Date: 2022-03-25Category: Not ApplicableState: Union GovernmentCountry: Europe
Decision (EU) 2022/485 of the European Central Bank of 17 March 2022 amending Decision 2010/624/EU concerning the administration of the borrowing and lending operations concluded by the Union under the European financial stabilisation mechanism (ECB/2022/11)
**Summary:**
ECB Decision EU 2022/485, issued on March 17, 2022, amends Decision 2010/624/EU concerning the administration of borrowing and lending operations concluded by the Union under the European Financial Stabilisation Mechanism (EFSM). The amendment replaces Article 4 of Decision 2010/624/EU, stipulating that accounts referred to in Article 2 of the same decision shall be remunerated in accordance with Article 21 of Decision EU 2019/1743. This change ensures consistency in the remuneration of comparable deposits across the Eurosystem by aligning the remuneration of deposits held with the ECB under the EFSM with the provisions governing excess reserves and certain other deposits as outlined in Decision EU 2019/1743. The decision entered into force on March 30, 2022, five days after its publication in the Official Journal of the European Union. The legal basis for this decision lies in Articles 122(2) and 132(1) of the Treaty on the Functioning of the European Union, Articles 17, 21, and 34.1 of the Statute of the European System of Central Banks and of the European Central Bank, and Article 8 of Council Regulation (EU) No 407/2010. Christine Lagarde, President of the ECB, signed the decision in Frankfurt am Main.
Key Entities Referenced
European Central Bank: The central bank of the Eurozone, responsible for monetary policy.
European Union: A political and economic union of member states located primarily in Europe.
Treaty on the Functioning of the European Union: One of the primary treaties of the European Union, defining its scope and governance.
European System of Central Banks: Comprises the European Central Bank (ECB) and the national central banks of all EU member states.
Council Regulation EU No 407/2010: A regulation establishing a European financial stabilisation mechanism.
European financial stabilisation mechanism: A mechanism established by the European Union to provide financial assistance to member states in difficulty.
Decision 2010/624/EU: A decision of the European Central Bank concerning the administration of borrowing and lending operations under the European financial stabilisation mechanism.
Christine Lagarde: The President of the European Central Bank.
L 98/108 EN Official Journal of the European Union 25.3.2022
DECISION (EU) 2022/485 OF THE EUROPEAN CENTRAL BANK
of 17 March 2022
amending Decision 2010/624/EU concerning the administration of the borrowing and lending
operations concluded by the Union under the European financial stabilisation mechanism
(ECB/2022/11)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union, and in particular Articles 122(2) and 132(1)
thereof,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular
Articles 17 and 21 and Article 34.1 thereof,
Having regard to Council Regulation (EU) No 407/2010 of 11 May 2010 establishing a European financial stabilisation
mechanism(1), and in particular Article 8 thereof,
Whereas:
(1) Deposits held with the European Central Bank (ECB) as provided for in Decision 2010/624/EU of the European
Central Bank (ECB/2010/17)(2) should be remunerated in accordance with the provisions of Article 2(1) of
Decision (EU) 2019/1743 of the European Central Bank (ECB/2019/31)(3) in order to ensure consistency in the
remuneration of comparable deposits across the Eurosystem.
(2) Therefore, Decision 2010/624/EU (ECB/2010/17) should be amended accordingly,
HAS ADOPTED THIS DECISION:
Article 1
Amendment
Article 4 of Decision 2010/624/EU (ECB/2010/17) is replaced by the following:
‘Article 4
The accounts referred to in Article 2 shall be remunerated in accordance with the provisions of Article 2(1) of Decision (EU)
2019/1743 of the European Central Bank (ECB/2019/31) (*).
_____________
(*) Decision (EU) 2019/1743 of the European Central Bank of 15 October 2019 on the remuneration of holdings of excess
reserves and of certain deposits (ECB/2019/31) (OJ L 267, 21.10.2019, p. 12).’.
Article 2
Entry into force
This Decision shall enter into force on the fifth day following that of its publication in the Official Journal of the European
Union.
(1) OJ L 118, 12.5.2010, p. 1.
(2) Decision 2010/624/EU of the European Central Bank of 14 October 2010 concerning the administration of the borrowing and
lending operations concluded by the Union under the European financial stabilisation mechanism (ECB/2010/17) (OJ L 275,
20.10.2010, p. 10).
(3) Decision (EU) 2019/1743 of the European Central Bank of 15 October 2019 on the remuneration of holdings of excess reserves and
of certain deposits (ECB/2019/31) (OJ L 267, 21.10.2019, p. 12).25.3.2022 EN Official Journal of the European Union L 98/109
Done at Frankfurt am Main, 17 March 2022.
The President of the ECB
Christine LAGARDE