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
Categories of the monetary policy operations |
Types of instruments |
Maturity |
Frequency |
Procedure |
||
Provision of liquidity |
Absorption of liquidity |
|||||
Open market operations |
Main refinancing operations |
Reverse transactions |
— |
One week |
Weekly |
Standard tender procedures |
Longer-term refinancing operations |
Reverse transactions |
— |
Three months(12) |
Monthly(12) |
Standard tender procedures |
|
Fine-tuning operations |
Reverse transactions |
Reverse transactions |
Non-standardised |
Non-standardised |
Tender procedures |
|
Foreign exchange swaps |
Foreign exchange swaps |
|
|
Bilateral procedures |
||
|
Collection of fixed-term deposits |
|
|
|
||
Structural operations |
Reverse transactions |
Reverse transactions |
Non-standardised |
Non-standardised |
Standard tender procedures |
|
— |
Issuance of ECB debt certificates |
Less than 12 months |
Non-standardised |
|||
Outright purchases |
Outright sales |
— |
Non-standardised |
Tender procedures Bilateral procedures |
||
Standing facilities |
Marginal lending facility |
Reverse transactions |
— |
Overnight |
Access at the discretion of counterparties |
|
Deposit facility |
— |
Deposits |
Overnight |
Access at the discretion of counterparties |
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
Category of open market operations |
Normal trade day (T) |
MROs |
Each Tuesday(14) |
Regular LTROs |
The last Wednesday of each calendar month(15) |
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
Monetary policy instrument |
Settlement date for open market operations based on standard tender procedures |
Settlement date for open market operations based on quick tender procedures or bilateral procedures |
Reverse transactions |
T + 1 |
T |
Outright transactions |
According to market convention for the eligible assets |
|
Issuance of ECB debt certificates |
T + 2 |
— |
Foreign exchange swaps |
T, T + 1 or T + 2 |
|
Collection of fixed-term deposits |
T |
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
|
Allocation of issuers or guarantors under Regulation (EU) No 575/2013 |
ECAF derivation of the implicit credit assessment of the issuer or guarantor belonging to the corresponding class |
Class 1 |
Regional governments, local authorities and CRR public sector entities (CRR PSEs) that, according to the competent authorities, can be treated in the same manner as the central government for capital requirements purposes |
Allocated the ECAI credit assessment of the central government of the country in which it is established |
Class 2 |
Regional governments, local authorities and CRR PSEs that according to competent authorities can be treated equally to credit institutions for capital requirements purposes |
Allocated a credit assessment one credit quality step(18) below the ECAI credit assessment of the central government of the country in which it is established |
Class 3 |
Other CRR PSEs |
Treated like private sector issuers or debtors |
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
Category I |
Category II |
Category III |
Category IV |
Category V |
Debt instruments issued by central governments ECB debt certificates Debt certificates issued by NCBs prior to the date of adoption of the euro in their respective Member State |
Debt instruments issued by local and regional governments Debt instruments issued by entities classified as agencies by the Eurosystem Debt instruments issued by multilateral development banks and international organisations Jumbo covered bonds |
Traditional covered bonds and other covered bonds Debt instruments issued by non-financial corporations |
Unsecured debt instruments issued by credit institutions Unsecured debt instruments issued by financial corporations other than credit institutions |
Asset-backed securities |
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
‘no data’ options |
Explanation |
ND1 |
Data not collected as not required by the underwriting criteria |
ND2 |
Data collected on application but not loaded into the reporting system on completion |
ND3 |
Data collected on application but loaded it on a separate system from the reporting one |
ND4 |
Data collected but will only be available from YYYY-MM |
ND5 |
Not relevant |
ND6 |
Not applicable for the jurisdiction |
ND7 |
Only for CMBS loans with a value below EUR 500 000, i.e. the value of the whole commercial loan balance at origination |
III. TRANSITIONAL PERIOD
Scoring value matrix |
ND1 fields |
||||
0 |
≤ 10 % |
≤ 30 % |
> 30 % |
||
ND2 or ND3 or ND4 |
0 |
A1 |
B1 |
C1 |
D1 |
≤ 20 % |
A2 |
B2 |
C2 |
D2 |
|
≤ 40 % |
A3 |
B3 |
C3 |
D3 |
|
> 40 % |
A4 |
B4 |
C4 |
D4 |
Timeline |
Scoring value (eligibility treatment) |
first quarter |
(no minimum scoring value enforced) |
second quarter |
C3 (as a minimum) |
third quarter |
B2 (as a minimum) |
from the fourth quarter onwards |
A1 |
ANNEX IX
EUROSYSTEM CREDIT ASSESSMENT FRAMEWORK PERFORMANCE MONITORING PROCESS
ANNEX X
LEVELS OF VALUATION HAIRCUTS
|
Haircut categories |
|||||||||
Credit quality |
Residual maturity (years)(2) |
Category I |
Category II(1) |
Category III(1) |
Category IV(1) |
Category V(1) |
||||
fixed coupon |
zero coupon |
fixed coupon |
zero coupon |
fixed coupon |
zero coupon |
fixed coupon |
zero coupon |
|
||
Steps 1 and 2 |
[0, 1) |
0,5 |
0,5 |
1,0 |
1,0 |
1,0 |
1,0 |
6,5 |
6,5 |
10,0 |
[1, 3) |
1,0 |
2,0 |
1,5 |
2,5 |
2,0 |
3,0 |
8,5 |
9,0 |
||
[3, 5) |
1,5 |
2,5 |
2,5 |
3,5 |
3,0 |
4,5 |
11,0 |
11,5 |
||
[5, 7) |
2,0 |
3,0 |
3,5 |
4,5 |
4,5 |
6,0 |
12,5 |
13,5 |
||
[7, 10) |
3,0 |
4,0 |
4,5 |
6,5 |
6,0 |
8,0 |
14,0 |
15,5 |
||
[10, ∞) |
5,0 |
7,0 |
8,0 |
10,5 |
9,0 |
13,0 |
17,0 |
22,5 |
||
|
Haircut categories |
|||||||||
Credit quality |
Residual maturity (years)(2) |
Category I |
Category II(1) |
Category III(1) |
Category IV(1) |
Category V(1) |
||||
fixed coupon |
zero coupon |
fixed coupon |
zero coupon |
fixed coupon |
zero coupon |
fixed coupon |
zero coupon |
|
||
Step 3 |
[0, 1) |
6,0 |
6,0 |
7,0 |
7,0 |
8,0 |
8,0 |
13,0 |
13,0 |
Not eligible |
[1, 3) |
7,0 |
8,0 |
10,0 |
14,5 |
15,0 |
16,5 |
24,5 |
26,5 |
||
[3, 5) |
9,0 |
10,0 |
15,5 |
20,5 |
22,5 |
25,0 |
32,5 |
36,5 |
||
[5, 7) |
10,0 |
11,5 |
16,0 |
22,0 |
26,0 |
30,0 |
36,0 |
40,0 |
||
[7, 10) |
11,5 |
13,0 |
18,5 |
27,5 |
27,0 |
32,5 |
37,0 |
42,5 |
||
[10, ∞) |
13,0 |
16,0 |
22,5 |
33,0 |
27,5 |
35,0 |
37,5 |
44,0 |
|
Valuation methodology |
||
Credit quality |
Residual maturity (years)(3) |
Fixed interest payment and a valuation based on a theoretical price assigned by the national central bank (NCB) |
Fixed interest payment and a valuation according to the outstanding amount assigned by the NCB |
Steps 1 and 2 |
[0, 1) |
10,0 |
12,0 |
[1, 3) |
12,0 |
16,0 |
|
[3, 5) |
14,0 |
21,0 |
|
[5, 7) |
17,0 |
27,0 |
|
[7, 10) |
22,0 |
35,0 |
|
[10, ∞) |
30,0 |
45,0 |
|
|
Valuation methodology |
||
Credit quality |
Residual maturity (years)(3) |
Fixed interest payment and a valuation based on a theoretical price assigned by the NCB |
Fixed interest payment and a valuation according to the outstanding amount assigned by the NCB |
Step 3 |
[0, 1) |
17,0 |
19,0 |
[1, 3) |
29,0 |
34,0 |
|
[3, 5) |
37,0 |
46,0 |
|
[5, 7) |
39,0 |
52,0 |
|
[7, 10) |
40,0 |
58,0 |
|
[10, ∞) |
42,0 |
65,0 |
ANNEX XI
SECURITY FORMS
Global/individual |
Bearer/registered |
NGN/classic global note (CGN) |
In the case of NGN/NSS, is the common safekeeper (CSK) an ICSD(1)? |
Eligible? |
Global |
Bearer |
NGN |
Yes |
Yes |
No |
No |
|||
Global |
Bearer |
CGN |
N/A |
No, but those securities issued before 1 January 2007 will be grandfathered until maturity, plus any tap issues from 1 January 2007 when the ISINs are fungible. |
Global |
Registered |
CGN |
N/A |
Bonds issued under this structure after 30 September 2010 are no longer eligible. |
Global |
Registered |
NSS |
Yes |
Yes |
No |
No |
|||
Individual |
Bearer |
N/A |
N/A |
Bonds issued under this structure after 30 September 2010 are no longer eligible. Individual bearer notes issued on or before 30 September 2010 are grandfathered until maturity |
ANNEX XII
EXAMPLES OF EUROSYSTEM MONETARY POLICY OPERATIONS AND PROCEDURES
I. EXAMPLE 1: LIQUIDITY-PROVIDING REVERSE TRANSACTION BY FIXED RATE TENDER
Counterparty |
Bid (EUR million) |
Bank 1 |
30 |
Bank 2 |
40 |
Bank 3 |
70 |
Total |
140 |
Counterparty |
Bid (EUR million) |
Allotment (EUR million) |
Bank 1 |
30 |
22,5 |
Bank 2 |
40 |
30,0 |
Bank 3 |
70 |
52,5 |
Total |
140 |
105,0 |
II. EXAMPLE 2: LIQUIDITY-PROVIDING REVERSE TRANSACTION BY VARIABLE RATE TENDER
|
Amount (EUR million) |
||||
Interest rate (%) |
Bank 1 |
Bank 2 |
Bank 3 |
Total bids |
Cumulative bids |
3,15 |
|
|
|
0 |
0 |
3,10 |
|
5 |
5 |
10 |
10 |
3,09 |
|
5 |
5 |
10 |
20 |
3,08 |
|
5 |
5 |
10 |
30 |
3,07 |
5 |
5 |
10 |
20 |
50 |
3,06 |
5 |
10 |
15 |
30 |
80 |
3,05 |
10 |
10 |
15 |
35 |
115 |
3,04 |
5 |
5 |
5 |
15 |
130 |
3,03 |
5 |
|
10 |
15 |
145 |
Total |
30 |
45 |
70 |
145 |
|
|
Amount (EUR million) |
|||
Counterparties |
Bank 1 |
Bank 2 |
Bank 3 |
Total |
Total bids |
30,0 |
45,0 |
70,0 |
145 |
Total allotment |
14,0 |
34,0 |
46,0 |
94 |
III. EXAMPLE 3: ISSUANCE OF ECB DEBT CERTIFICATES BY VARIABLE RATE TENDER
|
Amount (EUR million) |
||||
Interest rate (%) |
Bank 1 |
Bank 2 |
Bank 3 |
Total |
Cumulative bids |
3,00 |
|
|
|
0 |
0 |
3,01 |
5 |
|
5 |
10 |
10 |
3,02 |
5 |
5 |
5 |
15 |
25 |
3,03 |
5 |
5 |
5 |
15 |
40 |
3,04 |
10 |
5 |
10 |
25 |
65 |
3,05 |
20 |
40 |
10 |
70 |
135 |
3,06 |
5 |
10 |
10 |
25 |
160 |
3,08 |
5 |
|
10 |
15 |
175 |
3,10 |
|
5 |
|
5 |
180 |
Total |
55 |
70 |
55 |
180 |
|
|
Amount (EUR million) |
|||
Counterparties |
Bank 1 |
Bank 2 |
Bank 3 |
Total |
Total bids |
55,0 |
70,0 |
55,0 |
180,0 |
Total allotment |
42,0 |
49,0 |
33,5 |
124,5 |
IV. EXAMPLE 4: LIQUIDITY-ABSORBING FOREIGN EXCHANGE SWAP BY VARIABLE RATE TENDER
|
Amount (EUR million) |
||||
Swap points (× 10 000) |
Bank 1 |
Bank 2 |
Bank 3 |
Total |
Cumulative bids |
6,84 |
|
|
|
0 |
0 |
6,80 |
5 |
|
5 |
10 |
10 |
6,76 |
5 |
5 |
5 |
15 |
25 |
6,71 |
5 |
5 |
5 |
15 |
40 |
6,67 |
10 |
10 |
5 |
25 |
65 |
6,63 |
25 |
35 |
40 |
100 |
165 |
6,58 |
10 |
20 |
10 |
40 |
205 |
6,54 |
5 |
10 |
10 |
25 |
230 |
6,49 |
|
5 |
|
5 |
235 |
Total |
65 |
90 |
80 |
235 |
|
|
Amount (EUR million) |
|||
Counterparties |
Bank 1 |
Bank 2 |
Bank 3 |
Total |
Total bids |
65,0 |
90,0 |
80,0 |
235,0 |
Total allotment |
48,25 |
52,55 |
57,20 |
158,0 |
Spot transaction |
Forward transaction |
||||
Exchange rate |
Buy EUR |
Sell USD |
Exchange rate |
Sell EUR |
Buy USD |
1,1300 |
|
|
1,130684 |
|
|
1,1300 |
10 000 000 |
11 300 000 |
1,130680 |
10 000 000 |
11 306 800 |
1,1300 |
15 000 000 |
16 950 000 |
1,130676 |
15 000 000 |
16 960 140 |
1,1300 |
15 000 000 |
16 950 000 |
1,130671 |
15 000 000 |
16 960 065 |
1,1300 |
25 000 000 |
28 250 000 |
1,130667 |
25 000 000 |
28 266 675 |
1,1300 |
93 000 000 |
105 090 000 |
1,130663 |
93 000 000 |
105 151 659 |
1,1300 |
|
|
1,130658 |
|
|
1,1300 |
|
|
1,130654 |
|
|
1,1300 |
|
|
1,130649 |
|
|
Total |
158 000 000 |
178 540 000 |
|
158 000 000 |
178 645 339 |
V. EXAMPLE 5: LIQUIDITY-PROVIDING FOREIGN EXCHANGE SWAP BY VARIABLE RATE TENDER
|
Amount (EUR million) |
||||
Swap points (× 10 000) |
Bank 1 |
Bank 2 |
Bank 3 |
Total |
Cumulative bids |
6,23 |
|
|
|
|
|
6,27 |
5 |
|
5 |
10 |
10 |
6,32 |
5 |
|
5 |
10 |
20 |
6,36 |
10 |
5 |
5 |
20 |
40 |
6,41 |
10 |
10 |
20 |
40 |
80 |
6,45 |
20 |
40 |
20 |
80 |
160 |
6,49 |
5 |
20 |
10 |
35 |
195 |
6,54 |
5 |
5 |
10 |
20 |
215 |
6,58 |
|
5 |
|
5 |
220 |
Total |
60 |
85 |
75 |
220 |
|
|
Amount (EUR million) |
|||
Counterparties |
Bank 1 |
Bank 2 |
Bank 3 |
Total |
Total bids |
60,0 |
85,0 |
75,0 |
220 |
Total allotment |
55,5 |
75,5 |
66,0 |
197 |
Spot transaction |
Forward transaction* |
||||
Exchange rate |
Sell EUR |
Buy USD |
Exchange rate |
Buy EUR |
Sell USD |
1,1300 |
|
|
1,130623 |
|
|
1,1300 |
10 000 000 |
11 300 000 |
1,130627 |
10 000 000 |
11 306 270 |
1,1300 |
10 000 000 |
11 300 000 |
1,130632 |
10 000 000 |
11 306 320 |
1,1300 |
20 000 000 |
22 600 000 |
1,130636 |
20 000 000 |
22 612 720 |
1,1300 |
40 000 000 |
45 200 000 |
1,130641 |
40 000 000 |
45 225 640 |
1,1300 |
80 000 000 |
90 400 000 |
1,130645 |
80 000 000 |
90 451 600 |
1,1300 |
35 000 000 |
39 550 000 |
1,130649 |
35 000 000 |
39 572 715 |
1,1300 |
2 000 000 |
2 260 000 |
1,130654 |
2 000 000 |
2 261 308 |
1,1300 |
|
|
1,130658 |
|
|
Total |
197 000 000 |
222 610 000 |
|
197 000 000 |
222 736 573 |
VI. EXAMPLE 6: RISK CONTROL MEASURES
Characteristics |
||||||
Name |
Asset class |
Maturity date |
Coupon definition |
Coupon frequency |
Residual maturity |
Haircut |
Asset A |
Jumbo covered bond |
30.8.2018 |
Fixed rate |
6 months |
4 years |
2,50 % |
Asset B |
Central government bond |
19.11.2018 |
Variable rate |
12 months |
4 years |
0,50 % |
Asset C |
Corporate bond |
12.5.2025 |
Zero coupon rate |
|
> 10 years |
13,00 % |
Prices in percentages (including accrued interest)(1) |
||||||
30.7.2014 |
31.7.2014 |
1.8.2014 |
4.8.2014 |
5.8.2014 |
6.8.2014 |
7.8.2014 |
101,61 |
101,21 |
99,50 |
99,97 |
99,73 |
100,01 |
100,12 |
|
98,12 |
97,95 |
98,15 |
98,56 |
98,59 |
98,57 |
|
|
|
|
|
53,71 |
53,62 |
EARMARKING SYSTEM
POOLING SYSTEM
Date |
Outstanding transactions |
Start date |
End date |
Interest rate |
Liquidity provided |
Accrued interest |
Total amount to be covered |
Lower trigger amount |
Upper trigger amount |
Adjusted market value |
Margin call |
30.7.2014 |
Main refinancing |
30.7.2014 |
6.8.2014 |
0,15 |
50 000 000 |
— |
50 000 000 |
49 750 000 |
50 250 000 |
50 129 294 |
— |
31.7.2014 |
Main refinancing |
30.7.2014 |
6.8.2014 |
0,15 |
50 000 000 |
208 |
50 000 208 |
49 750 207 |
50 250 209 |
49 931 954 |
— |
|
Longer-term refinancing |
31.7.2014 |
29.10.2014 |
0,15 |
45 000 000 |
— |
45 000 000 |
44 775 000 |
45 225 000 |
45 130 098 |
— |
1.8.2014 |
Main refinancing |
30.7.2014 |
6.8.2014 |
0,15 |
50 000 000 |
417 |
50 000 417 |
49 750 415 |
50 250 419 |
49 088 325 |
– 912 092 |
|
Longer-term refinancing |
31.7.2014 |
29.10.2014 |
0,15 |
45 000 000 |
188 |
45 000 188 |
44 775 187 |
45 225 188 |
44 737 688 |
– 262 500 |
4.8.2014 |
Main refinancing |
30.7.2014 |
6.8.2014 |
0,15 |
50 000 000 |
1 042 |
50 001 042 |
49 751 036 |
50 251 047 |
50 246 172 |
— |
|
Longer-term refinancing |
31.7.2014 |
29.10.2014 |
0,15 |
45 000 000 |
750 |
45 000 750 |
44 775 746 |
45 225 754 |
45 147 350 |
— |
5.8.2014 |
Main refinancing |
30.7.2014 |
6.8.2014 |
0,15 |
50 000 000 |
1 250 |
50 001 250 |
49 751 244 |
50 251 256 |
50 125 545 |
— |
|
Longer-term refinancing |
31.7.2014 |
29.10.2014 |
0,15 |
45 000 000 |
938 |
45 000 938 |
44 775 933 |
45 225 942 |
45 201 299 |
— |
6.8.2014 |
Main refinancing |
6.8.2014 |
13.8.2014 |
0,15 |
35 000 000 |
— |
35 000 000 |
34 825 000 |
35 175 000 |
35 045 775 |
— |
|
Longer-term refinancing |
31.7.2014 |
29.10.2014 |
0,15 |
45 000 000 |
1 125 |
45 001 125 |
44 776 119 |
45 226 131 |
45 266 172 |
265 047 |
7.8.2014 |
Main refinancing |
6.8.2014 |
13.8.2014 |
0,15 |
35 000 000 |
146 |
35 000 146 |
34 825 145 |
35 175 147 |
34 987 050 |
— |
|
Longer-term refinancing |
31.7.2014 |
29.10.2014 |
0,15 |
45 000 000 |
1 313 |
45 001 313 |
44 776 306 |
45 226 319 |
45 026 704 |
— |
Date |
Outstanding transactions |
Start date |
End date |
Interest rate |
Liquidity provided |
Accrued interest |
Total amount to be covered |
Lower trigger amount(2) |
Upper trigger amount(3) |
Adjusted market value |
Margin call |
30.7.2014 |
Main refinancing |
30.7.2014 |
6.8.2014 |
0,15 |
50 000 000 |
— |
50 000 000 |
49 750 000 |
Not applicable |
50 129 294 |
— |
31.7.2014 |
Main refinancing |
30.7.2014 |
6.8.2014 |
0,15 |
50 000 000 |
208 |
95 000 208 |
94 525 207 |
Not applicable |
95 062 051 |
— |
|
Longer-term refinancing |
31.7.2014 |
29.10.2014 |
0,15 |
45 000 000 |
— |
|
|
|
|
|
1.8.2014 |
Main refinancing |
30.7.2014 |
6.8.2014 |
0,15 |
50 000 000 |
417 |
95 000 604 |
94 525 601 |
Not applicable |
93 826 013 |
– 1 174 592 |
|
Longer-term refinancing |
31.7.2014 |
29.10.2014 |
0,15 |
45 000 000 |
188 |
|
|
|
|
|
4.8.2014 |
Main refinancing |
30.7.2014 |
6.8.2014 |
0,15 |
50 000 000 |
1 042 |
95 001 792 |
94 526 783 |
Not applicable |
95 470 989 |
— |
|
Longer-term refinancing |
31.7.2014 |
29.10.2014 |
0,15 |
45 000 000 |
750 |
|
|
|
|
|
5.8.2014 |
Main refinancing |
30.7.2014 |
6.8.2014 |
0,15 |
50 000 000 |
1 250 |
95 002 188 |
94 527 177 |
Not applicable |
95 402 391 |
— |
|
Longer-term refinancing |
31.7.2014 |
29.10.2014 |
0,15 |
45 000 000 |
938 |
|
|
|
|
|
6.8.2014 |
Main refinancing |
6.8.2014 |
13.8.2014 |
0,15 |
35 000 000 |
— |
80 001 125 |
79 601 119 |
Not applicable |
80 280 724 |
— |
|
Longer-term refinancing |
31.7.2014 |
29.10.2014 |
0,15 |
45 000 000 |
1 125 |
|
|
|
|
|
7.8.2014 |
Main refinancing |
6.8.2014 |
13.8.2014 |
0,15 |
35 000 000 |
146 |
80 001 458 |
79 601 451 |
Not applicable |
80 239 155 |
— |
30.7.2014 |
Longer-term refinancing |
31.7.2014 |
29.10.2014 |
0,15 |
45 000 000 |
1 313 |
|
|
|
|
|
ANNEX XIII
This Guideline |
Guideline ECB/2011/14 |
Decision ECB/2013/6 |
Decision ECB/2013/35 |
Decision ECB/2014/23 |
Article 1(1) |
|
|
|
|
Article 1(2) |
Article 1 |
|
|
|
Article 1(3) |
Introduction |
|
|
|
Article 1(4) |
Section 1.6 |
|
|
|
Article 1(5) |
|
|
Article 2 |
|
Article 2(1) |
Appendix 2 |
|
|
|
Article 2(2) |
Section 6.4.2 |
|
|
|
Article 2(3) |
Appendix 2 |
|
|
|
Article 2(4) |
Section 5.2.1, Appendix 2 |
|
|
|
Article 2(5) |
Appendix 2 |
|
|
|
Article 2(6) |
Annex II, Section II |
|
|
|
Article 2(7) |
Appendix 2 |
|
|
|
Article 2(8) |
Section 3.1.1.2 |
|
|
|
Article 2(9) |
Appendix 2 |
|
|
|
Article 2(10) |
|
|
|
|
Article 2(11) |
Appendix 2 |
|
|
|
Article 2(12) |
|
|
|
|
Article 2(13) |
Section 6.2.2.1 |
|
|
|
Article 2(14) |
Appendix 2 |
|
|
|
Article 2(15) |
Appendix 2 |
|
|
|
Article 2(16) |
Section 6.6 |
|
|
|
Article 2(17) |
Appendix 2 |
|
|
|
Article 2(18) |
Appendix 2 |
|
|
|
Article 2(19) |
Annex II, Point 20 |
|
|
|
Article 2(20) |
Appendix 2 |
|
|
|
Article 2(21) |
Appendix 2 |
|
|
|
Article 2(22) |
Appendix 2 |
|
|
|
Article 2(23) |
|
|
|
|
Article 2(24) |
Appendix 2 |
|
|
|
Article 2(25) |
|
|
|
|
Article 2(26) |
Appendix 2 |
|
|
|
Article 2(27) |
|
|
Article 3(2)(b)(ii)(d) |
|
Article 2(28) |
|
|
Article 10 |
|
Article 2(29) |
Appendix 2 |
|
|
|
Article 2(30) |
Section 4.1.3, Appendix 2 |
|
|
|
Article 2(31) |
|
|
|
|
Article 2(32) |
|
|
|
|
Article 2(33) |
|
|
|
|
Article 2(34) |
Appendix 2 |
|
|
|
Article 2(35) |
|
|
|
|
Article 2(36) |
Appendix 2 |
|
|
|
Article 2(37) |
|
|
|
|
Article 2(38) |
Section 5.1.1.3, Appendix 2 |
|
|
|
Article 2(39) |
Section 6.4.2 |
|
|
|
Article 2(40) |
Section 3.4.1, 3.4.2, Appendix 2 |
|
|
|
Article 2(41) |
Section 6.6.1 |
|
|
|
Article 2(42) |
|
|
|
|
Article 2(43) |
|
|
|
|
Article 2(44) |
|
|
|
|
Article 2(45) |
Appendix 2 |
|
|
|
Article 2(46) |
Appendix 2 |
|
|
|
Article 2(47) |
|
|
|
|
Article 2(48) |
Section 6.4.2 |
|
|
|
Article 2(49) |
|
|
|
|
Article 2(50) |
Appendix 2 |
|
|
|
Article 2(51) |
Appendix 2 |
|
|
|
Article 2(52) |
Appendix 2 |
|
|
|
Article 2(53) |
Appendix 2 |
|
|
|
Article 2(54) |
Appendix 2 |
|
|
|
Article 2(55) |
Appendix 2 |
|
|
|
Article 2(56) |
Appendix 2 |
|
|
|
Article 2(57) |
|
|
|
|
Article 2(58) |
Appendix 2 |
|
|
|
Article 2(59) |
|
|
|
|
Article 2(60) |
Appendix 2 |
|
|
|
Article 2(61) |
|
|
|
|
Article 2(62) |
|
|
|
|
Article 2(63) |
|
|
|
|
Article 2(64) |
Section 5.1.5.4, Appendix 2 |
|
|
|
Article 2(65) |
|
|
|
|
Article 2(66) |
Appendix 2 |
|
|
|
Article 2(67) |
Appendix 2 |
|
|
|
Article 2(68) |
|
|
|
|
Article 2(69) |
Section 6.2.1.3 |
|
|
|
Article 2(70) |
Section 6.2.2 |
|
|
|
Article 2(71) |
Section 6.4.2 |
|
|
|
Article 2(72) |
Section 3.2.1, 3.2.2, Appendix 2 |
|
|
|
Article 2(73) |
Appendix 2 |
|
|
|
Article 2(74) |
|
|
|
|
Article 2(75) |
|
|
|
|
Article 2(76) |
Appendix 2 |
|
|
|
Article 2(77) |
Section 3.1.1.2, Appendix 2 |
|
|
|
Article 2(78) |
Appendix 2 |
|
|
|
Article 2(79) |
Appendix 2 |
|
|
|
Article 2(80) |
Section 3.1.1.1 |
|
|
|
Article 2(81) |
Appendix 2 |
|
|
|
Article 2(82) |
Appendix 2 |
|
|
|
Article 2(83) |
Appendix 2 |
|
|
|
Article 2(84) |
Section 5.1.5.4, Appendix 2 |
|
|
|
Article 2(85) |
|
|
|
|
Article 2(86) |
Appendix 2 |
|
|
|
Article 2(87) |
Appendix 2 |
|
|
|
Article 2(88) |
|
|
|
|
Article 2(89) |
Section 3.4.3 |
|
|
|
Article 2(90) |
|
|
|
|
Article 2(91) |
Appendix 2 |
|
|
|
Article 2(92) |
Appendix 2 |
|
|
|
Article 2(93) |
|
|
|
|
Article 2(94) |
Appendix 2 |
|
|
|
Article 2(95) |
|
|
|
|
Article 2(96) |
|
|
|
|
Article 2(97) |
Box 7, Appendix 2 |
|
|
|
Article 2(98) |
Appendix 2 |
|
|
|
Article 2(99) |
Section 5.1.1.3, Appendix 2 |
|
|
|
Article 2(100) |
|
|
|
|
Article 3(1) |
Section 1.3 |
|
|
|
Article 3(2) |
|
|
|
|
Article 4 |
|
|
|
|
Article 5(1) |
Preamble of Chapter 3 |
|
|
|
Article 5(2) |
Preamble of Chapter 3 |
|
|
|
Article 5(3) |
Preamble of Chapter 3, Section 1.3.3 |
|
|
|
Article 5(4) |
Preamble of Chapter 3, Section 1.3.3, Section 3.1.5 |
|
|
|
Article 5(5) |
Section 1.3.1 |
|
|
|
Article 6(1) |
Section 3.1.1.1 |
|
|
|
Article 6(2) |
Section 3.1.2 |
|
|
|
Article 6(3) |
|
|
|
|
Article 6(4) |
|
|
|
|
Article 6(5) |
|
|
|
|
Article 6(6) |
|
|
|
|
Article 7(1) |
Section 3.1.1.1 |
|
|
|
Article 7(2) |
Section 3.1.3 |
|
|
|
Article 7(3) |
|
|
|
|
Article 7(4) |
|
|
|
|
Article 7(5) |
|
|
|
|
Article 7(6) |
Section 3.1.3 |
|
|
|
Article 8(1) |
Section 3.1.4 |
|
|
|
Article 8(2) |
Section 3.1.4 |
|
|
|
Article 8(3) |
Section 5.1.2.3, 5.2.5 |
|
|
|
Article 8(4) |
Section 3.1.4 |
|
|
|
Article 9(1) |
Section 3.1.5 |
|
|
|
Article 9(2) |
Section 3.1.5 |
|
|
|
Article 9(3) |
Section 3.1.4 |
|
|
|
Article 10(1) |
|
|
|
|
Article 10(2) |
Annex II |
|
|
|
Article 10(3) |
|
|
|
|
Article 10(4) |
|
|
|
|
Article 10(5) |
Section 6.1 |
|
|
|
Article 11(1) |
Section 3.4.1 |
|
|
|
Article 11(2) |
Annex II |
|
|
|
Article 11(3) |
Section 3.4.3 |
|
|
|
Article 11(4) |
Section 3.4.3 |
|
|
|
Article 11(5) |
Section 3.4.4 |
|
|
|
Article 11(6) |
|
|
|
|
Article 12(1) |
Section 3.5.1 |
|
|
|
Article 12(2) |
Section 3.5.2 |
|
|
|
Article 12(3) |
|
|
|
Article 1 |
Article 12(4) |
Section 3.5.3 |
|
|
|
Article 12(5) |
Section 3.1.3 |
|
|
|
Article 12(6) |
Section 3.5 |
|
|
|
Article 12(7) |
|
|
|
|
Article 13(1) |
Section 3.3.2 |
|
|
|
Article 13(2) |
Section 3.3.2 |
|
|
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Article 13(3) |
Section 3.3.2 |
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Article 13(4) |
Section 3.3.3 |
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Article 13(5) |
Section 3.3.4 |
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Article 13(6) |
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Article 14(1) |
Section 3.2.2 |
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Article 14(2) |
Section 3.2.3 |
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Article 14(3) |
Section 3.2.4 |
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Article 14(4) |
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Article 15(1) |
Section 3.2, Section 5.1.4 |
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Article 15(2) |
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Article 15(3) |
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Article 16(1) |
Section 2.3 |
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Article 16(2) |
Section 2.3 |
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Article 17(1) |
Appendix 2 |
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Article 17(2) |
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Article 17(3) |
Section 4.1.1, Section 4.2.1 |
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Article 17(4) |
Section 4.1.5, Section 4.2.5 |
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Article 17(5) |
Section 4.1.5 |
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Article 17(6) |
Section 4.1.4 |
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Article 17(7) |
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Article 18(1) |
Section 4.1.1, Section 4.1.2 |
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Article 18(2) |
Section 4.1.2 |
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Article 18(3) |
Section 4.1.3 |
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Article 18(4) |
Section 4.1.3 |
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Article 19(1) |
Section 4.1.3 |
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Article 19(2) |
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Article 19(3) |
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Article 19(4) |
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Article 19(5) |
Section 4.1.3 |
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Article 19(6) |
Section 4.1.3 |
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Article 20(1) |
Section 4.1.4 |
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Article 20(2) |
Section 4.1.4 |
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Article 20(3) |
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Article 21(1) |
Section 4.2.1 |
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Article 21(2) |
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Article 1 |
Article 21(3) |
Section 4.2.2 |
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Article 21(4) |
Section 4.2.3 |
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Article 22(1) |
Section 4.2.3 |
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Article 22(2) |
Section 4.2.3 |
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Article 22(3) |
Section 4.2.3 |
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Article 23(1) |
Section 4.2.4 |
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Article 23(2) |
Section 4.2.4 |
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Article 23(3) |
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Article 24 |
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Article 25(1) |
Section 5.1.1, Section 5.1.1.3 |
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Article 25(2) |
Section 5.1.1, Section 5.1.2.3 |
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Article 25(3) |
Section 5.1.1.3 |
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Article 26(1) |
Section 5.1.1.1 |
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Article 26(2) |
Section 5.1.1.1 |
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Article 26(3) |
Section 5.1.1.1 |
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Article 26(4) |
Section 5.1.1.1 |
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Article 27(1) |
Section 5.1.1.2 |
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Article 27(2) |
Section 5.1.1.2 |
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Article 27(3) |
Section 5.1.1.2 |
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Article 27(4) |
Section 5.1.1.2 |
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Article 28(1) |
Section 5.1.2 |
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Article 28(2) |
Section 5.1.2 |
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Article 28(3) |
Section 5.1.2, Section 5.1.2.3 |
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Article 29(1) |
Section 5.1.2.2-5.1.2.3 |
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Article 29(2) |
Section 5.1.2.2-5.1.2.3 |
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Article 30(1) |
Section 5.1.3. |
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Article 30(2) |
Section 5.1.3. |
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Article 30(3) |
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Article 30(4) |
Section 5.1.3. |
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Article 30(5) |
Section 5.1.3. |
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Article 31(1) |
Section 5.1.4 |
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Article 31(2) |
Section 5.1.4 |
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Article 32(1) |
Section 5.1.4 |
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Article 32(2) |
Section 5.1.1.3 |
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Article 32(3) |
Section 5.1.4 |
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Article 32(4) |
Section 5.1.1.3 |
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Article 32(5) |
Section 5.1.4 |
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Article 32(6) |
Section 5.1.4 |
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Article 33(1) |
Section 5.1.4 |
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Article 33(2) |
Section 5.1.4 |
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Article 33(3) |
Section 5.1.4 |
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Article 33(4) |
Section 5.1.4 |
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Article 34(1) |
Appendix 2 |
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Article 34(2) |
Appendix 2 |
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Article 35(1) |
Section 5.1.4 |
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Article 35(2) |
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Article 35(3) |
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Article 36(1) |
Section 5.1.4 |
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Article 36(2) |
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Article 36(3) |
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Article 37(1) |
Section 5.1.5.1 |
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Article 37(2) |
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Article 38(1) |
Section 5.1.5.2 |
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Article 38(2) |
Section 5.1.5.2 |
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Article 39(1) |
Section 5.1.5.2 |
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Article 39(2) |
Section 5.1.5.2 |
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Article 40(1) |
Section 5.1.5.3 |
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Article 40(2) |
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Article 41(1) |
Section 5.1.5.3 |
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Article 41(2) |
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Article 42 |
Section 5.1.5.4 |
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Article 43(1) |
Section 5.1.6 |
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Article 43(2) |
Section 5.1.6 |
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Article 43(3) |
Section 5.1.6 |
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Article 43(4) |
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Article 44(1) |
Section 5.2.1 |
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Article 44(2) |
Section 5.2.1 |
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Article 45(1) |
Section 5.2.2 |
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Article 45(2) |
Section 5.2.2 |
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Article 45(3) |
Section 5.2.2 |
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Article 46(1) |
Section 5.2.3 |
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Article 46(2) |
Section 5.2.3 |
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Article 46(3) |
Section 5.2.3 |
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Article 47(1) |
Section 5.2.4 |
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Article 47(2) |
Section 5.2.4 |
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Article 48(1) |
Section 5.2.5 |
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Article 48(2) |
Section 5.2.5 |
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Article 49(1) |
Section 5.3.1 |
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Article 49(2) |
Section 5.3.1 |
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Article 50(1) |
Section 5.3.2 |
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Article 50(2) |
Section 5.3.1 |
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Article 51(1) |
Section 5.3.2 |
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Article 51(2) |
Section 5.3.1 |
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Article 51(3) |
Section 5.3.2 |
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Article 52(1) |
Section 5.3.2 |
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Article 52(2) |
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Article 53(1) |
Section 5.3.1 |
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Article 53(2) |
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Article 54(1) |
Section 7.4.2 |
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Article 54(2) |
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Article 2 |
Article 55 |
Section 2.1 |
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Article 56(1) |
Section 2.1 |
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Article 56(2) |
Section 2.1 |
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Article 56(3) |
Section 2.1 |
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Article 56(4) |
Section 2.1 |
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Article 57(1) |
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Article 57(2) |
Section 2.2 |
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Article 57(3) |
Section 2.2, Appendix 3 |
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Article 57(4) |
Section 2.2, Section 5.2.2 |
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Article 57(5) |
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Article 58(1) |
Section 1.5 |
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Article 58(2) |
Section 1.5, Section 6.1 |
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Article 58(3) |
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Article 58(4) |
Section 6.4.2 |
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Article 58(5) |
Section 6.1 |
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Article 58(6) |
Section 6.2 |
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Article 59(1) |
Section 6.2.1.2 |
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Article 59(2) |
Section 6.1, Section 6.3.1 |
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Article 59(3) |
Section 6.3.1 |
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Article 59(4) |
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Article 59(5) |
Section 6.3.1 |
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Article 59(6) |
Section 6.3.1 |
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Article 59(7) |
Section 6.3.1 |
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Article 60 |
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Article 61(1) |
Section 6.2 |
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Article 61(2) |
Section 6.3.2, Annex to ECB/2014/10 |
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Article 62(1) |
Section 6.2.1.1 |
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Article 3(2) |
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Article 62(2) |
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Article 3(2) |
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Article 62(3) |
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Article 3(2) |
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Article 63(1) |
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Article 3(2) |
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Article 63(2) |
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Article 63(3) |
Section 6.2.1.1 |
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Article 3(3) |
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Article 63(4) |
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Article 3(4) |
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Article 63(5) |
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Article 3(5) |
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Article 64 |
Section 6.2.1.1 |
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Article 65 |
Section 6.2.1.8 |
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Article 66(1) |
Section 6.2.1.3, ECB/2014/10 |
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Article 66(2) |
Section 6.2.1.3 |
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Article 66(3) |
Section 6.2.1.3 |
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Article 67(1) |
Section 6.2.1.4, ECB/2014/10 |
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Article 67(2) |
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Article 68(1) |
Section 6.2.1.5, Annex to ECB/2014/10 |
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Article 68(2) |
Section 6.2.1.5 |
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Article 68(3) |
Section 6.2.1.5, Annex to ECB/2014/10 |
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Article 69(1) |
Section 6.2.1.6 |
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Article 69(2) |
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Article 70(1) |
Section 6.2.1.7 |
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Article 70(2) |
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Article 70(3) |
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Article 70(4) |
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Article 70(5) |
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Article 70(6) |
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Article 71 |
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Article 72 |
Section 6.2.1.1 |
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Article 73(1) |
Section 6.2.1.1, ECB/2014/10 |
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Article 73(2) |
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Article 73(3) |
Section 6.2.1.1 |
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Article 73(4) |
Section 6.2.1.1 |
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Article 73(5) |
Section 6.2.1.1 |
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Article 73(6) |
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Article 4 |
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Article 73(7) |
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Article 74(1) |
Section 6.2.1.1 |
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Article 74(2) |
Section 6.2.1.1 |
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Article 74(3) |
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Article 74(4) |
Section 6.2.1.1 |
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Article 75(1) |
Section 6.2.1.1 |
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Article 75(2) |
Section 6.2.1.1 |
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Article 76(1) |
Section 6.2.1.1 |
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Article 76(2) |
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Article 77(1) |
Section 6.2.1.1 |
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Article 77(2) |
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Article 78(1) |
Section 6.2.1.1 |
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Article 78(2) |
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Article 11 |
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Article 79 |
Section 6.2.1.1 |
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Article 80(1) |
Section 6.2.1.1 |
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Article 80(2) |
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Article 80(3) |
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Article 80(4) |
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Article 80(5) |
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Article 5(2) |
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Article 81(1) |
Section 6.2.1 |
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Article 81(2) |
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Article 82(1) |
Section 6.3.1 |
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Article 6(2) |
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Article 82(2) |
Section 6.3.1 |
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Article 83 |
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Article 1 |
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Article 84 |
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Article 1 |
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Article 85 |
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Article 86 |
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Article 87(1) |
Section 6.3.2 |
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Article 87(2) |
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Article 87(3) |
Section 6.3.2 |
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Article 88(1) |
Section 6.3.1 |
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Article 88(2) |
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Article 89(1) |
Section 6.2.2.1 |
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Article 89(2) |
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Article 89(3) |
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Article 89(4) |
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Article 89(5) |
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Article 90 |
Section 6.2.2.1 |
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Article 91 |
Section 6.2.2.1 |
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Article 92 |
Section 6.2.2.1 |
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Article 93 |
Section 6.2.2.1 |
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Article 94 |
Section 6.2.2.1 |
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Article 95(1) |
Section 6.2.2.1 |
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Article 95(2) |
Section 6.2.2.1 |
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Article 96(1) |
Section 6.2.2.1 |
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Article 96(2) |
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Article 96(3) |
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Article 97 |
Section 6.2.2.1 |
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Article 98 |
Section 6.2.2.1 |
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Article 99(1) |
Section 6.2.3.1 |
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Article 99(2) |
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Article 100 |
Appendix 7 |
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Article 101(1) |
Appendix 7 |
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Article 101(2) |
Appendix 7 |
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Article 102 |
Appendix 7 |
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Article 103(1) |
Appendix 7 |
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Article 103(2) |
Appendix 7 |
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Article 103(3) |
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Article 104(1) |
Appendix 7 |
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Article 104(2) |
Appendix 7 |
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Article 104(3) |
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Article 104(4) |
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Article 105 |
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Article 106 |
Section 6.2.2 |
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Article 107(1) |
Section 6.2.2.2 |
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Article 107(2) |
Section 6.2.2.2 |
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Article 107(3) |
Section 6.2.2.2 |
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Article 107(4) |
Section 6.2.2.2 |
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Article 107(5) |
Section 6.2.2.2 |
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Article 107(6) |
Section 6.2.2.2 |
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Article 107(7) |
Section 6.2.2.2 |
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Article 108 |
Section 6.3.1, Section 6.2.2.1, Section 6.3.3.2 |
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Article 109(1) |
Section 6.3.3.1 |
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Article 109(2) |
Section 6.3.3.1 |
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Article 109(3) |
Section 6.3.3.1 |
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Article 110(1) |
Section 6.3.3.1 |
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Article 110(2) |
Section 6.3.3.1 |
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Article 110(3) |
Section 6.3.3.1 |
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Article 110(4) |
Section 6.3.3.1 |
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Article 110(5) |
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Article 110(6) |
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Article 110(7) |
Section 6.3.3.1 |
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Article 111(1) |
Section 6.3.3.1 |
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Article 111(2) |
Section 6.3.3.1 |
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Article 112 |
Section 6.3.3.2 |
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Article 113(1) |
Section 6.3.2 |
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Article 113(2) |
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Article 113(3) |
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Article 114(1) |
Section 6.3.2, section 6.3.3.1 |
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Article 114(2) |
Section 6.3.3.1 |
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Article 114(3) |
Section 6.3.2, section 6.3.3.1 |
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Article 114(4) |
Sections 6.3.2, section 6.3.3.1 |
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Article 114(5) |
Section 6.3.2, section 6.3.3.1 |
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Article 115 |
Section 6.3.2, section 6.3.3.1 |
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Article 116 |
Section 6.2.1.2, section 6.2.2.1 |
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Article 117 |
Section 6.2.1.6, section 6.2.2.1 |
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Article 118(1) |
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Article 119(1) |
Section 6.3.1 |
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Article 119(2) |
Section 6.3.4.1, Section 6.3.4 |
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Article 119(3) |
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Article 119(4) |
Section 6.3.4 |
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Article 119(5) |
Section 6.3.5 |
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Article 120(1) |
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Article 120(2) |
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Article 120(3) |
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Article 121(1) |
Section 6.3.4.2 |
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Article 121(2) |
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Article 121(3) |
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Article 121(4) |
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Article 122(1) |
Section 6.3.4.3 |
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Article 122(2) |
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Article 122(3) |
Section 6.3.4.3 |
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Article 122(4) |
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Article 122(5) |
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Article 123(1) |
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Article 123(2) |
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Article 123(3) |
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Article 123(4) |
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Article 124(1) |
Section 6.3.4.4 |
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Article 124(2) |
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Article 124(3) |
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Article 124(4) |
Section 6.3.4.4 |
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Article 124(5) |
Section 6.3.4.4 |
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Article 125 |
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Article 126(1) |
Section 6.3.5 |
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Article 126(2) |
Section 6.3.5 |
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Article 126(3) |
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Article 126(4) |
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Article 126(5) |
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Article 127(1) |
Section 6.4.1 |
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Article 127(2) |
Section 6.4.1 |
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Article 127(3) |
Section 6.4.1 |
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Article 128(1) |
Section 6.4.1 |
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Article 128(2) |
Section 6.4.1 |
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Article 129(1) |
Section 6.4.2 |
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Article 8(1) |
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Article 129(2) |
Section 6.4.2 |
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Article 130(1) |
Section 6.4.2 |
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Article 8(2) |
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Article 130(2) |
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Article 8(3) |
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Article 130(3) |
Section 6.4.2 |
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Article 130(4) |
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Article 8(4) |
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Article 130(5) |
Section 6.4.2 |
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Article 130(6) |
Section 6.4.2 |
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Article 130(7) |
Section 6.4.2 |
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Article 130(8) |
Section 6.4.2 |
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Article 131(1) |
Section 6.4.3.1 |
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Article 8(5) |
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Article 131(2) |
Section 6.4.3.1 |
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Article 131(3) |
Section 6.4.3.1 |
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Article 132 |
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Article 8(6) |
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Article 133 |
Section 6.4.3.3 |
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Article 134 |
Section 6.5, Section 6.5.1 |
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Article 135 |
Section 6.5.2 |
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Article 136(1) |
Section 6.4.2 |
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Article 136(2) |
Section 6.4.2 |
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Article 136(3) |
Section 6.4.2 |
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Article 136(4) |
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Article 137(1) |
Section 6.7 |
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Article 137(2) |
Section 6.7 |
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Article 137(3) |
Section 6.7 |
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Article 138(1) |
Section 6.2.3.2 |
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Article 138(2) |
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Article 138(3) |
Section 6.2.3.2 |
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Article 139(1) |
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Article 1(1) |
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Article 139(2) |
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Article 140 |
Section 6.3.2.3 |
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Article 141(1) |
Section 6.4.2 |
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Article 141(2) |
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Article 141(3) |
Section 6.2.3.2 |
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Article 142(1) |
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Article 142(2) |
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Article 142(3) |
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Article 142(4) |
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Article 143(1) |
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Article 143(2) |
Section 6.2.3.2 |
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Article 143(3) |
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Article 144 |
Section 6.2.3 |
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Article 145(1) |
Section 6.2.3.2 |
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Article 145(2) |
Section 6.2.3.2 |
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Article 145(3) |
Section 6.2.3.2 |
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Article 145(4) |
Appendix 6 |
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Article 146 |
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Article 147 |
Section 6.2.3.2 |
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Article 148(1) |
Section 6.6 |
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Article 148(2) |
Section 6.6 |
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Article 148(3) |
Section 6.6.1 |
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Article 148(4) |
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Article 148(5) |
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Article 148(6) |
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Article 149(1) |
Section 6.6 |
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Article 149(2) |
Section 6.6, Section 6.6.2 |
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Article 150(1) |
Section 6.6.2 |
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Article 150(2) |
Section 6.2.1.4, Section 6.6.2, ECB/2014/10 |
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Article 150(3) |
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Article 150(4) |
Section 6.6.2 |
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Article 150(5) |
Section 6.6.2 |
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Article 150(6) |
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Article 151(1) |
ECB/2014/10 |
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Article 151(2) |
ECB/2014/10 |
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Article 151(3) |
ECB/2014/10 |
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Article 151(4) |
ECB/2014/10 |
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Article 152(1) |
Annex to ECB/2014/10 |
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Article 152(2) |
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Article 152(3) |
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Article 153(1) |
Section 2.3 |
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Article 153(2) |
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Article 154(1) |
Section 2.3 |
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Article 154(2) |
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Article 155 |
Appendix 6 |
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Article 156(1) |
Appendix 6 |
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Article 156(2) |
Appendix 6 |
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Article 156(3) |
Appendix 6 |
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Article 156(4) |
Appendix 6 |
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Article 156(5) |
Appendix 6, Section 2.3 |
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Article 156(6) |
Appendix 6 |
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Article 157 |
Section 2.3 |
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Article 158(1) |
Section 2.4.1, Section 6.3.1 |
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Article 9(2) |
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Article 158(2) |
Section 6.3.1 |
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Article 158(3) |
Section 2.4.2 |
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Article 158(4) |
Section 2.4.3 |
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Article 159(1) |
Section 6.3.1 |
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Article 159(2) |
Section 6.3.1 |
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Article 159(3) |
Section 6.3.1 |
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Article 159(4) |
Section 6.3.1 |
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Article 160 |
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Article 161(1) |
Annex II, Section I |
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Article 161(2) |
Annex II, Section I |
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Article 162 |
Annex II, Section I |
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Article 163 |
Annex II, Section I |
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Article 164 |
Annex II, Section I |
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Article 165(1) |
Annex II, Section I |
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Article 165(2) |
Annex II, Section I |
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Article 166(1) |
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Article 9(2) |
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Article 166(2) |
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Article 9(3) |
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Article 166(3) |
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Article 9(4) |
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Article 166(4) |
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Article 9(5) |
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Article 166(5) |
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Article 9(6) |
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Article 167 |
Annex II, Section I |
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Article 168(1) |
Annex II, Section I |
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Article 168(2) |
Annex II, Section I |
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Article 169(1) |
Annex II, Section I |
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Article 169(2) |
Annex II, Section I |
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Article 170 |
Annex II, Section I |
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Article 171 |
Annex II, Section I |
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Article 172 |
Annex II, Section II |
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Article 173 |
Annex II, Section II |
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Article 174(1) |
Section 3.1.1.3 |
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Article 174(2) |
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Article 174(3) |
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Article 175 |
Annex II, Section II |
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Article 176(1) |
Annex II, Section II |
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Article 176(2) |
Annex II, Section II |
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Article 176(3) |
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Article 177(1) |
Annex II, Section II |
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Article 177(2) |
Annex II, Section II |
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Article 177(3) |
Annex II, Section II |
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Article 178 |
Annex II, Section II |
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Article 179 |
Annex II, Section II |
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Article 180 |
Section 3.1.1.2 |
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Article 181(1) |
Section 4.1.2 |
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Article 181(2) |
Annex II, Section II |
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Article 181(3) |
Annex II, Section II |
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Article 182 |
Annex II, Section II |
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Article 183 |
Annex II, Section III |
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Article 184 |
Annex II, Section III |
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Article 185 |
Annex II, Section III |
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Article 186(1) |
Annex II, Section III |
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Article 186(2) |
Annex II, Section III |
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Article 187 |
Section 3.4.2 |
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Article 188 |
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Article 189 |
Section 1.4 |
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Article 190(1) |
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Article 190(2) |
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Article 191(1) |
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Article 191(2) |
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Article 191(3) |
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Article 192 |
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Annex I Introduction |
Section 7.1 |
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Annex I 1 |
Section 7.1 |
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Annex I 2 |
Section 7.1 |
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Annex I 3 |
Section 1.3.3, Section 7.2 |
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Annex I 4 |
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Annex I 5 |
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Annex I 6 |
Section 7.2 |
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Annex I 7 |
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Annex I 8 |
Section 1.3.3, Section 7.3.1 |
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Annex I 9 |
Section 7.3.1 |
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Annex I 10 |
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Annex I 11 |
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Annex I 12 |
Section 1.3.3, Section 7.4.3 |
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Annex I 13 |
Section 7.6 |
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Annex II |
Section 5.1.3 |
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Annex III |
Section 5.1.5.1 |
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Annex IV |
Section 5.1.6 |
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Annex V |
Annex I, Appendix 3 |
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Annex VI I.1 |
Section 6.6.1 |
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Annex VI I.2 |
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Annex VI I.(3) |
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Annex VI I.4 |
Section 6.6.1 |
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Annex VI I.5 |
Section 6.6.1 |
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Annex VI II.1 |
Section 6.6.2 |
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Annex VI II.2 |
Section 6.6.2 |
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Annex VI III |
ECB/2014/10 |
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Annex VI IV |
ECB/2014/10 |
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Annex VII I.1 |
Section 2.3, Appendix 6, Section 1 |
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Annex VII I.2 |
Appendix 6, Section 1 |
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Annex VII I.3 |
Appendix 6, Section 1 |
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Annex VII I.4 |
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Annex VII I.5 |
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Annex VII I.6 |
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Annex VII I.7 |
Appendix 6, Section 1 |
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Annex VII I.8 |
Appendix 6, Section 1 |
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Annex VII II |
Appendix 6, Section 2.1 |
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Annex VIII I.1 |
Annex I, Appendix 8 |
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Annex VIII I.2 |
Annex I, Appendix 8 |
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Annex VIII I.3 |
Annex I, Appendix 8 |
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Annex VIII I.4 |
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Annex VIII II.1 |
Appendix 8 |
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Annex VIII II.2 |
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Annex VIII II.3 |
Appendix 8 |
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Annex VIII II.4 |
Appendix 8 |
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Annex VIII III.1 |
Appendix 8 |
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Annex VIII III.2 |
Appendix 8 |
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Annex VIII III.3 |
Appendix 8 |
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Annex VIII III.4 |
Appendix 8 |
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Annex IX |
Section 6.3.5 |
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Annex X |
|
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Annex I, Annex II |
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Annex XI |
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Annex XII |
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Annex XIII |
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Annex XIV |
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