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Document 32005O0017
Guideline of the European Central Bank of 30 December 2005 amending Guideline ECB/2000/7 on monetary policy instruments and procedures of the Eurosystem (ECB/2005/17)
Guideline of the European Central Bank of 30 December 2005 amending Guideline ECB/2000/7 on monetary policy instruments and procedures of the Eurosystem (ECB/2005/17)
Guideline of the European Central Bank of 30 December 2005 amending Guideline ECB/2000/7 on monetary policy instruments and procedures of the Eurosystem (ECB/2005/17)
IO L 30, 2.2.2006, p. 26–29
(ES, CS, DA, DE, ET, EL, EN, FR, IT, LV, LT, HU, MT, NL, PL, PT, SK, SL, FI, SV) Foilsíodh an doiciméad seo in eagrán speisialta
(BG, RO)
No longer in force, Date of end of validity: 31/12/2011; Arna aisghairm le 32011O0014
2.2.2006 |
EN |
Official Journal of the European Union |
L 30/26 |
GUIDELINE OF THE EUROPEAN CENTRAL BANK
of 30 December 2005
amending Guideline ECB/2000/7 on monetary policy instruments and procedures of the Eurosystem
(ECB/2005/17)
(2006/44/EC)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty establishing the European Community and in particular to the first indent of Article 105(2),
Having regard to the Statute of the European System of Central Banks and of the European Central Bank and in particular Articles 12.1 and 14.3 in conjunction with the first indent of Article 3.1, Article 18.2 and the first paragraph of Article 20,
Whereas:
(1) |
Achieving a single monetary policy entails defining the instruments and procedures to be used by the Eurosystem, consisting of the national central banks (NCBs) of Member States that have adopted the euro (hereinafter the participating Member States) and the European Central Bank (ECB), in order to implement such policy in a uniform manner throughout the participating Member States. |
(2) |
The ECB has the authority to establish the necessary guidelines to implement the Eurosystem’s single monetary policy and the NCBs have an obligation to act in accordance with such guidelines. |
(3) |
Chapter 6 of Annex I to Guideline ECB/2000/7 of 31 August 2000 on monetary policy instruments and procedures of the Eurosystem (1) needs to be amended in two respects. First, the eligibility criteria for tier one and tier two assets need to be made more specific in relation to asset-backed securities. Asset-backed securities which are currently eligible but do not fulfil the new eligibility criteria will remain eligible for a transitional period. Second, in the case of structured issues, the rule under which subordinated debt instruments are excluded from tier one needs to be refined. |
(4) |
In accordance with Articles 12.1 and 14.3 of the Statute, ECB guidelines form an integral part of Community law, |
HAS ADOPTED THIS GUIDELINE:
Article 1
Annex I to Guideline ECB/2000/7 is amended in accordance with the Annex to this Guideline.
Article 2
The NCBs of participating Member States shall forward details of the texts and means by which they intend to comply with this Guideline to the ECB by 1 March 2006 at the latest.
Article 3
This Guideline shall enter into force two days after its adoption. Article 1 shall apply from 1 May 2006.
Article 4
This Guideline is addressed to the NCBs of participating Member States.
Done at Frankfurt am Main, 30 December 2005.
For the Governing Council of the ECB
The President of the ECB
Jean-Claude TRICHET
(1) OJ L 310, 11.12.2000, p. 1. Guideline as last amended by Guideline ECB/2005/2 (OJ L 111, 2.5.2005, p. 1).
ANNEX
Annex I is amended as follows (1):
1. |
In the third paragraph of Section 6.2, the first indent is replaced by the following:
(*1) Debt instruments affording rights to the principal and/or the interest that are subordinated to the rights of holders of other debt instruments of the same issuer (or, within a structured issue, subordinated to other tranches of the same issue) are excluded from tier one. A tranche (or sub-tranche) is considered to be non-subordinated vis-à-vis other tranches (or sub-tranches) of the same issue and is “senior” if, in accordance with the priority of payment applicable after the delivery of an enforcement notice, as set out in the offering circular, that tranche (or sub-tranche) receives payment (principal and interest) in priority to other tranches or other sub-tranches or is last in incurring losses in relation to underlying assets." (*2) Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 375, 31.12.1985, p. 3). Directive as last amended by Directive 2005/1/EC (OJ L 79, 24.3.2005, p. 9).’ " |
2. |
The following sentence is added to the end of the sixth indent of the third paragraph of Section 6.2: ‘Asset-backed securities issued by non-EEA G10 entities are not eligible.’ |
3. |
In the second paragraph of Section 6.3, the first indent is replaced by the following:
|
4. |
Footnotes 1 and 2 to Table 4 in Chapter 6 are replaced by the following:
|
(*1) Debt instruments affording rights to the principal and/or the interest that are subordinated to the rights of holders of other debt instruments of the same issuer (or, within a structured issue, subordinated to other tranches of the same issue) are excluded from tier one. A tranche (or sub-tranche) is considered to be non-subordinated vis-à-vis other tranches (or sub-tranches) of the same issue and is “senior” if, in accordance with the priority of payment applicable after the delivery of an enforcement notice, as set out in the offering circular, that tranche (or sub-tranche) receives payment (principal and interest) in priority to other tranches or other sub-tranches or is last in incurring losses in relation to underlying assets.
(*2) Council Directive 85/611/EEC of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 375, 31.12.1985, p. 3). Directive as last amended by Directive 2005/1/EC (OJ L 79, 24.3.2005, p. 9).’ ”
(1) Amendments follow the format and footnote numbering in Annex I as adopted by the Governing Council on 3 February 2005 and published on the ECB's website.