欧洲中央银行决定2014/671/EU，关于增加抵押品在欧元体系再融资操作和资格的临时措施，修订决定ECB/2013/35(ECB/2014/38)
技术法规类型：欧盟Eurlex法规 来源：tbtmap
EURLEX ID：32014D0038(01)
OJ编号：OJ L 278, 20.9.2014, p. 21-23
中文标题：欧洲中央银行决定2014/671/EU，关于增加抵押品在欧元体系再融资操作和资格的临时措施，修订决定ECB/2013/35(ECB/2014/38)
原文标题：2014/671/EU: Decision of the European Central Bank of 1 September 2014 amending Decision ECB/2013/35 on additional measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2014/38)
分类：10.30.30_经济和货币联盟
文件类型：二级立法 Decision|决定
法规全文：查看欧盟官方文件
| 20.9.2014 | EN | Official Journal of the European Union | L 278/21 |
DECISION OF THE EUROPEAN CENTRAL BANK
of 1 September 2014
amending Decision ECB/2013/35 on additional measures relating to Eurosystem refinancing operations and eligibility of collateral
(ECB/2014/38)
(2014/671/EU)
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, Article 12.1, Article 14.3 and Article 18.2 thereof,
Having regard to Guideline ECB/2011/14 of 20 September 2011 on monetary policy instruments and procedures of the Eurosystem (1) and Decision ECB/2013/6 of 20 March 2013 on the rules concerning the use as collateral for Eurosystem monetary policy operations of own-use uncovered government-guaranteed bank bonds (2),
Whereas:
| (1) | Pursuant to Article 18.1 of the Statute of the European System of Central Banks and of the European Central Bank, 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 standard 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 Annex I to Guideline ECB/2011/14, as well as Decision ECB/2013/6, Decision ECB/2013/35 (3) and Decision ECB/2014/11 (4). |
| (2) | Pursuant to Section 1.6 of Annex I to Guideline ECB/2011/14, the Governing Council may, at any time, change the instruments, conditions, criteria and procedures for the execution of Eurosystem monetary policy operations. |
| (3) | For the purposes of selecting the appropriate rating to be used for determining the eligibility of assets used in Eurosystem credit operations and their related haircut, a rule defining the priority of ratings is in place. This rule prioritises the use of External Credit Assessment Institution (ECAI) issue ratings in preference to ECAI issuer and guarantor ratings. On 17 July 2013, the Governing Council decided to further strengthen its risk control framework by adjusting the eligibility criteria and haircuts applied to collateral accepted in Eurosystem monetary policy operations and adopting certain additional measures to improve the overall consistency of the framework and its practical implementation. Among the adjustments made, the Eurosystem clarified the rule regarding the priority of ratings. These measures were laid down in Decision ECB/2013/35. |
| (4) | The rule prioritising ECAI issue ratings is appropriate as regards private issuers where the information content of issue ratings is relevant. For public issuers, the rule prioritising ECAI issue ratings requires adjustment since issuer ratings instead of issue ratings are regarded as the relevant measure of creditworthiness for these issuers. |
| (5) | Decision ECB/2013/35 should therefore be amended accordingly, |
HAS ADOPTED THIS DECISION:
Article 1
Amendment
Article 6 of Decision ECB/2013/35 is replaced as follows:
‘Article 6
Additional high credit standards for marketable assets
1. The External Credit Assessment Institution (ECAI) credit assessment of marketable assets referred to in Section 6.3 of Annex I to Guideline ECB/2011/14 shall be subject to the requirements laid down in this Article.
2. The following types of ECAI credit assessments from accepted ECAIs shall be used in determining compliance with the credit quality threshold applicable to marketable assets (5).
| (a) | An ECAI issue rating, which refers to an ECAI credit assessment assigned to either an issue or, in the absence of an issue rating from the same ECAI, the programme/issuance series under which an asset is issued (6). For ECAI issue ratings, the Eurosystem shall make no distinction in respect of the original maturity of the asset. Any ECAI rating assigned to the issue or programme/issuance series shall be acceptable. |
| (b) | An ECAI issuer rating, which refers to an ECAI credit assessment assigned to an issuer. For ECAI issuer ratings, the Eurosystem shall make a distinction in respect of the original maturity of the asset as regards the acceptable ECAI credit assessment. A distinction shall be made between: (i) short-term assets, i.e. those assets with an original maturity of up to and including 390 days; and (ii) long-term assets, i.e. those assets with an original maturity of more than 390 days. For short-term assets, ECAI short-term and long-term issuer ratings shall be acceptable. For long-term assets, only ECAI long-term issuer ratings shall be acceptable. |
| (c) | An ECAI guarantor rating, which refers to an ECAI credit assessment assigned to a guarantor, if the guarantee meets the requirements of point (c) of Section 6.3.2 of Annex I to Guideline ECB/2011/14. For ECAI guarantor ratings, the Eurosystem shall make no distinction in respect of the original maturity of the asset. Only ECAI long-term guarantor ratings shall be acceptable. |
3. The ECB publishes the credit quality threshold for all accepted ECAIs, as established under Section 6.3.1 of Annex I to Guideline ECB/2011/14 (7). The credit quality threshold for marketable assets shall correspond to Credit Quality Step 3 of the Eurosystem's harmonised rating scale, except where otherwise stated.
4. For marketable assets, ECAI credit assessments, which determine the compliance of the asset with the credit quality threshold, shall be taken into account by the Eurosystem in accordance with the rules below.
| 4.1. | For marketable assets other than marketable assets issued by central governments, regional or local governments, agencies (8), supranational institutions and asset-backed securities, the following rules apply.
|
| 4.2. | For marketable assets issued by central governments, regional or local governments, agencies and supranational institutions, the following rules apply.
|
| 4.3. | For asset-backed securities, the following rules shall apply.
|
5. For the purposes of Section 6.3.2 of Annex I to Guideline ECB/2011/14, the provisions relating to the use of an implicit credit assessment shall apply in the absence of an ECAI credit assessment for the issuer or guarantor in the case of marketable assets issued by central governments, regional or local governments, agencies and supranational institutions as referred to in paragraph 4.2.
Article 2
Entry into force
This Decision shall enter into force on 19 September 2014.
It shall apply from 15 December 2014.
Done at Frankfurt am Main, 1 September 2014.
The President of the ECB
Mario DRAGHI
(1) OJ L 331, 14.12.2011, p. 1.
(3) Decision ECB/2013/35 of 26 September 2013 on additional measures relating to Eurosystem refinancing operations and eligibility of collateral (OJ L 301, 12.11.2013, p. 6).
(4) Decision ECB/2014/11 of 12 March 2014 amending Decision ECB/2013/35 on additional measures relating to Eurosystem refinancing operations and eligibility of collateral (OJ L 166, 5.6.2014, p. 31).
(5) The accepted ECAIs, NCB in-house credit assessment systems and third-party rating tools and their providers are listed on the ECB's website at www.ecb.europa.eu
(6) An ECAI assessment for a programme/issuance series is only relevant if it applies to the particular asset in question and a different issue rating from the same ECAI does not exist.
(7) This information is published on the ECB's website at www.ecb.europa.eu
(8) Entities classified as agencies by the Eurosystem are detailed on the ECB website.
(9) A “single A” rating is a rating of at least “A3” from Moody's, “A-” from Fitch or Standard & Poor's, or “AL” from DBRS.’
附件:
托管标准，您可以接收以下服务：
1 标准定期系统查新,若有最新版本,会以站内短信或邮件的形式通知用户；
2 随时在标准托管页面中查看到该条标准的最新状态；
3 若用户有在学习和科研中的需要，可以在标准托管页面中试阅标准；
4 企业如果需要上新产品,我院及时提供标准查询、采购等方面的支持；
5 为企业在标准制修订、企业良好行为创建以及标准化试点过程中遇到的困难,可联系我院指定相关专家负责进行指导帮助、提供政策咨询；
6 为企业提供标准化政策的解读、标准化知识的推广培训、标准自我公开声明、标准文献的免费查询、企业标准化体系建设等方面的标准化服务；
标准资讯点击排行榜 全部
资讯标题点击
[[ n.title ]] [[ n.read ]]大连标准化公共服务平台
版权：大连标准化研究院有限公司
地址：大连市中山区高原街56号
电话：0411-82740851
