See Full Document Text
Official Journal EN
of the European Union L series
2024/1164 26.4.2024
GUIDELINE (EU) 2024/1164 OF THE EUROPEAN CENTRAL BANK
of 8 February 2024
amending Guideline (EU) 2016/65 on the valuation haircuts applied in the implementation of the
Eurosystem monetary policy framework (ECB/2015/35) (ECB/2024/5)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to the Treaty on the Functioning of the European Union, and in particular the first indent of Article 127(2)
thereof,
Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular
the first indent of Article 3.1, Articles 9.2, 12.1, 14.3 and 18.2 and the first paragraph of Article 20 thereof,
Whereas:
(1) In accordance with Article 18.1 of the Statute of the European System of Central Banks and of the European Central
Bank, the European Central Bank (ECB) and the national central banks of the Member States whose currency is the
euro (hereinafter the ‘NCBs’) may conduct credit operations with credit institutions and other market participants,
with lending being based on adequate collateral. The general conditions under which the ECB and the NCBs stand
ready to enter into credit operations, including the criteria determining the eligibility of collateral for the purposes
of Eurosystem credit operations, are laid down in Guideline (EU) 2015/510 of the European Central
Bank (ECB/2014/60)(1).
(2) All eligible assets for Eurosystem credit operations are subject to specific risk control measures in order to protect
the Eurosystem against financial losses in circumstances in which the collateral has to be realised due to an event of
default of a counterparty. The Eurosystem risk control framework is regularly reviewed in order to ensure adequate
protection. Amendments are warranted to clarify the valuation haircut treatment of debt certificates that may
eventually be issued by the ECB.
(3) Therefore, Guideline (EU) 2016/65 of the European Central Bank (ECB/2015/35)(2)should be amended accordingly,
HAS ADOPTED THIS GUIDELINE:
Article 1
Amendments
Guideline (EU) 2016/65 (ECB/2015/35) is amended as follows:
(1) in Article 1, the following paragraph 3 is added:
‘3. No valuation haircut shall be applied to ECB debt certificates and debt certificates issued by NCBs prior to the
date of adoption of the euro in their respective Member State whose currency is the euro.’;
(2) in Article 2, point (a) is replaced by the following:
‘(a) debt instruments issued by central governments, debt instruments issued by the European Union and debt
certificates issued by national central banks of Member States whose currency is not the euro are included in
haircut category I;’;
(3) the Annex is amended in accordance with the Annex to this Guideline.
(1) Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary
policy framework (General Documentation Guideline) (ECB/2014/60) (OJ L 91, 2.4.2015, p. 3).
(2) Guideline (EU) 2016/65 of the European Central Bank of 18 November 2015 on the valuation haircuts applied in the implementation
of the Eurosystem monetary policy framework (ECB/2015/35) (OJ L 14, 21.1.2016, p. 30).
ELI: http://data.europa.eu/eli/guideline/2024/1164/oj 1/3EN
OJ L, 26.4.2024
Article 2
Taking effect and implementation
1. This Guideline shall take effect on the day of its notification to the NCBs.
2. The NCBs shall take the necessary measures to comply with this Guideline and apply them from 6 May 2024. They
shall notify the European Central Bank of the texts and means relating to those measures by 22 March 2024at the latest.
Article 3
Addressees
This Guideline is addressed to the NCBs.
Done at Frankfurt am Main, 8 February 2024.
For the Governing Council of the ECB
The President of the ECB
Christine LAGARDE
2/3 ELI: http://data.europa.eu/eli/guideline/2024/1164/ojEN
OJ L, 26.4.2024
ANNEX
In the Annex to Guideline (EU) 2016/65 (ECB/2015/35) Table 1 is replaced by the following:
‘Table 1
Haircut categories for eligible marketable assets based on the type of issuer and/or type of asset
Category I Category II Category III Category IV Category V
Debt instruments issued Debt instruments issued Debt instruments issued Unsecured debt instru Asset-backed securities’
by central governments by local and regional by non-financial cor ments issued by credit
Debt instruments issued governments porations, corporations institutions and agencies
by the European Union Debt instruments issued in the government sector which are credit institu
Debt certificates issued by by entities (credit insti and agencies which are tions that do not meet
national central banks of tutions or non-credit non-credit institutions the quantitative criteria
Member States whose institutions) classified by that do not meet the set out in Annex XIIa to
currency is not the euro the Eurosystem as agen quantitative criteria set Guideline
cies and which meet the out in Annex XIIa to (EU) 2015/510
quantitative criteria set Guideline (ECB/2014/60)
out in Annex XIIa to (EU) 2015/510 Unsecured debt instru
Guideline (ECB/2014/60) ments issued by financial
(EU) 2015/510 corporations other than
(ECB/2014/60) credit institutions
Debt instruments issued
by multilateral develop
ment banks and inter
national organisations
other than the European
Union
Legislative covered
bonds
Multi cédulas
ELI: http://data.europa.eu/eli/guideline/2024/1164/oj 3/3