HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 59/36
EN
Official Journal of the European Union
1.3.2012
DECISION OF THE EUROPEAN CENTRAL BANK
of 27 February 2012
repealing Decision ECB/2010/3 on temporary measures relating to the eligibility of marketable debt
instruments issued or guaranteed by the Greek Government
(ECB/2012/2)
(2012/133/EU)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
instruments issued or guaranteed by the Greek Govern
ment ( 2 ) temporarily suspended, as an exceptional
Having regard to the Treaty on the Functioning of the European
measure, the Eurosystem’s minimum requirements for
Union, and in particular the first indent of Article 127(2)
credit quality thresholds applicable to marketable debt
thereof,
instruments issued by the Greek Government or issued
by entities established in Greece and fully guaranteed by
the Greek Government.
Having regard to the Statute of the European System of Central
Banks and of the European Central Bank (hereinafter the ‘Statute
of the ESCB’), and in particular Article 12.1 and the second
(4) The
Hellenic
Republic
has
decided
to
launch
a
debt
indent of Article 34.1, in conjunction with the first indent of
exchange offer in the context of private sector
Article 3.1 and Article 18.2 thereof,
involvement to holders of marketable debt instruments
issued by the Greek Government.
Whereas:
(5) The
adequacy
as
collateral
for
Eurosystem
operations
of
the marketable debt instruments issued by the Greek
(1)
Pursuant to Article 18.1 of the Statute of the ESCB, the
Government, or issued by entities established in Greece
European Central Bank (ECB) and the national central
and fully guaranteed by the Greek Government, has been
banks of Member States whose currency is the euro
further negatively affected by such decision of the
may conduct credit operations with credit institutions
Hellenic Republic.
and other market participants, with lending being based
on adequate collateral. The criteria determining the eligi
(6) Decision
ECB/2010/3
should
be
repealed,
bility of collateral for the purposes of Eurosystem
monetary policy operations are laid down in Annex I
HAS ADOPTED THIS DECISION:
to Guideline ECB/2011/14 of 20 September 2011 on
monetary policy instruments and procedures of the Euro
system (
Article 1

1 ) (hereinafter referred to as the ‘General Docu
mentation’).
Repeal of Decision ECB/2010/3
Decision ECB/2010/3 is repealed.
(2) Pursuant
to
Section
1.6
of
the
General
Documentation,
the Governing Council of the ECB may, at any time,
change the instruments, conditions, criteria and
Article 2
procedures for the execution of Eurosystem monetary
Entry into force
policy operations. Pursuant to Section 6.3.1 of the
General Documentation, the Eurosystem reserves the
This Decision shall enter into force on 28 February 2012.
right to determine whether an issue, issuer, debtor or
guarantor fulfils its requirements for high credit
standards on the basis of any information it may
Done at Frankfurt am Main, 27 February 2012.
consider relevant.
(3) Decision
ECB/2010/3
of
6
May
2010
on
temporary
The President of the ECB
measures relating to the eligibility of marketable debt
Mario DRAGHI
( 1 ) OJ L 331, 14.12.2011, p. 1.
( 2 ) OJ L 117, 11.5.2010, p. 102.

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Document Outline

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