HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 359/74
EN
Official Journal of the European Union
29.12.2012
DECISION OF THE EUROPEAN CENTRAL BANK
of 19 December 2012
on temporary measures relating to the eligibility of marketable debt instruments issued or fully
guaranteed by the Hellenic Republic
(ECB/2012/32)
(2012/839/EU)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
(3) Decision
ECB/2012/3
of
5
March
2012
on
the
eligibility
of marketable debt instruments issued or fully guaranteed
by the Hellenic Republic in the context of the Hellenic
Republic’s debt exchange offer ( 2 ) temporarily suspended
the Eurosystem’s minimum requirements for credit
Having regard to the Treaty on the Functioning of the European
quality thresholds applicable to marketable debt
Union, and in particular the first indent of Article 127(2)
instruments issued or fully guaranteed by the Hellenic
thereof,
Republic, declaring them eligible for the duration of the
collateral enhancement provided by the Hellenic Republic
to the NCBs. On termination of the collateral
enhancement, given that the adequacy as collateral of
Having regard to the Statute of the European System of Central
marketable debt instruments issued or fully guaranteed
Banks and of the European Central Bank, and in particular the
by the Hellenic Republic was at the time not ensured, the
first indent of Article 3.1, Article 12.1, Article 18 and the
Governing Council adopted Decision ECB/2012/14 ( 3 )
second indent of Article 34.1,
repealing Decision ECB/2012/3 with effect from
25 July 2012, thereby making such instruments ineli
gible.
Having regard to Guideline ECB/2011/14 of 20 September
2011 on monetary policy instruments and procedures of the
Eurosystem (
(4) The
Governing
Council
has
now
taken
into
consideration

1 ), and in particular Section 1.6 and Sections 6.3.1,
6.3.2 and 6.4.2 of Annex I thereof,
the positive assessment by the Eurogroup of the policy
package for the first review of the Second Economic
Adjustment Programme for Greece.
Whereas:
(5) The
Governing
Council
considers
this
policy
package
to
be appropriate, so that the marketable debt instruments
issued or fully guaranteed by the Hellenic Republic have
(1)
Pursuant to Article 18.1 of the Statute of the European
a quality standard sufficient to warrant their eligibility as
System of Central Banks and of the European Central
collateral for Eurosystem monetary policy operations,
Bank, the European Central Bank (ECB) and the
irrespective of any external credit assessment.
national central banks of Member States whose
currency is the euro (NCBs) may conduct credit oper
ations with credit institutions and other market partici
pants, with lending being based on adequate collateral.
(6) The
Governing
Council
has
therefore
decided
to
restore
The criteria determining the eligibility of collateral for the
the eligibility of marketable debt instruments issued or
purposes of Eurosystem monetary policy operations are
fully guaranteed by the Hellenic Republic for Euro
laid down in Annex I to Guideline ECB/2011/14.
system’s monetary policy operations, subject to
applying specific haircuts to such instruments different
from those provided for in Section 6.4.2 of Annex I to
Guideline ECB/2011/14.
(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
(7) This
exceptional
measure
will
apply
temporarily
until
the
policy operations. Pursuant to Section 6.3.1 of Annex I
Governing Council considers that the normal application
to Guideline ECB/2011/14, the Eurosystem reserves the
of the Eurosystem’s eligibility criteria and risk control
right to determine whether an issue, issuer, debtor or
framework for monetary policy operations can be
guarantor fulfils its requirements for high standards on
reintroduced,
the basis of any information it may consider relevant.
( 2 ) OJ L 77, 16.3.2012, p. 19.
( 1 ) OJ L 331, 14.12.2011, p. 1.
( 3 ) OJ L 199, 26.7.2012, p. 26.

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EN
29.12.2012 Official
Journal
of
the
European
Union L
359/75
HAS ADOPTED THIS DECISION:
3. In
the
event
of
any
discrepancy
between
this
Decision
and
Guideline ECB/2011/14, this Decision shall prevail.
Article 1
Suspension of certain provisions of Guideline ECB/2011/14
and eligibility of marketable debt instruments issued or
Article 2
fully guaranteed by the Hellenic Republic
Entry into force
1. The
Eurosystem’s
minimum
requirements
for
credit This Decision shall enter into force on 21 December 2012.
quality, as specified in the Eurosystem credit assessment
framework rules for certain marketable assets in Section 6.3.2
of Annex I to Guideline ECB/2011/14, shall be suspended for
marketable debt instruments issued or fully guaranteed by the
Hellenic Republic.
Done at Frankfurt am Main, 19 December 2012.
2. Marketable debt instruments issued or fully guaranteed by
the Hellenic Republic shall constitute eligible collateral for the
purposes of Eurosystem monetary policy operations, subject to
The President of the ECB
the specific haircuts set out in the Annex to this Decision.
Mario DRAGHI

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L 359/76
EN
Official Journal of the European Union
29.12.2012
ANNEX
Haircut schedule applying to marketable debt instruments issued or fully guaranteed by the Hellenic Republic

Maturity bucket
Haircuts for fixed coupons and
floaters
Haircuts for zero coupon
0-1 15,0 15,0
bonds (GGBs)
1-3 33,0 35,5
3-5 45,0 48,5
v
e
r
nment
5-7 54,0 58,5
7-10 56,0 62,0
Greek go
> 10 57,0 71,0
Maturity bucket
Haircuts for fixed coupons and

floaters
Haircuts for zero coupon
bonds
bonds
0-1 23,0 23,0
1-3 42,5 45,0
porate
v
e
r
nment-guaranteed
3-5 55,5 59,0
go
5-7 64,5 69,5
inancial cor
7-10 67,0 72,5
v
e
r
nment-guaranteed bank
non-f
Go (GGBBs) and
> 10 67,5 81,0

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Document Outline

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