Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the i... (32014O0060)
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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)
- 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)
- 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
- Table 2
- The exchange rate terms of foreign exchange swaps for monetary policy purposes
- Article 12
- Collection of fixed-term deposits
- Article 13
- Issuance of ECB debt certificates
- Table 3
- 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
- Table 4
- Operational steps for tender procedures
- Table 5
- Indicative time frame for the operational steps in standard tender procedures (times are stated in Central European Time
- (13)
- )
- Table 6
- Indicative time frame for the operational steps in quick tender procedures (times are stated in CET)
- 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
- ANNEX II
- ANNOUNCEMENT OF TENDER OPERATIONS
- ANNEX III
- ALLOTMENT OF TENDERS AND TENDER PROCEDURES
- Table 1
- Allotment of fixed rate tenders
- Table 2
- Allotment of variable rate tenders in euro
- (the example refers to bids quoted in the form of interest rates)
- Table 3
- Allotment of variable rate foreign exchange swap tenders
- ANNEX IV
- ANNOUNCEMENT OF TENDER RESULTS
- ANNEX V
- CRITERIA FOR THE SELECTION OF COUNTERPARTIES TO PARTICIPATE IN FOREIGN EXCHANGE INTERVENTION OPERATIONS
- ANNEX VI
- CROSS-BORDER USE OF ELIGIBLE ASSETS
- I. THE CORRESPONDENT CENTRAL BANKING MODEL (CCBM)
- Table 1
- The correspondent central banking model (CCBM)
- II. ELIGIBLE LINKS BETWEEN SSSS
- Table 2
- Links between securities settlement systems
- III. CCBM IN COMBINATION WITH ELIGIBLE LINKS
- Table 3
- CCBM in combination with eligible links
- IV. CCBM WITH TRI-PARTY COLLATERAL MANAGEMENT SERVICES
- Table 4
- Cross-border tri-party services
- ANNEX VII
- CALCULATION OF SANCTIONS TO BE APPLIED IN ACCORDANCE WITH PART FIVE
- I. CALCULATION OF FINANCIAL PENALTIES FOR BREACH OF CERTAIN COUNTERPARTY OBLIGATIONS
- II. CALCULATION OF NON-FINANCIAL PENALTIES IN CASE OF BREACH OF CERTAIN COUNTERPARTY OBLIGATIONS
- Suspension for non-compliance with obligations referred to in Article 154(1)(a) or (b)
- ANNEX VIII
- LOAN-LEVEL DATA REPORTING REQUIREMENTS FOR ASSET-BACKED SECURITIES
- I. SUBMISSION OF LOAN-LEVEL DATA
- II. LEVEL OF REQUIRED DETAIL
- III. TRANSITIONAL PERIOD
- ANNEX IX
- EUROSYSTEM CREDIT ASSESSMENT FRAMEWORK PERFORMANCE MONITORING PROCESS
- ANNEX X
- LEVELS OF VALUATION HAIRCUTS
- ANNEX XI
- SECURITY FORMS
- ANNEX XII
- EXAMPLES OF EUROSYSTEM MONETARY POLICY OPERATIONS AND PROCEDURES
- I. EXAMPLE 1: LIQUIDITY-PROVIDING REVERSE TRANSACTION BY FIXED RATE TENDER
- II. EXAMPLE 2: LIQUIDITY-PROVIDING REVERSE TRANSACTION BY VARIABLE RATE TENDER
- III. EXAMPLE 3: ISSUANCE OF ECB DEBT CERTIFICATES BY VARIABLE RATE TENDER
- IV. EXAMPLE 4: LIQUIDITY-ABSORBING FOREIGN EXCHANGE SWAP BY VARIABLE RATE TENDER
- V. EXAMPLE 5: LIQUIDITY-PROVIDING FOREIGN EXCHANGE SWAP BY VARIABLE RATE TENDER
- VI. EXAMPLE 6: RISK CONTROL MEASURES
- EARMARKING SYSTEM
- POOLING SYSTEM
- ANNEX XIII
- ANNEX XIV
- REPEALED GUIDELINE WITH LIST OF ITS SUCCESSIVE AMENDMENTS
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