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EN
Official Journal of the European Union
18.1.2013
DECISION OF THE EUROPEAN CENTRAL BANK
of 19 December 2012
on temporary changes to the rules relating to the eligibility of foreign currency denominated
collateral
(ECB/2012/34)
(2013/35/EU)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
additional temporary measures relating to Eurosystem
refinancing operations and eligibility of collateral and
amending Guideline ECB/2007/9 ( 3 ).
Having regard to the Treaty on the Functioning of the European
Union, and in particular the first indent of Article 127(2)
thereof,
(4) On
26
November
2012,
the
Governing
Council
adopted
Guideline ECB/2012/25 amending Guideline
ECB/2011/14 on monetary policy instruments and
Having regard to the Statute of the European System of Central
procedures of the Eurosystem ( 4 ). One reason for the
Banks and of the European Central Bank, and in particular
amendment was to list the coupon structures of
Article 12.1 and Article 14.3 in conjunction with the first
marketable debt instruments accepted under the Euro
indent of Article 3.1 and Article 18.2 thereof,
system monetary policy framework.
Whereas:
(5) Some
foreign
currency
denominated
marketable
debt
instruments currently eligible pursuant to Article 5a of
Guideline ECB/2012/18 have flat floating coupons linked
(1)
Pursuant to Article 18.1 of the Statute of the European
to an index corresponding to a money market rate
System of Central Banks and of the European Central
related to their currency of denomination. These
Bank, the European Central Bank (ECB) and the
instruments would become ineligible as from 3 January
national central banks of Member States whose
2013, the date from which the latest amendments to
currency is the euro (hereinafter the ‘NCBs’) may
Guideline ECB/2011/14 will start to apply. However,
conduct credit operations with credit institutions and
the Governing Council considers that marketable debt
other market participants, with lending being based on
instruments denominated in a foreign currency should
adequate collateral. The standard conditions under which
retain their temporary eligibility as collateral for Euro
the ECB and the NCBs stand ready to enter into credit
system monetary policy operations, irrespective of
operations, including the criteria determining the eligi
whether their coupons are linked to a non-euro interest
bility of collateral for the purposes of Eurosystem
rate or to non-euro area inflation indices. For this reason,
credit operations, are laid down in Annex I to
the Governing Council has decided to suspend the
Guideline ECB/2011/14 of 20 September 2011 on
specific provision of such Guideline ECB/2011/14 that
monetary policy instruments and procedures of the Euro
would prevent the continued eligibility of such assets.
system ( 1 ).
(6) The
additional
measures
set
out
in
this
Decision
should
(2) Pursuant to Section 1.6 of Annex I to Guideline
apply temporarily, until the Governing Council considers
ECB/2011/14, the Governing Council may, at any time,
that they are no longer necessary, to ensure an appro
change the instruments, conditions, criteria and
priate monetary policy transmission mechanism,
procedures for the execution of Eurosystem monetary
policy operations.
HAS ADOPTED THIS DECISION:
(3) To
facilitate
the
provision
of
liquidity
to
counterparties
for Eurosystem monetary policy operations, on
6 September 2012, the Governing Council decided to
Article 1
temporarily widen the criteria determining the eligibility
Suspension of certain provisions of Annex I to Guideline
of assets to be used as collateral in Eurosystem monetary
ECB/2011/14
policy operations by accepting marketable debt
instruments denominated in pounds sterling, yen or US
1. The
Eurosystem
minimum
eligibility
criteria
for
coupons,
dollars as eligible assets for monetary policy operations.
as specified in Section 6.2.1.1(1)(b) of Annex I to Guideline
On 10 October 2012, the Governing Council decision
ECB/2011/14, shall be suspended for marketable debt
was implemented by Guideline ECB/2012/23 ( 2 ) which
instruments denominated in foreign currency in accordance
amended Guideline ECB/2012/18 of 2 August 2012 on
with Article 2.
( 1 ) OJ L 331, 14.12.2011, p. 1.
( 3 ) OJ L 218, 15.8.2012, p. 20.
( 2 ) OJ L 284, 17.10.2012, p. 14.
( 4 ) OJ L 348, 18.12.2012, p. 30.

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EN
18.1.2013 Official
Journal
of
the
European
Union L
14/23
2. In
the
event
of
any
discrepancy
between
this
Decision
and ratchet or similar complex structures for the respective country
Guideline ECB/2011/14, as implemented at national level by the
shall be eligible for the purposes of Eurosystem monetary policy
NCBs, the former shall prevail.
operations.
3. In
the
event
of
any
discrepancy
between
this
Decision
and
2. The
ECB
may
publish
a
list
of
further
acceptable
Guideline ECB/2012/18, as implemented at national level by the
benchmark foreign currency interest rates in addition to those
NCBs, the former shall prevail.
referred to in paragraph 1 on its website at www.ecb.europa.eu,
following approval by the Governing Council.
4. The
NCBs
shall
continue
to
apply
all
provisions
of
Guideline ECB/2011/14 and Guideline ECB/2012/18 unless
Article 3
otherwise provided for in this Decision.
Entry into force
Article 2
This Decision shall enter into force on 3 January 2013.
Continued eligibility as collateral of certain assets
denominated in pounds sterling, yen or US dollars
Done at Frankfurt am Main, 19 December 2012.
1. Eligible
marketable
debt
instruments
under
Article
5a
of
Guideline ECB/2012/18 with coupons linked to only one
money market rate in their currency of denomination or to
The President of the ECB
an inflation index containing no discrete range, range accrual,
Mario DRAGHI

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