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8.4.2011 Official
Journal
of
the
European
Union L
94/33
DECISION OF THE EUROPEAN CENTRAL BANK
of 31 March 2011
on temporary measures relating to the eligibility of marketable debt instruments issued or
guaranteed by the Irish Government
(ECB/2011/4)
(2011/227/EU)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
(4) The
Governing
Council
has
assessed
the
fact
that
the
Irish Government has approved an economic and
financial adjustment programme which it has negotiated
Having regard to the Treaty on the Functioning of the European
with the European Commission, the ECB and the Inter
Union, and in particular the first indent of Article 127(2)
national Monetary Fund, as well as the strong
thereof,
commitment of the Irish Government to fully
implement such programme. The Governing Council
has also assessed and endorsed the implementation of
Having regard to the Statute of the European System of Central
the programme by the Irish Government until now.
Banks and of the European Central Bank (hereinafter the ‘Statute
The Governing Council has also assessed, from a Euro
of the ESCB’), and in particular Article 12.1 and the second
system credit risk management perspective, the effects of
indent of Article 34.1, in conjunction with the first indent of
such a programme on the securities issued by the Irish
Article 3.1 and Article 18.2 thereof,
Government. The Governing Council considers the
programme to be appropriate, so that, from a credit
risk management perspective, the marketable debt
Whereas:
instruments issued by the Irish Government or guar
anteed by the Irish Government retain a quality
standard sufficient for their continued eligibility as
(1)
Pursuant to Article 18.1 of the Statute of the ESCB, the
collateral for Eurosystem monetary policy operations,
European Central Bank (ECB) and the national central
irrespective of any external credit assessment. These
banks of Member States whose currency is the euro
positive assessments are the bases for this exceptional
may conduct credit operations with credit institutions
and temporary suspension, put in place with a view to
and other market participants, with lending being based
contributing to the soundness of financial institutions,
on adequate collateral. The criteria determining the eligi
thereby strengthening the stability of the financial
bility of collateral for the purposes of Eurosystem
system as a whole and protecting the customers of
monetary policy operations are laid down in Annex I
those institutions. However, the ECB should closely
to Guideline ECB/2000/7 of 31 August 2000 on
monitor the continued strong commitment by the Irish
monetary policy instruments and procedures of the Euro
Government to fully implement the economic and
system ( 1 ) (hereinafter referred to as the ‘General Docu
financial adjustment programme underlying these
mentation’).
measures.
(2) Pursuant
to
Section
1.6
of
the
General
Documentation,
the Governing Council of the ECB may, at any time,
(5) This
Decision
shall
apply
temporarily,
until
the
Governing Council considers that the stability of the
change the instruments, conditions, criteria and
financial system allows the normal application of the
procedures for the execution of Eurosystem monetary
Eurosystem framework for monetary policy operations,
policy operations. Pursuant to Section 6.3.1 of the

General Documentation, the Eurosystem reserves the
right to determine whether an issue, issuer, debtor or
guarantor fulfils its requirements for high credit
HAS ADOPTED THIS DECISION:
standards on the basis of any information it may
consider relevant.
Article 1
(3) There
are
exceptional
circumstances
prevailing
in
the Suspension of certain provisions of the General
financial market, arising from the fiscal position of the
Documentation
Irish Government in the context of an adjustment plan
supported by the euro area Member States and the Inter
1. The
Eurosystem’s
minimum
requirements
for
credit
national Monetary Fund, and there is a disruption of the
quality thresholds, as specified in the Eurosystem credit
normal assessment by the market of securities issued by
assessment framework rules for marketable assets in Section
the Irish Government, with negative effects on the
6.3.2 of the General Documentation, shall be suspended in
stability of the financial system. This exceptional
accordance with Articles 2 and 3.
situation requires a swift and temporary adaptation of
the Eurosystem monetary policy framework.
2. In
the
event
of
any
discrepancy
between
this
Decision
and
( 1 ) OJ L 310, 11.12.2000, p. 1.
the General Documentation, the former shall prevail.

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L 94/34
EN
Official Journal of the European Union
8.4.2011
Article 2
guarantee provided by the Irish Government shall continue to
be subject to the requirements contained in Section 6.3.2 of the
Continued eligibility as collateral of marketable debt
General Documentation. Such assets shall constitute eligible
instruments issued by the Irish Government
collateral for the purposes of Eurosystem monetary policy
The Eurosystem’s credit quality threshold shall not apply to
operations, irrespective of their external credit rating.
marketable debt instruments issued by the Irish Government.
Such assets shall constitute eligible collateral for the purposes of
Eurosystem monetary policy operations, irrespective of their
Article 4
external credit rating.
Entry into force
This Decision shall enter into force on 1 April 2011.
Article 3
Continued eligibility as collateral of marketable debt
Done at Frankfurt am Main, 31 March 2011.
instruments guaranteed by the Irish Government
The Eurosystem’s credit quality threshold shall not apply to
marketable debt instruments issued by entities established in
The President of the ECB
Ireland and fully guaranteed by the Irish Government. A
Jean-Claude TRICHET

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