Monthly survey of non-monetary ECB decisions
Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
EMBARGOTRANSMISSION EMBARGO until 3 p.m. CET on 20 June 2014
US dollar liquidity-providing operations beyond 31 July 2014
On 30 May 2014 the Governing Council decided to continue offering seven-day US dollar liquidity-providing operations. An announcement, coordinated with other central banks, was made on 17 June 2014. The related press release is available on the ECB’s website. An indicative schedule for US dollar liquidity-providing operations over the next three months will be published on the ECB’s website monthly.
Amendments to the Eurosystem legal framework in view of the application of a negative interest rate to the deposit facility
On 5 June 2014 the Governing Council adopted Decision ECB/2014/23 on the remuneration of deposits, balances and holdings of excess reserves. This Decision provides in particular for the required adjustment of the rules for the remuneration of deposits, balances and holdings of excess reserves under Guidelines ECB/2011/14, ECB/2012/27 and ECB/2014/9. The Governing Council also adopted (a) Guideline ECB/2014/25 amending Guideline ECB/2012/27 on a Trans-European Automated Real-time Gross settlement Express Transfer system (TARGET2), (b) Guideline ECB/2014/22 amending Guideline ECB/2014/9 on domestic asset and liability management operations by the national central banks, and (c) Decision ECB/2014/24 amending Decision ECB/2010/23 on the allocation of monetary income of the national central banks of Member States whose currency is the euro. These legal acts have been published in the Official Journal of the European Union and on the ECB’s website.
Changes to the Eurosystem refinancing operations
On 5 June 2014 the Governing Council decided to continue conducting the Eurosystem’s main and three-month longer-term refinancing operations as fixed rate tender procedures with full allotment for as long as necessary, and at least until the end of the Eurosystem’s reserve maintenance period ending in December 2016. The Governing Council also decided to discontinue the Eurosystem’s special-term refinancing operations with a maturity of one maintenance period and to suspend the weekly fine-tuning operation sterilising the liquidity injected under the Securities Markets Programme, following the operations to be allotted on 10 June 2014. A related press release was published on the ECB’s website on that day.
On 5 June 2014 the Governing Council furthermore decided to conduct a series of targeted longer-term refinancing operations (TLTROs) aimed at improving bank lending to the euro area non-financial private sector, excluding loans to households for house purchase. More detailed information on the technical features of these operations can be found in a press release published on the ECB’s website on that day.
Measures related to the eligibility of Eurosystem collateral
In order to support the effectiveness of the above-mentioned TLTROs and ensure sufficient collateral is available for banks to participate in the scheme, on 5 June 2014 the Governing Council decided to extend the existing eligibility of additional assets as collateral, notably under the additional credit claims framework, at least until September 2018.
Non-standard monetary policy measures aimed at enhancing the functioning of the monetary policy transmission mechanism
On 5 June 2014 the Governing Council decided to intensify preparatory work related to outright purchases of asset-backed securities. More information can be found in the above-mentioned press release concerning the TLTROs.
Advice on legislation
ECB Opinion on the limitation of cash payments and receipts in Romania
On 22 May 2014 the Governing Council adopted Opinion CON/2014/37 at the request of Banca Naţională a României.
ECB Opinion on the remuneration of staff and members of decision-making bodies of the Banca d’Italia and taxation of its revalued shares
On 26 May 2014 the Governing Council adopted Opinion CON/2014/38 at the request of the Italian Ministry of Economy and Finance.
ECB Opinion on public access to specific information concerning the bad loans of certain banks in Slovenia
On 27 May 2014 the Governing Council adopted Opinion CON/2014/39 at the request of the President of the Slovenian Parliament.
ECB Opinion on the organisation, supervision and solvency of credit institutions in Spain
On 30 May 2014 the Governing Council adopted Opinion CON/2014/40 at the request of the Spanish Secretary of State for Economic Affairs and Business Support.
ECB Opinion on the short-term liquidity requirements of credit institutions in Hungary
On 6 June 2014 the Governing Council adopted Opinion CON/2014/41 at the request of the Magyar Nemzeti Bank.
ECB Opinion on remuneration of minimum reserves in Lithuania
On 11 June 2014 the Governing Council adopted Opinion CON/2014/42 at the request of Lietuvos bankas.
International and European cooperation
The 13th annual review of the international role of the euro
On 17 June 2014 the Governing Council authorised the publication of the 13th annual review of the international role of the euro, which examines developments in the use of the euro by non-euro area residents during 2013. The report, together with a press release, will be published on the ECB’s website on 16 July 2014.
Extension of the mandate of the members of the TARGET2-Securities (T2S) Board
On 30 May 2014 the Governing Council approved the extension of the mandate of the current T2S Board members, which currently expires in July 2014, for another six months until 31 January 2015.
ECB Regulation concerning the establishment of a Mediation Panel and its Rules of Procedure
On 2 June 2014, the Governing Council adopted Regulation ECB/2014/26 concerning the establishment of a Mediation Panel and its Rules of Procedure pursuant to Article 25(5) of the Council SSM Regulation. It is intended that the Mediation Panel will ensure separation between monetary policy and supervisory tasks and its function is to resolve differences of views expressed by the competent authorities of participating Member States concerned regarding an objection of the Governing Council to a draft decision by the Supervisory Board. The Regulation will be published in the Official Journal of the European Union and on the ECB’s website.