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Document 32015O0034
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)
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)
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)
IO L 14, 21.1.2016, p. 25–29
(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
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:
(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. |
(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. |
(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. |
(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. |
(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). |
(6) |
The Governing Council has decided to change the rules on the own-use of covered bonds with respect to additional valuation haircuts. |
(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. |
(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. |
(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:
1. |
Article 2(16) is replaced by the following:
|
2. |
Article 2(49) is replaced by the following:
|
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)’;" |
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.’; |
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’