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25 January 2013

Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)


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The ECB provided an overview of decisions made during January 2013 in the following areas: market operations, payment systems and market infrastructure, financial stability and supervision, advice on legislation, and corporate governance.


Market operations

Ad hoc review of the list of acceptable non-regulated markets and issuers classified as agencies - On 17 January 2013, the Governing Council took note of an ad hoc review of the list of acceptable non-regulated markets for Eurosystem monetary policy operations and decided that the Global Exchange Market (GEM) would be added to the list. In addition, the Governing Council approved the classification of Erste Abwicklungsanstalt (EAA) and the European Stability Mechanism (ESM) as recognised agencies.

Early repayment of amounts allotted under longer-term refinancing operations - On 23 January 2013, the Governing Council adopted Guideline ECB/2013/2 amending Guideline ECB/2012/18 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.

Payment systems and market infrastructure

ECB’s assent to the Charter of the Regulatory Oversight Committee for the Global Legal Entity Identifier (LEI) System - The ECB and other interested central banks, authorities and regulators have been invited by the Chairman of the Financial Stability Board to assent to the Regulatory Oversight Committee (ROC) Charter endorsed by the G20 Finance Ministers and Central Bank Governors in November 2012. On 4 January 2013, the Governing Council approved the proposal for the ECB to assent to the LEI ROC Charter. The ROC will have ultimate responsibility for the governance of the Global LEI System, which has been identified as one of the initiatives to increase financial market transparency in the wake of the global financial crisis.

Financial stability and supervision

Eurosystem contribution to the European Commission consultation document on the Liikanen Report - On 23 January 2013, the Governing Council approved the Eurosystem reply to the European Commission consultation document on the report, published on 2 October 2012, by the High Level Expert Group on reforming the structure of the EU banking sector, which was chaired by Erkki Liikanen. The Eurosystem contribution is available on the ECB’s website.

Advice on legislation

ECB provides seven Opinions on legislation [see full information].

Corporate governance

ECB Decision laying down the framework for a public key infrastructure for the European System of Central Banks - On 11 January 2013, the Governing Council adopted Decision ECB/2013/1 laying down the framework for a public key infrastructure (PKI) for the European System of Central Banks (ESCB). The ESCB-PKI project aims to support the performance of its tasks by the Eurosystem/ESCB on the basis of advanced information security services, such as strong authentication, electronic signatures and encryption through the use of electronic certificates.

Full information



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