HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 284/14
EN
Official Journal of the European Union
17.10.2012
GUIDELINES
GUIDELINE OF THE EUROPEAN CENTRAL BANK
of 10 October 2012
amending Guideline ECB/2012/18 on additional temporary measures relating to Eurosystem
refinancing operations and eligibility of collateral
(ECB/2012/23)
(2012/641/EU)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Governing Council has decided to temporarily widen the
criteria determining the eligibility of assets to be used as
collateral in Eurosystem monetary policy operations
Having regard to the Treaty on the Functioning of the European
accepting marketable debt instruments denominated in
Union, and in particular the first indent of Article 127(2)
pounds sterling, yen or US dollars as eligible assets for
thereof,
monetary policy operations. Valuation markdowns
reflecting the historical volatility of the relevant
exchange rates should be applied to such marketable
Having regard to the Statute of the European System of Central
debt instruments.
Banks and of the European Central Bank, and in particular
Article 12.1 and Article 14.3 in conjunction with the first
indent of Article 3.1 and Article 18.2 thereof,
(4) These
additional
measures
should
apply
temporarily,
until the Governing Council considers that they are no
longer necessary, to ensure an appropriate monetary
Whereas:
policy transmission mechanism. Therefore, they should
be implemented by means of an amendment of
Guideline ECB/2012/18,
(1)
Pursuant to Article 18.1 of the Statute of the European
System of Central Banks and of the European Central
Bank, the European Central Bank (ECB) and the
HAS ADOPTED THIS GUIDELINE:
national central banks of Member States whose
currency is the euro (hereinafter the ‘NCBs’) may
conduct credit operations with credit institutions and
Article 1
other market participants, with lending being based on
adequate collateral. The criteria determining the eligibility
Amendments
of collateral for Eurosystem monetary policy operations
Guideline ECB/2012/18 is amended as follows:
are laid down in Annex I to Guideline ECB/2011/14 of
20 September 2011 on monetary policy instruments and
procedures of the Eurosystem ( 1 ). Additional temporary
(1) Article 1 is replaced by the following:
measures on collateral eligibility are laid down in
Guideline ECB/2012/18 of 2 August 2012 on additional
temporary measures relating to Eurosystem refinancing
‘Article 1
operations and eligibility of collateral and amending
Guideline ECB/2007/9 (
Additional measures relating to refinancing operations

2 ).
and eligible collateral
1. The
rules
for
the
conduct
of
Eurosystem
monetary
(2) Pursuant to Section 1.6 of Annex I to Guideline
policy operations and the eligibility criteria for collateral
ECB/2011/14, the Governing Council may, at any time,
laid down in this Guideline, as further specified in
change the instruments, conditions, criteria and
paragraph 2, shall apply in conjunction with Guideline
procedures for the execution of Eurosystem monetary
ECB/2011/14.
policy operations. Furthermore, pursuant to Section
6.3.1, the Eurosystem reserves the right to determine
whether an issue, issuer, debtor or guarantor fulfils its
2. Only
Articles
3,
5
and
5a
of
this
Guideline
shall
apply
requirements for high credit standards on the basis of
to foreign currency denominated collateral.
any information it may consider relevant.
3. In
the
event
of
any
discrepancy
between
this
Guideline
(3) To
enhance
the
provision
of
liquidity
to
counterparties
and Guideline ECB/2011/14, as implemented at national
for Eurosystem monetary policy operations, the
level by the NCBs, this Guideline shall prevail. The NCBs
shall continue to apply all provisions of Guideline
( 1 ) OJ L 331, 14.12.2011, p. 1.
ECB/2011/14 unaltered unless otherwise provided for in
( 2 ) OJ L 218, 15.8.2012, p. 20.
this Guideline.’;

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EN
17.10.2012 Official
Journal
of
the
European
Union L
284/15
(2) the following Article 5a is inserted:
Article 3
Entry into force
‘Article 5a
1. This
Guideline
shall
enter
into
force
two
days
following
its
Admission of certain assets denominated in pounds
adoption.
sterling, yen or US dollars as eligible collateral
1. Marketable
debt
instruments
as
described
in
Section
6.2.1 of Annex I to Guideline ECB/2011/14, if denominated
in pounds sterling, yen or US dollars shall constitute eligible
2. Article
1
shall
apply
from
9
November
2012.
collateral for Eurosystem monetary policy operations,
provided that: (a) they are issued and held/settled in the
euro area; (b) the issuer is established in the European
Economic Area; and (c) they fulfil all other eligibility
Article 4
criteria included in Section 6.2.1 of Annex I to Guideline
ECB/2011/14.
Addressees
This Guideline is addressed to all Eurosystem central banks.
2. The
Eurosystem
shall
apply
the
following
valuation
markdowns to such marketable debt instruments: (a) a
markdown of 16 % on assets denominated in pounds
sterling or US dollars; and (b) a markdown of 26 % on
assets denominated in yen.’.
Done at Frankfurt am Main, 10 October 2012.
Article 2
Verification
For the Governing Council of the ECB
The NCBs shall forward details of the texts and means by which
they intend to comply with this Guideline to the ECB by
The President of the ECB
26 October 2012 at the latest.
Mario DRAGHI

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Document Outline

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