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5.4.2013 Official
Journal
of
the
European
Union L
95/23
GUIDELINES
GUIDELINE OF THE EUROPEAN CENTRAL BANK
of 20 March 2013
on additional temporary measures relating to Eurosystem refinancing operations and eligibility of
collateral and amending Guideline ECB/2007/9
(recast)
(ECB/2013/4)
(2013/170/EU)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
(3)
On 8 December 2011 and 20 June 2012 the Governing
Council decided on additional enhanced credit support
measures to support bank lending and liquidity in the
euro area money market, including measures set out in
Having regard to the Treaty on the Functioning of the European
Decision ECB/2011/25 of 14 December 2011 on
Union, and in particular the first indent of Article 127(2)
additional temporary measures relating to Eurosystem
thereof,
refinancing operations and eligibility of collateral ( 3 ). In
addition, references to the reserve ratio in Guideline
ECB/2007/9 of 1 August 2007 on monetary, financial
institutions and markets statistics ( 4 ) needed to be aligned
Having regard to the Statute of the European System of Central
with the amendments to Regulation (EC) No 1745/2003
Banks and of the European Central Bank, and in particular the
of the European Central Bank of 12 September 2003 on
first indent of Article 3.1 and Articles 5.1, 12.1, 14.3 and 18.2
the application of minimum reserves (ECB/2003/9 ( 5 ))
thereof,
introduced by Regulation (EU) No 1358/2011 ( 6 ).
Whereas:
(4) Decision
ECB/2012/4
of
21
March
2012
amending
Decision ECB/2011/25 on additional temporary
(1) Guideline
ECB/2012/18
of
2
August
2012
on
additional
measures relating to Eurosystem refinancing operations
temporary measures relating to Eurosystem refinancing
and eligibility of collateral ( 7 ) provided that NCBs should
operations and eligibility of collateral and amending
not be obliged to accept as collateral in Eurosystem
Guideline ECB/2007/9
( 1 ) has been substantially
credit operations eligible bank bonds guaranteed by a
amended. Since further amendments are to be made,
Member State under a European Union/International
Guideline ECB/2012/18 should be recast in the interest
Monetary Fund programme or by a Member State
of clarity.
whose credit assessment does not comply with the Euro
system benchmark for establishing its minimum
requirement for high credit standards.
(2)
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
(5) Decision
ECB/2012/12
of
3
July
2012
amending
conduct credit operations with credit institutions and
Decision ECB/2011/25 on additional temporary
other market participants, with lending being based on
measures relating to Eurosystem refinancing operations
adequate collateral. The general conditions under which
and eligibility of collateral ( 8 ) also reviewed the exception
the ECB and the NCBs stand ready to enter into credit
from the close links prohibition set out in Section
operations, including the criteria determining the eligi
bility of collateral for the purposes of Eurosystem
( 3 ) OJ L 341, 22.12.2011, p. 65.
credit operations, are laid down in Annex I to
( 4 ) OJ L 341, 27.12.2007, p. 1.
Guideline ECB/2011/14 of 20 September 2011 on
( 5 ) OJ L 250, 2.10.2003, p. 10.
monetary policy instruments and procedures of the Euro
( 6 ) Regulation (EU) No 1358/2011 of the European Central Bank of
system (
14 December 2011 amending Regulation (EC) No 1745/2003 on

2 ).
the application of minimum reserves (ECB/2003/9) (ECB/2011/26)
(OJ L 338, 21.12.2011, p. 51).
( 1 ) OJ L 218, 15.8.2012, p. 20.
( 7 ) OJ L 91, 29.3.2012, p. 27.
( 2 ) OJ L 331, 14.12.2011, p. 1.
( 8 ) OJ L 186, 14.7.2012, p. 38.

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L 95/24
EN
Official Journal of the European Union
5.4.2013
6.2.3.2 of Annex I to Guideline ECB/2011/14 with
(11) In the interest of clarity and simplicity, the content of
respect to government-guaranteed bank bonds own
Decisions ECB/2011/4 of 31 March 2011 on temporary
used as collateral by counterparties.
measures relating to the eligibility of marketable debt
instruments issued or guaranteed by the Irish Govern
ment ( 4 ), ECB/2011/10 of 7 July 2011 on temporary
measures relating to the eligibility of marketable debt
(6) Counterparties
participating
in
Eurosystem
credit
oper
instruments issued or guaranteed by the Portuguese
ations should be allowed to increase the levels of own
Government ( 5 ) and ECB/2012/32 of 19 December
use of government-guaranteed bank bonds that they had
2012 on temporary measures relating to the eligibility
on 3 July 2012 subject to the ex-ante approval of the
of marketable debt instruments issued or fully guaranteed
Governing Council in exceptional circumstances. The
by the Hellenic Republic ( 6 ) should be included in this
requests submitted to the Governing Council for ex-ante
Guideline with all other temporary measures relating to
approval need to be accompanied by a funding plan.
Eurosystem refinancing operations and eligibility of
collateral.
(7) On
2
August
2012,
Decision
ECB/2011/25
was
replaced
by Guideline ECB/2012/18, which was implemented by
the NCBs in their contractual or regulatory arrangements.
(12) The
additional
measures
set
out
in
this
Guideline
should

apply temporarily, until the Governing Council considers
that they are no longer necessary to ensure an appro
priate monetary policy transmission mechanism,
(8) Guideline
ECB/2012/18
was
amended
on
10
October
2012 by Guideline ECB/2012/23 ( 1 ), which temporarily
widened the criteria determining the eligibility of assets
to be used as collateral in Eurosystem monetary policy
HAS ADOPTED THIS GUIDELINE:
operations, accepting marketable debt instruments
denominated in pounds sterling, yen or US dollars as
eligible assets for monetary policy operations. Valuation
Article 1
markdowns reflecting the historical volatility of the
relevant exchange rates were applied to such marketable
Additional measures relating to refinancing operations and
debt instruments.
eligible collateral
1. The
rules
for
the
conduct
of
Eurosystem
monetary
policy
operations and the eligibility criteria for collateral laid down in
(9) Guideline
ECB/2013/2
of
23
January
2013
amending this Guideline shall apply in conjunction with Guideline
Guideline ECB/2012/18 on additional temporary
ECB/2011/14.
measures relating to Eurosystem refinancing operations
and eligibility of collateral ( 2 ) specifies the procedure
applicable to the early repayment of longer-term refi
nancing operations by counterparties in order to ensure
2. In
the
event
of
any
discrepancy
between
this
Guideline
that the same conditions are applied by all NCBs. In
and Guideline ECB/2011/14, as implemented at national level
particular, the sanctions regime set out in Appendix 6
by the NCBs, this Guideline shall prevail. The NCBs shall
to Annex I to Guideline ECB/2011/14 applies where a
continue to apply all provisions of Guideline ECB/2011/14
counterparty that has opted for early repayment fails, in
unaltered unless otherwise provided for in this Guideline.
full or in part, to settle the amount to be repaid to the
relevant NCB by the due date.
3. For the purposes of Article 5(1) and Article 7, Ireland, the
Hellenic Republic and the Portuguese Republic shall be
(10) Guideline
ECB/2012/18
should
now
be
further
amended
considered euro area Member States compliant with a
to incorporate the content of Decision ECB/2012/34 of
European Union/International Monetary Fund programme.
19 December 2012 on temporary changes to the rules
relating to the eligibility of foreign currency denominated
collateral ( 3 ) and to ensure that NCBs are not obliged to
accept as collateral for Eurosystem credit operations
Article 2
eligible uncovered bank bonds which are: (a) issued by
Option to reduce the amount of, or terminate, longer-term
the counterparties using them or by entities closely
refinancing operations
linked to the counterparty; and (b) fully guaranteed by
a Member State whose credit assessment does not meet
1. The
Eurosystem
may
decide
that,
under
certain
conditions,
the Eurosystem’s high credit standards and which the
counterparties may reduce the amount of, or terminate, certain
Governing Council considers as complying with
longer-term refinancing operations before maturity (such
a European Union/International Monetary Fund
reduction of the amount or termination hereinafter also collec
programme.
tively referred to as ‘early repayment’). The tender
( 1 ) OJ L 284, 17.10.2012, p. 14.
( 4 ) OJ L 94, 8.4.2011, p. 33.
( 2 ) OJ L 34, 5.2.2013, p. 18.
( 5 ) OJ L 182, 12.7.2011, p. 31.
( 3 ) OJ L 14, 18.1.2013, p. 22.
( 6 ) OJ L 359, 29.12.2012, p. 74.

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EN
5.4.2013 Official
Journal
of
the
European
Union L
95/25
announcement shall specify whether the option to reduce the
(c) the cash-flow generating assets backing the ABS shall not
amount of, or terminate, the operations in question before
contain loans which are any of the following:
maturity applies, as well as the date from when such option
may be exercised. This information may alternatively be
provided in another format deemed appropriate by the Euro
system.
(i) non-performing at the time of issuance of the ABS;
2. A
counterparty
may
exercise
the
option
to
reduce
the
(ii) non-performing when incorporated in the ABS during
amount of, or terminate, longer-term refinancing operations
the life of the ABS, for example by means of a substi
before maturity by notifying the relevant NCB of the amount
tution or replacement of the cash-flow generating
it intends to repay under the early repayment procedure, as well
assets;
as of the date on which it intends to make such early
repayment, at least one week in advance of that early
repayment date. Unless otherwise specified by the Eurosystem,
an early repayment may be effected on any day that coincides
(iii) at any time, structured, syndicated or leveraged;
with the settlement day of a Eurosystem main refinancing oper
ation, provided that the counterparty makes the notification
referred to in this paragraph at least one week in advance of
that date.
(d) the ABS transaction documents shall contain servicing
continuity provisions.
3. The
notification
referred
to
in
paragraph
2
shall
become
binding on the counterparty one week before the early
2. ABS
referred
to
in
paragraph
1
that
have
two
ratings
of
at
repayment date it refers to. Failure by the counterparty to
least single A ( 2 ) shall be subject to a valuation haircut of 16 %.
settle, in full or in part, the amount due under the early
repayment procedure by the due date may result in the
imposition of a financial penalty as set out in Section 1 of
Appendix 6 to Annex I to Guideline ECB/2011/14. The
3. ABS
referred
to
in
paragraph
1
that
do
not
have
two
provisions of Section 1 of Appendix 6 which apply to
ratings of at least single A shall be subject to the following
infringements of rules related to tender operations shall apply
valuation haircuts: (a) ABS backed by commercial mortgages
where a counterparty fails to settle, in full or in part, the
shall be subject to a valuation haircut of 32 %; and (b) all
amount due on the early repayment date referred to in
other ABS shall be subject to a valuation haircut of 26 %.
paragraph 2. The imposition of a financial penalty shall be
without prejudice to the NCB’s right to exercise the remedies
provided for on the occurrence of an event of default as set out
4. A
counterparty
may
not
submit
ABS
that
are
eligible
in Annex II to Guideline ECB/2011/14.
pursuant to paragraph 1 as collateral if the counterparty, or
any third party with which it has close links, acts as an
interest rate hedge provider in relation to the ABS.
Article 3
Admission of certain additional asset-backed securities
1. In
addition
to
asset-backed
securities
(ABS)
eligible
under 5. An
NCB
may
accept
as
collateral
for
Eurosystem
monetary
Chapter 6 of Annex I to Guideline ECB/2011/14, ABS which do
policy operations ABS whose underlying assets include resi
not fulfil the credit assessment requirements under Section 6.3.2
dential mortgages or loans to SMEs or both and which do
of Annex I to Guideline ECB/2011/14 but which otherwise
not fulfil the credit assessment requirements under Section
comply with all eligibility criteria applicable to ABS pursuant
6.3.2 of Annex I to Guideline ECB/2011/14 and the
to Guideline ECB/2011/14, shall be eligible as collateral for
requirements referred to in paragraph 1(a) to (d) and
Eurosystem monetary policy operations, provided that they
paragraph 4 above but which otherwise comply with all eligi
have two ratings of at least triple B ( 1 ), at issuance and at any
bility criteria applicable to ABS pursuant to Guideline
time subsequently. They shall also satisfy all the following
ECB/2011/14 and have two ratings of at least triple B. Such
requirements:
ABS shall be limited to those issued before 20 June 2012 and
shall be subject to a valuation haircut of 32 %.
(a) the cash-flow generating assets backing the ABS shall
belong to one of the following asset classes: (i) residential
6. For
the
purposes
of
this
Article:
mortgages; (ii) loans to small and medium-sized enterprises
(SMEs); (iii) commercial mortgages; (iv) auto loans; (v)
leasing; (vi) consumer finance;
(1) ‘residential mortgage’, besides residential real estate
mortgage-backed loans, shall include guaranteed residential
(b) there shall be no mix of different asset classes in the cash-
real estate loans (without a real estate mortgage) if the
flow generating assets;
guarantee is payable promptly on default. Such guarantee
( 1 ) A ‘triple B’ rating is a rating of at least ‘Baa3’ from Moody’s, ‘BBB-’
( 2 ) A ‘single A’ rating is a rating of at least ‘A3’ from Moody’s, ‘A-’ from
from Fitch or Standard & Poor’s, or a rating of ‘BBB’ from DBRS.
Fitch or Standard & Poor’s, or a rating of ‘AL’ from DBRS.

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L 95/26
EN
Official Journal of the European Union
5.4.2013
may be provided in different contractual formats, including
from the requirements of Annex I to Guideline ECB/2011/14.
contracts of insurance, provided they are granted by a
Such eligibility criteria and risk control measures shall include
public sector entity or a financial institution subject to
the criterion that the credit claims are governed by the laws of
public supervision. The credit assessment of the guarantor
the Member State of the NCB establishing the eligibility criteria
for the purposes of such guarantees must comply with
and risk control measures. The eligibility criteria and risk
credit quality step 3 in the Eurosystem’s harmonised
control measures shall be subject to the Governing Council’s
rating scale over the life of the transaction;
prior approval.
(2) ‘small enterprise’ and ‘medium-sized enterprise’ means an
3. In
exceptional
circumstances
NCBs
may,
subject
to
the
entity engaged in an economic activity, irrespective of its
Governing Council’s prior approval, accept credit claims: (a) in
legal form, where the reported sales for the entity or if the
application of the eligibility criteria and risk control measures
entity is a part of a consolidated group, for the consolidated
established by another NCB pursuant to paragraphs 1 and 2; or
group is less than EUR 50 million;
(b) governed by the law of any Member State other than the
Member State in which the accepting NCB is established.
(3) ‘non-performing loan’ shall include loans where payment of
interest or principal is past due by 90 or more days and the
obligor is in default, as defined in point 44 of Annex VII to
4. Another
NCB
shall
only
provide
assistance
to
an
NCB
Directive 2006/48/EC of the European Parliament and of
accepting credit claims pursuant to paragraph 1 if bilaterally
the Council of 14 June 2006 relating to the taking up and
agreed between both NCBs and subject to prior approval by
pursuit of the business of credit institutions (
the Governing Council.

1 ), or when
there are good reasons to doubt that payment will be
made in full;
Article 5
Acceptance of certain government-guaranteed bank bonds
(4) ‘structured loan’ means a structure involving subordinated
credit claims;
1. An
NCB
shall
not
be
obliged
to
accept
as
collateral
for
Eurosystem credit operations eligible uncovered bank bonds
which: (a) do not fulfil the Eurosystem’s requirement of high
(5) ‘syndicated loan’ means a loan provided by a group of
credit standards; (b) are issued by the counterparty using them
lenders in a lending syndicate;
or by entities closely linked to the counterparty; and (c) are fully
guaranteed by a Member State: (i) whose credit assessment does
not comply with the Eurosystem’s requirement of high credit
(6) ‘leveraged loan’ means a loan provided to a company that
standards for issuers and guarantors of marketable assets as laid
already has a considerable degree of indebtedness, such as
down in Section 6.3.1 and 6.3.2 of Annex I to Guideline
buy-out or take-over-financing, where the loan is used for
ECB/2011/14; and (ii) which is compliant with a European
the acquisition of the equity of a company which is also the
Union/International Monetary Fund programme, as assessed
obligor of the loan;
by the Governing Council.
(7) ‘servicing continuity provisions’ means provisions in the
2. NCBs
shall
inform
the
Governing
Council
whenever
they
legal documentation of an ABS that ensure that a default
decide not to accept the securities described in paragraph 1 as
by the servicer does not lead to a termination of servicing
collateral.
and include triggers for the appointment of a back-up
servicer and a high-level action plan outlining the oper
ational steps to be taken once a back-up servicer is
3. Counterparties
may
not
submit
as
collateral
for
Euro
appointed and how the administration of the loans will
system monetary policy operations uncovered bank bonds
be transferred.
issued by themselves or issued by closely linked entities and
guaranteed by a European Economic Area public sector entity
with the right to impose taxes in excess of the nominal value of
Article 4
these bonds already submitted as collateral on 3 July 2012.
Admission of certain additional credit claims
1. NCBs
may
accept
as
collateral
for
Eurosystem
monetary 4. In
exceptional
cases,
the
Governing
Council
may
decide
policy operations credit claims that do not satisfy the Euro
on temporary derogations from the requirement laid down in
system eligibility criteria.
paragraph 3 for a maximum of three years. A request for a
derogation shall be accompanied by a funding plan that
indicates how the own use of uncovered government-guar
2. NCBs
that
decide
to
accept
credit
claims
in
accordance anteed bank bonds by the requesting counterparty will be
with paragraph 1 shall establish eligibility criteria and risk
phased out by no later than three years following the
control measures for this purpose by specifying deviations
approval of the derogation. Any derogation already granted
since 3 July 2012 shall continue to apply until it is due for
( 1 ) OJ L 177, 30.6.2006, p. 1.
review.

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EN
5.4.2013 Official
Journal
of
the
European
Union L
95/27
Article 6
Article 8
Admission of certain assets denominated in pounds
Taking effect, implementation and application
sterling, yen or US dollars as eligible collateral
1. This
Guideline
shall
take
effect
on
22
March
2013.
1. Marketable
debt
instruments
as
described
in
Section
6.2.1
of Annex I to Guideline ECB/2011/14, if denominated in
pounds sterling, yen or US dollars, shall constitute eligible
collateral for Eurosystem monetary policy operations, provided
2. The
NCBs
shall
take
the
necessary
measures
to
comply
that: (a) they are issued and held/settled in the euro area; (b) the
with Article 5, Article 6(3) to (5) and Article 7, and apply
issuer is established in the European Economic Area; and (c)
this Guideline from 3 May 2013. They shall notify the ECB
they fulfil all other eligibility criteria included in Section 6.2.1 of
of the texts and means relating to those measures by
Annex I to Guideline ECB/2011/14.
19 April 2013 at the latest.
2. The
Eurosystem
shall
apply
the
following
valuation 3. Article
5
shall
apply
until
28
February
2015.
markdowns to such marketable debt instruments: (a) a
markdown of 16 % on assets denominated in pounds sterling
or US dollars; and (b) a markdown of 26 % on assets
Article 9
denominated in yen.
Amendment to Guideline ECB/2007/9
In Part 5 of Annex III, the paragraph following Table 2 is
3. Marketable
debt
instruments
described
in
paragraph
1, replaced by the following:
which have coupons linked to a single money market rate in
their currency of denomination, or to an inflation index
containing no discrete range, range accrual, ratchet or similar
complex structures for the respective country, shall also
‘Calculation of lump-sum allowance for control purposes
constitute eligible collateral for the purposes of Eurosystem
(R6):
monetary policy operations.
Lump-sum allowance: The allowance is applied to every
credit institution. Each credit institution deducts a
maximum lump sum designed to reduce the administrative
4. The
ECB
may
publish
a
list
of
other
acceptable
benchmark
cost of managing very small reserve requirements. Should
foreign currency interest rates, in addition to those referred to
[reserve base × reserve ratio] be less than EUR 100 000,
in paragraph 3, on its website at www.ecb.europa.eu, following
then the lump sum allowance equals [reserve base ×
approval by the Governing Council.
reserve ratio]. Should [reserve base × reserve ratio] be
greater than or equal to EUR 100 000, then the lump sum
allowance equals EUR 100 000. Institutions allowed to report
5. Only Articles 1, 3, 5, 6 and 8 of this Guideline shall apply
statistical data regarding their consolidated reserve base as a
to foreign currency denominated marketable assets.
group (as defined in Part 2, Section 1 of Annex III to Regu
lation (EC) No 25/2009 (ECB/2008/32)) hold minimum
reserves through one of the institutions in the group which
is acting as an intermediary exclusively for these institutions.
Article 7
In accordance with Article 11 of Regulation (EC) No
Suspension of the requirements for credit quality
1745/2003 of the European Central Bank of 12 September
thresholds for certain marketable instruments
2003 on the application of minimum reserves
(ECB/2003/9) (*), in the latter case only the group as a
1. The
Eurosystem’s
minimum
requirements
for
credit
whole is entitled to deduct the lump sum allowance.
quality thresholds, as specified in the Eurosystem credit
assessment framework rules for marketable assets in Section
6.3.2 of Annex I to Guideline ECB/2011/14 shall be
suspended in accordance with paragraph 2.
The minimum (or “required”) reserves are computed as
follows:
2. The
Eurosystem’s
credit
quality
threshold
shall
not
apply
to marketable debt instruments issued or fully guaranteed by
Minimum (or “required”) reserves = reserve base × reserve
the central governments of euro area Member States under a
ratio – lump sum allowance
European Union/International Monetary Fund programme,
unless the Governing Council decides that the respective
Member State does not comply with the conditionality of the
The reserve ratio applies in accordance with Regulation (EC)
financial support and/or the macroeconomic programme.
No 1745/2003 (ECB/2003/9).
3. Marketable debt instruments issued or fully guaranteed by
the central government of the Hellenic Republic shall be subject
___________
to the specific haircuts set out in Annex I to this Guideline.
(*) OJ L 250, 2.10.2003, p. 10.’.

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L 95/28
EN
Official Journal of the European Union
5.4.2013
Article 10
Repeal
1. Guideline
ECB/2012/18
is
repealed
from
3
May
2013.
2. References to Guideline ECB/2012/18 shall be construed as references to this Guideline and shall be
read in accordance with the correlation table in Annex III.
Article 11
Addressees
This Guideline is addressed to all Eurosystem central banks.
Done at Frankfurt am Main, 20 March 2013.
The President of the ECB
Mario DRAGHI

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EN
5.4.2013 Official
Journal
of
the
European
Union L
95/29
ANNEX I
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
ANNEX II
REPEALED GUIDELINE WITH ITS SUCCESSIVE AMENDMENTS
Guideline ECB/2012/18 (OJ L 218, 15.8.2012, p. 20).
Guideline ECB/2012/23 (OJ L 284, 17.10.2012, p. 14).
Guideline ECB/2013/2 (OJ L 34, 5.2.2013, p. 18).

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L 95/30
EN
Official Journal of the European Union
5.4.2013
ANNEX III
CORRELATION TABLE
Guideline ECB/2012/18 This
Guideline
Articles 1 to 5 Articles
1
to
5
Article 5a Article
6(1)
and
(2)
Article 6 Article
7
Article 7 Article
8
— Article
9
Article 8 Article
7
Article 9 Article
10
Decision ECB/2011/4 This
Guideline
Articles 2 and 3 Article
7
Decision ECB/2011/10 This
Guideline
Articles 2 and 3 Article
7
Decision ECB/2012/32 This
Guideline
Articles 2 and 3 Article
7
Decision ECB/2012/34 This
Guideline
Articles 1 and 2 Article
6(3)
and
(4)

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