and in particular Article 14(1)(a) thereof,
Whereas:
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(1) |
For chlorpyrifos, maximum residue levels (MRLs) were set in Annex II and Part B of Annex III to Regulation (EC) No 396/2005. |
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(2) |
In accordance with Article 21 of Regulation (EC) No 1107/2009 of the European Parliament and of the Council (2), the Commission requested the European Food Safety Authority, hereinafter ‘the Authority’, to carry out a toxicological review of chlorpyrifos. The conclusion of the Authority was published on 22 April 2014 (3). |
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(3) |
In accordance with Article 43 of Regulation (EC) No 396/2005, the Commission requested the Authority to provide a reasoned opinion on the existing MRLs for chlorpyrifos based on the new toxicological reference values. The Authority submitted its reasoned opinion on 12 June 2015 (4). |
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(4) |
The Authority concluded that the current MRLs for mandarins, apples, pears, peaches, table grapes, blackberries, raspberries, currants, gooseberries, kiwi, pineapples, potatoes, tomatoes, peppers, aubergines, melons, watermelons, head cabbage, chinese cabbage, globe artichokes, leek and sugar beet may raise concerns of consumer protection. The Authority therefore recommended lowering the existing MRLs for these commodities. It indicated that the uses on blackberries, currants, gooseberries, kiwi, pineapples, potatoes, melons, watermelons, chinese cabbage and leek are no longer supported and that, concerning the MRLs for these commodities, further consideration by risk managers was required. The MRLs for these commodities should be set at the specific limit of determination. |
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(5) |
The Commission consulted the European Union reference laboratories for residues of pesticides as regards the need to adapt certain limits of determination. Those laboratories concluded that for certain commodities technical development requires the setting of specific limits of determination. |
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(6) |
Based on the reasoned opinion of the Authority and taking into account the factors relevant to the matter under consideration, the appropriate modifications to the MRLs fulfil the requirements of Article 14(2) of Regulation (EC) No 396/2005. |
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(7) |
Through the World Trade Organisation, the trading partners of the Union were consulted on the new MRLs and their comments have been taken into account. |
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(8) |
Regulation (EC) No 396/2005 should therefore be amended accordingly. |
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(9) |
A reasonable period should be allowed to elapse before the modified MRLs become applicable in order to permit Member States, third countries and food business operators to prepare themselves to meet the new requirements which will result from the modification of the MRLs. |
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(10) |
The measures provided for in this Regulation are in accordance with the opinion of the Standing Committee on Plants, Animals, Food and Feed, |
HAS ADOPTED THIS REGULATION:
Article 1
Annexes II and III to Regulation (EC) No 396/2005 are amended in accordance with the Annex to this Regulation.
Article 2
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
It shall apply from 10 August 2016.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 19 January 2016.
For the Commission
The President
Jean-Claude JUNCKER
(2) Regulation (EC) No 1107/2009 of the European Parliament and of the Council of 21 October 2009 concerning the placing of plant protection products on the market and repealing Council Directives 79/117/EEC and 91/414/EEC (OJ L 309, 24.11.2009, p. 1).
(3) EFSA, 2014. Conclusion on the peer review of the pesticide human health risk assessment of the active substance chlorpyrifos. EFSA Journal 2014;12(4):3640, 34 pp. doi:10.2903/j.efsa.2014.3640.
(4) EFSA, 2015. Reasoned opinion on the refined risk assessment regarding certain maximum residue levels (MRLs) of concern for the active substance chlorpyrifos. EFSA Journal 2015;13(6):4142, 41 pp. doi:10.2903/j.efsa.2015.4142.
ANNEX
Annexes II and III to Regulation (EC) No 396/2005 are amended as follows:
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(1) |
In Annex II, the column for chlorpyrifos is replaced by the following: ‘Pesticide residues and maximum residue levels (mg/kg)
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(2) |
In Part B of Annex III, the column for chlorpyrifos is replaced by the following: ‘Pesticide residues and maximum residue levels (mg/kg)
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(*1) Indicates lower limit of analytical determination
(*2) Pesticide-code combination for which the MRL as set in Annex III Part B applies.
(1) For the complete list of products of plant and animal origin to which MRLs apply, reference should be made to Annex I.
(*3) Indicates lower limit of analytical determination
(2) For the complete list of products of plant and animal origin to which MRLs apply, reference should be made to Annex I.
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21.1.2016 |
EN |
Official Journal of the European Union |
L 14/18 |
COMMISSION IMPLEMENTING REGULATION (EU) 2016/61
of 20 January 2016
establishing the standard import values for determining the entry price of certain fruit and vegetables
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 1308/2013 of the European Parliament and of the Council of 17 December 2013 establishing a common organisation of the markets in agricultural products and repealing Council Regulations (EEC) No 922/72, (EEC) No 234/79, (EC) No 1037/2001 and (EC) No 1234/2007 (1),
Having regard to Commission Implementing Regulation (EU) No 543/2011 of 7 June 2011 laying down detailed rules for the application of Council Regulation (EC) No 1234/2007 in respect of the fruit and vegetables and processed fruit and vegetables sectors (2), and in particular Article 136(1) thereof,
Whereas:
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(1) |
Implementing Regulation (EU) No 543/2011 lays down, pursuant to the outcome of the Uruguay Round multilateral trade negotiations, the criteria whereby the Commission fixes the standard values for imports from third countries, in respect of the products and periods stipulated in Annex XVI, Part A thereto. |
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(2) |
The standard import value is calculated each working day, in accordance with Article 136(1) of Implementing Regulation (EU) No 543/2011, taking into account variable daily data. Therefore this Regulation should enter into force on the day of its publication in the Official Journal of the European Union, |
HAS ADOPTED THIS REGULATION:
Article 1
The standard import values referred to in Article 136 of Implementing Regulation (EU) No 543/2011 are fixed in the Annex to this Regulation.
Article 2
This Regulation shall enter into force on the day of its publication in the Official Journal of the European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 20 January 2016.
For the Commission,
On behalf of the President,
Jerzy PLEWA
Director-General for Agriculture and Rural Development
ANNEX
Standard import values for determining the entry price of certain fruit and vegetables
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(EUR/100 kg) |
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CN code |
Third country code (1) |
Standard import value |
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0702 00 00 |
IL |
236,2 |
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MA |
80,9 |
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TN |
113,9 |
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TR |
91,2 |
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ZZ |
130,6 |
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0707 00 05 |
MA |
85,8 |
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TR |
150,9 |
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ZZ |
118,4 |
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0709 93 10 |
MA |
52,6 |
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TR |
150,6 |
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ZZ |
101,6 |
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0805 10 20 |
EG |
50,0 |
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MA |
64,1 |
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TN |
57,9 |
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TR |
65,8 |
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ZZ |
59,5 |
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0805 20 10 |
IL |
163,3 |
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MA |
82,3 |
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ZZ |
122,8 |
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0805 20 30 , 0805 20 50 , 0805 20 70 , 0805 20 90 |
IL |
103,6 |
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JM |
147,2 |
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MA |
82,8 |
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TR |
99,2 |
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ZZ |
108,2 |
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0805 50 10 |
TR |
102,3 |
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ZZ |
102,3 |
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0808 10 80 |
CL |
84,9 |
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US |
121,1 |
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ZZ |
103,0 |
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0808 30 90 |
CN |
76,1 |
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ZZ |
76,1 |
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(1) Nomenclature of countries laid down by Commission Regulation (EU) No 1106/2012 of 27 November 2012 implementing Regulation (EC) No 471/2009 of the European Parliament and of the Council on Community statistics relating to external trade with non-member countries, as regards the update of the nomenclature of countries and territories (OJ L 328, 28.11.2012, p. 7). Code ‘ZZ’ stands for ‘of other origin’.
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21.1.2016 |
EN |
Official Journal of the European Union |
L 14/20 |
COMMISSION IMPLEMENTING REGULATION (EU) 2016/62
of 20 January 2016
fixing the allocation coefficient to be applied to the quantities on which applications for import licences and applications for import rights lodged from 1 to 7 January 2016 are based under the tariff quotas opened by Regulation (EC) No 616/2007 for poultrymeat
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 1308/2013 of the European Parliament and of the Council of 17 December 2013 establishing a common organisation of the markets in agricultural products and repealing Council Regulations (EEC) No 922/72, (EEC) No 234/79, (EC) No 1037/2001 and (EC) No 1234/2007 (1), and in particular Article 188(1) and (3) thereof,
Whereas:
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(1) |
Commission Regulation (EC) No 616/2007 (2) opened annual tariff quotas for imports of poultrymeat products originating in Brazil, Thailand and other third countries. |
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(2) |
The quantities on which applications for import licences lodged from 1 to 7 January 2016 for the subperiod from 1 April to 30 June 2016 are based relate, for some quotas, to quantities exceeding those available. The extent to which import licences may be issued should therefore be determined by fixing the allocation coefficient to be applied to the quantities requested, calculated in accordance with Article 7(2) of Commission Regulation (EC) No 1301/2006 (3). |
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(3) |
The quantities on which applications for import rights lodged from 1 to 7 January 2016 for the subperiod from 1 April to 30 June 2016 are based relate, for some quotas, to quantities exceeding those available. The extent to which import rights may be issued should therefore be determined by fixing the allocation coefficient to be applied to the quantities requested, calculated in accordance with Article 6(3) in conjunction with Article 7(2) of Commission Regulation (EC) No 1301/2006. |
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(4) |
In order to ensure the efficient management of the measure, this Regulation should enter into force on the day of its publication in the Official Journal of the European Union, |
HAS ADOPTED THIS REGULATION:
Article 1
1. The quantities on which applications for import licences lodged pursuant to Regulation (EC) No 616/2007 for the subperiod from 1 April to 30 June 2016 are based shall be multiplied by the allocation coefficient set out in Part A of the Annex hereto.
2. The quantities on which applications for import rights lodged pursuant to Regulation (EC) No 616/2007 for the subperiod from 1 April to 30 June 2016 are based shall be multiplied by the allocation coefficient set out in Part B of the Annex hereto.
Article 2
This Regulation shall enter into force on the day of its publication in the Official Journal of the European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 20 January 2016.
For the Commission,
On behalf of the President,
Jerzy PLEWA
Director-General for Agriculture and Rural Development
(1) OJ L 347, 20.12.2013, p. 671.
(2) Commission Regulation (EC) No 616/2007 of 4 June 2007 opening and providing for the administration of Community tariff quotas in the sector of poultrymeat originating in Brazil, Thailand and other third countries (OJ L 142, 5.6.2007, p. 3).
(3) Commission Regulation (EC) No 1301/2006 of 31 August 2006 laying down common rules for the administration of import tariff quotas for agricultural products managed by a system of import licences (OJ L 238, 1.9.2006, p. 13).
ANNEX
PART A
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Group No |
Order No |
Allocation coefficient — applications lodged for the sub-period from 1 April to 30 June 2016 (%) |
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1 |
09.4211 |
0,325241 |
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2 |
09.4212 |
0,775495 |
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4A |
09.4214 |
— |
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09.4251 |
1,646051 |
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09.4252 |
— |
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6A |
09.4216 |
0,323564 |
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09.4260 |
0,37908 |
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7 |
09.4217 |
— |
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8 |
09.4218 |
— |
PART B
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Group No |
Order No |
Allocation coefficient — applications lodged for the sub-period from 1 April to 30 June 2016 (%) |
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5A |
09.4215 |
0,65244 |
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09.4254 |
— |
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09.4255 |
— |
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09.4256 |
— |
DECISIONS
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21.1.2016 |
EN |
Official Journal of the European Union |
L 14/23 |
COUNCIL DECISION (EU) 2016/63
of 15 January 2016
concerning the accession of Croatia to the Convention drawn up on the basis of Article K.3(2)(c) of the Treaty on European Union on the fight against corruption involving officials of the European Communities or officials of Member States of the European Union
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on European Union,
Having regard to the Treaty of Accession of Croatia,
Having regard to the Act of Accession of Croatia, and in particular Article 3(5) thereof,
Having regard to the recommendation from the European Commission,
Having regard to the opinion of the European Parliament (1),
Whereas:
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(1) |
The Convention drawn up on the basis of Article K.3(2)(c) of the Treaty on European Union on the fight against corruption involving officials of the European Communities or officials of Member States of the European Union (2) (‘the Convention against corruption involving officials’) was signed on 26 May 1997 and entered into force on 28 September 2005. |
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(2) |
Article 3(4) of the Act of Accession of Croatia (‘the Act of Accession’) provides that Croatia accedes to the conventions and protocols concluded between the Member States, listed in Annex I to the Act of Accession, which comprises, inter alia, the Convention against corruption involving officials. They are to enter into force in relation to Croatia on the date determined by the Council. |
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(3) |
In accordance with Article 3(5) of the Act of Accession, the Council is to decide to make all adjustments required by reason of accession to those conventions and protocols, |
HAS ADOPTED THIS DECISION:
Article 1
The Convention against corruption involving officials shall enter into force for Croatia on the first day of the first month following the date of publication of this Decision.
Article 2
The text of the Convention against corruption involving officials drawn up in the Croatian language (3) shall be authentic under the same conditions as the other texts of the Convention against corruption involving officials.
Article 3
This Decision shall take effect on the date following that of its publication in the Official Journal of the European Union.
Done at Brussels, 15 January 2016.
For the Council
The President
J.R.V.A. DIJSSELBLOEM
(1) Opinion of 10 June 2015 (not yet published in the Official Journal).
(2) OJ C 195, 25.6.1997, p. 2.
(3) The Croatian-language version of the Convention has been published in a special edition of the Official Journal (Chapter 19, Volume 014, p. 120).
GUIDELINES
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21.1.2016 |
EN |
Official Journal of the European Union |
L 14/25 |
GUIDELINE (EU) 2016/64 OF THE EUROPEAN CENTRAL BANK
of 18 November 2015
amending Guideline (EU) 2015/510 on the implementation of the Eurosystem monetary policy framework (General Documentation Guideline) (ECB/2015/34)
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:
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(1) |
Achieving a single monetary policy entails defining the tools, instruments and procedures to be used by the Eurosystem, which consists of the European Central Bank (ECB) and the national central banks of those Member States whose currency is the euro (hereinafter the ‘NCBs’), in order to implement such a policy in a uniform manner throughout the Member States whose currency is the euro. |
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(2) |
In the light of Article 12.1 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’), the ECB has the authority to formulate the single monetary policy of the Union and to issue the necessary guidelines to ensure its proper implementation. In accordance with Article 14.3 of the Statute of the ESCB, the NCBs have an obligation to act in accordance with such guidelines. This Guideline is therefore addressed to the Eurosystem. The rules laid down in this Guideline will be implemented by the NCBs in contractual or regulatory arrangements. Counterparties will be required to comply with those rules as implemented by the NCBs in those contractual or regulatory arrangements. |
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(3) |
The first indent of Article 18.1 of the Statute of the ESCB allows the Eurosystem to operate in the financial markets by buying and selling outright (spot and forward) or under repurchase agreements and by lending or borrowing claims and marketable instruments, whether in euro or other currencies, as well as precious metals. The second indent of Article 18.1 allows the Eurosystem to conduct credit operations with credit institutions and other market participants. |
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(4) |
In order to protect the Eurosystem from counterparty risk, the second indent of Article 18.1 of the Statute of the ESCB provides that when the Eurosystem conducts credit operations with credit institutions and other market participants, lending should be based on adequate collateral. |
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(5) |
In order to protect the Eurosystem against the risk of financial losses in the event of a counterparty's default, eligible assets mobilised as collateral for Eurosystem credit operations are to be subject to the risk control measures laid down in Title VI of Part Four of Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60) (1). |
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(6) |
The Governing Council has decided to change the rules on the own-use of covered bonds with respect to additional valuation haircuts. |
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(7) |
The Governing Council has decided that non-marketable debt instruments backed by eligible credit claims may be used on a cross-border basis in accordance with the applicable correspondent central banking model (CCBM) procedures. |
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(8) |
The Governing Council has decided that the provisions concerning valuation haircuts are to be laid down in a legal act separate from Guideline (EU) 2015/510 (ECB/2014/60) as this would make it possible to streamline the implementation of amendments to the relevant framework promptly once the corresponding decisions are adopted by the Governing Council. |
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(9) |
Therefore, Guideline (EU) 2015/510 (ECB/2014/60) should be amended accordingly, |
HAS ADOPTED THIS GUIDELINE:
Article 1
Amendments
Guideline (EU) 2015/510 (ECB/2014/60) is amended as follows:
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1. |
Article 2(16) is replaced by the following:
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2. |
Article 2(49) is replaced by the following:
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3. |
Article 128 is replaced by the following: ‘Article 128 Risk control measures 1. The Eurosystem shall apply the following risk control measures for eligible assets:
2. The Eurosystem may apply the following additional risk control measures:
(*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)’;" |
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4. |
Article 148 is replaced by the following: ‘Article 148 General principles 1. Counterparties may use eligible assets on a cross-border basis throughout the euro area for all types of Eurosystem credit operations. 2. Counterparties may mobilise eligible assets other than fixed-term deposits, for cross-border use in accordance with the following:
3. Marketable assets may be used through an NCB account in an SSS located in a country other than that of the NCB in question if the Eurosystem has approved the use of such an account. 4. De Nederlandsche Bank shall be authorised to use its account with Euroclear Bank to settle collateral transactions in Eurobonds issued in that ICSD. The Central Bank of Ireland shall be authorised to open a similar account with Euroclear Bank. This account can be used for all eligible assets held in Euroclear Bank, i.e. including eligible assets transferred to Euroclear Bank through eligible links. 5. Counterparties shall execute the transfer of eligible assets via their securities settlement accounts with an SSS that has been positively assessed pursuant to the Eurosystem User Assessment Framework. 6. A counterparty that does not have a safe custody account with an NCB or a securities settlement account with an SSS that has been positively assessed pursuant to the Eurosystem User Assessment Framework may settle transactions through the securities settlement account or the safe custody account of a correspondent credit institution.’; |
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5. |
Annex XI is replaced by the following: ‘ANNEX XI SECURITY FORMS On 13 June 2006 the European Central Bank (ECB) announced the new global notes (NGN) criteria for international global bearer form securities that would be eligible as collateral for Eurosystem credit operations from 1 January 2007. On 22 October 2008 the ECB announced that international debt securities in global registered form issued after 30 September 2010, would only be eligible as collateral for Eurosystem credit operations when the new safekeeping structure for international debt securities (NSS) is used. The following table summarises the eligibility rules for the different forms of securities with the introduction of the NGN and NSS criteria. Table 1 Eligibility rules for different security forms
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Article 2
Repeal
Articles 129 to 133a in Guideline (EU) 2015/510 (ECB/2014/60) and Annex X thereto are repealed.
Article 3
Taking effect and implementation
1. This Guideline shall take effect on the day of its notification to the NCBs.
2. The NCBs shall take the necessary measures to comply with this Guideline and apply them from 25 January 2016. They shall notify the ECB of the texts and means relating to those measures by 5 January 2016 at the latest.
Article 4
Addressees
This Guideline is addressed to all Eurosystem central banks.
Done at Frankfurt am Main, 18 November 2015.
For the Governing Council of the ECB
The President of the ECB
Mario DRAGHI
(1) Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (General Documentation Guideline) (ECB/2014/60) (OJ L 91, 2.4.2015, p. 3).
(*2) Or, should it become applicable, in a positively assessed central securities depository’
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21.1.2016 |
EN |
Official Journal of the European Union |
L 14/30 |
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)
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:
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(1) |
Pursuant to Article 18.1 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’), the European Central Bank (ECB) and the national central banks of Member States whose currency is the euro (hereinafter the ‘NCBs’) may conduct credit operations with credit institutions and other market participants, with lending being based on adequate collateral. The general conditions under which the ECB and the NCBs stand ready to enter into credit operations, including the criteria determining the eligibility of collateral for the purposes of Eurosystem credit operations, are laid down in Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60) (1). |
|
(2) |
In order to protect the Eurosystem against the risk of financial losses in the event of a counterparty's default, eligible assets mobilised as collateral for Eurosystem credit operations are to be subject to risk control measures laid down in Title VI of Part Four of Guideline (EU) 2015/510 (ECB/2014/60). |
|
(3) |
The implementation of valuation haircut reviews would benefit from the relevant provisions being contained in a separate legal act. This would enable risk control parameters to be provided in a compact and self-contained form and enable the streamlining of the implementation of amendments to the relevant framework promptly once the corresponding decisions are adopted by the Governing Council, |
HAS ADOPTED THIS GUIDELINE:
Article 1
Valuation haircuts applied to eligible marketable assets
1. In accordance with Title VI of Part Four of Guideline (EU) 2015/510 (ECB/2014/60), marketable assets shall be subject to valuation haircuts, as defined in Article 2(97) of Guideline (EU) 2015/510 (ECB/2014/60), at the levels set forth in Table 2 in the Annex to this Guideline.
2. The valuation haircut for a specific asset depends on the following factors:
|
(a) |
the haircut category to which the asset is allocated, as defined in Article 2; |
|
(b) |
the residual maturity of the asset; |
|
(c) |
the coupon structure of the asset; |
|
(d) |
the credit quality step to which the asset is allocated. |
Article 2
Determination of haircut categories for marketable assets
Eligible marketable assets shall be allocated to one of the five haircut categories, based on the type of issuer and/or the type of asset, as reflected in Table 1 in the Annex to this Guideline:
|
(a) |
debt instruments issued by central governments, ECB debt certificates and debt certificates issued by NCBs prior to the date of adoption of the euro in their respective Member State whose currency is the euro are included in haircut category I; |
|
(b) |
debt instruments issued by local and regional government, entities classified as agencies by the Eurosystem, multilateral development banks and international organisations, as well as jumbo covered bonds, are included in haircut category II; |
|
(c) |
traditional covered bonds, other covered bonds and debt instruments issued by non-financial corporations are included in haircut category III; |
|
(d) |
unsecured debt instruments issued by credit institutions and by financial corporations other than credit institutions are included in haircut category IV; |
|
(e) |
asset-backed securities are included in haircut category V, regardless of the classification of the issuer. |
Article 3
Valuation haircuts for marketable assets
1. The valuation haircuts for marketable assets allocated to haircut categories I to IV shall be determined based on:
|
(a) |
the allocation of the specific asset to credit quality step 1, 2 or 3 as detailed in Table 2 in the Annex to this Guideline; |
|
(b) |
the residual maturity of the asset as detailed in paragraphs 3 and 4; |
|
(c) |
the coupon structure of the asset as detailed in paragraphs 3 and 4. |
2. Marketable assets allocated to haircut category V shall be subject to a valuation haircut of 10 % regardless of their residual maturity or coupon structure.
3. For assets with zero or fixed coupons, the relevant maturity for the valuation haircut to be applied shall be the residual maturity of the asset.
4. For assets with floating coupons, the valuation haircut shall equal the valuation haircut applied to fixed coupon marketable assets with zero-to-one-year residual maturity, except in the following cases and without prejudice to paragraph 2.
|
(a) |
Floating coupons with a resetting period of longer than one year shall be treated as fixed rate coupons and the relevant maturity for the valuation haircut to be applied shall be the residual maturity of the asset. |
|
(b) |
The relevant maturity for the valuation haircut to be applied to floating coupons that have a euro area inflation index as a reference rate shall be the residual maturity of the asset. |
|
(c) |
The valuation haircut applied to assets that have more than one type of coupon structure shall solely depend on the coupon structure in place during the remaining life of the asset and shall equal the highest haircut applicable to a marketable asset with the same residual maturity and credit quality step. Any type of coupon structure in place during the remaining life of the asset may be considered for this purpose. |
Article 4
Additional valuation haircuts applied to specific types of marketable assets
In addition to the valuation haircuts laid down in Article 3 of this Guideline, the following additional valuation haircuts shall apply for specific types of marketable assets:
|
(a) |
asset-backed securities, covered bonds and unsecured debt instruments issued by credit institutions that are theoretically valued in accordance with the rules contained in Article 134 of Guideline (EU) 2015/510 (ECB/2014/60) shall be subject to an additional valuation haircut in the form of a valuation markdown of 5 %; |
|
(b) |
own-use covered bonds shall be subject to an additional valuation haircut of (i) 8 % applied to the value of the debt instruments allocated to credit quality steps 1 and 2, and (ii) 12 % applied to the value of the debt instruments allocated to credit quality step 3; |
|
(c) |
for the purposes of paragraph (b), ‘own-use’ shall mean the submission or use by a counterparty of covered bonds that are issued or guaranteed by the counterparty itself or by any other entity with which that counterparty has close links as determined in accordance with Article 138 of Guideline (EU) 2015/510 (ECB/2014/60); |
|
(d) |
if the additional valuation haircut referred to in paragraph (b) cannot be applied with respect to a collateral management system of an NCB, triparty agent, or TARGET2-Securities for auto-collateralisation, the additional valuation haircut shall be applied in such systems or platform to the entire issuance value of the covered bonds that can be own used. |
Article 5
Valuation haircuts applied to eligible non-marketable assets
1. Individual credit claims with a fixed rate of interest payment and credit claims with a rate of interest payments linked to the inflation rate shall be subject to specific valuation haircuts determined according to the residual maturity, the credit quality step and the valuation methodology applied by the NCB, as laid down in Table 3 in the Annex to this Guideline.
2. Individual credit claims with a variable interest rate shall be subject to the valuation haircut applied to the credit claims with fixed interest rate classified as having zero-to-one-year residual maturity corresponding to the same credit quality step and the same valuation methodology applied by the NCB. An interest payment shall be treated as a variable rate payment if it is linked to a reference interest rate and the resetting period corresponding to this payment is no longer than one year. Interest payments for which the resetting period is longer than one year shall be treated as fixed rate payments, with the relevant maturity for the haircut being the residual maturity of the credit claim.
3. The valuation haircut applied to a credit claim with more than one type of interest payment shall depend only on the interest payments during the remaining life of the credit claim. If there is more than one type of interest payment during the remaining life of the credit claim, the remaining interest payments shall be treated as fixed-rate payments, with the relevant maturity for the haircut being the residual maturity of the credit claim.
4. For zero coupon credit claims the corresponding fixed interest credit claim valuation haircut shall apply.
5. Non-marketable retail mortgage-backed debt instruments shall be subject to a valuation haircut of 39,5 %.
6. Fixed-term deposits shall not be subject to valuation haircuts.
7. Each underlying credit claim included in the cover pool of a non-marketable debt instrument backed by eligible credit claims (hereinafter ‘DECC’) shall be subject to a valuation haircut applied at an individual level following the rules set out in paragraphs 1 to 4 above. The aggregate value of the underlying credit claims included in the cover pool after the application of valuation haircuts shall, at all times, remain equal to or above the value of the principal amount of the DECC that is outstanding. If the aggregate value falls below the threshold referred to in the previous sentence, the DECC shall be valued at zero.
Article 6
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 25 January 2016.They shall notify the ECB of the texts and means relating to those measures by 5 January 2016 at the latest.
Article 7
Addressees
This Guideline is addressed to the national central banks of the Member States whose currency is the euro.
Done at Frankfurt am Main, 18 November 2015.
For the Governing Council of the ECB
The President of the ECB
Mario DRAGHI
(1) Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (General Documentation Guideline) (ECB/2014/60) (OJ L 91, 2.4.2015, p. 3).
ANNEX
Table 1
Haircut categories for eligible marketable assets based on the type of issuer and/or type of asset
|
Category I |
Category II |
Category III |
Category IV |
Category V |
|
debt instruments issued by central governments ECB debt certificates debt certificates issued by NCBs prior to the date of adoption of the euro in their respective Member State |
debt instruments issued by local and regional governments debt instruments issued by entities classified as agencies by the Eurosystem debt instruments issued by multilateral development banks and international organisations jumbo covered bonds |
traditional covered bonds and other covered bonds debt instruments issued by non-financial corporations |
unsecured debt instruments issued by credit institutions unsecured debt instruments issued by financial corporations other than credit institutions |
asset-backed securities |
Table 2
Valuation haircut levels applied to eligible marketable assets
|
|
Haircut categories |
|||||||||
|
Credit quality |
Residual maturity (years) (*1) |
Category I |
Category II |
Category III |
Category IV |
Category V |
||||
|
fixed coupon |
zero coupon |
fixed coupon |
zero coupon |
fixed coupon |
zero coupon |
fixed coupon |
zero coupon |
|
||
|
Steps 1 and 2 |
[0-1) |
0,5 |
0,5 |
1,0 |
1,0 |
1,0 |
1,0 |
6,5 |
6,5 |
10,0 |
|
[1-3) |
1,0 |
2,0 |
1,5 |
2,5 |
2,0 |
3,0 |
8,5 |
9,0 |
||
|
[3-5) |
1,5 |
2,5 |
2,5 |
3,5 |
3,0 |
4,5 |
11,0 |
11,5 |
||
|
[5-7) |
2,0 |
3,0 |
3,5 |
4,5 |
4,5 |
6,0 |
12,5 |
13,5 |
||
|
[7-10) |
3,0 |
4,0 |
4,5 |
6,5 |
6,0 |
8,0 |
14,0 |
15,5 |
||
|
[10, ∞) |
5,0 |
7,0 |
8,0 |
10,5 |
9,0 |
13,0 |
17,0 |
22,5 |
||
|
|
Haircut categories |
|||||||||
|
Credit quality |
Residual maturity (years) (*1) |
Category I |
Category II |
Category III |
Category IV |
Category V |
||||
|
fixed coupon |
zero coupon |
fixed coupon |
zero coupon |
fixed coupon |
zero coupon |
fixed coupon |
zero coupon |
|
||
|
Step 3 |
[0-1) |
6,0 |
6,0 |
7,0 |
7,0 |
8,0 |
8,0 |
13,0 |
13,0 |
not eligible |
|
[1-3) |
7,0 |
8,0 |
10,0 |
14,5 |
15,0 |
16,5 |
24,5 |
26,5 |
||
|
[3-5) |
9,0 |
10,0 |
15,5 |
20,5 |
22,5 |
25,0 |
32,5 |
36,5 |
||
|
[5-7) |
10,0 |
11,5 |
16,0 |
22,0 |
26,0 |
30,0 |
36,0 |
40,0 |
||
|
[7-10) |
11,5 |
13,0 |
18,5 |
27,5 |
27,0 |
32,5 |
37,0 |
42,5 |
||
|
[10, ∞) |
13,0 |
16,0 |
22,5 |
33,0 |
27,5 |
35,0 |
37,5 |
44,0 |
||
Table 3
Valuation haircut levels applied to credit claims with fixed interest payments
|
|
Valuation methodology |
||
|
Credit quality |
Residual maturity (years) (*2) |
Fixed interest payment and a valuation based on a theoretical price assigned by the NCB |
Fixed interest payment and a valuation according to the outstanding amount assigned by the NCB |
|
steps 1 and 2 |
[0-1) |
10,0 |
12,0 |
|
[1-3) |
12,0 |
16,0 |
|
|
[3-5) |
14,0 |
21,0 |
|
|
[5-7) |
17,0 |
27,0 |
|
|
[7-10) |
22,0 |
35,0 |
|
|
[10, ∞) |
30,0 |
45,0 |
|
|
|
Valuation methodology |
||
|
Credit quality |
Residual maturity (years) (*2) |
Fixed interest payment and a valuation based on a theoretical price assigned by the NCB |
Fixed interest payment and a valuation according to the outstanding amount assigned by the NCB |
|
step 3 |
[0-1) |
17,0 |
19,0 |
|
[1-3) |
29,0 |
34,0 |
|
|
[3-5) |
37,0 |
46,0 |
|
|
[5-7) |
39,0 |
52,0 |
|
|
[7-10) |
40,0 |
58,0 |
|
|
[10, ∞) |
42,0 |
65,0 |
|
(*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.
|
21.1.2016 |
EN |
Official Journal of the European Union |
L 14/36 |
GUIDELINE (EU) 2016/66 OF THE EUROPEAN CENTRAL BANK
of 26 November 2015
amending Guideline ECB/2013/24 on the statistical reporting requirements of the European Central Bank in the field of quarterly financial accounts (ECB/2015/40)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 5.1 and 5.2, and Articles 12.1 and 14.3 thereof,
Whereas:
|
(1) |
The reduction of the reporting period for supplementary data by three days, due to apply from the first transmission in 2017 under Guideline ECB/2013/24 (1), will not now be necessary due to changes in the Governing Council's meeting schedule. For greater efficiency, decisions on reducing reporting periods to take account of possible future schedule changes should be delegated to the Executive Board, which must take into account the view of the Statistics Committee (STC). |
|
(2) |
In addition, the supplementary data requirements laid down in Guideline ECB/2013/24 need to be modified to include loans between non-financial corporations, on a voluntary basis, in order to enhance the coverage and quality of the euro area aggregates. |
|
(3) |
Therefore, Guideline ECB/2013/24 should be amended accordingly, |
HAS ADOPTED THIS GUIDELINE:
Article 1
Amendments
Guideline ECB/2013/24 is amended as follows:
|
1. |
in Article 2, paragraph 2 is replaced by the following: ‘2. The “supplementary data” requirements shall cover transactions and stocks for the period from the last quarter of 2012 up to the reference quarter. Such supplementary data are to be reported on a best estimate basis. The supplementary data requirements specified in columns “H”, “H.1” and “H.2” of Tables 1, 2, 4 and 5 of Annex I (supplementary data referring to the government sector and its sub-sectors), and in column “B”, rows 3 and 13, of Tables 4 and 5 of Annex I (supplementary data referring to loans between non-financial corporations) are to be reported on a voluntary basis.’; |
|
2. |
in Article 4, paragraph 1 is replaced by the following: ‘1. The “supplementary data” described in Article 2(2) shall be reported to the ECB within a period that shall not exceed 85 calendar days following the end of the reference quarter. The Executive Board may reduce this deadline to 82 days, if appropriate, taking into account the views of the STC. The Executive Board shall inform the Governing Council of its decision without undue delay. The ECB shall announce any change in the reporting period at least one year ahead of the implementation date.’; |
|
3. |
Annex I 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 Eurosystem central banks shall comply with this Guideline from 1 January 2016.
Article 3
Addressees
This Guideline is addressed to all Eurosystem central banks.
Done at Frankfurt am Main, 26 November 2015.
For the Governing Council of the ECB
The President of the ECB
Mario DRAGHI
(1) Guideline 2014/3/EU of the European Central Bank of 25 July 2013 on the statistical reporting requirements of the European Central Bank in the field of quarterly financial accounts (ECB/2013/24) (OJ L 2, 7.1.2014, p. 34).
ANNEX
Annex I to Guideline ECB/2013/24 is amended as follows:
|
1. |
The table ‘Summary of data requirements’ is replaced by the following: ‘Summary of data requirements
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2. |
Tables 4 and 5 are replaced by the following: ‘Table 4 Short-term loans (F.41) (1)
Table 5 Long-term loans (F.42) (5)
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(1) The data requirements for stocks, transactions and other changes in volume are identical.
(2) Monetary financial institutions (MFIs; S.121 + S.122 + S.123). According to the ESA 2010 (paragraph 5.118) short-term loans granted to deposit-taking corporations (S.121 + S.122) are to be classified as deposits (F.22 or F.29).
(3) Money market funds (MMFs; S.123).
(4) Non-profit institutions serving households (NPISHs; S.15).
(5) The data requirements for stocks, transactions and other changes in volume are identical.
(6) Monetary financial institutions (MFIs; S.121 + S.122 + S.123).
(7) Money market fund (MMF; S.123).
(8) Non-profit institutions serving households (NPISHs; S.15)’.