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Official Journal of the European Union
5.4.2013
DECISION OF THE EUROPEAN CENTRAL BANK
of 20 March 2013
on the rules concerning the use as collateral for Eurosystem monetary policy operations of own-use
uncovered government-guaranteed bank bonds
(ECB/2013/6)
(2013/169/EU)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
HAS ADOPTED THIS DECISION:
Having regard to the Treaty on the Functioning of the European
Union, and in particular the first indent of Article 127(2)
Article 1
thereof,
Changes in the rules concerning the use as collateral of
own-use uncovered government-guaranteed bank bonds
Having regard to the Statute of the European System of Central
Banks and of the European Central Bank, and in particular the
1. From
1
March
2015,
uncovered
bank
bonds
issued
by
the
first indent of Article 3.1 and Articles 12.1, 14.3 and
counterparty using them or by entities closely linked to the
Article 18.2 thereof,
counterparty and fully guaranteed by one or several European
Economic Area (EEA) public sector entities which have the right
Whereas:
to levy taxes may no longer be used as collateral for Eurosystem
monetary policy operations by such counterparty either: (a)
(1)
Pursuant to Article 18.1 of the Statute of the European
directly; or (b) indirectly where they are included in the pool
System of Central Banks and of the European Central
of covered bonds issued by the same counterparty that issued
Bank, the European Central Bank (ECB) and the
the uncovered bank bonds or by entities closely linked to that
national central banks of Member States whose
counterparty.
currency is the euro (hereinafter the ‘NCBs’) may
conduct credit operations with credit institutions and
other market participants, with lending being based on
2. In
exceptional
cases,
the
Governing
Council
may
decide
adequate collateral. The standard conditions under which
on temporary derogations from the prohibition laid down in
the ECB and the NCBs stand ready to enter into credit
paragraph 1 for a maximum of three years. A request for a
operations, including the criteria determining the eligi
derogation shall be accompanied by a funding plan that
bility of collateral for the purposes of Eurosystem
indicates how the own use of uncovered government-guar
credit operations, are laid down in Annex I to
anteed bank bonds by the requesting counterparty will be
Guideline ECB/2011/14 of 20 September 2011 on
phased out by no later than three years following the
monetary policy instruments and procedures of the Euro
granting of the derogation.
system ( 1 ).
3. In
the
event
of
any
discrepancy
between
this
Decision,
(2) Pursuant to Section 1.6 of Annex I to Guideline
Guideline ECB/2011/14 and Guideline ECB/2013/4 of
ECB/2011/14, the Governing Council may, at any time,
20 March 2013 on additional temporary measures relating to
change the instruments, conditions, criteria and
Eurosystem refinancing operations and eligibility of collateral ( 2 ),
procedures for the execution of Eurosystem monetary
in each case as implemented at national level by the NCBs, this
policy operations.
Decision shall prevail.
(3) The
direct
use
of
own-use
uncovered
government-guar
anteed bank bonds and the indirect use of such bonds
Article 2
where they are included in the pool of covered bonds
issued by the same counterparty that issued the
Entry into force
uncovered bank bonds or by entities closely linked to
This Decision shall enter into force on 22 March 2013.
that counterparty should be completely excluded as
collateral for Eurosystem monetary policy operations
from 1 March 2015. In exceptional circumstances,
counterparties participating in Eurosystem monetary
Done at Frankfurt am Main, 20 March 2013.
policy operations could be granted by the Governing
Council temporary derogations from this prohibition.
(4) The
terms
of
this
exclusion
should
be
laid
down
in
an
The President of the ECB
ECB Decision,
Mario DRAGHI
( 1 ) OJ L 331, 14.12.2011, p. 1.
( 2 ) See page 23 of this Official Journal.

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