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    ECB Amends Guideline on Euro Short-Term Rate

    March 27, 2020

    ECB amended Guideline 2019/1265 on the euro short-term rate (€STR). The amended guideline shall take effect on the day of its notification to the national central banks of the member states whose currency is the euro.

    Article 5(2) of Guideline 2019/1265 provides that national central banks having one or more reporting agents resident in their member state are required to carry out the euro short-term rate determination process and post-production procedures in accordance with the business procedures referred to in Article 6(3) of the guideline. In the interests of the efficient allocation of resources, it is, however, appropriate that ECB should carry out those tasks on behalf of national central banks that have only one reporting agent resident in their member state and do not operate a local collection platform. To enhance the user-friendliness of the complaints procedure set out in Article 11 of Guideline 2019/1265, the possibility for electronic submission of complaints has been introduced. Therefore, Guideline 2019/1265 has been amended accordingly. Paragraph 2a has been inserted in Article 5 of Guideline (EU) 2019/1265 while Paragraph 1 in Article 1 has been replaced.

     

    Related Link: Guideline (PDF)

     

    Keywords: Europe, EU, Banking, Securities, €STR, Interest Rate Benchmarks, Guideline 2019/1265, ECB

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