European Central Bank 19 December 2014, Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (recast) (ECB/2014/60) Also known as
Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 (ECB/2014/60) is a recast instrument establishing uniform rules for the implementation of the single monetary policy by the Eurosystem throughout the euro area, replacing Guideline ECB/2011/14. The Guideline comprehensively governs the tools, instruments, and procedures for Eurosystem monetary policy operations, including open market operations (main refinancing operations, longer-term refinancing operations, fine-tuning operations, and structural operations), standing facilities (marginal lending facility and deposit facility), eligible counterparty criteria, and the single framework for eligible collateral assets covering both marketable and non-marketable assets subject to the Eurosystem Credit Assessment Framework. National central banks are required to implement the Guideline's provisions through contractual or regulatory arrangements with counterparties, and the ECB retains authority to impose sanctions and discretionary measures in the event of counterparty non-compliance.AI
European Union ·
Table of Contents PART ONE. SUBJECT MATTER, SCOPE AND DEFINITIONS Article 1. Subject matter and scope Article 2. Definitions PART TWO. THE EUROSYSTEM MONETARY POLICY TOOLS, OPERATIONS, INSTRUMENTS AND PROCEDURES Article 3. Eurosystem monetary policy implementation framework Article 4. Indicative characteristics of the Eurosystem monetary policy operations TITLE I. OPEN MARKET OPERATIONS CHAPTER 1. Overview of open market operations Article 5. Overview of categories and instruments in respect of open market operations CHAPTER 2. Categories of open market operations Article 6. Main refinancing operations Article 7. Longer-term refinancing operations Article 8. Fine-tuning operations Article 9. Structural operations CHAPTER 3. Instruments for open market operations Article 10. Reverse transactions Article 11. Foreign exchange swaps for monetary policy purposes Article 12. Collection of fixed-term deposits Article 13. Issuance of ECB debt certificates Article 14. Outright transactions Article 15. Obligations of collateralisation and settlement in reverse transactions and foreign exchange swaps for monetary policy purposes Article 16. Obligations for settlement for outright purchases and sales, the collection of fixed-term deposits and the issuance of ECB debt certificates TITLE II. STANDING FACILITIES Article 17. Standing facilities CHAPTER 1. Marginal lending facility Article 18. Characteristics of the marginal lending facility Article 19. Access conditions for the marginal lending facility Article 20. Maturity and interest rate of the marginal lending facility CHAPTER 2. Deposit facility Article 21. Characteristics of the deposit facility Article 22. Access conditions to the deposit facility Article 23. Maturity and interest rate of the deposit facility TITLE III. PROCEDURES FOR EUROSYSTEM MONETARY POLICY OPERATIONS CHAPTER 1. Tender and bilateral procedures for Eurosystem open market operations Article 24. Types of procedures for open market operations Section 1. Tender Procedures Article 25. Overview of tender procedures Article 26. Standard tender procedures Article 27. Quick tender procedures Article 28. Execution of standard tender procedures for MROs and regular LTROs, based on the tender calendar Article 29. Execution of tender procedures for fine-tuning and structural operations without a tender operation calendar Section 2. Operational steps for tender procedures Subsection 1. Announcement of tender procedures Article 30. Announcement of standard and quick tender procedures Subsection 2. Preparation and submission of bids by counterparties Article 31. Form and place of submission of bids Article 32. Submission of bids Article 33. Minimum and maximum bid amounts Article 34. Minimum and maximum bid rate Article 35. Deadline for submission of bids Article 36. Rejection of bids Subsection 3. Tender allotment Article 37. Allotment in liquidity-providing and liquidity-absorbing fixed-rate tender procedures Article 38. Allotment in liquidity-providing variable rate tender procedures in euro Article 39. Allotment in liquidity-absorbing variable rate tender procedures in euro Article 40. Allotment in liquidity-providing variable rate foreign exchange swap tender procedures Article 41. Allotment in liquidity-absorbing variable rate foreign exchange swap tender procedures Article 42. Type of auction for variable rate tender procedures Subsection 4. Announcement of tender results Article 43. Announcement of tender results Section 3. Bilateral procedures for Eurosystem open market operations Article 44. Overview of bilateral procedures Article 45. Bilateral procedures executed by means of direct contact with counterparties Article 46. Bilateral procedures executed by means of stock exchanges and market agents Article 47. Announcement of operations executed by means of bilateral procedures Article 48. Operating days for bilateral procedures CHAPTER 2. Settlement procedures for Eurosystem monetary policy operations Article 49. Overview of settlement procedures Article 50. Settlement of open market operations Article 51. Settlement of open market operations executed by means of standard tender procedures Article 52. Settlement of open market operations conducted by means of quick tender procedures or bilateral procedures Article 53. Further provisions relating to settlement and end-of-day procedures Article 54. Reserve holdings and excess reserves PART THREE. ELIGIBLE COUNTERPARTIES Article 55. Eligibility criteria for participation in Eurosystem monetary policy operations Article 56. Access to open market operations executed by means of standard tender procedures and to standing facilities Article 57. Selection of counterparties for access to open market operations executed by means of quick tender procedures or bilateral procedures PART FOUR. ELIGIBLE ASSETS TITLE I. GENERAL PRINCIPLES Article 58. Eligible assets and accepted collateralisation techniques to be used for Eurosystem credit operations Article 59. General aspects of the Eurosystem credit assessment framework for eligible assets TITLE II. ELIGIBILITY CRITERIA AND CREDIT QUALITY REQUIREMENTS FOR MARKETABLE ASSETS CHAPTER 1. Eligibility criteria for marketable assets Article 60. Eligibility criteria relating to all types of marketable assets Article 61. List of eligible marketable assets and reporting rules Section 1. General eligibility criteria for marketable assets Article 62. Principal amount of marketable assets Article 63. Acceptable coupon structures for marketable assets Article 64. Non-subordination with respect to marketable assets Article 65. Currency of denomination of marketable assets Article 66. Place of issue of marketable assets Article 67. Settlement procedures for marketable assets Article 68. Acceptable markets for marketable assets Article 69. Type of issuer or guarantor for marketable assets Article 70. Place of establishment of the issuer or guarantor Article 71. Credit quality requirements for marketable assets Section 2. Specific eligibility criteria for certain types of marketable assets Subsection 1. Specific eligibility criteria for asset-backed securities Article 72. Eligibility criteria for asset-backed securities Article 73. Homogeneity and composition of the cash-flow generating assets Article 74. Geographical restrictions concerning asset-backed securities and cash-flow generating assets Article 75. Acquisition of cash-flow generating assets by the SPV Article 76. Assessment of clawback rules for asset-backed securities Article 77. Non-subordination of tranches for asset-backed securities Article 78. Availability of loan level data for asset-backed securities Article 79. Data requests for asset-backed securities Subsection 2. Specific eligibility criteria for covered bonds backed by asset-backed securities Article 80. Eligibility criteria for covered bonds backed by asset-backed securities Subsection 3. Specific eligibility criteria for debt certificates issued by the Eurosystem Article 81. Eligibility criteria for debt certificates issued by the Eurosystem CHAPTER 2. Eurosystem's credit quality requirements for marketable assets Article 82. Eurosystem's credit quality requirements for marketable assets Article 83. Types of ECAI credit assessments used for credit quality assessments of marketable assets Article 84. Priority of ECAI credit assessments in respect of marketable assets Article 85. Multi-issuer securities Article 86. Non-euro ratings Article 87. Credit quality assessment criteria for marketable assets in the absence of a credit assessment provided by an accepted ECAI Article 88. Additional credit quality requirements for asset-backed securities TITLE III. ELIGIBILITY CRITERIA AND CREDIT QUALITY REQUIREMENTS FOR NON-MARKETABLE ASSETS CHAPTER 1. Eligibility criteria for non-marketable assets Section 1. Eligibility criteria for credit claims Article 89. Eligible type of asset Article 90. Principal amount and coupons of credit claims Article 91. Non-subordination Article 92. Credit quality requirements for credit claims Article 93. Minimum size of credit claims Article 94. Currency of denomination of credit claims Article 95. Type of debtor or guarantor Article 96. Location of the debtor or guarantor Article 97. Governing laws Article 98. Handling procedures Article 99. Additional legal requirements for credit claims Article 100. Verifications of the procedures used to submit credit claims Article 101. Verification of existence of credit claims Article 102. Validity of the agreement for the mobilisation of credit claims Article 103. Full effect of the mobilisation vis-à-vis third parties Article 104. Absence of restrictions concerning mobilisation and realisation of credit claims Article 105. Absence of restrictions concerning banking secrecy and confidentiality Section 2. Eligibility criteria for fixed-term deposits Article 106. Eligibility criteria for fixed-term deposits Section 3. Eligibility criteria for RMBDs Article 107. Eligibility criteria for RMBDs CHAPTER 2. Eurosystem's credit quality requirements for non-marketable assets Article 108. Eurosystem's credit quality requirements for non-marketable assets Section 1. Eurosystem's credit quality requirements for credit claims Article 109. General rules for the credit quality assessment of credit claims Article 110. Selection of the credit assessment system or source Article 111. Credit assessment of credit claims with public sector entities, or non-financial corporations, as debtors or guarantors Section 2. Eurosystem's credit quality requirements for RMBDs Article 112. Establishment of Eurosystem's credit quality requirements for RMBDs TITLE IV. GUARANTEES FOR MARKETABLE AND NON-MARKETABLE ASSETS Article 113. Applicable requirements for guarantees Article 114. Features of the guarantee Article 115. Non-subordination of the obligations of the guarantor Article 116. Credit quality requirements for guarantors Article 117. Type of guarantor Article 118. Place of establishment of guarantor TITLE V. EUROSYSTEM CREDIT ASSESSMENT FRAMEWORK FOR ELIGIBLE ASSETS Article 119. Accepted credit assessment sources and systems Article 120. General acceptance criteria for external credit assessment institutions as credit assessment systems Article 121. General acceptance criteria and operational procedures for the NCBs' in-house credit assessment systems Article 122. General acceptance criteria for internal ratings-based systems Article 123. Reporting obligations of counterparties using an internal ratings-based system Article 124. General acceptance criteria for third-party rating tool providers as credit assessment systems Article 125. Reporting obligation for third-party rating tool providers Article 126. ECAF performance monitoring process TITLE VI. RISK CONTROL AND VALUATION FRAMEWORK OF MARKETABLE AND NON-MARKETABLE ASSETS Article 127. Purpose of the risk control and valuation framework Article 128. Risk control measures CHAPTER 1. Risk control measures for marketable assets Article 129. Establishment of risk control measures for marketable assets Article 130. Valuation haircuts for marketable assets CHAPTER 2. Risk control measures for non-marketable assets Article 131. Establishment of risk control measures for credit claims Article 132. Risk control measures for RMBDs Article 133. Risk control measures for fixed-term deposits CHAPTER 3. Valuation rules for marketable and non-marketable assets Article 134. Valuation rules for marketable assets Article 135. Valuation rules for non-marketable assets Article 136. Margin calls TITLE VII. ACCEPTANCE OF NON EURO-DENOMINATED COLLATERAL IN CONTINGENCIES Article 137. Acceptance of non-euro-denominated collateral in contingencies TITLE VIII. RULES FOR THE USE OF ELIGIBLE ASSETS Article 138. Close links between counterparties and the issuer, debtor or guarantor of eligible assets Article 139. Use of guaranteed unsecured debt instruments issued by a counterparty or its closely linked entity Article 140. Close links with respect to asset-backed securities and currency hedges Article 141. Limits with respect to unsecured debt instruments issued by credit institutions and their closely linked entities Article 142. Liquidity support in respect of asset-backed securities Article 143. Transitional provisions regarding liquidity support in respect of asset-backed securities Article 144. Non-acceptance of eligible assets for operational reasons Article 145. Notification, valuation and removal of assets that are ineligible or contravene the rules for the use of eligible assets Article 146. Sanctions for non-compliance with the rules for the use of eligible assets Article 147. Information sharing within the Eurosystem TITLE IX. CROSS-BORDER USE OF ELIGIBLE ASSETS Article 148. General principles Article 149. CCBM Article 150. Eligible links between SSSs Article 151. CCBM in combination with eligible links Article 152. CCBM and tri-party collateral management services PART FIVE. SANCTIONS IN THE EVENT OF A FAILURE TO COMPLY WITH COUNTERPARTY OBLIGATIONS Article 153. Sanctions for non-compliance as regards minimum reserves Article 154. Sanctions for non-compliance with certain operational rules Article 155. Financial penalties for non-compliance with certain operational rules Article 156. Non-financial penalties for non-compliance with certain operational rules Article 157. Application of non-financial penalties to branches for non-compliance with certain operational rules PART SIX. DISCRETIONARY MEASURES Article 158. Discretionary measures on the grounds of prudence or following an event of default Article 159. Discretionary measures relating to the Eurosystem's credit quality assessment PART SEVEN. ADDITIONAL MINIMUM COMMON FEATURES IN RELATION TO EUROSYSTEM MONETARY POLICY OPERATIONS Article 160. Legal relationship between the Eurosystem central banks and counterparties CHAPTER 1. Additional minimum common features applicable to all arrangements for Eurosystem monetary policy operations Article 161. Amendments to the implementation of the Eurosystem monetary policy framework Article 162. Denomination of payments Article 163. Form of contractual arrangements Article 164. Forms, data carriers and means of communication Article 165. Events of default Article 166. Remedies in the event of default or on the grounds of prudence Article 167. Provision of information by counterparties Article 168. Notices and other communications Article 169. Third-party rights Article 170. Governing law and jurisdiction Article 171. Settlement days with regard to fixed-term deposits CHAPTER 2. Additional minimum common features applicable to both repurchase and collateralised loan agreements Article 172. Date of reverse leg of the transaction Article 173. Business days Article 174. Interest rates Article 175. Mechanisms for converting non-euro amounts CHAPTER 3. Additional minimum common features exclusive to repurchase agreements Article 176. Subject matter of repurchase agreements Article 177. Close-out netting arrangements with respect to repurchase agreements Article 178. Compliance with risk control measures Article 179. Cash margins Article 180. Further provisions pertaining to repurchase agreements CHAPTER 4. Additional minimum common features exclusive to collateralised loan arrangements Article 181. Provision and realisation of collateral Article 182. Overnight extension of intraday operations CHAPTER 5. Additional minimum common features exclusive to foreign exchange swaps for monetary policy purposes Article 183. Simultaneous spot-and-forward sale and purchase agreement Article 184. Timing and mechanics of transfer of payments Article 185. Definition of specific terms Article 186. Close-out netting arrangements with respect to foreign exchange swaps Article 187. Further provisions relating to foreign exchange swaps PART EIGHT. FINAL PROVISIONS Article 188. Sharing of information Article 189. Anti-money laundering and counter-terrorist financing legislation Article 190. Repeal Article 191. Taking effect, application and implementation Article 192. Addressees ANNEX I. MINIMUM RESERVES 2.4.2015
EN
Official Journal of the European Union
L 91/3
GUIDELINE (EU) 2015/510 OF THE EUROPEAN CENTRAL BANK
of 19 December 2014
on the implementation of the Eurosystem monetary policy framework (ECB/2014/60)
(recast)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union, and in particular the first indent
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