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

February 2017

EMBARGO

Transmission embargo until 15:00 CET on Friday, 17 February 2017

Market operations

Report on the use of monetary policy instruments and the operational framework

On 2 February 2017 the Governing Council authorised the publication of a report on “The use of the Eurosystem’s monetary policy instruments and operational framework since 2012”. This report, which will be published on the ECB’s website as an ECB Occasional Paper, provides a comprehensive overview of the use of the Eurosystem’s monetary policy instruments and the operational framework from the third quarter of 2012 to the first quarter of 2016. It reviews the context of Eurosystem market operations, the counterparty and collateral framework, participation in tender operations, recourse to standing facilities, patterns of reserve fulfilment, outright purchase programmes, as well as the impact of implementation of ECB monetary policy on the Eurosystem balance sheet and euro area liquidity conditions.

Payment systems

Mandate and membership of the Market Infrastructure Board

On 25 January 2017 the Governing Council confirmed the mandate of the Market Infrastructure Board (MIB), established in March 2016 to support the Eurosystem in the operation and development of Eurosystem market infrastructure services, and approved the extension of the mandate of its members from 1 February 2017 to 31 January 2019. For that period, the Governing Council decided to (re-)appoint Marc Bayle de Jessé, ECB Director General Market Infrastructure and Payments, as MIB Chair; Maria Tereza da Costa Cavaco Guerreiro Valério (Portugal) as Deputy Chair; Stefan Augustin (Austria), Ron Berndsen (the Netherlands), Marius Jurgilas (Lithuania), Jochen Metzger (Germany), Ivan Odonnat (France), Carlos Conesa (Spain), Michael Power (Ireland) and Paolo Marullo Reedtz (Italy) as euro area central bank members; Karsten Biltoft (Denmark) as the non-euro area central bank member; Johannes Luef and Joel Merere as T2S high-level consultants; and Cornelia Holthausen (ECB) and Marc Rubens (Belgium) as non-voting members for matters related to Eurosystem collateral management services. More detailed information on the MIB can be found on the ECB’s website.

Tenth survey on correspondent banking in euro

On 25 January 2017 the Governing Council authorised the publication of the “Tenth survey on correspondent banking in euro ‒ 2016”. The survey confirms that correspondent banking remains an important channel for the processing of payment transactions in euro. Given their relevance for the smooth functioning of payment systems, correspondent banking services have been within the scope of the Eurosystem’s oversight activity since the establishment of the ECB. The Governing Council has decided to publish the survey in order to increase the transparency of the Eurosystem’s oversight activities with regard to correspondent banking and to share its results with other stakeholders. The survey will shortly be available on the ECB’s website.

User assessment of new links between securities settlement systems

On 2 February 2017 the Governing Council approved two new direct links (from Euroclear Bank to LuxCSD and from Clearstream Banking AG-system to LuxCSD) and one new relayed link (Clearstream Banking AG-CREATION via Clearstream Banking S.A. to LuxCSD) to be used for the collateralisation of Eurosystem credit operations. The full list of eligible direct and relayed links is available on the ECB’s website.

Advice on legislation

ECB Opinion on liquidity support measures, a precautionary recapitalisation and other urgent provisions for the banking sector in Italy

On 3 February 2017 the Governing Council adopted Opinion CON/2017/1 at the request of the Italian Minister of Economy and Finance.

ECB Opinion on payment accounts in Cyprus

On 15 February 2017 the Governing Council adopted Opinion CON/2017/2 at the request of the Cypriot Ministry of Finance.

Statistics

Update of the Eurosystem non-compliance framework for monetary and financial statistics

On 26 January 2017 the Governing Council adopted Decision ECB/2017/5 amending Decision ECB/2010/10 on non-compliance with statistical reporting requirements. The non-compliance framework for monetary and financial statistics supports the process for ensuring that reporting agents comply with their reporting requirements and enables the ECB, if necessary, to impose sanctions for infringements of these requirements. The amendments to the Decision relate to the start of the statistical data collection under Regulation ECB/2014/48 concerning statistics on the money markets as of 1 April 2016, and enhancements of the non-compliance framework for MFI interest rate statistics (MIR). The Decision is available on the ECB’s website and will be published in the Official Journal of the European Union.

Corporate governance

Chair of the Monetary Policy Committee (MPC)

On 31 January 2017 the Governing Council appointed Mr Frank Smets, Director General Economics, as Chair of the MPC, with effect from 1 February 2017 and until 31 December 2019, so as to coincide with the expiry of the terms of office of all the other Eurosystem/European System of Central Banks (ESCB) committee chairpersons who were (re)appointed by the Governing Council on 14 December 2016.

ECB’s Annual Accounts 2016

On 15 February 2017 the Governing Council approved the audited financial statements of the ECB for the financial year 2016. The Annual Accounts, together with a related press release, were published on the ECB’s website on 16 February 2017. The management report for the year 2016 was published as part of the ECB’s Annual Accounts.

Banking supervision

Public consultation on amendments to the ECB regulation on reporting of supervisory financial information

On 13 February 2017 the Governing Council did not object to a proposal by the Supervisory Board to launch a public consultation on amendments to the ECB regulation on reporting of supervisory financial information (“FINREP” Regulation). The documentation related to this public consultation is available on the ECB’s website.

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