June 24, 2019

ECB published Guideline (EU) 2019/1034, which amends Guideline ECB/2014/31, on additional temporary measures related to Eurosystem refinancing operations and eligibility of collateral (ECB/2019/13). The Governing Council has decided that for the purposes of certain Articles of Guideline ECB/2014/31, the Hellenic Republic and Republic of Cyprus shall no longer be considered a euro area member state under a EU-IMF program. The suspension of the requirements for credit quality thresholds for certain marketable instruments should be subject to an explicit decision of the Governing Council. Therefore, Guideline ECB/2014/31 has been amended accordingly.

Guideline (EU) 2019/1034 shall take effect on the day of its notification to the national central banks of the member states whose currency is the euro. The national central banks of the member states whose currency is the euro shall take the necessary measures to comply with Guideline (EU) 2019/1034 and apply them from August 05, 2019. They shall notify ECB of the texts and means relating to those measures by June 21, 2019 at the latest. Guideline ECB/2014/31 has been amended as follows:

  • Paragraph 3 in Articles 1, 8, and 9 has been deleted.
  • Article 6 has been deleted.
  • Paragraph 2 in Article 8 has been replaced.
  • Annexes I and II have been deleted.

 

Related Link: Guideline (EU) 2019/1034 (PDF)

 

Keywords: Europe, EU, Banking, Cyprus, Guideline 2019/1034, Hellenic Republic, Credit Quality Thresholds, ECB

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