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

August 2014

EMBARGO

TRANSMISSION EMBARGO until 3 p.m. CET on 8 August 2014

Market Operations

ECB Decision on measures relating to targeted longer-term refinancing operations

On 29 July 2014 the Governing Council adopted Decision ECB/2014/34 on measures relating to targeted longer-term refinancing operations (TLTROs). TLTROs are designed to enhance the functioning of the monetary policy transmission mechanism by supporting lending to the real economy. The Decision sets out the conditions for participating in TLTROs and other operational aspects of these operations. The Decision, together with a related press release, was published immediately after its adoption on the ECB’s website.

Implementation of the Council’s restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

On 7 August 2014 the Governing Council decided to implement the restrictive measures in view of Russia’s actions destabilising the situation in Ukraine approved by the Council of the European Union on 31 July 2014. The ECB will ensure that banks have access to refinancing, but will be asked to announce their requirements first. Approval will be granted if it has been confirmed that the requested liquidity will not be used to circumvent EU restrictive measures.

Advice on legislation

ECB Opinion on the Central Credit Register in Portugal

On 21 July 2014 the Governing Council adopted Opinion CON/2014/57 at the request of the Portuguese Minister of State and for Finance.

ECB Opinion on a proposal for a directive of the European Parliament and of the Council concerning measures to ensure a high common level of network and information security across the Union

On 25 July 2014 the Governing Council adopted Opinion CON/2014/58 at its own initiative. The Opinion will be published in due course in the Official Journal of the European Union and on the ECB’s website.

ECB Opinion on new general measures stemming from the Supreme Court’s decision on consumer loan contracts in Hungary

On 28 July 2014 the Governing Council adopted Opinion CON/2014/59 at the request of the Hungarian Ministry of the National Economy.

ECB Opinion on the resolution of credit and other institutions in Cyprus

On 22 July 2014 the Governing Council adopted Opinion CON/2014/60 at the request of the Minister for Finance of the Republic of Cyprus.

ECB Opinion on reorganisation and winding-up measures regarding Hypo Group Alpe Adria

On 29 July 2014 the Governing Council adopted Opinion CON/2014/61 at the request of the Austrian Ministry of Finance.

ECB Opinion on resolution of credit institutions and investment firms in Hungary

On 6 August 2014 the Governing Council adopted Opinion CON/2014/62 at the request of the Hungarian Ministry for the National Economy.

ECB Opinion on the redenomination of the capital and securities of companies in Lithuania

On 6 August 2014 the Governing Council adopted Opinion CON/2014/63 at the request of the Lithuanian Ministry of the Economy.

Corporate governance

Participation of Lietuvos bankas in Governing Council meetings before 1 January 2015

In line with past practice, on 16 July 2014 the Governing Council decided to invite the Governor of Lietuvos bankas as an observer to its meetings and to grant observer status to experts from Lietuvos bankas with respect to all Eurosystem/ESCB committees and their sub-structures whenever they convene in Eurosystem composition. A representative of Lietuvos bankas will also attend – as an observer – the meetings of the Supervisory Board. This decision took effect following the decision of the EU Council on the abrogation of the derogation status for Lithuania taken on 23 July 2014.

Banking supervision

Publication of the Comprehensive Assessment Stress Test Manual

On 6 August 2014 the Governing Council approved the publication of a Comprehensive Assessment Stress Test (CAST) Manual. This manual describes the steps of the Comprehensive Assessment that follow and build upon the Asset Quality Review. In particular, it documents how the systematic and central-led quality assurance of the stress test outcomes produced by the banks and the “join up” of the AQR and stress test will be carried out by providing details on the envisaged stress test quality assurance process and on the methodology for combining the results of the AQR and the stress test. Together with the AQR Phase 2 Manual and the EBA stress test methodology, the manual provides the complete methodology for the quantitative component of the Comprehensive Assessment. The manual was published today on the ECB’s website.

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