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8.11.2011 Official
Journal
of
the
European
Union L
289/35
DECISION OF THE EUROPEAN CENTRAL BANK
of 31 October 2011
amending Decision ECB/2010/15 concerning the administration of EFSF loans to Member States
whose currency is the euro, and amending Decision ECB/2010/31 concerning the opening of
accounts for the processing of payments in connection with EFSF loans to Member States whose
currency is the euro
(ECB/2011/16)
(2011/728/EU)
THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK,
the purchase of bonds in the secondary markets or
facilities for the purchase of bonds in the primary
market (all such instruments representing ‘Financial
Assistance’), to be provided through financial assistance
Having regard to the Statute of the European System of Central
facility agreements (hereinafter the ‘Financial Assistance
Banks and of the European Central Bank, and in particular
Facility Agreements’). The Loan Facility Agreements
Articles 17 and 21 thereof,
may continue to remain in place following the entry
into force of the amended EFSF Framework Agreement.
Whereas:
(4) Therefore,
Decisions
ECB/2010/15
and
ECB/2010/31
should be amended accordingly,
(1) Decision
ECB/2010/15 of 21 September 2010
concerning the administration of EFSF loans to Member
HAS ADOPTED THIS DECISION:
States whose currency is the euro
( 1 ) lays down
provisions concerning the opening of a cash account
with the European Central Bank (ECB) in the name of
the European Financial Stability Facility (EFSF) for the
Article 1
operation of the loan facility agreements (hereinafter
Decision ECB/2010/15 is amended as follows:
the ‘Loan Facility Agreements’) under the EFSF
Framework Agreement, which entered into force on
4 August 2010 (hereinafter the ‘EFSF Framework
Agreement’).
(1) Article 2 is replaced by the following:
‘Article 2
(2) Decision ECB/2010/31 of 20 December 2010
concerning the opening of accounts for the processing
Acceptance of payments on the cash account
of payments in connection with EFSF loans to Member
The ECB shall only accept payments to be made to or from
States whose currency is the euro
( 2 ) lays down
the cash account opened in the name of EFSF, if those
provisions concerning the opening of cash accounts
payments arise in connection with the Loan Facility
with the ECB in the name of the national central bank
Agreements or the Financial Assistance Facility
of the relevant borrower Member State for the operation
Agreements.’;
of the Loan Facility Agreements under the EFSF
Framework Agreement.
(2) Article 4 is replaced by the following:
(3) The
EFSF
Framework
Agreement
has
been
amended
by
the Supplemental Amendment Agreement, which entered
into force on 18 October 2011. The amended EFSF
Framework Agreement has created additional instruments
‘Article 4
that the EFSF may use to provide financial support. In
Balance of the cash account
accordance with paragraph 2 of the Preamble and
Article 2(1) of the amended EFSF Framework Agreement,
No amount shall be standing to the credit of the cash
the EFSF may grant loan disbursements, precautionary
account opened in the name of EFSF after payments have
facilities, facilities to finance the recapitalisation of
been made in relation to any Loan Facility Agreement or
financial institutions in a euro area Member State
Financial Assistance Facility Agreement, nor shall amounts
(through loans to the governments of such Member
be transferred to such cash account before the day on which
States including non-programme countries), facilities for
payments need to be made in relation to any Loan Facility
Agreement or Financial Assistance Facility Agreement. No
( 1 ) OJ L 253, 28.9.2010, p. 58.
amount shall be standing to the debit of the cash account
( 2 ) OJ L 10, 14.1.2011, p. 7.
opened in the name of EFSF at any time. Therefore, no

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L 289/36
EN
Official Journal of the European Union
8.11.2011
payments shall be effected from the cash account opened in
(2) Article 2 is replaced by the following:
the name of EFSF beyond the amounts standing to the
credit of that account.’.
‘Article 2
Acceptance of payments on the cash accounts
Article 2
An NCB cash account shall only be used to process
payments in connection with a Loan Facility Agreement
Decision ECB/2010/31 is amended as follows:
or Financial Assistance Facility Agreement.’.
(1) Article 1 is replaced by the following:
Article 3
Entry into force
‘Article 1
This Decision shall enter into force on 2 November 2011.
Opening of cash accounts
The ECB may, upon request of the NCB of a borrower
Done at Frankfurt am Main, 31 October 2011.
Member State, open cash accounts in the name of such
NCB for the processing of payments in connection with a
Loan Facility Agreement or Financial Assistance Facility
The President of the ECB
Agreement (hereinafter an ‘NCB cash account’).’;
Jean-Claude TRICHET

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