25.2.2015   

EN

Official Journal of the European Union

L 53/27

(1)

Pursuant to Section 1.6 of Annex I to Guideline ECB/2011/14, the Governing Council may, at any time, change the instruments, conditions, criteria and procedures for the execution of Eurosystem monetary policy operations.

(2)

On 22 January 2015, in order to support the effectiveness of the targeted longer-term refinancing operations (TLTROs), the Governing Council decided to eliminate the 10 basis points spread over the rate for main refinancing operations (MROs) for the TLTROs to be conducted between March 2015 and June 2016. The elimination of the spread reflects the reduction in term premia of market-based funding instruments for institutions since the announcement of TLTROs on 5 June 2014. The decision does not affect the interest rate which is applied to the first TLTROs conducted in September and December 2014. This rate therefore remains unchanged, i.e. it is fixed over the life of each operation at the rate for MROs prevailing at the time of the tender announcement in respect of the relevant TLTRO, plus a fixed spread of 10 basis points.

(3)

In addition, certain minor corrections are required to Decision ECB/2014/34 (2).

(4)

Therefore, Decision ECB/2014/34 should be amended accordingly,

1.

Article 5 is replaced by the following:

‘Article 5

Interest

With respect to the TLTROs conducted in September 2014 and December 2014, the interest rate applicable shall be fixed over the life of each operation at the rate for main refinancing operations prevailing at the time of the tender announcement in respect of the relevant TLTRO, plus a fixed spread of 10 basis points. With respect to the TLTROs conducted from March 2015 to June 2016, the interest rate applicable shall be fixed over the life of each operation at the rate for main refinancing operations prevailing at the time of the tender announcement in respect of the relevant TLTRO.

Interest shall be payable in arrears upon maturity of the operation, or upon early repayment as provided in Articles 6 and 7, as applicable.’

2.

in Annex I, in paragraph 1 (Calculation of borrowing limits), the second table is replaced by the following:

3.

in Annex I, in paragraph 2 (Calculation of mandatory early repayments), the formula for ‘The mandatory early repayment in September 2016 of a participant’ is replaced by the following:

‘, if’

4.

in Annex I, the third footnote is replaced by the following:

‘For the TLTRO to be conducted in March 2015 (k = 3), the constraint is C 3 ≤ max{0, AA 3}.’

5.

in Annex II, the fourth footnote is replaced by the following:

‘The sector classification of holding corporations of non-financial corporations in Regulation (EC) No 25/2009 (ECB/2008/32) has been amended in Regulation (EU) No 1071/2013 (ECB/2013/33) to reflect changes in international statistical standards. Under Regulation (EU) No 1071/2013 (ECB/2013/33), holding corporations of non-financial corporations are reclassified as financial corporations. TLTRO reporting must in principle be in line with the BSI framework: with effect from December 2014 data should not cover holding corporations and adjustments should be transmitted accordingly.’

6.

in Annex II, the thirteenth footnote is replaced by the following:

‘The effects of the reclassification of holding corporations of non-financial corporations as financial corporations, which took place in December 2014, should be recorded under item 3.2C.’