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1.4.2011 Official
Journal
of
the
European
Union L
86/75
GUIDELINES
GUIDELINE OF THE EUROPEAN CENTRAL BANK
of 17 March 2011
amending Guideline ECB/2007/2 on a Trans-European Automated Real-time Gross settlement
Express Transfer system (TARGET2)
(ECB/2011/2)
(2011/205/EU)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
TARGET2-ECB (*). Intraday credit granted by the ECB shall
remain limited to the day in question with no possibility of
an extension to overnight credit.
Having regard to the Treaty on the Functioning of the European
Union, and in particular Article 127(2) thereof,
___________
(*) OJ L 237, 8.9.2007, p. 71.’;
Having regard to the Statute of the European System of Central
Banks and of the European Central Bank, and in particular
Article 3.1 and Articles 17, 18 and 22 thereof,
2. in Annex III, paragraph 3, the following subparagraphs are
added:
Whereas:
‘By way of derogation, the Governing Council may decide to
exempt, by means of a reasoned prior decision, certain
eligible central counterparties (CCPs) from the prohibition
(1) The
Governing
Council
of
the
European
Central
Bank
on overnight credit extension. Such eligible CCPs are those
(ECB) adopted Guideline ECB/2007/2 of 26 April 2007
that, at all relevant times:
on a Trans-European Automated Real-time Gross
settlement Express Transfer system (TARGET2)
( 1 )
governing TARGET2, which is characterised by a single
technical platform called the Single Shared Platform.
(a) are eligible entities for the purposes of paragraph 2(e),

provided also that those eligible entities are authorised as
CCPs in accordance with the applicable Union or
national legislation;
(2) Amendments
should
be
made
to
Guideline
ECB/2007/2
to allow the Governing Council to decide whether, as a
precautionary measure, overnight credit may need to be
(b) are established in the euro area;
made available in TARGET2 to certain eligible CCPs that
are not licensed as credit institutions,
(c) are subject to supervision and/or oversight by competent
authorities;
HAS ADOPTED THIS GUIDELINE:
(d) comply with the oversight requirements for the location
Article 1
of infrastructures offering services in euro, as amended
from time to time and published on the ECB’s
Amendments to Guideline ECB/2007/2
website (*);
Guideline ECB/2007/2 is amended as follows:
(e) have accounts in the Payments Module (PM) of
TARGET2;
1. Article 7(2) is replaced by the following text:
(f) have access to intraday credit.
‘2. The
eligibility
criteria
for
intraday
credit
of
ECB
counterparties are defined in Decision ECB/2007/7 of
24 July 2007 concerning the terms and conditions of
All overnight credit granted to eligible CCPs shall be subject
to the terms of this Annex (including, for the avoidance of
( 1 ) OJ L 237, 8.9.2007, p. 1.
doubt, the provisions in relation to eligible collateral).

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L 86/76
EN
Official Journal of the European Union
1.4.2011
For the avoidance of doubt, the sanctions provided for in
2. Funds
otherwise
credited
to
a
Guarantee
Fund
Account
of
paragraphs 10 and 11 of this Annex shall apply in cases of
a CCP shall be remunerated at the deposit rate.
non reimbursement by eligible CCPs of the overnight credit
extended to them by their NCB.
___________
Article 3
(*) The Eurosystem’s current policy for the location of infra
structures is set out in the following statements, which
Entry into force
are all published on the ECB’s website at
This Guideline shall enter into force 2 days after its adoption. It
www.ecb.europa.eu: (a) the “Policy statement on euro
shall apply from 11 April 2011.
payment and settlement systems located outside the
euro area” of 3 November 1998; (b) “The Eurosystem’s
policy line with regard to consolidation in central
counterparty clearing” of 27 September 2001; (c) “The
Article 4
Eurosystem policy principles on the location and
operation of infrastructures settling in euro-denominated
Addressees and implementing measures
payment transactions” of 19 July 2007; and (d) “The
1. This
Guideline
is
addressed
to
all
Eurosystem
central
Eurosystem policy principles on the location and
banks.
operation of infrastructures settling euro-denominated
payment transactions: specification of ‘legally and oper
ationally located in the euro area’ ” of 20 November
2008.’.
2. The
participating
NCBs
shall
by
1
April
2011
send
to
the
ECB the measures by which they intend to comply with this
Guideline.
Article 2
Guarantee Fund Accounts and Remuneration
Done at Frankfurt am Main, 17 March 2011.
1. To the extent that a CCP is required by regulation,
including on oversight grounds, to hold a Guarantee Fund
For the Governing Council of the ECB
Account, funds credited to such an account of a CCP shall be
remunerated at the main refinancing operations rate minus 15
The President of the ECB
basis points.
Jean-Claude TRICHET

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