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

December 2014

EMBARGO

TRANSMISSION EMBARGO until 3 p.m. CET on 19 December 2014

External communication

Public accounts of Governing Council monetary policy deliberations

On 16 December 2014 the Governing Council decided to publish regular accounts of its monetary policy discussions, starting with the meeting on 22 January 2015. More details on the rationale and structure of these accounts can be found in a related press release available on the ECB’s website. To mirror the new six-week cycle for monetary policy meetings starting in January 2015 decided by the Governing Council on 3 July 2014, the ECB also announced that a new Economic Bulletin, which will replace the ECB Monthly Bulletin, would henceforth be published two weeks after each meeting.

Market operations

Amended Regulations to reflect the extension of the reserve maintenance period to six weeks

On 10 December 2014 the Governing Council adopted Regulation ECB/2014/52 amending Regulation (EC) No 1745/2003 on the application of minimum reserves (ECB/2003/9) and Regulation ECB/2014/51 amending Regulation (EU) No 1071/2013 concerning the balance sheet of the monetary financial institutions sector (ECB/2013/33). The amended Regulations take into account the Governing Council decision of 3 July 2014 to change the frequency of its monetary policy meetings from a four-week cycle to a six-week cycle as of 1 January 2015 and to extend the reserve maintenance periods from four weeks to six weeks accordingly. Both Regulations will be published in the Official Journal of the European Union and are available on the ECB’s website.

Calendar of the targeted longer-term refinancing operations in 2015

On 10 December 2014 the Governing Council approved the calendar of the four targeted longer-term refinancing operations (TLTROs) to take place in 2015. The calendar was subsequently published on the ECB’s website.

Payment systems and market infrastructure

Updated information on the correspondent central banking model (CCBM)

On 17 December 2014 the Governing Council approved an updated brochure entitled “CCBM procedures for Eurosystem counterparties”. The update reflects, inter alia, the enlargement of the euro area to include Lithuania. The Governing Council also approved the transfer of detailed technical information from the CCBM brochure to a new document, entitled “CCBM information for counterparties – summary of legal instruments used in the euro area”. This document will be updated on an ongoing basis. The brochure and the new document will be published on the ECB’s website on 1 January 2015.

Advice on legislation

ECB Opinion on a proposal for a regulation of the European Parliament and of the Council amending Regulation (EC) No 184/2005 on Community statistics concerning balance of payments, international trade in services and foreign direct investment as regards conferring of delegated and implementing powers upon the Commission for the adoption of certain measures

On 5 December 2014 the Governing Council adopted Opinion CON/2014/84 at the request of the Council of the European Union.

ECB Opinion on the general terms and conditions of consumer loan contracts in Hungary

On 8 December 2014 the Governing Council adopted Opinion CON/2014/85 at the request of the Hungarian Ministry of the National Economy.

ECB Opinion on amendments to the Law on the bank deposit guarantee in Bulgaria

On 9 December 2014 the Governing Council adopted Opinion CON/2014/86 at the request of Българска народна банка (Bulgarian National Bank).

ECB Opinion on the conversion of foreign exchange loans in Hungary

On 16 December 2014 the Governing Council adopted Opinion CON/2014/87 at the request of the Hungarian Ministry of the National Economy.

ECB Opinion on credit requirements in Estonia

On 17 December 2014 the Governing Council adopted Opinion CON/2014/88 at the request of the Estonian Ministry of Finance.

Statistics

ECB Regulation concerning statistics on the money markets

On 26 November 2014 the Governing Council adopted Regulation ECB/2014/48 concerning statistics on the money markets. The Regulation, which enters into force on 1 January 2015, was published in the Official Journal of the European Union and is available on the ECB’s website.

ECB Regulation on statistical reporting requirements for insurance corporations

On 28 November 2014 the Governing Council adopted Regulation ECB/2014/50 on statistical reporting requirements for insurance corporations. This Regulation will enter into force on the twentieth day following that of its publication in the Official Journal of the European Union and is available on the ECB’s website.

Corporate governance

Revised ethics framework for ECB staff and establishment of an ECB Compliance and Governance Office

On 27 November 2014 the Governing Council adopted Decision ECB/2014/NP24 amending the Conditions of Employment for Staff of the European Central Bank and the Conditions of Short-Term Employment as regards the ethics framework. The Decision enhances the provisions of the Conditions of Employment dealing with ethics in order to take account of the new supervisory tasks performed by the ECB. On the same day, the Governing Council also took note of the creation of an ECB Compliance and Governance Office which will support the Executive Board in protecting the integrity and reputation of the ECB, promote ethical standards of behaviour and strengthen the ECB’s accountability and transparency. The Compliance and Governance Office will be fully operational from 1 January 2015 on which date the revised ethics framework for ECB staff comes into force. The amended Conditions of Employment will be published shortly on the ECB’s website.

Chair of the Payment and Settlement Systems Committee in its non-oversight composition

On 3 December 2014 the Governing Council appointed Mr Marc Bayle, Director General of the ECB’s Directorate General Market Infrastructure and Payments, as Chair of the Eurosystem/ESCB Payment and Settlement Systems Committee (PSSC) in its non-oversight composition from 1 January 2015. Mr Bayle’s term as Chair of the PSSC will expire on 31 December 2016 so as to coincide with the expiry of the terms of office of all the other Eurosystem/ESCB committee chairs, who were (re-)appointed by the Governing Council on 17 July 2013. Mr Bayle will also act as the Chair of the T2S Board on an interim basis for the month of January 2015.

Accounting, financial reporting and monetary income issues

On 15 December 2014 the Governing Council decided that securities purchased under the first and second covered bond purchase programmes (CBPP1 and CBPP2) and under the Securities Markets Programme should continue to be accounted for at amortised cost (subject to impairment) but will be included in a new asset category to which the amortised cost treatment (subject to impairment) applies, regardless of the purpose for which the securities are held. The Governing Council also confirmed that if Outright Monetary Transactions (OMTs) were to be carried out, the OMT securities portfolio should be valued at market prices. Any other monetary policy-related securities portfolios that may be created in the future would be included in the new asset category to which the amortised cost treatment (subject to impairment) applies, regardless of the purpose for which the securities are held. In addition, the Governing Council approved the implementation of a corrective mechanism whereby all accrued interest arising on monetary policy assets and liabilities with a collection period that equals or exceeds one year will be earmarked for monetary income calculation purposes.

The Governing Council furthermore adopted: (i) Guideline ECB/2014/54 amending Guideline ECB/2010/20 on the legal framework for accounting and financial reporting in the ESCB; (ii) Decision ECB/2014/55 amending Decision ECB/2010/21 on the annual accounts of the ECB; (iii) Decision ECB/2014/56 amending Decision ECB/2010/23 on the allocation of monetary income of the NCBs of Member States whose currency is the euro; (iv) Decision ECB/2014/57 on the interim distribution of the income of the ECB (recast). The legal acts will be published in the Official Journal of the European Union and on the ECB’s website.

ECB Recommendation to the Council of the European Union on the external auditors of Lietuvos bankas

On 16 December 2014 the Governing Council adopted Recommendation ECB/2014/58 to the Council of the European Union on the external auditors of Lietuvos bankas. The Recommendation will be published in the Official Journal of the European Union and on the ECB’s website.

Establishment of an ECB Ethics Committee

On 17 December 2014 the Governing Council adopted Decision ECB/2014/59 concerning the establishment of an Ethics Committee and its Rules of Procedure.

Issuance of banknotes and coins

Decision amending Decision ECB/2013/46 on the approval of the volume of coin issuance in 2014

On 24 November 2014 the Governing Council adopted Decision ECB/2014/47 amending Decision ECB/2013/46 on the approval of the volume of coin issuance in 2014. The Decision was published in the Official Journal of the European Union and on the ECB’s website.

Decision amending Decision ECB/2010/29 on the issue of euro banknotes

On 27 November 2014 the Governing Council adopted Decision ECB/2014/49 amending Decision ECB/2010/29 on the issue of euro banknotes. The amendments made take into account the enlargement of the euro area to include Lithuania as from 1 January 2015. Decision ECB/2014/49 is available on the ECB’s website.

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