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Date: 20-Dec-2024 Category: Not Applicable State: Union Government Country: Europe

Guideline (EU) 2024/3131 of the European Central Bank of 14 November 2024 amending Guideline (EU) 2024/3129 on the management of collateral in Eurosystem credit operations (ECB/2024/22) (ECB/2024/36)

Issued by European Central Bank · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • Guideline (EU) 2024/3131 amends Guideline (EU) 2024/3129, which concerns the management of collateral in Eurosystem credit operations.
  • The amendment is necessary due to the rescheduled launch of the Eurosystem Collateral Management System (ECMS).

Key Changes

  • The application date of Guideline (EU) 2024/3129 (ECB/2024/22) is changed to 16 June 2025, to align with the new ECMS start date.
  • The deadline for national central banks of Eurozone Member States to notify the ECB of their implementing measures is adjusted to 4 December 2024.

Impact Analysis

National Central Banks of Eurozone Member States

  • Action Items: Review and revise internal timelines and processes for compliance with the amended guideline. Ensure that the ECB is notified of the implementing measures by the revised deadline of 4 December 2024.

European Central Bank (ECB)

  • Action Items: Track the notifications from national central banks regarding their implementing measures. Prepare for the operational launch of the ECMS on 16 June 2025.

Financial Institutions using Eurosystem Credit Operations

  • Action Items: Update internal systems and procedures to align with the revised implementation date of 16 June 2025 for the ECMS. Monitor further announcements from the ECB and national central banks regarding the ECMS launch.

Key Entities Referenced

European Central Bank (ECB): The central bank of the Eurozone, responsible for monetary policy and the stability of the euro. Eurosystem: The monetary authority of the Eurozone, comprising the ECB and the national central banks of the Member States whose currency is the euro. Eurosystem Collateral Management System (ECMS): A system for managing collateral used in Eurosystem credit operations. Guideline (EU) 2024/3129 (ECB/2024/22): Guideline of the European Central Bank on the management of collateral in Eurosystem credit operations. Guideline (EU) 2024/3131 (ECB/2024/36): Guideline of the European Central Bank amending Guideline (EU) 2024/3129 on the management of collateral in Eurosystem credit operations.
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Official Journal EN of the European Union L series 2024/3131 20.12.2024 GUIDELINE (EU) 2024/3131 OF THE EUROPEAN CENTRAL BANK of 14 November 2024 amending Guideline (EU) 2024/3129 on the management of collateral in Eurosystem credit operations (ECB/2024/22) (ECB/2024/36) THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK, Having regard to the Treaty on the Functioning of the European Union, and in particular 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 Articles 3.1, 9.2, 12.1, 14.3, 17, 18.2, the first paragraph of Article 20, and Article 22 thereof, Whereas: (1) On 13 August 2024, the Governing Council adopted Guideline (EU) 2024/3129 of the European Central Bank (ECB/2024/22)(1), the application date of which is aligned with the start date of operations of the Eurosystem Collateral Management System (ECMS). (2) On 25 September 2024, the Governing Council decided to reschedule the launch of the ECMS in the light of the assessment that additional time was required to achieve sufficient readiness for a smooth start of operations. On 24 October 2024, the Governing Council decided that the start date of operations of the ECMS should be 16 June 2025. (3) Accordingly, the date of application of Guideline (EU) 2024/3129 (ECB/2024/22) should be amended to reflect the new start date of operations of the ECMS. Similarly, the deadline for the notification by the national central banks of Member States whose currency is the euro to the European Central Bank of their implementing measures should also be adjusted. (4) Therefore, Guideline (EU) 2024/3129 (ECB/2024/22) should be amended accordingly, HAS ADOPTED THIS GUIDELINE: Article 1 Amendment In Article 16 of Guideline (EU) 2024/3129 (ECB/2024/22), paragraph 2 is replaced by the following: ‘2. The national central banks of the Member States whose currency is the euro shall take the necessary measures to comply with this Guideline and apply them from 16 June 2025. They shall notify the ECB of the texts and means relating to those measures by 4 December 2024at the latest.’ Article 2 Taking effect This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro. (1) Guideline (EU) 2024/3129 of the European Central Bank of 13 August 2024 on the management of collateral in Eurosystem credit operations (ECB/2024/22) (OJ L, 2024/3129, 20.12.2024, ELI: http://data.europa.eu/eli/guideline/2024/3129/oj). ELI: http://data.europa.eu/eli/guideline/2024/3131/oj 1/2EN OJ L, 20.12.2024 Article 3 Addressees This Guideline is addressed to all Eurosystem central banks. Done at Frankfurt am Main, 14 November 2024. For the Governing Council of the ECB The President of the ECB Christine LAGARDE 2/2 ELI: http://data.europa.eu/eli/guideline/2024/3131/oj

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