On 21 March 2012, the Governing Council adopted the ECB's Annual Report 2011, which will be presented to the European Parliament and made available on the ECB's website on 25 April, 2012.
Market Operations
Eligibility of debt instruments issued or guaranteed by the Greek government in Eurosystem credit operations
On 27 February 2012 the Governing Council adopted Decision ECB/2012/2 repealing Decision ECB/2010/3 on temporary measures relating to the eligibility of marketable debt instruments issued or guaranteed by the Greek Government. According to that Decision, which was announced by a press release published on the ECB’s website on 28 February 2012, assets issued or guaranteed by the Greek Government would temporarily lose eligibility for the period between the credit event triggered by the launch of the private sector involvement until the activation of the collateral enhancement scheme agreed by the Heads of State or Government of the euro area on 21 July 2011, and confirmed on 26 October 2011. This activation was acknowledged by the Governing Council in a dedicated press release published on 8 March 2012. On 5 March 2012 the Governing Council adopted Decision ECB/2012/3 on the eligibility of marketable debt instruments issued or fully guaranteed by the Hellenic Republic in the context of the Hellenic Republic’s debt exchange offer. Both legal acts are available on the ECB’s website.
Acceptance of certain government-guaranteed bank bonds
On 21 March 2012 the Governing Council adopted Decision ECB/2012/4 amending Decision ECB/2011/25 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral. According to that Decision, National Central Banks (NCBs) are not obliged to accept as collateral for Eurosystem credit operations eligible bank bonds guaranteed by a Member State under an EU-IMF financial assistance programme, or by a Member State whose credit assessment does not comply with the Eurosystem’s benchmark for establishing its minimum requirement for high credit standards. The Decision is available on the ECB’s website.
Payment systems and market infrastructure
Eurosystem Oversight Report for 2011
On 12 March 2012 the Governing Council approved the second Eurosystem Oversight Report. The Report seeks to inform public authorities, market infrastructure providers and their participants, as well as the general public, about the performance of the Eurosystem’s oversight function and the Eurosystem’s assessment of the safety and soundness of euro area payment, clearing and settlement infrastructures. The report will be published shortly on the ECB’s website.
Oversight expectations for links between retail payment systems
On 15 March 2012 the Governing Council decided to launch a public consultation on a harmonised single set of oversight expectations for links between retail payment systems, with the goal of ensuring that the establishment of links between retail payment systems is managed in such a way as to control risks for the systems themselves, as well as their participants. A related press release was published today on the ECB’s website.
Financial stability and supervision
ECB’s 2012 report on “Financial integration in Europe”
On 21 March 2012 the Governing Council took note that the sixth edition of the ECB’s report on “Financial integration in Europe” would be published on the ECB’s website on 26 April 2012 on the occasion of the joint conference of the ECB and the European Commission on Financial Integration and Stability in Europe. This edition of the report presents the state of financial integration in the euro area and the Eurosystem’s activities with regard to financial integration. It also contains special features on topics such as the effects on monetary policy transmission of weaker financial integration or the consequences of reduced financial integration for the Eurosystem’s operational framework.
Report on changes in bank financing patterns
On 21 March 2012 the Governing Council took note of the “Report on changes in bank financing patterns” prepared by the Eurosystem/ESCB Financial Stability Committee and approved its transmission to the ESRB and the EBA for information. The report will be published shortly on the ECB’s website.
Press release
© ECB - European Central Bank
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article