HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 34/18
EN
Official Journal of the European Union
5.2.2013
GUIDELINES
GUIDELINE OF THE EUROPEAN CENTRAL BANK
of 23 January 2013
amending Guideline ECB/2012/18 on additional temporary measures relating to Eurosystem
refinancing operations and eligibility of collateral
(ECB/2013/2)
(2013/74/EU)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
HAS ADOPTED THIS GUIDELINE:
Having regard to the Treaty on the Functioning of the European
Article 1
Union, and in particular the first indent of Article 127(2)
thereof,
Amendment
Article 2 of Guideline ECB/2012/18 is replaced by the
following:
Having regard to the Statute of the European System of Central
Banks and of the European Central Bank, and in particular the
first indent of Article 3.1 and Articles 12.1, 14.3 and 18.2
‘Article 2
thereof,
Option to reduce the amount of, or terminate longer-
term refinancing operations
Whereas:
1. The Eurosystem
may decide that, under certain
conditions, counterparties may reduce the amount of, or
terminate, certain longer-term refinancing operations before
(1)
Article 2 of Guideline ECB/2012/18 of 2 August 2012
maturity (such reduction of the amount or termination here
on additional temporary measures relating to Eurosystem
inafter also collectively referred to as “early repayment”). The
refinancing operations and eligibility of collateral ( 1 )
tender announcement shall specify whether the option to
provides that the Eurosystem may decide that counter
reduce the amount of, or terminate, the operations in
parties may reduce the amount of, or terminate, certain
question before maturity applies, as well as the date from
longer-term refinancing operations before maturity (such
when such option may be exercised. This information may
reduction of the amount or termination hereinafter also
alternatively be provided in another format deemed appro
collectively referred to as ‘early repayment’). Article 2
priate by the Eurosystem.
further specifies that the conditions for such early
repayment are to be published in the announcement of
the relevant tender or in another format deemed appro
2. A
counterparty
may
exercise
the
option
to
reduce
the
priate by the Eurosystem.
amount of, or terminate, longer-term refinancing operations
before maturity by notifying the relevant NCB of the amount
it intends to repay under the early repayment procedure, as
(2) The
procedure
applicable
to
the
early
repayment
by
well as of the date on which it intends to make such early
counterparties should be further specified in order to
repayment, at least one week in advance of that early
ensure that the same conditions are applied by all
repayment date. Unless otherwise specified by the Euro
national central banks of Member States whose
system, an early repayment may be effected on any day
currency is the euro (hereinafter the ‘NCBs’) in respect
that coincides with the settlement day of a Eurosystem
of early repayment. In particular, the financial penalties
main refinancing operation, provided that the counterparty
regime set out in Appendix 6 to Annex I to Guideline
makes the notification referred to in this paragraph at least
ECB/2011/14 of 20 September 2011 on monetary policy
one week in advance of that date.
instruments and procedures of the Eurosystem ( 2 ) should
apply where counterparties fail to settle, in full or in part,
the amount to be repaid to the relevant NCB by the due
3. The
notification
referred
to
in
paragraph
2
shall
date where they have opted for early repayment.
become binding on the counterparty one week before the
early repayment date it refers to. Failure by the counterparty
to settle, in full or in part, the amount due under the early
(3) Therefore,
Guideline
ECB/2012/18
should
be
amended
repayment procedure by the due date may result in the
accordingly,
imposition of a financial penalty as set out in Section 1 of
Appendix 6 to Annex I to Guideline ECB/2011/14. The
( 1 ) OJ L 218, 15.8.2012, p. 20.
provisions of Section 1 of Appendix 6 which apply to
( 2 ) OJ L 331, 14.12.2011, p. 1.
infringements of rules related to tender operations shall

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EN
5.2.2013 Official
Journal
of
the
European
Union L
34/19
apply where a counterparty fails to settle, in full or in part,
They shall notify the ECB of the texts and means relating to
the amount due on the early repayment date referred to in
those measures by 21 February 2013 at the latest.
paragraph 2. The imposition of a financial penalty shall be
without prejudice to the NCB’s right to exercise the remedies
Article 3
provided for on the occurrence of an event of default as set
out in Annex II to Guideline ECB/2011/14.’.
Addressees
This Guideline is addressed to all Eurosystem central banks.
Article 2
Taking effect and implementation
Done at Frankfurt am Main, 23 January 2013.
1. This
Guideline
shall
take
effect
on
the
day
of
its
notifi
cation to the NCBs.
For the Governing Council of the ECB
2. The
NCBs
shall
take
the
necessary
measures
to
comply
The President of the ECB
with this Guideline and apply them from 7 March 2013.
Mario DRAGHI

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