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Official Journal of the European Union
26.7.2012
DECISION OF THE EUROPEAN CENTRAL BANK
of 18 July 2012
repealing Decision ECB/2012/3 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
(ECB/2012/14)
(2012/433/EU)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
underpin the quality of marketable debt instruments
issued or guaranteed by the Hellenic Republic was
Having regard to the Treaty on the Functioning of the European
provided for the benefit of the national central banks.
Union, and in particular the first indent of Article 127(2)
thereof,
(4) As
an
exceptional
measure,
Decision
ECB/2012/3
of
5 March 2012 on the eligibility of marketable debt
Having regard to the Statute of the European System of Central
instruments issued or fully guaranteed by the Hellenic
Banks and of the European Central Bank, and in particular the
Republic in the context of the Hellenic Republic’s debt
first indent of Article 3.1, Article 12.1, Article 18 and the
exchange offer ( 2 ) temporarily suspended the Euro
second indent of Article 34.1,
system’s minimum requirements for credit quality
thresholds applicable to marketable debt instruments
Having regard to Guideline ECB/2011/14 of 20 September
issued or fully guaranteed by the Hellenic Republic,
2011 on monetary policy instruments and procedures of the
declaring them eligible for the duration of the collateral
Eurosystem ( 1 ), and in particular Section 1.6 and Sections 6.3.1
enhancement.
and 6.3.2 of Annex I thereof,
(5) Upon
termination
of
the
collateral
enhancement,
given
Whereas:
that the adequacy as collateral of marketable debt
instruments issued or fully guaranteed by the Hellenic
(1)
Pursuant to Article 18.1 of the Statute of the European
Republic is currently not ensured, the Governing
System of Central Banks and of the European Central
Council has decided that the Eurosystem’s credit quality
Bank, the European Central Bank (ECB) and the
threshold specified in Section 6.3.2 of Annex I to
national central banks of Member States whose
Guideline ECB/2011/14 should apply in respect of such
currency is the euro may conduct credit operations
instruments.
with credit institutions and other market participants,
with lending being based on adequate collateral. The
(6) Decision
ECB/2012/3
should
therefore
be
repealed,
criteria determining the eligibility of collateral for the
purposes of Eurosystem monetary policy operations are
HAS ADOPTED THIS DECISION:
laid down in Annex I to the Guideline ECB/2011/14.
Article 1
(2) Pursuant to Section 1.6 of Annex I to Guideline
ECB/2011/14, the Governing Council may, at any time,
Repeal of Decision ECB/2012/3
change the instruments, conditions, criteria and
Decision ECB/2012/3 is repealed.
procedures for the execution of Eurosystem monetary
policy operations. Pursuant to Section 6.3.1 of Annex I
Article 2
to Guideline ECB/2011/14, the Eurosystem reserves the
right to determine whether an issue, issuer, debtor or
Entry into force
guarantor fulfils its requirements for high credit
standards on the basis of any information it may
This Decision shall enter into force on 25 July 2012.
consider relevant.
(3)
In the context of the debt exchange offer launched by the
Done at Frankfurt am Main, 18 July 2012.
Hellenic Republic to the holders of marketable debt
instruments issued or guaranteed by the Greek
Government, on 24 February 2012 a collateral
The President of the ECB
enhancement in the form of a buy-back scheme to
Mario DRAGHI
( 1 ) OJ L 331, 14.12.2011, p. 1.
( 2 ) OJ L 77, 16.3.2012, p. 19.

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