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

March 2014

EMBARGO

TRANSMISSION EMBARGO until 3 p.m. CET on 21 March 2014

Monetary policy

ECB Decision on the prohibition of monetary financing and ECB Guideline on domestic asset and liability management operations by the national central banks

On 20 February 2014 the Governing Council adopted Guideline ECB/2014/9 on domestic asset and liability management operations by the national central banks and Decision ECB/2014/8 on the prohibition of monetary financing and the remuneration of government deposits by national central banks. These legal acts, which update previous legal acts provide the legal framework for establishing a ceiling for the remuneration rate on fixed-term and overnight government deposits at the national central banks (NCBs) of the ESCB as well as for ex post monitoring of the NCBs’ compliance with the monetary financing prohibition. The acts will be published in the Official Journal of the European Union and are available on the ECB’s website.

External communication

ECB’s Annual Report 2013

On 5 March 2014 the Governing Council adopted the ECB’s Annual Report 2013, which will be presented to the European Parliament and made available on the ECB’s website in 22 official languages of the European Union on 7 April 2014.

Market Operations

Update of legal acts for the purpose of the implementation of Eurosystem credit operations

On 12 March 2014 the Governing Council adopted (a) Guideline ECB/2014/10 amending Guideline ECB/2011/14 on monetary policy instruments and procedures of the Eurosystem, (b) Decision ECB/2014/11 amending Decision ECB/2013/35 on additional measures relating to Eurosystem refinancing operations and eligibility of collateral, and (c) Guideline ECB/2014/12 amending Guideline ECB/2013/4 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral and amending Guideline ECB/2007/9. These new legal acts within the Eurosystem’s legal framework implement policy decisions taken by the Governing Council in 2013 with regard to (a) the loan-level template for asset-backed securities (ABS) of credit card receivables, (b) a clarification on the rating rules for ABS, and (c) the mapping of credit ratings to the Eurosystem credit assessment framework credit quality steps of the Eurosystem’s harmonised rating scale. In addition, the removal of the repatriation requirement and the introduction of cross-border triparty collateral management services are included. Moreover, Guideline ECB/2014/12 reflects Ireland’s exit from a European Union/International Monetary Fund programme in December 2013. All three legal acts are available on the ECB’s website and will, unless otherwise provided for, be applicable as of 1 April 2014.

Payment systems and market infrastructure

Outcome of public consultation on recommendations for the security of payment account access services

On 13 March 2014 the Governing Council approved the publication of a note, prepared by the European Forum on the Security of Retail Payments, summarising the outcome of a public consultation on recommendations to improve the security of payment account access services, which was launched by the Eurosystem in January 2013.

TARGET2-Securities: progress report

On 19 March 2014 the Governing Council considered the state of progress of the TARGET2-Securities programme and approved a revised User Requirements Document.

Financial stability and supervision

ECB’s 2014 report on “Financial integration in Europe”

On 19 March 2014 the Governing Council noted that the eighth edition of the ECB’s report on “Financial integration in Europe” would be published on 28 April 2014 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 fostering it. It also contains a chapter on European institutional reform with a description of the single resolution mechanism, as well as several special features.

Advice on legislation

ECB Opinion on changes in the governance of the Banca d’Italia

On 21 February 2014 the Governing Council adopted Opinion CON/2014/19 at the request of the Banca d’Italia.

ECB Opinion on the mismatch of maturity and foreign currency positions of credit institutions in Hungary

On 24 February 2014 the Governing Council adopted Opinion CON/2014/15 at the request of the Magyar Nemzeti Bank.

ECB Opinion on the oversight of credit transfers and direct debits in euro in Romania

On 10 March 2014 the Governing Council adopted Opinion CON/2014/20 at the request of Banca Naţională a României.

ECB Opinion on financial supervision, macro-prudential supervision and payment systems oversight in Estonia

On 18 March 2014 the Governing Council adopted Opinion CON/2014/21 at the request of the Estonian Ministry of Finance.

Corporate governance

ECB members in the Supervisory Board of the Single Supervisory Mechanism

On 6 March 2014 the Governing Council appointed three representatives to the Supervisory Board of the Single Supervisory Mechanism: Ms Sirkka Hämäläinen, former Member of the Executive Board of the ECB; Ms Julie Dickson, currently Superintendent of Financial Institutions at the Canadian Office of the Superintendent of Financial Institutions; and Mr Ignazio Angeloni, currently ECB Director General Macro-Prudential Policy and Financial Stability. A related press release was published on the ECB’s website the following day.

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