# Official Journal L 148/2020

| | ISSN 1977-0677 |
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| Official Journal
  of the European Union | L 148 |
| | |
| English edition | Legislation | Volume 6311 May 2020 |

ISSN 1977-0677

Official Journal

of the European Union

L 148

English edition

Legislation

Volume 6311 May 2020

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| Contents | | II   Non-legislative acts | page |
| --- | --- | --- | --- |
| | | REGULATIONS |
| | * | Commission Implementing Regulation (EU) 2020/629 of 5 May 2020 entering a name in the register of protected designations of origin and protected geographical indications Φασόλια Κατταβιάς Ρόδου (Fasolia Kattavias Rodou)/Λόπια Κατταβιάς Ρόδου (Lopia Kattavias Rodou) (PGI) | 1 |
| | * | Commission Implementing Regulation (EU) 2020/630 of 6 May 2020 conferring protection under Article 99 of Regulation (EU) No 1308/2013 of the European Parliament and of the Council on the name Chozas Carrascal (PDO) | 3 |
| | * | Commission Implementing Regulation (EU) 2020/631 of 6 May 2020 approving amendments to the specification for a Protected Designation of Origin or a Protected Geographical Indication (Dealu Mare (PDO)) | 4 |
| | * | Commission Implementing Regulation (EU) 2020/632 of 6 May 2020 approving amendments to the specification for a Protected Designation of Origin or a Protected Geographical Indication (Menfi (PDO)) | 5 |
| | * | Commission Implementing Regulation (EU) 2020/633 of 8 May 2020 laying down temporary measures for the acceptance of electronic copies of original official documents for applications for import tariff quotas for agricultural products managed by a system of import licences and for applications for import licences on husked Basmati rice, due to the pandemic of COVID-19 | 6 |
| | | GUIDELINES |
| | * | Guideline (EU) 2020/634 of the European Central Bank of 7 May 2020 amending Guideline ECB/2014/31 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2020/29) | 10 |

Contents

II   Non-legislative acts

page

REGULATIONS

*

Commission Implementing Regulation (EU) 2020/629 of 5 May 2020 entering a name in the register of protected designations of origin and protected geographical indications Φασόλια Κατταβιάς Ρόδου (Fasolia Kattavias Rodou)/Λόπια Κατταβιάς Ρόδου (Lopia Kattavias Rodou) (PGI)

1

*

Commission Implementing Regulation (EU) 2020/630 of 6 May 2020 conferring protection under Article 99 of Regulation (EU) No 1308/2013 of the European Parliament and of the Council on the name Chozas Carrascal (PDO)

3

*

Commission Implementing Regulation (EU) 2020/631 of 6 May 2020 approving amendments to the specification for a Protected Designation of Origin or a Protected Geographical Indication (Dealu Mare (PDO))

4

*

Commission Implementing Regulation (EU) 2020/632 of 6 May 2020 approving amendments to the specification for a Protected Designation of Origin or a Protected Geographical Indication (Menfi (PDO))

5

*

Commission Implementing Regulation (EU) 2020/633 of 8 May 2020 laying down temporary measures for the acceptance of electronic copies of original official documents for applications for import tariff quotas for agricultural products managed by a system of import licences and for applications for import licences on husked Basmati rice, due to the pandemic of COVID-19

6

GUIDELINES

*

Guideline (EU) 2020/634 of the European Central Bank of 7 May 2020 amending Guideline ECB/2014/31 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2020/29)

10

| EN | Acts whose titles are printed in light type are those relating to day-to-day management of agricultural matters, and are generally valid for a limited period.
  The titles of all other Acts are printed in bold type and preceded by an asterisk. |
| --- | --- |

EN

Acts whose titles are printed in light type are those relating to day-to-day management of agricultural matters, and are generally valid for a limited period.

The titles of all other Acts are printed in bold type and preceded by an asterisk.

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II Non-legislative acts

REGULATIONS

| 11.5.2020 | EN | Official Journal of the European Union | L 148/1 |
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11.5.2020

EN

Official Journal of the European Union

L 148/1

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COMMISSION IMPLEMENTING REGULATION (EU) 2020/629

of 5 May 2020

entering a name in the register of protected designations of origin and protected geographical indications ‘Φασόλια Κατταβιάς Ρόδου’ (Fasolia Kattavias Rodou)/‘Λόπια Κατταβιάς Ρόδου’ (Lopia Kattavias Rodou) (PGI)

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EU) No 1151/2012 of the European Parliament and of the Council of 21 November 2012 on quality schemes for agricultural products and foodstuffs (1), and in particular Article 52(2) thereof,

Whereas:

| (1) | Pursuant to Article 50(2)(a) of Regulation (EU) No 1151/2012, Greece’s application to register the name ‘Φασόλια Κατταβιάς Ρόδου’ (Fasolia Kattavias Rodou)/‘Λόπια Κατταβιάς Ρόδου’ (Lopia Kattavias Rodou) was published in the Official Journal of the European Union (2). |
| --- | --- |

(1)

Pursuant to Article 50(2)(a) of Regulation (EU) No 1151/2012, Greece’s application to register the name ‘Φασόλια Κατταβιάς Ρόδου’ (Fasolia Kattavias Rodou)/‘Λόπια Κατταβιάς Ρόδου’ (Lopia Kattavias Rodou) was published in the Official Journal of the European Union (2).

| (2) | As no statement of opposition under Article 51 of Regulation (EU) No 1151/2012 has been received by the Commission, the name ‘Φασόλια Κατταβιάς Ρόδου’ (Fasolia Kattavias Rodou)/‘Λόπια Κατταβιάς Ρόδου’ (Lopia Kattavias Rodou) should therefore be entered in the register, |
| --- | --- |

(2)

As no statement of opposition under Article 51 of Regulation (EU) No 1151/2012 has been received by the Commission, the name ‘Φασόλια Κατταβιάς Ρόδου’ (Fasolia Kattavias Rodou)/‘Λόπια Κατταβιάς Ρόδου’ (Lopia Kattavias Rodou) should therefore be entered in the register,

HAS ADOPTED THIS REGULATION:

Article 1

The name ‘Φασόλια Κατταβιάς Ρόδου’ (Fasolia Kattavias Rodou)/‘Λόπια Κατταβιάς Ρόδου’ (Lopia Kattavias Rodou) (PGI) is hereby entered in the register.

The name specified in the first paragraph denotes a product in Class 1.6. – Fruit, vegetables and cereals, fresh or processed, as listed in Annex XI to Commission Implementing Regulation (EU) No 668/2014 (3).

Article 2

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 5 May 2020.

For the Commission,

On behalf of the President,

Janusz WOJCIECHOWSKI

Member of the Commission

---

(1)  
  OJ L 343, 14.12.2012, p. 1.

1

(2)  
  OJ C 428, 20.12.2019, p. 48.

2

(3)  Commission Implementing Regulation (EU) No 668/2014 of 13 June 2014 laying down rules for the application of Regulation (EU) No 1151/2012 of the European Parliament and of the Council on quality schemes for agricultural products and foodstuffs (OJ L 179, 19.6.2014, p. 36).

3

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| 11.5.2020 | EN | Official Journal of the European Union | L 148/3 |
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11.5.2020

EN

Official Journal of the European Union

L 148/3

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COMMISSION IMPLEMENTING REGULATION (EU) 2020/630

of 6 May 2020

conferring protection under Article 99 of Regulation (EU) No 1308/2013 of the European Parliament and of the Council on the name ‘Chozas Carrascal’ (PDO)

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EU) No 1308/2013 of the European Parliament and of the Council of 17 December 2013 establishing a common organisation of the markets in agricultural products and repealing Council Regulations (EEC) No 922/72, (EEC) No 234/79, (EC) No 1037/2001 and (EC) No 1234/2007 (1), and in particular Article 99 thereof,

Whereas:

| (1) | Pursuant to Article 97(2) and (3) of Regulation (EU) No 1308/2013, the Commission examined Spain’s application to register the name ‘Chozas Carrascal’ and published it in the Official Journal of the European Union (2). |
| --- | --- |

(1)

Pursuant to Article 97(2) and (3) of Regulation (EU) No 1308/2013, the Commission examined Spain’s application to register the name ‘Chozas Carrascal’ and published it in the Official Journal of the European Union (2).

| (2) | No statement of objection has been received by the Commission under Article 98 of Regulation (EU) No 1308/2013. |
| --- | --- |

(2)

No statement of objection has been received by the Commission under Article 98 of Regulation (EU) No 1308/2013.

| (3) | In accordance with Article 99 of Regulation (EU) No 1308/2013, the name ‘Chozas Carrascal’ should be protected and entered in the register referred to in Article 104 of that Regulation. |
| --- | --- |

(3)

In accordance with Article 99 of Regulation (EU) No 1308/2013, the name ‘Chozas Carrascal’ should be protected and entered in the register referred to in Article 104 of that Regulation.

| (4) | The measures provided for in this Regulation are in accordance with the opinion of the Committee for the Common Organisation of Agricultural Markets, |
| --- | --- |

(4)

The measures provided for in this Regulation are in accordance with the opinion of the Committee for the Common Organisation of Agricultural Markets,

HAS ADOPTED THIS REGULATION:

Article 1

The name ‘Chozas Carrascal’ (PDO) is hereby protected.

Article 2

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 6 May 2020.

For the Commission,

On behalf of the President,

Janusz WOJCIECHOWSKI

Member of the Commission

---

(1)  
  OJ L 347, 20.12.2013, p. 671.

1

(2)  
  OJ C 35, 3.2.2020, p. 11.

2

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| 11.5.2020 | EN | Official Journal of the European Union | L 148/4 |
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11.5.2020

EN

Official Journal of the European Union

L 148/4

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COMMISSION IMPLEMENTING REGULATION (EU) 2020/631

of 6 May 2020

approving amendments to the specification for a Protected Designation of Origin or a Protected Geographical Indication (‘Dealu Mare’ (PDO))

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EU) No 1308/2013 of the European Parliament and of the Council of 17 December 2013 establishing a common organisation of the markets in agricultural products and repealing Council Regulations (EEC) No 922/72, (EEC) No 234/79, (EC) No 1037/2001 and (EC) No 1234/2007 (1), and in particular Article 99 thereof,

Whereas:

| (1) | The Commission has examined the application for the approval of amendments to the specification for the Protected Designation of Origin ‘Dealu Mare’, sent by Romania in accordance with Article 105 of Regulation (EU) No 1308/2013. |
| --- | --- |

(1)

The Commission has examined the application for the approval of amendments to the specification for the Protected Designation of Origin ‘Dealu Mare’, sent by Romania in accordance with Article 105 of Regulation (EU) No 1308/2013.

| (2) | The Commission has published the application for the approval of the amendments to the specification in the Official Journal of the European Union, as required by Article 97(3) of Regulation (EU) No 1308/2013 (2). |
| --- | --- |

(2)

The Commission has published the application for the approval of the amendments to the specification in the Official Journal of the European Union, as required by Article 97(3) of Regulation (EU) No 1308/2013 (2).

| (3) | No statement of objection has been received by the Commission under Article 98 of Regulation (EU) No 1308/2013. |
| --- | --- |

(3)

No statement of objection has been received by the Commission under Article 98 of Regulation (EU) No 1308/2013.

| (4) | The amendments to the specification should therefore be approved in accordance with Article 99 of Regulation (EU) No 1308/2013. |
| --- | --- |

(4)

The amendments to the specification should therefore be approved in accordance with Article 99 of Regulation (EU) No 1308/2013.

| (5) | The measures provided for in this Regulation are in accordance with the opinion of the Committee for the Common Organisation of the Agricultural Markets, |
| --- | --- |

(5)

The measures provided for in this Regulation are in accordance with the opinion of the Committee for the Common Organisation of the Agricultural Markets,

HAS ADOPTED THIS REGULATION:

Article 1

The amendments to the specification published in the Official Journal of the European Union regarding the name ‘Dealu Mare’ (PDO) are hereby approved.

Article 2

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 6 May 2020.

For the Commission,

On behalf of the President,

Janusz WOJCIECHOWSKI

Member of the Commission

---

(1)  
  OJ L 347, 20.12.2013, p. 671.

1

(2)  
  OJ C 394, 21.11.2019, p. 11.

2

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| 11.5.2020 | EN | Official Journal of the European Union | L 148/5 |
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11.5.2020

EN

Official Journal of the European Union

L 148/5

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COMMISSION IMPLEMENTING REGULATION (EU) 2020/632

of 6 May 2020

approving amendments to the specification for a Protected Designation of Origin or a Protected Geographical Indication (‘Menfi’ (PDO))

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EU) No 1308/2013 of the European Parliament and of the Council of 17 December 2013 establishing a common organisation of the markets in agricultural products and repealing Council Regulations (EEC) No 922/72, (EEC) No 234/79, (EC) No 1037/2001 and (EC) No 1234/2007 (1), and in particular Article 99 thereof,

Whereas:

| (1) | The Commission has examined the application for the approval of amendments to the specification for the Protected Designation of Origin ‘Menfi’, sent by Italy in accordance with Article 105 of Regulation (EU) No 1308/2013. |
| --- | --- |

(1)

The Commission has examined the application for the approval of amendments to the specification for the Protected Designation of Origin ‘Menfi’, sent by Italy in accordance with Article 105 of Regulation (EU) No 1308/2013.

| (2) | The Commission has published the application for the approval of the amendments to the specification in the Official Journal of the European Union, as required by Article 97(3) of Regulation (EU) No 1308/2013 (2). |
| --- | --- |

(2)

The Commission has published the application for the approval of the amendments to the specification in the Official Journal of the European Union, as required by Article 97(3) of Regulation (EU) No 1308/2013 (2).

| (3) | No statement of objection has been received by the Commission under Article 98 of Regulation (EU) No 1308/2013. |
| --- | --- |

(3)

No statement of objection has been received by the Commission under Article 98 of Regulation (EU) No 1308/2013.

| (4) | The amendments to the specification should therefore be approved in accordance with Article 99 of Regulation (EU) No 1308/2013. |
| --- | --- |

(4)

The amendments to the specification should therefore be approved in accordance with Article 99 of Regulation (EU) No 1308/2013.

| (5) | The measures provided for in this Regulation are in accordance with the opinion of the Committee for the Common Organisation of the Agricultural Markets, |
| --- | --- |

(5)

The measures provided for in this Regulation are in accordance with the opinion of the Committee for the Common Organisation of the Agricultural Markets,

HAS ADOPTED THIS REGULATION:

Article 1

The amendments to the specification published in the Official Journal of the European Union regarding the name ‘Menfi’ (PDO) are hereby approved.

Article 2

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 6 May 2020.

For the Commission,

On behalf of the President,

Janusz WOJCIECHOWSKI

Member of the Commission

---

(1)  
  OJ L 347, 20.12.2013, p. 671.

1

(2)  
  OJ C 18, 20.1.2020, p. 24.

2

---

| 11.5.2020 | EN | Official Journal of the European Union | L 148/6 |
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11.5.2020

EN

Official Journal of the European Union

L 148/6

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COMMISSION IMPLEMENTING REGULATION (EU) 2020/633

of 8 May 2020

laying down temporary measures for the acceptance of electronic copies of original official documents for applications for import tariff quotas for agricultural products managed by a system of import licences and for applications for import licences on husked Basmati rice, due to the pandemic of COVID-19

THE EUROPEAN COMMISSION,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to Regulation (EU) No 1308/2013 of the European Parliament and of the Council of 17 December 2013 establishing a common organisation of the markets in agricultural products and repealing Council Regulations (EEC) No 922/72, (EEC) No 234/79, (EC) No 1037/2001 and (EC) No 1234/2007 (1), and in particular Articles 178 and 187 thereof,

Whereas:

| (1) | Commission Regulation (EC) No 1301/2006 (2) lays down common rules for the administration of import tariff quotas for agricultural products managed by a system of import licences. |
| --- | --- |

(1)

Commission Regulation (EC) No 1301/2006 (2) lays down common rules for the administration of import tariff quotas for agricultural products managed by a system of import licences.

| (2) | Commission Regulation (EC) No 972/2006 (3) lays down special rules for imports of husked Basmati rice falling within CN codes 1006 20 17 and 1006 20 98. Those imports are subject to the presentation of an import licence prior to the release for free circulation of the product. |
| --- | --- |

(2)

Commission Regulation (EC) No 972/2006 (3) lays down special rules for imports of husked Basmati rice falling within CN codes 1006 20 17 and 1006 20 98. Those imports are subject to the presentation of an import licence prior to the release for free circulation of the product.

| (3) | The current pandemic of COVID-19 and the extensive movement restrictions put in place in the Member States represent an exceptional and unprecedented challenge for Member States and operators in relation to the exchange of official documents in accordance with Union legislation. |
| --- | --- |

(3)

The current pandemic of COVID-19 and the extensive movement restrictions put in place in the Member States represent an exceptional and unprecedented challenge for Member States and operators in relation to the exchange of official documents in accordance with Union legislation.

| (4) | In its ‘COVID-19 Guidelines for border management measures to protect health and ensure the availability of goods and essential services’ (4), the Commission stressed that in the current situation, the smooth functioning of the single market should not be impacted. |
| --- | --- |

(4)

In its ‘COVID-19 Guidelines for border management measures to protect health and ensure the availability of goods and essential services’ (4), the Commission stressed that in the current situation, the smooth functioning of the single market should not be impacted.

| (5) | In accordance with Article 5 of Regulation (EC) No 1301/2006, applicants for import licences or import rights have the obligation to prove that they have been engaged in trade with third countries for certain categories of agricultural products. |
| --- | --- |

(5)

In accordance with Article 5 of Regulation (EC) No 1301/2006, applicants for import licences or import rights have the obligation to prove that they have been engaged in trade with third countries for certain categories of agricultural products.

| (6) | Where this is deemed necessary for the management of a given import tariff quota, the Commission Regulation governing that quota may provide for additional conditions. Commission Regulations (EC) No 2535/2001 (5), (EC) No 1342/2003 (6), (EC) No 2305/2003 (7), (EC) No 969/2006 (8), (EC) No 1918/2006 (9), (EC) No 1964/2006 (10), (EC) No 1979/2006 (11), (EC) No 341/2007 (12), (EC) No 533/2007 (13), (EC) No 536/2007 (14), (EC) No 539/2007 (15), (EC) No 616/2007 (16), (EC) No 1384/2007 (17), (EC) No 1385/2007 (18), (EC) No 382/2008 (19), (EC) No 412/2008 (20), (EC) No 431/2008 (21), (EC) No 748/2008 (22), (EC) No 1067/2008 (23), (EC) No 1296/2008 (24), (EC) No 442/2009 (25), (EC) No 610/2009 (26), (EC) No 891/2009 (27) and (EU) No 1255/2010 (28) as well as Commission Implementing Regulations (EU) No 1273/2011 (29), (EU) No 480/2012 (30), (EU) No 1223/2012 (31), (EU) No 82/2013 (32), (EU) No 593/2013 (33), (EU) 2015/2076 (34), (EU) 2015/2077 (35), (EU) 2015/2078 (36), (EU) 2015/2079 (37), (EU) 2015/2081 (38) and (EU) 2017/1585 (39) provide for such additional conditions, such as the obligation for the applicant to provide documents stating the ‘reference quantity’ of the operator, the origin or the quality of the product. |
| --- | --- |

(6)

Where this is deemed necessary for the management of a given import tariff quota, the Commission Regulation governing that quota may provide for additional conditions. Commission Regulations (EC) No 2535/2001 (5), (EC) No 1342/2003 (6), (EC) No 2305/2003 (7), (EC) No 969/2006 (8), (EC) No 1918/2006 (9), (EC) No 1964/2006 (10), (EC) No 1979/2006 (11), (EC) No 341/2007 (12), (EC) No 533/2007 (13), (EC) No 536/2007 (14), (EC) No 539/2007 (15), (EC) No 616/2007 (16), (EC) No 1384/2007 (17), (EC) No 1385/2007 (18), (EC) No 382/2008 (19), (EC) No 412/2008 (20), (EC) No 431/2008 (21), (EC) No 748/2008 (22), (EC) No 1067/2008 (23), (EC) No 1296/2008 (24), (EC) No 442/2009 (25), (EC) No 610/2009 (26), (EC) No 891/2009 (27) and (EU) No 1255/2010 (28) as well as Commission Implementing Regulations (EU) No 1273/2011 (29), (EU) No 480/2012 (30), (EU) No 1223/2012 (31), (EU) No 82/2013 (32), (EU) No 593/2013 (33), (EU) 2015/2076 (34), (EU) 2015/2077 (35), (EU) 2015/2078 (36), (EU) 2015/2079 (37), (EU) 2015/2081 (38) and (EU) 2017/1585 (39) provide for such additional conditions, such as the obligation for the applicant to provide documents stating the ‘reference quantity’ of the operator, the origin or the quality of the product.

| (7) | In accordance with Article 2(2) of Regulation (EC) No 972/2006, applicants for import licences are to prove that they have been engaged in commercial activity in the rice sector and to provide a product authenticity certificate issued by a competent body in the exporting country. |
| --- | --- |

(7)

In accordance with Article 2(2) of Regulation (EC) No 972/2006, applicants for import licences are to prove that they have been engaged in commercial activity in the rice sector and to provide a product authenticity certificate issued by a competent body in the exporting country.

| (8) | During the current pandemic of COVID-19, extensive movement restrictions are put in place in the Member States. Mail and courier services are also experiencing disruptions. |
| --- | --- |

(8)

During the current pandemic of COVID-19, extensive movement restrictions are put in place in the Member States. Mail and courier services are also experiencing disruptions.

| (9) | A number of Member States and stakeholders have informed the Commission that, as a consequence of such restrictions and disruptions, their capacity to provide and receive the official documents required by Regulations governing given import tariff quotas and imports of Basmati rice, is seriously impacted. |
| --- | --- |

(9)

A number of Member States and stakeholders have informed the Commission that, as a consequence of such restrictions and disruptions, their capacity to provide and receive the official documents required by Regulations governing given import tariff quotas and imports of Basmati rice, is seriously impacted.

| (10) | In accordance with Union legislation regulating the administration of import tariff quotas for agricultural products managed by a system of import licences, and regulating the administration of imports of Basmati rice, applications for import licences and import rights are to be accompanied by originals of those documents. |
| --- | --- |

(10)

In accordance with Union legislation regulating the administration of import tariff quotas for agricultural products managed by a system of import licences, and regulating the administration of imports of Basmati rice, applications for import licences and import rights are to be accompanied by originals of those documents.

| (11) | Therefore, in order to avoid disruptions of the single market, an alternative to the presentation of original paper official documents should be temporarily authorised. This alternative should be without prejudice to the obligation of operators in accordance with Union legislation to present original documents when technically feasible. |
| --- | --- |

(11)

Therefore, in order to avoid disruptions of the single market, an alternative to the presentation of original paper official documents should be temporarily authorised. This alternative should be without prejudice to the obligation of operators in accordance with Union legislation to present original documents when technically feasible.

| (12) | In order to simplify the administrative procedures for Member States and operators in relation to the licence application during the current pandemic of COVID-19, the obligation for the operators to lodge a higher security where presenting an electronic copy of a certificate of authenticity should be temporarily suspended. |
| --- | --- |

(12)

In order to simplify the administrative procedures for Member States and operators in relation to the licence application during the current pandemic of COVID-19, the obligation for the operators to lodge a higher security where presenting an electronic copy of a certificate of authenticity should be temporarily suspended.

| (13) | This Regulation should be applicable until 31 July 2020 in order to facilitate licence application procedures during the current pandemic of COVID-19. In view of the information received from a number of Member States, it is appropriate to provide for temporary measures that should apply immediately. Therefore, this Regulation should enter into force on the day following that of its publication in the Official Journal of the European Union. |
| --- | --- |

(13)

This Regulation should be applicable until 31 July 2020 in order to facilitate licence application procedures during the current pandemic of COVID-19. In view of the information received from a number of Member States, it is appropriate to provide for temporary measures that should apply immediately. Therefore, this Regulation should enter into force on the day following that of its publication in the Official Journal of the European Union.

| (14) | The measures provided for in this Regulation are in accordance with the opinion of the Committee for the Common Organisation of the Agricultural Markets, |
| --- | --- |

(14)

The measures provided for in this Regulation are in accordance with the opinion of the Committee for the Common Organisation of the Agricultural Markets,

HAS ADOPTED THIS REGULATION:

Article 1

1.   This Regulation lays down temporary measures providing for the acceptance of an electronic copy of the original of the official documents required to accompany the following applications:

| (a) | applications for import licences and import rights for tariff quotas to which Regulation (EC) No 1301/2006 applies; |
| --- | --- |

(a)

applications for import licences and import rights for tariff quotas to which Regulation (EC) No 1301/2006 applies;

| (b) | applications for licences for imports of husked Basmati rice falling within the scope of Regulation (EC) No 972/2006. |
| --- | --- |

(b)

applications for licences for imports of husked Basmati rice falling within the scope of Regulation (EC) No 972/2006.

2.   This Regulation also lays down temporary measures concerning the requirement to lodge a security where the operator has presented an electronic copy of the original certificate of authenticity to the competent authority.

Article 2

1.   Official documents that must accompany applications for import licences or import rights may exceptionally be submitted in the form of an electronic copy of the original of such documents.

For that purpose, the operator shall present to the competent authority a statement according to which the original of the official document will be submitted as soon as technically feasible, and at the latest within 3 months from:

| (a) | the closing date of the relevant application period for the import licences or import rights for tariff quotas to which Regulation (EC) No 1301/2006 applies; |
| --- | --- |

(a)

the closing date of the relevant application period for the import licences or import rights for tariff quotas to which Regulation (EC) No 1301/2006 applies;

| (b) | the date of application for licences for imports of husked Basmati rice falling within the scope of Regulation (EC) No 972/2006. |
| --- | --- |

(b)

the date of application for licences for imports of husked Basmati rice falling within the scope of Regulation (EC) No 972/2006.

2.   Once the licence issuing authority has received the original of the official document, it shall verify its consistency with the information in the electronic copy of that official document. Article 3 of Regulation (EC) No 1301/2006 shall apply in case of copies containing incorrect information.

Article 3

By way of derogation from Article 5(3) of Regulation (EC) No 748/2008, Article 5(2) of Regulation (EC) No 610/2009, Article 2(4) of Implementing Regulation (EU) No 82/2013 and Article 8(4) of Implementing Regulation (EU) No 593/2013, the competent authorities may issue import licences where an electronic copy of the original certificate of authenticity has been presented, without requiring the operator to lodge a higher security amount.

Article 4

This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union.

It shall apply until 31 July 2020.

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 8 May 2020.

For the Commission

The President

Ursula VON DER LEYEN

---

(1)  
  OJ L 347, 20.12.2013, p. 671.

1

(2)  Commission Regulation (EC) No 1301/2006 of 31 August 2006 laying down common rules for the administration of import tariff quotas for agricultural products managed by a system of import licences (OJ L 238, 1.9.2006, p. 13).

2

(3)  Commission Regulation (EC) No 972/2006 of 29 June 2006 laying down special rules for imports of Basmati rice and a transitional control system for determining their origin (OJ L 176, 30.6.2006, p. 53).

3

(4)  C(2020) 1753 final of 16 March 2020.

4

(5)  Commission Regulation (EC) No 2535/2001 of 14 December 2001 laying down detailed rules for applying Council Regulation (EC) No 1255/1999 as regards the import arrangements for milk and milk products and opening tariff quotas (OJ L 341, 22.12.2001, p. 29).

5

(6)  Commission Regulation (EC) No 1342/2003 of 28 July 2003 laying down special detailed rules for the application of the system of import and export licences for cereals and rice (OJ L 189, 29.7.2003, p. 12).

6

(7)  Commission Regulation (EC) No 2305/2003 of 29 December 2003 opening and providing for the administration of a Community tariff quota for imports of barley from third countries (OJ L 342, 30.12.2003, p. 7).

7

(8)  Commission Regulation (EC) No 969/2006 of 29 June 2006 opening and providing for the administration of a Community tariff quota for imports of maize from third countries (OJ L 176, 30.6.2006, p. 44).

8

(9)  Commission Regulation (EC) No 1918/2006 of 20 December 2006 opening and providing for the administration of tariff quota for olive oil originating in Tunisia (OJ L 365, 21.12.2006, p. 84).

9

(10)  Commission Regulation (EC) No 1964/2006 of 22 December 2006 laying down detailed rules for the opening and administration of an import quota for rice originating in Bangladesh, pursuant to Council Regulation (EEC) No 3491/90 (OJ L 408, 30.12.2006, p. 20).

10

(11)  Commission Regulation (EC) No 1979/2006 of 22 December 2006 opening and providing for the administration of tariff quotas for preserved mushrooms imported from third countries (OJ L 368, 23.12.2006, p. 91).

11

(12)  Commission Regulation (EC) No 341/2007 of 29 March 2007 opening and providing for the administration of tariff quotas and introducing a system of import licences and certificates of origin for garlic and certain other agricultural products imported from third countries (OJ L 90, 30.3.2007, p. 12).

12

(13)  Commission Regulation (EC) No 533/2007 of 14 May 2007 opening and providing for the administration of tariff quotas in the poultrymeat sector (OJ L 125, 15.5.2007, p. 9).

13

(14)  Commission Regulation (EC) No 536/2007 of 15 May 2007 opening and providing for the administration of a tariff quota for poultrymeat allocated to the United States of America (OJ L 128, 16.5.2007, p. 6).

14

(15)  Commission Regulation (EC) No 539/2007 of 15 May 2007 opening and providing for the administration of tariff quotas in the egg sector and for egg albumin (OJ L 128, 16.5.2007, p. 19).

15

(16)  Commission Regulation (EC) No 616/2007 of 4 June 2007 opening and providing for the administration of Community tariff quotas in the sector of poultrymeat originating in Brazil, Thailand and other third countries (OJ L 142, 5.6.2007, p. 3).

16

(17)  Commission Regulation (EC) No 1384/2007 of 26 November 2007 laying down detailed rules for the application of Council Regulation (EC) No 2398/96 as regards opening and providing for the administration of certain quotas for imports into the Community of poultrymeat products originating in Israel (OJ L 309, 27.11.2007, p. 40).

17

(18)  Commission Regulation (EC) No 1385/2007 of 26 November 2007 laying down detailed rules for the application of Council Regulation (EC) No 774/94 as regards opening and providing for the administration of certain Community tariff quotas for poultrymeat (OJ L 309, 27.11.2007, p. 47).

18

(19)  Commission Regulation (EC) No 382/2008 of 21 April 2008 on rules of application for import and export licences in the beef and veal sector (OJ L 115, 29.4.2008, p. 10).

19

(20)  Commission Regulation (EC) No 412/2008 of 8 May 2008 opening and providing for the administration of an import tariff quota for frozen beef intended for processing (OJ L 125, 9.5.2008, p. 7).

20

(21)  Commission Regulation (EC) No 431/2008 of 19 May 2008 opening and providing for the administration of an import tariff quota for frozen meat of bovine animals covered by CN code 0202 and products covered by CN code 0206 29 91 (OJ L 130, 20.5.2008, p. 3).

21

(22)  Commission Regulation (EC) No 748/2008 of 30 July 2008 on the opening and administration of an import tariff quota for frozen thin skirt of bovine animals falling within CN code 0206 29 91 (OJ L 202, 31.7.2008, p. 28).

22

(23)  Commission Regulation (EC) No 1067/2008 of 30 October 2008 opening and providing for the administration of Community tariff quotas for common wheat of a quality other than high quality from third countries and derogating from Council Regulation (EC) No 1234/2007 (OJ L 290, 31.10.2008, p. 3).

23

(24)  Commission Regulation (EC) No 1296/2008 of 18 December 2008 laying down detailed rules for the application of tariff quotas for imports of maize and sorghum into Spain and imports of maize into Portugal (OJ L 340, 19.12.2008, p. 57).

24

(25)  Commission Regulation (EC) No 442/2009 of 27 May 2009 opening and providing for the administration of Community tariff quotas in the pigmeat sector (OJ L 129, 28.5.2009, p. 13).

25

(26)  Commission Regulation (EC) No 610/2009 of 10 July 2009 laying down detailed rules for the application of the tariff quota for beef and veal originating in Chile (OJ L 180, 11.7.2009, p. 5).

26

(27)  Commission Regulation (EC) No 891/2009 of 25 September 2009 opening and providing for the administration of certain Community tariff quotas in the sugar sector (OJ L 254, 26.9.2009, p. 82).

27

(28)  Commission Regulation (EU) No 1255/2010 of 22 December 2010 laying down detailed rules for the application of the import tariff quotas for baby beef products originating in Bosnia and Herzegovina, Croatia, the former Yugoslav Republic of Macedonia, Montenegro, Serbia and Kosovo (OJ L 342, 28.12.2010, p. 1).

28

(29)  Commission Implementing Regulation (EU) No 1273/2011 of 7 December 2011 opening and providing for the administration of certain tariff quotas for imports of rice and broken rice (OJ L 325, 8.12.2011, p. 6).

29

(30)  Commission Implementing Regulation (EU) No 480/2012 of 7 June 2012 opening and providing for the management of a tariff quota for broken rice of CN code 1006 40 00 for production of food preparations of CN code 1901 10 00 (OJ L 148, 8.6.2012, p. 1).

30

(31)  Commission Implementing Regulation (EU) No 1223/2012 of 18 December 2012 laying down detailed rules for the application of an import tariff quota for live bovine animals of a weight exceeding 160 kg and originating in Switzerland provided for in the Agreement between the European Community and the Swiss Confederation on trade in agricultural products (OJ L 349, 19.12.2012, p. 39).

31

(32)  Commission Implementing Regulation (EU) No 82/2013 of 29 January 2013 laying down detailed rules for the application of an import tariff quota of dried boneless beef originating in Switzerland (OJ L 28, 30.1.2013, p. 3).

32

(33)  Commission Implementing Regulation (EU) No 593/2013 of 21 June 2013 opening and providing for the administration of tariff quotas for high-quality fresh, chilled and frozen beef and for frozen buffalo meat (OJ L 170, 22.6.2013, p. 32).

33

(34)  Commission Implementing Regulation (EU) 2015/2076 of 18 November 2015 opening and providing for the administration of Union import tariff quotas for fresh and frozen pigmeat originating in Ukraine (OJ L 302, 19.11.2015, p. 51).

34

(35)  Commission Implementing Regulation (EU) 2015/2077 of 18 November 2015 opening and providing for the administration of Union import tariff quotas for eggs, egg products and albumins originating in Ukraine (OJ L 302, 19.11.2015, p. 57).

35

(36)  Commission Implementing Regulation (EU) 2015/2078 of 18 November 2015 opening and providing for the administration of Union import tariff quotas for poultrymeat originating in Ukraine (OJ L 302, 19.11.2015, p. 63).

36

(37)  Commission Implementing Regulation (EU) 2015/2079 of 18 November 2015 opening and providing for the administration of a Union import tariff quota for fresh and frozen beef and veal originating in Ukraine (OJ L 302, 19.11.2015, p. 71).

37

(38)  Commission Implementing Regulation (EU) 2015/2081 of 18 November 2015 opening and providing for the administration of import tariff quotas for certain cereals originating in Ukraine (OJ L 302, 19.11.2015, p. 81).

38

(39)  Commission Implementing Regulation (EU) 2017/1585 of 19 September 2017 opening and providing for the administration of Union tariff quotas for fresh and frozen beef and veal and pigmeat originating in Canada and amending Regulation (EC) No 442/2009 and Implementing Regulations (EU) No 481/2012 and (EU) No 593/2013 (OJ L 241, 20.9.2017, p. 1).

39

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GUIDELINES

| 11.5.2020 | EN | Official Journal of the European Union | L 148/10 |
| --- | --- | --- | --- |

11.5.2020

EN

Official Journal of the European Union

L 148/10

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GUIDELINE (EU) 2020/634 OF THE EUROPEAN CENTRAL BANK

of 7 May 2020

amending Guideline ECB/2014/31 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral (ECB/2020/29)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union, and in particular the first indent of Article 127(2) thereof,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular to the first subparagraph of Article 12.1 in conjunction with the first indent of Article 3.1 and Article 18 thereof,

Whereas:

| (1) | In accordance with Article 18.1 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’), the European Central Bank (ECB) and the national central banks of the Member States whose currency is the euro (hereinafter the ‘NCBs’) may, in order to achieve the objectives of the European System of Central Banks, conduct credit operations with credit institutions and other market participants, with lending being based on adequate collateral. The general conditions under which the ECB and the NCBs stand ready to enter into credit operations, including the criteria determining the eligibility of collateral for the purposes of Eurosystem credit operations, are laid down in Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60) (1). |
| --- | --- |

(1)

In accordance with Article 18.1 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’), the European Central Bank (ECB) and the national central banks of the Member States whose currency is the euro (hereinafter the ‘NCBs’) may, in order to achieve the objectives of the European System of Central Banks, conduct credit operations with credit institutions and other market participants, with lending being based on adequate collateral. The general conditions under which the ECB and the NCBs stand ready to enter into credit operations, including the criteria determining the eligibility of collateral for the purposes of Eurosystem credit operations, are laid down in Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60) (1).

| (2) | Further to the collateral easing measures the Governing Council already adopted on 7 April 2020, on 22 April 2020 the Governing Council adopted a complementary set of decisions in response to the COVID-19 pandemic. These new measures aim at mitigating the adverse impact on Eurosystem collateral availability of potential rating downgrades resulting from the economic fallout of the COVID-19 outbreak. Together with the measures adopted on 7 April 2020, these new measures aim at ensuring that Eurosystem counterparties remain able to maintain and mobilise sufficient collateral in order to be able to participate in Eurosystem liquidity-providing operations, and that therefore the Eurosystem is in a position to support the provision of credit to the euro area economy. Accordingly, participation in these operations with this collateral should be based on temporarily amended collateral eligibility criteria and risk control measures. |
| --- | --- |

(2)

Further to the collateral easing measures the Governing Council already adopted on 7 April 2020, on 22 April 2020 the Governing Council adopted a complementary set of decisions in response to the COVID-19 pandemic. These new measures aim at mitigating the adverse impact on Eurosystem collateral availability of potential rating downgrades resulting from the economic fallout of the COVID-19 outbreak. Together with the measures adopted on 7 April 2020, these new measures aim at ensuring that Eurosystem counterparties remain able to maintain and mobilise sufficient collateral in order to be able to participate in Eurosystem liquidity-providing operations, and that therefore the Eurosystem is in a position to support the provision of credit to the euro area economy. Accordingly, participation in these operations with this collateral should be based on temporarily amended collateral eligibility criteria and risk control measures.

| (3) | These new measures are proportionate to counter the serious risks to price stability, the monetary policy transmission mechanism and the economic outlook in the euro area posed by the outbreak of COVID-19. |
| --- | --- |

(3)

These new measures are proportionate to counter the serious risks to price stability, the monetary policy transmission mechanism and the economic outlook in the euro area posed by the outbreak of COVID-19.

| (4) | In view of the above, the Governing Council considers that the Eurosystem may temporarily continue to admit as collateral marketable assets and the issuers of these assets that fulfilled minimum credit quality requirements on 7 April 2020 notwithstanding a deterioration in the credit ratings decided by the credit rating agencies accepted in the Eurosystem, as long as the ratings remain above a certain quality level. At the same time the Governing Council considers that this should not affect the eligibility criteria for outright purchases under the ECB’s asset purchase programmes. |
| --- | --- |

(4)

In view of the above, the Governing Council considers that the Eurosystem may temporarily continue to admit as collateral marketable assets and the issuers of these assets that fulfilled minimum credit quality requirements on 7 April 2020 notwithstanding a deterioration in the credit ratings decided by the credit rating agencies accepted in the Eurosystem, as long as the ratings remain above a certain quality level. At the same time the Governing Council considers that this should not affect the eligibility criteria for outright purchases under the ECB’s asset purchase programmes.

| (5) | With a view to ensuring an appropriate monetary policy transmission mechanism, and taking into account the need of Eurosystem counterparties that are, or will be, participating in Eurosystem liquidity providing operations to maintain sufficient collateral for these operations, the Governing Council considers that the additional temporary measures set out in this Guideline should apply until the first early repayment date under the third programme of targeted longer-term refinancing operations (TLTRO-III). |
| --- | --- |

(5)

With a view to ensuring an appropriate monetary policy transmission mechanism, and taking into account the need of Eurosystem counterparties that are, or will be, participating in Eurosystem liquidity providing operations to maintain sufficient collateral for these operations, the Governing Council considers that the additional temporary measures set out in this Guideline should apply until the first early repayment date under the third programme of targeted longer-term refinancing operations (TLTRO-III).

| (6) | To react promptly to the current pandemic situation, this Guideline should be notified to the NCBs as soon as possible following adoption. |
| --- | --- |

(6)

To react promptly to the current pandemic situation, this Guideline should be notified to the NCBs as soon as possible following adoption.

| (7) | Therefore, Guideline ECB/2014/31 (2) should be amended accordingly, |
| --- | --- |

(7)

Therefore, Guideline ECB/2014/31 (2) should be amended accordingly,

HAS ADOPTED THIS GUIDELINE:

Article 1

Amendments to Guideline ECB/2014/31

Guideline ECB/2014/31 is amended as follows:

| 1. | the following Article 8b is inserted:

  ‘Article 8b
  Admission of certain marketable assets and issuers eligible on 7 April 2020

  1.   Terms used in this Article shall have the same meaning as in Guideline (EU) 2015/510 (ECB/2014/60).


  2.   Notwithstanding the provisions of Article 59(3), Article 71 and Article 82(1)(a) of Guideline (EU) 2015/510 (ECB/2014/60), marketable assets – other than asset-backed securities (ABSs) – issued on or before 7 April 2020 that on 7 April 2020 had a public credit rating, provided by at least one accepted ECAI system, that complied with the minimum credit quality requirements of the Eurosystem, shall constitute eligible collateral for Eurosystem credit operations provided that, at all times after 7 April 2020:






  (a) | they have a public credit rating provided by at least one accepted ECAI system that complies with, as a minimum, credit quality step 5 in the Eurosystem’s harmonised rating scale; and |
| --- | --- | --- |

1.

the following Article 8b is inserted:

‘Article 8b

Admission of certain marketable assets and issuers eligible on 7 April 2020

1.   Terms used in this Article shall have the same meaning as in Guideline (EU) 2015/510 (ECB/2014/60).

2.   Notwithstanding the provisions of Article 59(3), Article 71 and Article 82(1)(a) of Guideline (EU) 2015/510 (ECB/2014/60), marketable assets – other than asset-backed securities (ABSs) – issued on or before 7 April 2020 that on 7 April 2020 had a public credit rating, provided by at least one accepted ECAI system, that complied with the minimum credit quality requirements of the Eurosystem, shall constitute eligible collateral for Eurosystem credit operations provided that, at all times after 7 April 2020:

(a)

they have a public credit rating provided by at least one accepted ECAI system that complies with, as a minimum, credit quality step 5 in the Eurosystem’s harmonised rating scale; and

| (b) | they continue to comply with all other eligibility criteria applicable to marketable assets as laid down in Guideline (EU) 2015/510 (ECB/2014/60). |
| --- | --- |

(b)

they continue to comply with all other eligibility criteria applicable to marketable assets as laid down in Guideline (EU) 2015/510 (ECB/2014/60).

For the avoidance of doubt, the public credit rating on 7 April 2020, as referred to in this paragraph, shall be determined by the Eurosystem on the basis of the rules set out in Article 82(1)(a), Article 82(2), Article 83, Article 84(a) and (b), Article 85 and Article 86 of Guideline (EU) 2015/510 (ECB/2014/60).

3.   Where compliance of a marketable asset with the minimum credit quality requirements of the Eurosystem on 7 April 2020 is determined on the basis of an ECAI issuer rating or an ECAI guarantor rating provided by an accepted ECAI system, that marketable asset shall constitute eligible collateral for Eurosystem credit operations provided that, at all times after 7 April 2020:

| (a) | the ECAI issuer rating or the ECAI guarantor rating, as applicable, for that marketable asset complies with, as a minimum, credit quality step 5 in the Eurosystem’s harmonised rating scale; and |
| --- | --- |

(a)

the ECAI issuer rating or the ECAI guarantor rating, as applicable, for that marketable asset complies with, as a minimum, credit quality step 5 in the Eurosystem’s harmonised rating scale; and

| (b) | that marketable asset continues to comply with all other eligibility criteria applicable to it as laid down in Guideline (EU) 2015/510 (ECB/2014/60). |
| --- | --- |

(b)

that marketable asset continues to comply with all other eligibility criteria applicable to it as laid down in Guideline (EU) 2015/510 (ECB/2014/60).

4.   Marketable assets – other than ABSs – issued after 7 April 2020 whose issuer or guarantor, as applicable, had on 7 April 2020 a public credit rating, provided by at least one accepted ECAI system, that complied with the minimum credit quality requirements of the Eurosystem, shall constitute eligible collateral for Eurosystem credit operations provided that, at all times after 7 April 2020:

| (a) | those marketable assets have a public credit rating, provided by at least one accepted ECAI system, that complies with, as a minimum, credit quality step 5 in the Eurosystem’s harmonised rating scale; and |
| --- | --- |

(a)

those marketable assets have a public credit rating, provided by at least one accepted ECAI system, that complies with, as a minimum, credit quality step 5 in the Eurosystem’s harmonised rating scale; and

| (b) | those marketable assets comply with all other eligibility criteria applicable to marketable assets as laid down in Guideline (EU) 2015/510 (ECB/2014/60). |
| --- | --- |

(b)

those marketable assets comply with all other eligibility criteria applicable to marketable assets as laid down in Guideline (EU) 2015/510 (ECB/2014/60).

For the avoidance of doubt, the public credit rating referred to in point (a) of this paragraph shall be determined by the Eurosystem on the basis of the rules set out in Article 82(1)(a), Article 82(2), Article 83, Article 84(a) and (b), Article 85 and Article 86 of Guideline (EU) 2015/510 (ECB/2014/60).

5.   Covered bonds issued after 7 April 2020 under a covered bond programme that on 7 April 2020 itself had a credit assessment, provided by at least one accepted ECAI system, that complied with the minimum credit quality requirements of the Eurosystem, shall constitute eligible collateral for Eurosystem credit operations provided that:

| (a) | at all times after 7 April 2020 the covered bond programme has a public credit rating, provided by at least one accepted ECAI system, that complies with, as a minimum, credit quality step 5 in the Eurosystem’s harmonised rating scale, and |
| --- | --- |

(a)

at all times after 7 April 2020 the covered bond programme has a public credit rating, provided by at least one accepted ECAI system, that complies with, as a minimum, credit quality step 5 in the Eurosystem’s harmonised rating scale, and

| (b) | these covered bonds comply with all other eligibility criteria applicable to them as laid down in Guideline (EU) 2015/510 (ECB/2014/60). |
| --- | --- |

(b)

these covered bonds comply with all other eligibility criteria applicable to them as laid down in Guideline (EU) 2015/510 (ECB/2014/60).

6.   The marketable assets referred to in Article 87(2) of Guideline (EU) 2015/510 (ECB/2014/60) that on 7 April 2020 did not have a public credit rating provided by an accepted ECAI system, but that on 7 April 2020 had an implicit credit assessment derived by the Eurosystem in accordance with the rules laid down in Article 87(1) and (2) of Guideline (EU) 2015/510 (ECB/2014/60) that complied with the credit quality requirements of the Eurosystem, shall constitute eligible collateral for Eurosystem credit operations irrespective of the date of their issuance provided that, at all times after 7 April 2020:

| (a) | the issuer or guarantor, as applicable, of these marketable assets complies, as a minimum, with a credit quality requirement corresponding to credit quality step 5 in the Eurosystem’s harmonised rating scale; and |
| --- | --- |

(a)

the issuer or guarantor, as applicable, of these marketable assets complies, as a minimum, with a credit quality requirement corresponding to credit quality step 5 in the Eurosystem’s harmonised rating scale; and

| (b) | these marketable assets comply with all other eligibility criteria applicable to them as laid down in Guideline (EU) 2015/510 (ECB/2014/60). |
| --- | --- |

(b)

these marketable assets comply with all other eligibility criteria applicable to them as laid down in Guideline (EU) 2015/510 (ECB/2014/60).

7.   Notwithstanding the provisions of Article 59(3), Article 71 and Article 82(1)(b) of Guideline (EU) 2015/510 (ECB/2014/60), ABS issued on or before 7 April 2020 that on 7 April 2020 had at least two public credit ratings, each provided by a different accepted ECAI system, that complied with the minimum credit quality requirements of the Eurosystem under Guideline (EU) 2015/510 (ECB/2014/60), shall constitute eligible collateral for Eurosystem credit operations provided that, at all times after 7 April 2020:

| (a) | they have at least two public credit ratings, each provided by a different accepted ECAI system, that comply with, as a minimum, credit quality step 4 in the Eurosystem’s harmonised rating scale; and |
| --- | --- |

(a)

they have at least two public credit ratings, each provided by a different accepted ECAI system, that comply with, as a minimum, credit quality step 4 in the Eurosystem’s harmonised rating scale; and

| (b) | they continue to comply with all other eligibility criteria applicable to ABSs as laid down in Guideline (EU) 2015/510 (ECB/2014/60). |
| --- | --- |

(b)

they continue to comply with all other eligibility criteria applicable to ABSs as laid down in Guideline (EU) 2015/510 (ECB/2014/60).

For the avoidance of doubt, the requirements laid down in Article 3(1)(a) to (d) and Article 3(4) of this Guideline shall not apply to the ABS referred to in this paragraph.

8.   ABS that on 7 April 2020 were admitted by the Eurosystem as eligible collateral under Article 3(1) of this Guideline shall remain eligible provided that, at all times after 7 April 2020:

| (a) | they have two public credit ratings of at least credit quality step 4 in the Eurosystem’s harmonised rating scale provided by two accepted ECAI systems; and |
| --- | --- |

(a)

they have two public credit ratings of at least credit quality step 4 in the Eurosystem’s harmonised rating scale provided by two accepted ECAI systems; and

| (b) | they continue to comply with all other requirements applicable to them under Article 3(1) (except the rating level), Article 3(2a) and Article 3(4) of this Guideline. |
| --- | --- |

(b)

they continue to comply with all other requirements applicable to them under Article 3(1) (except the rating level), Article 3(2a) and Article 3(4) of this Guideline.

For the avoidance of doubt, Article 3(2) and Article 3(5) of this Guideline shall not apply to the ABS referred to in this paragraph.

9.   For as long as they continue to be admitted as eligible collateral by the Eurosystem according to this Article, the marketable assets, including covered bonds, referred to in paragraphs 2 to 6 shall be subject to the valuation haircuts laid down in Annex IIb to this Guideline. The ABS referred to in paragraphs 7 and 8 shall be subject to the valuation haircuts laid down in Annex IIa to this Guideline. The valuation haircuts shall be calculated on the basis of the current rating applicable on any given day after 7 April 2020 in accordance with the rules relating to priority of ECAI credit assessments as set out in Articles 83 to 88 of Guideline (EU) 2015/510 (ECB/2014/60).

10.   In addition to the valuation haircuts provided for in paragraph 9, the following additional valuation haircuts shall apply:

| (a) | ABS, covered bonds and unsecured debt instruments issued by credit institutions that are theoretically valued in accordance with the rules contained in Article 134 of Guideline (EU) 2015/510 (ECB/2014/60) shall be subject to an additional valuation haircut in the form of a valuation markdown of 4%; |
| --- | --- |

(a)

ABS, covered bonds and unsecured debt instruments issued by credit institutions that are theoretically valued in accordance with the rules contained in Article 134 of Guideline (EU) 2015/510 (ECB/2014/60) shall be subject to an additional valuation haircut in the form of a valuation markdown of 4%;

| (b) | own-use covered bonds shall be subject to an additional valuation haircut of (i) 6,4% applied to the value of the debt instruments allocated to credit quality steps 1 and 2, and (ii) 9,6% applied to the value of the debt instruments allocated to credit quality steps 3, 4 and 5; |
| --- | --- |

(b)

own-use covered bonds shall be subject to an additional valuation haircut of (i) 6,4% applied to the value of the debt instruments allocated to credit quality steps 1 and 2, and (ii) 9,6% applied to the value of the debt instruments allocated to credit quality steps 3, 4 and 5;

| (c) | for the purposes of paragraph (b), “own-use” shall mean the submission or use by a counterparty of covered bonds that are issued or guaranteed by the counterparty itself or by any other entity with which that counterparty has close links as determined in accordance with Article 138 of Guideline (EU) 2015/510 (ECB/2014/60); |
| --- | --- |

(c)

for the purposes of paragraph (b), “own-use” shall mean the submission or use by a counterparty of covered bonds that are issued or guaranteed by the counterparty itself or by any other entity with which that counterparty has close links as determined in accordance with Article 138 of Guideline (EU) 2015/510 (ECB/2014/60);

| (d) | if the additional valuation haircut referred to in paragraph (b) cannot be applied with respect to a collateral management system of an NCB, triparty agent, or TARGET2-Securities for auto-collateralisation, the additional valuation haircut shall be applied in such systems or platform to the entire issuance value of the covered bonds that can be own used. |
| --- | --- |

(d)

if the additional valuation haircut referred to in paragraph (b) cannot be applied with respect to a collateral management system of an NCB, triparty agent, or TARGET2-Securities for auto-collateralisation, the additional valuation haircut shall be applied in such systems or platform to the entire issuance value of the covered bonds that can be own used.

11.   For the avoidance of doubt, the provisions of this Article are independent from and shall not be taken into account for the purposes of assessing eligibility for outright purchases under the secondary markets public sector asset programme (PSPP) (*1); the third covered bond purchase programme (CBPP3) (*2); the asset-backed securities purchase programme (ABSPP) (*3); the corporate sector purchase programme (CSPP) (*4); and the pandemic emergency purchase programme (PEPP) (*5).

(*1)  Decision (EU) 2020/188 of the European Central Bank of 3 February 2020 on a secondary markets public sector asset purchase programme (recast) (ECB/2020/9) (OJ L 39, 12.2.2020, p. 12)."

*1

(*2)  Decision (EU) 2020/187 of the European Central Bank of 3 February 2020 on the implementation of the third covered bond purchase programme (ECB/2020/8) (OJ L 39, 12.2.2020, p. 6)."

*2

(*3)  Decision (EU) 2015/5 of the European Central Bank of 19 November 2014 on the implementation of the asset-backed securities purchase programme (ECB/2014/45) (OJ L 1, 6.1.2015, p. 4)."

*3

(*4)  Decision (EU) 2016/948 of the European Central Bank of 1 June 2016 on the implementation of the corporate sector purchase programme (ECB/2016/16) (OJ L 157 15.6.2016, p. 28)."

*4

(*5)  Decision (EU) 2020/440 of the European Central Bank of 24 March 2020 on a temporary pandemic emergency purchase programme (ECB/2020/17) (OJ L 91, 25.3.2020, p. 1).’."

*5

| 2. | Annex IIa is replaced by the following:


  ‘ANNEX IIa

  Valuation haircut levels (in %) applied to asset-backed securities (ABS) eligible under Article 3(2) and Article 8b of this Guideline








  Credit quality | Weighted Average Life (*6) | Valuation haircut |
| --- | --- | --- | --- |
| Step 3 | [0,1) | 4,8 |
| [1,3) | 7,2 |
| [3,5) | 10,4 |
| [5,7) | 12,0 |
| [7,10) | 14,4 |
| [10, ∞) | 24,0 |
| Step 4 | [0,1) | 11,2 |
| [1,3) | 15,2 |
| [3,5) | 18 |
| [5,7) | 24,8 |
| [7,10) | 30,4 |
| [10, ∞) | 43,2 |

2.

Annex IIa is replaced by the following:

‘ANNEX IIa

Valuation haircut levels (in %) applied to asset-backed securities (ABS) eligible under Article 3(2) and Article 8b of this Guideline

Credit quality

Weighted Average Life (*6)

Valuation haircut

Step 3

[0,1)

4,8

[1,3)

7,2

[3,5)

10,4

[5,7)

12,0

[7,10)

14,4

[10, ∞)

24,0

Step 4

[0,1)

11,2

[1,3)

15,2

[3,5)

18

[5,7)

24,8

[7,10)

30,4

[10, ∞)

43,2

| 3. | Annex IIb is replaced by the following:


  ‘ANNEX IIb

  Valuation haircut levels (in %) applied to marketable assets, other than ABS, referred to in Articles 8a and 8b | Category I | Category II | Category III | Category IV |
| --- | --- | --- | --- | --- | --- |
| Credit quality | Residual maturity (years) (*7) | Fixed and floating coupon | zero coupon | Fixed and floating coupon | zero coupon | Fixed and floating coupon | zero coupon | Fixed and floating coupon | zero coupon |
| Step 4 | [0,1) | 6,4 | 6,4 | 8 | 8 | 12,8 | 12,8 | 20 | 20 |
| [1,3) | 9,6 | 10,4 | 12 | 15,2 | 16 | 18,4 | 28 | 30 |
| [3,5) | 11,2 | 12 | 16 | 20 | 19,2 | 23,6 | 33,6 | 37,2 |
| [5,7) | 12,4 | 13,6 | 20 | 24,8 | 22,4 | 28,4 | 36,8 | 40,4 |
| [7,10) | 13,2 | 14,4 | 21,6 | 28,4 | 24,8 | 32 | 40 | 44,8 |
| [10,∞) | 14,4 | 16,8 | 23,2 | 31,6 | 26,4 | 34,8 | 41,6 | 46,8 |
| Step 5 | [0,1) | 8 | 8 | 12 | 12 | 22,4 | 22,4 | 24 | 24 |
| [1,3) | 11,2 | 12 | 16 | 19,2 | 25,6 | 28 | 32 | 34 |
| [3,5) | 13,2 | 14 | 22,4 | 26,4 | 28,8 | 33,2 | 38,4 | 42 |
| [5,7) | 14,4 | 15,6 | 27,2 | 32 | 31,6 | 37,6 | 43,2 | 46,8 |
| [7,10) | 15,2 | 16,4 | 28,8 | 35,6 | 33,2 | 40,4 | 46,4 | 51,2 |
| [10,∞) | 16,4 | 18,8 | 30,4 | 38,8 | 33,6 | 42 | 48 | 53,2 |

3.

Annex IIb is replaced by the following:

‘ANNEX IIb

Valuation haircut levels (in %) applied to marketable assets, other than ABS, referred to in Articles 8a and 8b

Category I

Category II

Category III

Category IV

Credit quality

Residual maturity (years) (*7)

Fixed and floating coupon

zero coupon

Fixed and floating coupon

zero coupon

Fixed and floating coupon

zero coupon

Fixed and floating coupon

zero coupon

Step 4

[0,1)

6,4

6,4

8

8

12,8

12,8

20

20

[1,3)

9,6

10,4

12

15,2

16

18,4

28

30

[3,5)

11,2

12

16

20

19,2

23,6

33,6

37,2

[5,7)

12,4

13,6

20

24,8

22,4

28,4

36,8

40,4

[7,10)

13,2

14,4

21,6

28,4

24,8

32

40

44,8

[10,∞)

14,4

16,8

23,2

31,6

26,4

34,8

41,6

46,8

Step 5

[0,1)

8

8

12

12

22,4

22,4

24

24

[1,3)

11,2

12

16

19,2

25,6

28

32

34

[3,5)

13,2

14

22,4

26,4

28,8

33,2

38,4

42

[5,7)

14,4

15,6

27,2

32

31,6

37,6

43,2

46,8

[7,10)

15,2

16,4

28,8

35,6

33,2

40,4

46,4

51,2

[10,∞)

16,4

18,8

30,4

38,8

33,6

42

48

53,2

Article 2

Reference data to be used

When determining compliance for the period between 7 April 2020 and 18 May 2020 with the credit quality requirements applicable to the assets, issuers and guarantors referred to in Article 8b(2) to (8) of Guideline ECB/2014/31, the NCBs shall refer to the reference data relevant to those assets, issuers and guarantors on 7 April 2020, as provided by the ECB.

Article 3

Taking effect and implementation

1.   This Guideline shall take effect on the day of its notification to the NCBs and shall remain in effect until 29 September 2021.

2.   The NCBs shall take the necessary measures to comply with Article 1 of this Guideline and apply them from 18 May 2020. They shall notify the ECB of the texts and means relating to those measures by 11 May 2020, at the latest.

3.   The NCBs shall comply with Article 2 of this Guideline from the date this Guideline takes effect.

Article 4

Addressees

This Guideline is addressed to all Eurosystem central banks.

Done at Frankfurt am Main, 7 May 2020.

For the Governing Council of the ECB

The President of the ECB

Christine LAGARDE

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(1)  Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (General Documentation Guideline) (ECB/2014/60) (OJ L 91, 2.4.2015, p. 3).

1

(2)  Guideline ECB/2014/31 of the European Central Bank of 9 July 2014 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral and amending Guideline ECB/2007/9 (OJ L 240, 13.8.2014, p. 28).

2

(*6)  i.e. [0,1) weighted average life (WAL) less than one year, [1,3) WAL equal to or greater than one year and less than three years, etc.

*6

(*7)  i.e. [0,1) residual maturity less than one year, [1,3) residual maturity equal to or greater than one year and less than three years, etc.

*7

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