# Official Journal L 285/2022

| | ISSN 1977-0677 |
| --- | --- |
| Official Journal
  of the European Union | L 285 |
| | |
| English edition | Legislation | Volume 657 November 2022 |

ISSN 1977-0677

Official Journal

of the European Union

L 285

English edition

Legislation

Volume 657 November 2022

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| Contents | | II   Non-legislative acts | page |
| --- | --- | --- | --- |
| | | REGULATIONS |
| | * | Commission Implementing Regulation (EU) 2022/2125 of 31 October 2022 approving non-minor amendments to the specification for a name entered in the register of protected designations of origin and protected geographical indications (Carne Barrosã (PDO)) | 1 |
| | * | Commission Implementing Regulation (EU) 2022/2126 of 31 October 2022 entering a name in the register of protected designations of origin and protected geographical indications (Castagna di Roccamonfina (PGI)) | 3 |
| | * | Commission Implementing Regulation (EU) 2022/2127 of 4 November 2022 granting a Union authorisation for the biocidal product family Ecolab UA BPF 1-Propanol in accordance with Regulation (EU) No 528/2012 of the European Parliament and of the Council (
  1
  ) | 4 |
| | | DECISIONS |
| | * | Decision (EU) 2022/2128 of the European Central Bank of 27 October 2022 amending Decision (EU) 2019/1311 on a third series of targeted longer-term refinancing operations (ECB/2019/21) (ECB/2022/37) | 15 |

Contents

II   Non-legislative acts

page

REGULATIONS

*

Commission Implementing Regulation (EU) 2022/2125 of 31 October 2022 approving non-minor amendments to the specification for a name entered in the register of protected designations of origin and protected geographical indications (Carne Barrosã (PDO))

1

*

Commission Implementing Regulation (EU) 2022/2126 of 31 October 2022 entering a name in the register of protected designations of origin and protected geographical indications (Castagna di Roccamonfina (PGI))

3

*

Commission Implementing Regulation (EU) 2022/2127 of 4 November 2022 granting a Union authorisation for the biocidal product family Ecolab UA BPF 1-Propanol in accordance with Regulation (EU) No 528/2012 of the European Parliament and of the Council (
  1
  )

1

4

DECISIONS

*

Decision (EU) 2022/2128 of the European Central Bank of 27 October 2022 amending Decision (EU) 2019/1311 on a third series of targeted longer-term refinancing operations (ECB/2019/21) (ECB/2022/37)

(ECB/2022/37)

15

| | | Corrigenda |
| --- | --- | --- |
| | * | Corrigendum to Commission Delegated Regulation (EU) 2021/1189 of 7 May 2021 supplementing Regulation (EU) 2018/848 of the European Parliament and of the Council as regards the production and marketing of plant reproductive material of organic heterogeneous material of particular genera or species ( OJ L 258, 20.7.2021 ) | 31 |

Corrigenda

*

Corrigendum to Commission Delegated Regulation (EU) 2021/1189 of 7 May 2021 supplementing Regulation (EU) 2018/848 of the European Parliament and of the Council as regards the production and marketing of plant reproductive material of organic heterogeneous material of particular genera or species ( OJ L 258, 20.7.2021 )

( OJ L 258, 20.7.2021 )

31

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| | (1)   Text with EEA relevance. |

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(1)   Text with EEA relevance.

1

| 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

| 7.11.2022 | EN | Official Journal of the European Union | L 285/1 |
| --- | --- | --- | --- |

7.11.2022

EN

Official Journal of the European Union

L 285/1

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COMMISSION IMPLEMENTING REGULATION (EU) 2022/2125

of 31 October 2022

approving non-minor amendments to the specification for a name entered in the register of protected designations of origin and protected geographical indications (‘Carne Barrosã’ (PDO))

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 the first subparagraph of Article 53(1) of Regulation (EU) No 1151/2012, the Commission has examined Portugal’s application for the approval of amendments to the specification for the protected designation of origin ‘Carne Barrosã’, registered under Commission Regulation (EC) No 1263/96 (2). |
| --- | --- |

(1)

Pursuant to the first subparagraph of Article 53(1) of Regulation (EU) No 1151/2012, the Commission has examined Portugal’s application for the approval of amendments to the specification for the protected designation of origin ‘Carne Barrosã’, registered under Commission Regulation (EC) No 1263/96 (2).

| (2) | Since the amendments in question are not minor within the meaning of Article 53(2) of Regulation (EU) No 1151/2012, the Commission published the amendment application in the Official Journal of the European Union (3) as required by Article 50(2)(a) of that Regulation. |
| --- | --- |

(2)

Since the amendments in question are not minor within the meaning of Article 53(2) of Regulation (EU) No 1151/2012, the Commission published the amendment application in the Official Journal of the European Union (3) as required by Article 50(2)(a) of that Regulation.

| (3) | As no statement of opposition under Article 51 of Regulation (EU) No 1151/2012 has been received by the Commission, the amendments to the specification should be approved, |
| --- | --- |

(3)

As no statement of opposition under Article 51 of Regulation (EU) No 1151/2012 has been received by the Commission, the amendments to the specification should be approved,

HAS ADOPTED THIS REGULATION:

Article 1

The amendments to the specification published in the Official Journal of the European Union regarding the name ‘Carne Barrosã’ (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, 31 October 2022.

For the Commission,

On behalf of the President,

Janusz WOJCIECHOWSKI

Member of the Commission

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

1

(2)  Commission Regulation (EC) No 1263/96 of 1 July 1996 supplementing the Annex to Regulation (EC) No 1107/96 on the registration of geographical indications and designations of origin under the procedure laid down in Article 17 of Regulation (EEC) No 2081/92 (OJ L 163, 2.7.1996, p. 19).

2

(3)  
  OJ C 252, 1.7.2022, p. 31.

3

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| 7.11.2022 | EN | Official Journal of the European Union | L 285/3 |
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7.11.2022

EN

Official Journal of the European Union

L 285/3

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COMMISSION IMPLEMENTING REGULATION (EU) 2022/2126

of 31 October 2022

entering a name in the register of protected designations of origin and protected geographical indications (‘Castagna di Roccamonfina’ (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, Italy’s application to register the name ‘Castagna di Roccamonfina’ was published in the Official Journal of the European Union (2). |
| --- | --- |

(1)

Pursuant to Article 50(2)(a) of Regulation (EU) No 1151/2012, Italy’s application to register the name ‘Castagna di Roccamonfina’ 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 ‘Castagna di Roccamonfina’ 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 ‘Castagna di Roccamonfina’ should therefore be entered in the register,

HAS ADOPTED THIS REGULATION:

Article 1

The name ‘Castagna di Roccamonfina’ (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, 31 October 2022.

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 252, 1.7.2022, p. 26.

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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| 7.11.2022 | EN | Official Journal of the European Union | L 285/4 |
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7.11.2022

EN

Official Journal of the European Union

L 285/4

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COMMISSION IMPLEMENTING REGULATION (EU) 2022/2127

of 4 November 2022

granting a Union authorisation for the biocidal product family ‘Ecolab UA BPF 1-Propanol’ in accordance with Regulation (EU) No 528/2012 of the European Parliament and of the Council

(Text with EEA relevance)

THE EUROPEAN COMMISSION,

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

Having regard to Regulation (EU) No 528/2012 of the European Parliament and of the Council of 22 May 2012 concerning the making available on the market and use of biocidal products (1), and in particular Article 44(5), first subparagraph, thereof,

Whereas:

| (1) | On 26 March 2019, Ecolab Deutschland GmbH submitted to the European Chemicals Agency (‘the Agency’) an application in accordance with Article 43(1) of Regulation (EU) No 528/2012 for Union authorisation of a biocidal product family named ‘Ecolab UA BPF 1-Propanol’ of product-type 1, as described in Annex V to that Regulation, providing written confirmation that the competent authority of Sweden had agreed to evaluate the application. The application was recorded under case number BC-RS050191-24 in the Register for Biocidal Products. |
| --- | --- |

(1)

On 26 March 2019, Ecolab Deutschland GmbH submitted to the European Chemicals Agency (‘the Agency’) an application in accordance with Article 43(1) of Regulation (EU) No 528/2012 for Union authorisation of a biocidal product family named ‘Ecolab UA BPF 1-Propanol’ of product-type 1, as described in Annex V to that Regulation, providing written confirmation that the competent authority of Sweden had agreed to evaluate the application. The application was recorded under case number BC-RS050191-24 in the Register for Biocidal Products.

| (2) | ‘Ecolab UA BPF 1-Propanol’ contains propan-1-ol as the active substance included in the Union list of approved active substances referred to in Article 9(2) of Regulation (EU) No 528/2012 for product-type 1. |
| --- | --- |

(2)

‘Ecolab UA BPF 1-Propanol’ contains propan-1-ol as the active substance included in the Union list of approved active substances referred to in Article 9(2) of Regulation (EU) No 528/2012 for product-type 1.

| (3) | On 9 September 2021, the evaluating competent authority submitted, in accordance with Article 44(1) of Regulation (EU) No 528/2012, an assessment report and the conclusions of its evaluation to the Agency. |
| --- | --- |

(3)

On 9 September 2021, the evaluating competent authority submitted, in accordance with Article 44(1) of Regulation (EU) No 528/2012, an assessment report and the conclusions of its evaluation to the Agency.

| (4) | On 24 March 2022, the Agency submitted its opinion (2), the draft summary of the biocidal product characteristics (‘SPC’) of ‘Ecolab UA BPF 1-Propanol’ and the final assessment report on the biocidal product family, to the Commission in accordance with Article 44(3) of Regulation (EU) No 528/2012. |
| --- | --- |

(4)

On 24 March 2022, the Agency submitted its opinion (2), the draft summary of the biocidal product characteristics (‘SPC’) of ‘Ecolab UA BPF 1-Propanol’ and the final assessment report on the biocidal product family, to the Commission in accordance with Article 44(3) of Regulation (EU) No 528/2012.

| (5) | The opinion concludes that ‘Ecolab UA BPF 1-Propanol’ is a biocidal product family within the meaning of Article 3(1), point (s), of Regulation (EU) No 528/2012, that it is eligible for Union authorisation in accordance with Article 42(1) of that Regulation and that subject to compliance with the draft SPC, it meets the conditions laid down in Article 19(1) and (6) of that Regulation. |
| --- | --- |

(5)

The opinion concludes that ‘Ecolab UA BPF 1-Propanol’ is a biocidal product family within the meaning of Article 3(1), point (s), of Regulation (EU) No 528/2012, that it is eligible for Union authorisation in accordance with Article 42(1) of that Regulation and that subject to compliance with the draft SPC, it meets the conditions laid down in Article 19(1) and (6) of that Regulation.

| (6) | On 12 April 2022, the Agency transmitted to the Commission the draft SPC in all the official languages of the Union in accordance with Article 44(4) of Regulation (EU) No 528/2012. |
| --- | --- |

(6)

On 12 April 2022, the Agency transmitted to the Commission the draft SPC in all the official languages of the Union in accordance with Article 44(4) of Regulation (EU) No 528/2012.

| (7) | The Commission concurs with the opinion of the Agency and considers it therefore appropriate to grant a Union authorisation for ‘Ecolab UA BPF 1-Propanol’. |
| --- | --- |

(7)

The Commission concurs with the opinion of the Agency and considers it therefore appropriate to grant a Union authorisation for ‘Ecolab UA BPF 1-Propanol’.

| (8) | The measures provided for in this Regulation are in accordance with the opinion of the Standing Committee on biocidal products, |
| --- | --- |

(8)

The measures provided for in this Regulation are in accordance with the opinion of the Standing Committee on biocidal products,

HAS ADOPTED THIS REGULATION:

Article 1

A Union authorisation with authorisation number EU-0028430-0000 is granted to Ecolab Deutschland GmbH for the making available on the market and use of the biocidal product family ‘Ecolab UA BPF 1-Propanol’ in accordance with the summary of the biocidal product characteristics set out in the Annex.

The Union authorisation is valid from 27 November 2022 to 31 October 2032.

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, 4 November 2022.

For the Commission

The President

Ursula VON DER LEYEN

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(1)  
  OJ L 167, 27.6.2012, p. 1.

1

(2)  ECHA opinion of 1 March 2021 on the Union authorisation of ‘Ecolab UA BPF 1-Propanol’ (ECHA/BPC/315/2022), https://echa.europa.eu/bpc-opinions-on-union-authorisation

2

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ANNEX

Summary of product characteristics for a biocidal product family

Ecolab UA BPF 1-Propanol

Product type 1 – Human hygiene (Disinfectants)

Authorisation number: EU-0028430-0000

R4BP asset number: EU-0028430-0000

PART I

FIRST INFORMATION LEVEL

1.   ADMINISTRATIVE INFORMATION

1.1.   Family name

| Name | Ecolab UA BPF 1-Propanol |
| --- | --- |

Name

Ecolab UA BPF 1-Propanol

1.2.   Product type(s)

| Product type(s) | PT01 – Human hygiene (Disinfectants) |
| --- | --- |

Product type(s)

PT01 – Human hygiene (Disinfectants)

1.3.   Authorisation holder

| Name and address of the authorisation holder | Name | Ecolab Deutschland GmbH |
| --- | --- | --- |
| Address | Ecolab Allee 1, 40789 Monheim am Rhein Germany |
| Authorisation number | EU-0028430-0000 |
| R4BP asset number | EU-0028430-0000 |
| Date of the authorisation | 27 November 2022 |
| Expiry date of the authorisation | 31 October 2032 |

Name and address of the authorisation holder

Name

Ecolab Deutschland GmbH

Address

Ecolab Allee 1, 40789 Monheim am Rhein Germany

Authorisation number

EU-0028430-0000

R4BP asset number

EU-0028430-0000

Date of the authorisation

27 November 2022

Expiry date of the authorisation

31 October 2032

1.4.   Manufacturer(s) of the biocidal products

| Name of manufacturer | Ecolab Europe GmbH |
| --- | --- |
| Address of manufacturer | Richtistrasse 7, 8304 Walliselen Switzerland |
| Location of manufacturing sites | Richtistrasse 7, 8304 Walliselen Switzerland |
| AFP GmbH, Otto-Brenner-Straße 16, 21337 Lüneburg Germany |
| Acideka S.A., Edificio Feria. Capuchinos de Basurto 6. 4a planta, 48013 Bilbao Spain |
| Adiego, Adiego Ctra De Valencia KM 5, 900, 50410 Cuarte de Huerva Zaragoza Spain |
| Allied Products, Allied Hygiene Unit 11, Belvedere Industrial Estate, Fishers Way, Belvedere, Kent, DA17 6BS Belvedere United Kingdom |
| Arkema GmbH, Morschheimer Straße 19, D-67292 Krichbeimbolanden Germany |
| Azelis Denmark, Lundtoftegårdsvej 95, 2800 Kgs Lyngby Denmark |
| Belinka-Ljublijana, Belinka Zasavska Cesta, 95 1001 Ljubljana Slovenia |
| Radio street 24 Bld 1, 105005 Moscow Russian Federation |
| Bio Productions Ltd inc. Starpro, 72 Victoria Road Victoria Industrial Estate, West Sussex, RH15 9LH Burgess Hill United Kingdom |
| Bioxal SA, Route des Varennes – Secteur A, BP 30072 71103 Cedex France |
| Bores Srl, Via Pioppa 179, 44030 Pontegradella (FE) Italy |
| Brenntag Ardennes, Route de Tournes, CD n 2, 08090 Cliron France |
| Brenntag CEE – Guntramsdorf, Blending Bahnstr. 13 A, 2353 Guntramsdorf Austria |
| Brenntag GmbH, Humboldtring 15, 45472 Mülheim Germany |
| Brenntag Kaiserslautern, Merkurstr. 47, 67663 Kaiserslautern Germany |
| Brenntag Nordic – Haslev, Høsten Teglværksvej 47, 4690 Haslev Denmark |
| Brenntag Nordic – Vejle, Strandgade 35, 7100 Vejle Denmark |
| Brenntag Normandy, 12 Sente des Jumelles, BP 11 76710 Montville France |
| Brenntag PL-Zgierz, ul. Kwasowa 5, 95-100 Zgierz Poland |
| Brenntag Quimica, Calle Gutemberg n° 22, Poligono Industrial El Lomo, 28906 Getafe Madrid Spain |
| Brenntag Schweizerhall, Elsaesserstr. 231, CH-4056 Basel Schweiz Switzerland |
| Brenntag SRL, Str. Gării nr 1, 077040 Chiaina, Ilfov Romania |
| Budich International GmbH, Dieselstraße 10, 32120 Hiddenhause Germany |
| Caldic Deutschland Chemie B.V, Karlshof 10, D 40231 Düsseldorf Germany |
| The Carbon Group„ P43 R772, County Cork Ringaskiddy Ireland |
| Colep Bad Schmiedeberg, Kemberger Str. 3, 06905 Bad Schmiedeberg Germany |
| Comercial Farmaceutica Castel LANA S.A., ‘Cofarcas’ Condado de Trevino 46 P.I Villalonquejar, 09080 Burgos Spain |
| Comercial Godo, França 13, 08700 Igaulada Barcelona Spain |
| Courtois Sarl, ZA Sous Le Beer, Route de Pacy, 27730 Bueil France |
| DAN-MOR (Dr Wipe) Natural products and Chemicals Ltd, Or Akiva Industrial Zone, Hailian street 29, 30600 Akiva Israel |
| Denteck BV, Heliumstraat 8, 2718 SL Zoetermeer Netherlands |
| Donauchem Kft (Hungary), Bányalég utca 37-43, H-1225 Budapest Hungary |
| Detergents Burguera S.L, Joan Ballester 50, 07630 Campos (Illes Baleares) Spain |
| Champion Technologies Ltd, Minto Avenue, Altens Industrial Estate, AB12 3JZ Aberdeen United Kingdom |
| ECL Biebesheim, Justus-von-Liebig-Straße 11, 64584 Biebesheim am Rhein Germany |
| ECL Chalons, Avenue Du General Patton, 51000 Chalons en Champagne France |
| ECL Cisterna, Nalco italiana Manufacturing Srl. Via Ninfina II, 04012 Cisterna di Latina Italy |
| Champion Technologies Ltd Fawley, Fawley Cadland Road Hythe, Hampshire, SO45 3NP Southampton United Kingdom |
| Ecolab Leeds, Lotherton Way, Garforth, LS25 2JY Leeds United Kingdom |
| ECL Mandra, 25TH KM Old National Road of Athens To Thiva, 19600 Mandra Greece |
| ECL Maribor, Vajngerlova Ulica 4, 2000 Maribor Slovenia |
| ECL Microtek B.V., Gesinkkampstraat 19, 7051 HR Varsseveld Netherlands |
| ECL Microtek Mosta, Sorbonne Centre F20 Mosta Technopark, Mst 3000 Mosta Malta |
| ECL Microtek Zutphen, Hekkehorst 24, 7027 BN Zutphen Netherlands |
| Ecolab Ltd (IE) and Ecolab Manufacturing IE Ltd (IE), Forest Park, Zone C Mullingar Ind. Estate N91, Co. Westmeath Mullingar Ireland |
| ECL Niewegein, Brugwal 11A, 3432 NZ Nieuwegein Netherlands |
| ECL Rovigo Esoform, Esoform SRL Laboratorio Chimico Farmaceutico Viale del Lavoro 10, 45100 Rovigo Italy |
| ECL Rozzano, Via A. Grandi, 20089 Milan Italy |
| ECL Tessenderlo, Havenlaan 4, Ravenshout 4 210 , B-3980 Tessenderlo Belgium |
| ECL Weavergate/Ecolab Ltd (UK)/Ecolab Manufacturing UK Ltd (UK), Winnington Avenue, CW8 3AA Northwich United Kingdom |
| Ecolab LTD Baglan/Swindon, Plot 7a Baglan Energy Park, Baglan, SA11 2HZ Port Talbot United Kingdom |
| Ferdinand Eiermacher GmbH & Co. KG, Westring 24, 48356 Nordwalde Germany |
| F.E.L.T., B.P 64 10 Rue du Vertuquet, 59531 Neuville En Ferrain France |
| Gallows Green Services Ltd, Cod Beck Mill Industrial Estate Dalton Lane, YO7 3HR Thirsk United Kingdom |
| Gerdisa German Rodriguez Drogas IND., Gerdisa Poligono Industrial Miralcampo C.Pintura n.-4, parc.37, 19200 Azuqueca de Henares Guadalajara Spain |
| Girasol Natural Products BV, De Veldoven 12-14, 3342 GR Hendrik-Ido-Ambacht Netherlands |
| Henkel Engels, 48 Pr. Stroitelei, 413116 Saratov Russian Federation |
| IMECO GmbH & Co. KG, Boschstraße 5, D-63768 Hösbach Germany |
| Innovate GmbH, Am Hohen Stein 11, 06618 Naumberg Germany |
| Interfill LCC-Tosno, 187000 Moskovskoye shosse 1, 187000 Leningradskaya oblast Russian Federation |
| Jodel, Jodel Zona Industrial 2050, 2050 Aveiras de Cima Portugal |
| Kleimann GmbH, Am Trieb 13, 72820 Sonnenbühl Germany |
| Kompak Nederland BV, 433651 Bavel 0031-161 Bavel Netherlands |
| La Antigua Lavandera S.L., Ctra. Antigua Sevilla-Alcalá Km.1,5 (SE-410 Apartado de Correos 58, 41500 Alcala De Guadaira Sevilla Spain |
| Laboratoires Anios, Pavé du moulin, 59260 Lille-Hellemmes France |
| Laboratoires Anios, 3330 Rue de Lille, 59262 Sainghin-en-Mélantois France |
| Laboratoires Prodene Klint, Site de Mitry-Mory 2, Rue Denis Papin ZI Mitry-Compans, 77290 Mitry Mory France |
| Lichtenheldt GmbH, Lichtenheldt Industriestraße 7-9, 23812 Wahlstedt Germany |
| Lonza GmbH, Morianstr.32, 42103 Wuppertal Germany |
| Multifill BV, Constructieweg 25-A, 3641 SB Mijdrecht Netherlands |
| NALCO Finland Manufacturing Oy (Tesjoki), Kivikummuntie 1, 07955 Tesjoki Finland |
| NALCO Celra, Celra C/Tramuntana s/n Poligona Industrial, 17460 Celra Spain |
| NOPA Nordisk Parfumerivare, Hvedevej 2-22, DK-8900 Randers Denmark |
| Nuova Farmec Srl, Via Flemming 7, 37026 Settimo di Pescantina (VR) Verona Italy |
| Pal International Ltd, Sandhurst Street, LE17 4JA Leicester United Kingdom |
| Planol GmbH, Maybachstr. 17, 63456 Hanau Germany |
| Plum A/S, Frederik Plums Vej 2, DK 5610 Assens Denmark |
| Productos La Corberana S.L., Ctra Corbera Polinyá, s/n° 4, 46612 Valencia Spain |
| The Proton Group Ltd, Ripley Drive, Normanton Industrial Estate, WF6 1QT Wakefield United Kingdom |
| Quimicas Morales S.L., Misiones, 11 Urb. El Sebadal, 05005 Las Palmas de Gran Canaria Spain |
| RNM Productos Quimicos, Lda Rua da Fabrica 123, Segade, 4765-080 Carreira Vila Nova de Famalicao Portugal |
| RP Adam Ltd (Arpal Group), North Riverside Business Park, Riverside Road„ TD7 5DU Selkirk United Kingdom |
| Roquette & Barentz, Roquette Freres, Route De La Gorgue, F-62136 Lestrem France |
| Rutpen Ltd, Membury Airfield, Lambourn, RG16 7TJ Membury United Kingdom |
| Simagec, Z.I. de Rousset/Peynier, 54 Avenue de la Plaine„ 13790 Rousset France |
| Solimix, Montseny 17-19 Pol. Ind. Sant Pere, Molanta, 08799 Olerdola Barcelona Spain |
| Staub & Co. – Silbermann GmbH, Industriestraße 3, D-86456 Gablingen Germany |
| Stockmeier Chemie, Eilenburg GmbH & Co. Kg, Gustav-Adolf-Ring 5, 04838 Ellenburg Germany |
| Synerlogic BV (IN2FOOD), L.J. Costerstraat 5, 6827 Arnhem Netherlands |
| Techtex (Technical Textile Services Ltd), Units 7 & 8, Rhodes Business Park Silburn Way, Middleton, M24 4NE Manchester United Kingdom |
| Univar Ltd, Argyle House, Epsom Avenue, SK9 3RN Wilmslow United Kingdom |
| Univar SPA, Via Caldera 21, 20-153 Milano Italy |
| Van Dam Bodegraven B.V, Postbus 48 NL, 2410 AA Bodegraven Netherlands |
| McBride, Calle Ramón Esteve, 0 S/N (Pol L’Illa)„ 08650 Botjosa (la) Barcelona Spain |
| Extruplast, Avenue de la Repentie, 1700 La Rochelle1 France |
| Brenntag Hungary Kft, Bányalég u. 45, 1225 Budapest Hungary |
| DR. Becher GmbH, Vor den Specken 3„ 30926 Seelze Germany |
| Danlind AS, Lægaardvej 90 – 94, DK-7500 Holstebro Denmark |
| Farmak Moravia a.s, Na Vlčinci 16„ 779 00 Oloumoc Czech Republic |
| Hydrachem LTD, Gillmans Industrial Estate, Natts Lane, RH14 9EZ Billingshurst United Kingdom |
| Julius Hoesch GmbH, Birkesdorfer Str. 5, 52353 Düren Germany |
| Medentech LTD, Whitemill Industrial Estate, Wexford Ireland |
| MKS GmbH & Co. KG, Am Ockenheimer Graben 43, 55411 Bingen am Rhein Germany |
| PDI, Aber Park, Aber Road, CH6 5EX Flint United Kingdom |
| Peenwhite LTD, Midpoint 18 Business Park, Aston Way„ CW10 0HS Middlewich United Kingdom |
| Jago Pro Sp.z.o.o., Szczakowska 35, 43-600 Jaworzno Poland |
| Wesso AG, Martin-Luther-Str. 10, 91217 Hersbruck Germany |
| CID Lines NV, Waterpoorstraat 2, 8900 Leper Belgium |

Name of manufacturer

Ecolab Europe GmbH

Address of manufacturer

Richtistrasse 7, 8304 Walliselen Switzerland

Location of manufacturing sites

Richtistrasse 7, 8304 Walliselen Switzerland

AFP GmbH, Otto-Brenner-Straße 16, 21337 Lüneburg Germany

Acideka S.A., Edificio Feria. Capuchinos de Basurto 6. 4a planta, 48013 Bilbao Spain

Adiego, Adiego Ctra De Valencia KM 5, 900, 50410 Cuarte de Huerva Zaragoza Spain

Allied Products, Allied Hygiene Unit 11, Belvedere Industrial Estate, Fishers Way, Belvedere, Kent, DA17 6BS Belvedere United Kingdom

Arkema GmbH, Morschheimer Straße 19, D-67292 Krichbeimbolanden Germany

Azelis Denmark, Lundtoftegårdsvej 95, 2800 Kgs Lyngby Denmark

Belinka-Ljublijana, Belinka Zasavska Cesta, 95 1001 Ljubljana Slovenia

Radio street 24 Bld 1, 105005 Moscow Russian Federation

Bio Productions Ltd inc. Starpro, 72 Victoria Road Victoria Industrial Estate, West Sussex, RH15 9LH Burgess Hill United Kingdom

Bioxal SA, Route des Varennes – Secteur A, BP 30072 71103 Cedex France

Bores Srl, Via Pioppa 179, 44030 Pontegradella (FE) Italy

Brenntag Ardennes, Route de Tournes, CD n 2, 08090 Cliron France

Brenntag CEE – Guntramsdorf, Blending Bahnstr. 13 A, 2353 Guntramsdorf Austria

Brenntag GmbH, Humboldtring 15, 45472 Mülheim Germany

Brenntag Kaiserslautern, Merkurstr. 47, 67663 Kaiserslautern Germany

Brenntag Nordic – Haslev, Høsten Teglværksvej 47, 4690 Haslev Denmark

Brenntag Nordic – Vejle, Strandgade 35, 7100 Vejle Denmark

Brenntag Normandy, 12 Sente des Jumelles, BP 11 76710 Montville France

Brenntag PL-Zgierz, ul. Kwasowa 5, 95-100 Zgierz Poland

Brenntag Quimica, Calle Gutemberg n° 22, Poligono Industrial El Lomo, 28906 Getafe Madrid Spain

Brenntag Schweizerhall, Elsaesserstr. 231, CH-4056 Basel Schweiz Switzerland

Brenntag SRL, Str. Gării nr 1, 077040 Chiaina, Ilfov Romania

Budich International GmbH, Dieselstraße 10, 32120 Hiddenhause Germany

Caldic Deutschland Chemie B.V, Karlshof 10, D 40231 Düsseldorf Germany

The Carbon Group„ P43 R772, County Cork Ringaskiddy Ireland

Colep Bad Schmiedeberg, Kemberger Str. 3, 06905 Bad Schmiedeberg Germany

Comercial Farmaceutica Castel LANA S.A., ‘Cofarcas’ Condado de Trevino 46 P.I Villalonquejar, 09080 Burgos Spain

Comercial Godo, França 13, 08700 Igaulada Barcelona Spain

Courtois Sarl, ZA Sous Le Beer, Route de Pacy, 27730 Bueil France

DAN-MOR (Dr Wipe) Natural products and Chemicals Ltd, Or Akiva Industrial Zone, Hailian street 29, 30600 Akiva Israel

Denteck BV, Heliumstraat 8, 2718 SL Zoetermeer Netherlands

Donauchem Kft (Hungary), Bányalég utca 37-43, H-1225 Budapest Hungary

Detergents Burguera S.L, Joan Ballester 50, 07630 Campos (Illes Baleares) Spain

Champion Technologies Ltd, Minto Avenue, Altens Industrial Estate, AB12 3JZ Aberdeen United Kingdom

ECL Biebesheim, Justus-von-Liebig-Straße 11, 64584 Biebesheim am Rhein Germany

ECL Chalons, Avenue Du General Patton, 51000 Chalons en Champagne France

ECL Cisterna, Nalco italiana Manufacturing Srl. Via Ninfina II, 04012 Cisterna di Latina Italy

Champion Technologies Ltd Fawley, Fawley Cadland Road Hythe, Hampshire, SO45 3NP Southampton United Kingdom

Ecolab Leeds, Lotherton Way, Garforth, LS25 2JY Leeds United Kingdom

ECL Mandra, 25TH KM Old National Road of Athens To Thiva, 19600 Mandra Greece

ECL Maribor, Vajngerlova Ulica 4, 2000 Maribor Slovenia

ECL Microtek B.V., Gesinkkampstraat 19, 7051 HR Varsseveld Netherlands

ECL Microtek Mosta, Sorbonne Centre F20 Mosta Technopark, Mst 3000 Mosta Malta

ECL Microtek Zutphen, Hekkehorst 24, 7027 BN Zutphen Netherlands

Ecolab Ltd (IE) and Ecolab Manufacturing IE Ltd (IE), Forest Park, Zone C Mullingar Ind. Estate N91, Co. Westmeath Mullingar Ireland

ECL Niewegein, Brugwal 11A, 3432 NZ Nieuwegein Netherlands

ECL Rovigo Esoform, Esoform SRL Laboratorio Chimico Farmaceutico Viale del Lavoro 10, 45100 Rovigo Italy

ECL Rozzano, Via A. Grandi, 20089 Milan Italy

ECL Tessenderlo, Havenlaan 4, Ravenshout 4 210 , B-3980 Tessenderlo Belgium

ECL Weavergate/Ecolab Ltd (UK)/Ecolab Manufacturing UK Ltd (UK), Winnington Avenue, CW8 3AA Northwich United Kingdom

Ecolab LTD Baglan/Swindon, Plot 7a Baglan Energy Park, Baglan, SA11 2HZ Port Talbot United Kingdom

Ferdinand Eiermacher GmbH & Co. KG, Westring 24, 48356 Nordwalde Germany

F.E.L.T., B.P 64 10 Rue du Vertuquet, 59531 Neuville En Ferrain France

Gallows Green Services Ltd, Cod Beck Mill Industrial Estate Dalton Lane, YO7 3HR Thirsk United Kingdom

Gerdisa German Rodriguez Drogas IND., Gerdisa Poligono Industrial Miralcampo C.Pintura n.-4, parc.37, 19200 Azuqueca de Henares Guadalajara Spain

Girasol Natural Products BV, De Veldoven 12-14, 3342 GR Hendrik-Ido-Ambacht Netherlands

Henkel Engels, 48 Pr. Stroitelei, 413116 Saratov Russian Federation

IMECO GmbH & Co. KG, Boschstraße 5, D-63768 Hösbach Germany

Innovate GmbH, Am Hohen Stein 11, 06618 Naumberg Germany

Interfill LCC-Tosno, 187000 Moskovskoye shosse 1, 187000 Leningradskaya oblast Russian Federation

Jodel, Jodel Zona Industrial 2050, 2050 Aveiras de Cima Portugal

Kleimann GmbH, Am Trieb 13, 72820 Sonnenbühl Germany

Kompak Nederland BV, 433651 Bavel 0031-161 Bavel Netherlands

La Antigua Lavandera S.L., Ctra. Antigua Sevilla-Alcalá Km.1,5 (SE-410 Apartado de Correos 58, 41500 Alcala De Guadaira Sevilla Spain

Laboratoires Anios, Pavé du moulin, 59260 Lille-Hellemmes France

Laboratoires Anios, 3330 Rue de Lille, 59262 Sainghin-en-Mélantois France

Laboratoires Prodene Klint, Site de Mitry-Mory 2, Rue Denis Papin ZI Mitry-Compans, 77290 Mitry Mory France

Lichtenheldt GmbH, Lichtenheldt Industriestraße 7-9, 23812 Wahlstedt Germany

Lonza GmbH, Morianstr.32, 42103 Wuppertal Germany

Multifill BV, Constructieweg 25-A, 3641 SB Mijdrecht Netherlands

NALCO Finland Manufacturing Oy (Tesjoki), Kivikummuntie 1, 07955 Tesjoki Finland

NALCO Celra, Celra C/Tramuntana s/n Poligona Industrial, 17460 Celra Spain

NOPA Nordisk Parfumerivare, Hvedevej 2-22, DK-8900 Randers Denmark

Nuova Farmec Srl, Via Flemming 7, 37026 Settimo di Pescantina (VR) Verona Italy

Pal International Ltd, Sandhurst Street, LE17 4JA Leicester United Kingdom

Planol GmbH, Maybachstr. 17, 63456 Hanau Germany

Plum A/S, Frederik Plums Vej 2, DK 5610 Assens Denmark

Productos La Corberana S.L., Ctra Corbera Polinyá, s/n° 4, 46612 Valencia Spain

The Proton Group Ltd, Ripley Drive, Normanton Industrial Estate, WF6 1QT Wakefield United Kingdom

Quimicas Morales S.L., Misiones, 11 Urb. El Sebadal, 05005 Las Palmas de Gran Canaria Spain

RNM Productos Quimicos, Lda Rua da Fabrica 123, Segade, 4765-080 Carreira Vila Nova de Famalicao Portugal

RP Adam Ltd (Arpal Group), North Riverside Business Park, Riverside Road„ TD7 5DU Selkirk United Kingdom

Roquette & Barentz, Roquette Freres, Route De La Gorgue, F-62136 Lestrem France

Rutpen Ltd, Membury Airfield, Lambourn, RG16 7TJ Membury United Kingdom

Simagec, Z.I. de Rousset/Peynier, 54 Avenue de la Plaine„ 13790 Rousset France

Solimix, Montseny 17-19 Pol. Ind. Sant Pere, Molanta, 08799 Olerdola Barcelona Spain

Staub & Co. – Silbermann GmbH, Industriestraße 3, D-86456 Gablingen Germany

Stockmeier Chemie, Eilenburg GmbH & Co. Kg, Gustav-Adolf-Ring 5, 04838 Ellenburg Germany

Synerlogic BV (IN2FOOD), L.J. Costerstraat 5, 6827 Arnhem Netherlands

Techtex (Technical Textile Services Ltd), Units 7 & 8, Rhodes Business Park Silburn Way, Middleton, M24 4NE Manchester United Kingdom

Univar Ltd, Argyle House, Epsom Avenue, SK9 3RN Wilmslow United Kingdom

Univar SPA, Via Caldera 21, 20-153 Milano Italy

Van Dam Bodegraven B.V, Postbus 48 NL, 2410 AA Bodegraven Netherlands

McBride, Calle Ramón Esteve, 0 S/N (Pol L’Illa)„ 08650 Botjosa (la) Barcelona Spain

Extruplast, Avenue de la Repentie, 1700 La Rochelle1 France

Brenntag Hungary Kft, Bányalég u. 45, 1225 Budapest Hungary

DR. Becher GmbH, Vor den Specken 3„ 30926 Seelze Germany

Danlind AS, Lægaardvej 90 – 94, DK-7500 Holstebro Denmark

Farmak Moravia a.s, Na Vlčinci 16„ 779 00 Oloumoc Czech Republic

Hydrachem LTD, Gillmans Industrial Estate, Natts Lane, RH14 9EZ Billingshurst United Kingdom

Julius Hoesch GmbH, Birkesdorfer Str. 5, 52353 Düren Germany

Medentech LTD, Whitemill Industrial Estate, Wexford Ireland

MKS GmbH & Co. KG, Am Ockenheimer Graben 43, 55411 Bingen am Rhein Germany

PDI, Aber Park, Aber Road, CH6 5EX Flint United Kingdom

Peenwhite LTD, Midpoint 18 Business Park, Aston Way„ CW10 0HS Middlewich United Kingdom

Jago Pro Sp.z.o.o., Szczakowska 35, 43-600 Jaworzno Poland

Wesso AG, Martin-Luther-Str. 10, 91217 Hersbruck Germany

CID Lines NV, Waterpoorstraat 2, 8900 Leper Belgium

1.5.   Manufacturer(s) of the active substance(s)

| Active substance | Propan-1-ol |
| --- | --- |
| Name of manufacturer | BASF SE |
| Address of manufacturer | Carl-Bosch-Str. 38, 67056 Ludwigshafen Germany |
| Location of manufacturing sites | Carl-Bosch-Str. 38, 67056 Ludwigshafen Germany |

Active substance

Propan-1-ol

Name of manufacturer

BASF SE

Address of manufacturer

Carl-Bosch-Str. 38, 67056 Ludwigshafen Germany

Location of manufacturing sites

Carl-Bosch-Str. 38, 67056 Ludwigshafen Germany

| Active substance | Propan-1-ol |
| --- | --- |
| Name of manufacturer | OQ Corporation |
| Address of manufacturer | 2001 FM 3057, TX 77414 Bay City United States |
| Location of manufacturing sites | 2001 FM 3057, TX 77414 Bay City United States |

Active substance

Propan-1-ol

Name of manufacturer

OQ Corporation

Address of manufacturer

2001 FM 3057, TX 77414 Bay City United States

Location of manufacturing sites

2001 FM 3057, TX 77414 Bay City United States

2.   PRODUCT FAMILY COMPOSITION AND FORMULATION

2.1.   Qualitative and quantitative information on the composition of the family

| Common name | IUPAC name | Function | CAS number | EC number | Content (%) |
| --- | --- | --- | --- | --- | --- |
| Min | Max |
| Propan-1-ol | | Active Substance | 71-23-8 | 200-746-9 | 70,35 | 75,38 |

Common name

IUPAC name

Function

CAS number

EC number

Content (%)

Min

Max

Propan-1-ol

Active Substance

71-23-8

200-746-9

70,35

75,38

2.2.   Type(s) of formulation

| Formulation(s) | AL – Any other liquid |
| --- | --- |

Formulation(s)

AL – Any other liquid

PART II

SECOND INFORMATION LEVEL – META SPC(S)

META SPC 1

1.   META SPC 1 ADMINISTRATIVE INFORMATION

1.1.   Meta SPC 1 identifier

| Identifier | meta SPC 1 |
| --- | --- |

Identifier

meta SPC 1

1.2.   Suffix to the authorisation number

| Number | 1-1 |
| --- | --- |

Number

1-1

1.3.   Product type(s)

| Product type(s) | PT01 – Human hygiene (Disinfectants) |
| --- | --- |

Product type(s)

PT01 – Human hygiene (Disinfectants)

2.   META SPC 1 COMPOSITION

2.1.   Qualitative and quantitative information on the composition of the meta SPC 1

| Common name | IUPAC name | Function | CAS number | EC number | Content (%) |
| --- | --- | --- | --- | --- | --- |
| Min | Max |
| Propan-1-ol | | Active Substance | 71-23-8 | 200-746-9 | 70,35 | 75,38 |

Common name

IUPAC name

Function

CAS number

EC number

Content (%)

Min

Max

Propan-1-ol

Active Substance

71-23-8

200-746-9

70,35

75,38

2.2.   Type(s) of formulation of the meta SPC 1

| Formulation(s) | AL – Any other liquid |
| --- | --- |

Formulation(s)

AL – Any other liquid

3.   HAZARD AND PRECAUTIONARY STATEMENTS OF THE META SPC 1

| Hazard statements | Flammable liquid and vapour.
  Causes serious eye damage.
  May cause drowsiness or dizziness.
  Repeated exposure may cause skin dryness or cracking. |
| --- | --- |
| Precautionary statements | Keep away from heat, hot surfaces, sparks, open flames and other ignition sources. – No smoking.
  Wear face protection.
  Wear eye protection.
  IF IN EYES: Rinse cautiously with water for several minutes. Remove contact lenses, if present and easy to do. Continue rinsing.
  Immediately call a POISON CENTER/doctor.
  Avoid breathing vapours.
  Call a POISONCENTRE/doctor if you feel unwell. |

Hazard statements

Flammable liquid and vapour.

Causes serious eye damage.

May cause drowsiness or dizziness.

Repeated exposure may cause skin dryness or cracking.

Precautionary statements

Keep away from heat, hot surfaces, sparks, open flames and other ignition sources. – No smoking.

Wear face protection.

Wear eye protection.

IF IN EYES: Rinse cautiously with water for several minutes. Remove contact lenses, if present and easy to do. Continue rinsing.

Immediately call a POISON CENTER/doctor.

Avoid breathing vapours.

Call a POISONCENTRE/doctor if you feel unwell.

4.   AUTHORISED USE(S) OF THE META SPC 1

4.1.   Use description

Table 1.

Use # 1 – Hand disinfection

| Product type | PT01 – Human hygiene (Disinfectants) |
| --- | --- |
| Where relevant, an exact description of the authorised use | Hygienic hand rub |
| Target organism(s) (including development stage) | Scientific name: Bacteria
  Common name: Bacteria
  Development stage:
  Scientific name: Tuberculosis bacilli
  Common name: Tuberculosis bacilli
  Development stage:
  Scientific name: Yeasts
  Common name: Yeasts
  Development stage:
  Scientific name: Enveloped viruses
  Common name: Enveloped viruses
  Development stage:
  Scientific name: Viruses (limited spectrum virucidal activity)
  Common name: Viruses (limited spectrum virucidal activity)
  Development stage: |
| Field(s) of use | Indoor
  Indoor
  Hand disinfection
  Food processing areas (industry, institutional and hospital kitchen areas (no contact with patients))
  Hygienic hand rub, on visibly clean hands |
| Application method(s) | Method: Manual or automatic pump
  Detailed description:
  Manual (elbow lever or touchless) Automatic (by pump) |
| Application rate(s) and frequency | Application Rate: 3 ml
  Dilution (%): Ready to use
  Number and timing of application:
  10 times per day |
| Category(ies) of users | Industrial
  Professional |
| Pack sizes and packaging material | 100-20 000 l HEDP bottle, jerry can. |

Product type

PT01 – Human hygiene (Disinfectants)

Where relevant, an exact description of the authorised use

Hygienic hand rub

Target organism(s) (including development stage)

Scientific name: Bacteria

Common name: Bacteria

Development stage:

Scientific name: Tuberculosis bacilli

Common name: Tuberculosis bacilli

Development stage:

Scientific name: Yeasts

Common name: Yeasts

Development stage:

Scientific name: Enveloped viruses

Common name: Enveloped viruses

Development stage:

Scientific name: Viruses (limited spectrum virucidal activity)

Common name: Viruses (limited spectrum virucidal activity)

Development stage:

Field(s) of use

Indoor

Indoor

Hand disinfection

Food processing areas (industry, institutional and hospital kitchen areas (no contact with patients))

Hygienic hand rub, on visibly clean hands

Application method(s)

Method: Manual or automatic pump

Detailed description:

Manual (elbow lever or touchless) Automatic (by pump)

Application rate(s) and frequency

Application Rate: 3 ml

Dilution (%): Ready to use

Number and timing of application:

10 times per day

Category(ies) of users

Industrial

Professional

Pack sizes and packaging material

100-20 000 l HEDP bottle, jerry can.

4.1.1.   Use-specific instructions for use

Refer to general measures (5.1)

4.1.2.   Use-specific risk mitigation measures

Refer to general measures (5.2))

4.1.3.   Where specific to the use, the particulars of likely direct or indirect effects, first aid instructions and emergency measures to protect the environment

Refer to general measures (5.3)

4.1.4.   Where specific to the use, the instructions for safe disposal of the product and its packaging

Refer to general measures (5.4)

4.1.5.   Where specific to the use, the conditions of storage and shelf-life of the product under normal conditions of storage

Refer to general measures (5.5)

5.   GENERAL DIRECTIONS FOR USE (1) OF THE META SPC 1

5.1.   Instructions for use

Use 1 – Hand disinfection

Hand Disinfection for food processing areas:

Apply 3 ml product on clean and dry hands for:

| — | 30 seconds bacteria/yeast/tuberculosis bacilli/enveloped viruses |
| --- | --- |

—

30 seconds bacteria/yeast/tuberculosis bacilli/enveloped viruses

| — | 60 seconds viruses (limited spectrum virucidal activity) |
| --- | --- |

—

60 seconds viruses (limited spectrum virucidal activity)

Keep hands wet during whole contact time

5.2.   Risk mitigation measures

Avoid contact with eyes.

If refilling is needed, gloves and eye protection should be used.

In case of skin dryness, use appropriate skin care lotion.

5.3.   Particulars of likely direct or indirect effects, first aid instructions and emergency measures to protect the environment

IF INHALED: Move to fresh air and keep at rest in a position comfortable for breathing. Call a POISON CENTRE or a doctor.

IF SWALLOWED: Rinse mouth.

If symptoms: Call 112/ambulance for medical assistance.

If no symptoms: Call a POISON CENTRE or a doctor.

Information to Healthcare personnel/doctor: Initiate life support measures if needed, thereafter call a POISON CENTRE.

IF ON SKIN: If irritation occurs wash with water and seek medical advice. In cases of unintentional skin exposure: wash with water.

IF IN EYES: Immediately rinse with water for several minutes. Remove contact lenses, if present and easy to do. Continue rinsing for at least 15 minutes. Call 112/ambulance for medical assistance.

Environmental precautions: do not allow contact with soil, surface or ground water.

5.4.   Instructions for safe disposal of the product and its packaging

Product and product residues: Do not allow the product to enter drains, water courses or the soil. Where possible recycling is preferred to disposal or incineration. If recycling is not practicable, dispose of the product in compliance with local regulations. Dispose of wastes in an approved waste disposal facility

Packaging: Bring empty containers to an approved waste handling site for recycling or disposal. Dispose of packaging only if completely empty and closed. Do not re-use empty containers. Dispose of in accordance with local, regional, national regulations.

5.5.   Conditions of storage and shelf-life of the product under normal conditions of storage

Keep away from heat and sources of ignition. Keep in a cool, well-ventilated place. Keep away from oxidizing agents. Keep out of reach of children. Keep container tightly closed. Store in suitable labelled containers. Store between 0 °C to 25 °C.

Shelf life: 4 years

6.   OTHER INFORMATION

7.   THIRD INFORMATION LEVEL: INDIVIDUAL PRODUCTS IN THE META SPC 1

7.1.   Trade name(s), authorisation number and specific composition of each individual product

| Trade name(s) | Skinman Sensitive | Market area: EU |
| --- | --- | --- |
| | P3-Manodes LI | Market area: EU |
| Epicare DES | Market area: EU |
| Manodes LI | Market area: EU |
| Authorisation number | EU-0028430-0001 1-1 |
| Common name | IUPAC name | Function | CAS number | EC number | Content (%) |
| Propan-1-ol | | Active Substance | 71-23-8 | 200-746-9 | 70,35 |

Trade name(s)

Skinman Sensitive

Market area: EU

P3-Manodes LI

Market area: EU

Epicare DES

Market area: EU

Manodes LI

Market area: EU

Authorisation number

EU-0028430-0001 1-1

Common name

IUPAC name

Function

CAS number

EC number

Content (%)

Propan-1-ol

Active Substance

71-23-8

200-746-9

70,35

---

(1)  Instructions for use, risk mitigation measures and other directions for use under this section are valid for any authorised uses within the meta SPC 1.

---

DECISIONS

| 7.11.2022 | EN | Official Journal of the European Union | L 285/15 |
| --- | --- | --- | --- |

7.11.2022

EN

Official Journal of the European Union

L 285/15

---

DECISION (EU) 2022/2128 OF THE EUROPEAN CENTRAL BANK

of 27 October 2022

amending Decision (EU) 2019/1311 on a third series of targeted longer-term refinancing operations (ECB/2019/21) (ECB/2022/37)

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 the first indent of Article 3.1, Article 12.1, the second indent of Article 18.1 and the second indent of Article 34.1 thereof,

Having regard to 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) (1).

Whereas:

| (1) | Pursuant to Article 1(4) of Guideline (EU) 2015/510 (ECB/2014/60), the Governing Council may, at any time, change the tools, instruments, requirements, criteria and procedures for the implementation of Eurosystem monetary policy operations. |
| --- | --- |

(1)

Pursuant to Article 1(4) of Guideline (EU) 2015/510 (ECB/2014/60), the Governing Council may, at any time, change the tools, instruments, requirements, criteria and procedures for the implementation of Eurosystem monetary policy operations.

| (2) | On 22 July 2019, in pursuing its objective to maintain price stability by preserving favourable bank lending conditions and thereby supporting the accommodative stance of monetary policy in Member States whose currency is the euro, the Governing Council adopted Decision (EU) 2019/1311 of the European Central Bank (ECB/2019/21) (2). This Decision provides for a third series of targeted longer-term refinancing operations (TLTROs-III) to be conducted over the period September 2019 to March 2021. |
| --- | --- |

(2)

On 22 July 2019, in pursuing its objective to maintain price stability by preserving favourable bank lending conditions and thereby supporting the accommodative stance of monetary policy in Member States whose currency is the euro, the Governing Council adopted Decision (EU) 2019/1311 of the European Central Bank (ECB/2019/21) (2). This Decision provides for a third series of targeted longer-term refinancing operations (TLTROs-III) to be conducted over the period September 2019 to March 2021.

| (3) | Since the adoption of Decision (EU) 2019/1311 (ECB/2019/21), the parameters and conditions of the TLTROs-III have been recalibrated on several occasions, as considered necessary and appropriate in light of the risks to price stability, the monetary policy transmission mechanism and the economic outlook in the euro area existing at the time. These adjustments took place in a disinflationary environment, requiring a highly accommodative monetary policy stance to ensure price stability over the medium term. In particular, on 12 September 2019, in order to preserve favourable bank lending conditions, ensure the smooth transmission of monetary policy in Member States whose currency is the euro and to support the accommodative stance of monetary policy, the Governing Council decided to change certain parameters of TLTROs-III, including to increase the maturity of all operations from two to three years and provide for a reduction in applicable interest rates. On 12 March 2020, in order to support bank lending to those most affected by the spread of the coronavirus disease (COVID-19), in particular small and medium-sized enterprises, the Governing Council decided to change certain parameters of TLTROs-III, including to increase the borrowing allowance. Moreover, on 30 April 2020, in order to further support the provision of credit to households and firms in the face of the prevalent economic disruptions and heightened uncertainty, the Governing Council decided to provide for an additional temporary reduction in interest rates applied to all TLTROs-III under certain conditions (3). On 10 December 2020, the Governing Council decided to further recalibrate the conditions of TLTROs-III aiming to contribute to preserving favourable financing conditions over the pandemic period, thereby supporting the flow of credit to all sectors of the economy, underpinning economic activity and safeguarding medium-term price stability. In particular, it decided to extend the period over which considerably more favourable terms apply to June 2022, conduct three additional operations between June and December 2021, and raise the total amount that participants are entitled to borrow in TLTROs-III. At that time, the Governing Council indicated that it continued to stand ready to adjust all of its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner, in line with its commitment to symmetry (4). |
| --- | --- |

(3)

Since the adoption of Decision (EU) 2019/1311 (ECB/2019/21), the parameters and conditions of the TLTROs-III have been recalibrated on several occasions, as considered necessary and appropriate in light of the risks to price stability, the monetary policy transmission mechanism and the economic outlook in the euro area existing at the time. These adjustments took place in a disinflationary environment, requiring a highly accommodative monetary policy stance to ensure price stability over the medium term. In particular, on 12 September 2019, in order to preserve favourable bank lending conditions, ensure the smooth transmission of monetary policy in Member States whose currency is the euro and to support the accommodative stance of monetary policy, the Governing Council decided to change certain parameters of TLTROs-III, including to increase the maturity of all operations from two to three years and provide for a reduction in applicable interest rates. On 12 March 2020, in order to support bank lending to those most affected by the spread of the coronavirus disease (COVID-19), in particular small and medium-sized enterprises, the Governing Council decided to change certain parameters of TLTROs-III, including to increase the borrowing allowance. Moreover, on 30 April 2020, in order to further support the provision of credit to households and firms in the face of the prevalent economic disruptions and heightened uncertainty, the Governing Council decided to provide for an additional temporary reduction in interest rates applied to all TLTROs-III under certain conditions (3). On 10 December 2020, the Governing Council decided to further recalibrate the conditions of TLTROs-III aiming to contribute to preserving favourable financing conditions over the pandemic period, thereby supporting the flow of credit to all sectors of the economy, underpinning economic activity and safeguarding medium-term price stability. In particular, it decided to extend the period over which considerably more favourable terms apply to June 2022, conduct three additional operations between June and December 2021, and raise the total amount that participants are entitled to borrow in TLTROs-III. At that time, the Governing Council indicated that it continued to stand ready to adjust all of its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner, in line with its commitment to symmetry (4).

| (4) | TLTROs-III, as adjusted when warranted, have therefore played a key role in maintaining price stability, in particular throughout the acute phase of the pandemic period, by preserving favourable financing conditions in a disinflationary environment and supporting the accommodative stance of monetary policy necessary to address severe downside risks to the economy and to price stability. During that period, the European Central Bank (ECB) granted exceptionally favourable financing conditions to participating credit institutions through TLTROs-III, with a view to sustaining lending to the real economy at a time of intense stress. |
| --- | --- |

(4)

TLTROs-III, as adjusted when warranted, have therefore played a key role in maintaining price stability, in particular throughout the acute phase of the pandemic period, by preserving favourable financing conditions in a disinflationary environment and supporting the accommodative stance of monetary policy necessary to address severe downside risks to the economy and to price stability. During that period, the European Central Bank (ECB) granted exceptionally favourable financing conditions to participating credit institutions through TLTROs-III, with a view to sustaining lending to the real economy at a time of intense stress.

| (5) | The rapid and unexpected rise in inflation to levels that are unprecedented since the introduction of the euro, mainly due to unexpectedly high energy costs and supply deficiencies and the substantial upward revision in the outlook for medium-term inflation since the end of 2021, calls for a fundamental reassessment of the appropriate monetary policy stance. Energy and commodity prices have sharply increased after the Russian invasion of Ukraine and the ensuing trade disruptions have exacerbated supply bottlenecks, heightened uncertainty and intensified inflation pressures across sectors. This drastic change in circumstances could not have been foreseen either when TLTROs-III were established or when their conditions were recalibrated and was due, to an important extent, to external shocks. This unexpected and unprecedented change in circumstances, exacerbated by the economic fallout of the Russian invasion of Ukraine, requires adjustments in the monetary policy stance and a recalibration of all monetary policy instruments, including TLTROs-III. In particular, the Governing Council has embarked on an accelerated and frontloaded path of monetary policy normalisation in order to ensure that inflation stabilises at the 2 % target over the medium term in line with the ECB’s price stability mandate. Since December 2021, the Governing Council has decided to discontinue net asset purchases under the Asset Purchase Programme and the Pandemic Emergency Purchase Programme and, subsequently, to increase the key ECB policy rates by an aggregate 200 basis points to date. |
| --- | --- |

(5)

The rapid and unexpected rise in inflation to levels that are unprecedented since the introduction of the euro, mainly due to unexpectedly high energy costs and supply deficiencies and the substantial upward revision in the outlook for medium-term inflation since the end of 2021, calls for a fundamental reassessment of the appropriate monetary policy stance. Energy and commodity prices have sharply increased after the Russian invasion of Ukraine and the ensuing trade disruptions have exacerbated supply bottlenecks, heightened uncertainty and intensified inflation pressures across sectors. This drastic change in circumstances could not have been foreseen either when TLTROs-III were established or when their conditions were recalibrated and was due, to an important extent, to external shocks. This unexpected and unprecedented change in circumstances, exacerbated by the economic fallout of the Russian invasion of Ukraine, requires adjustments in the monetary policy stance and a recalibration of all monetary policy instruments, including TLTROs-III. In particular, the Governing Council has embarked on an accelerated and frontloaded path of monetary policy normalisation in order to ensure that inflation stabilises at the 2 % target over the medium term in line with the ECB’s price stability mandate. Since December 2021, the Governing Council has decided to discontinue net asset purchases under the Asset Purchase Programme and the Pandemic Emergency Purchase Programme and, subsequently, to increase the key ECB policy rates by an aggregate 200 basis points to date.

| (6) | While the increase in key policy rates has so far been smoothly transmitted to households and firms in the euro area, the current circumstances require further accelerating the transmission of rate policy to financing conditions more broadly. The existing pricing terms of TLTROs-III imply that before and after the two special interest rate periods ranging from 24 June 2020 until 23 June 2022, the applicable interest rate is linked to the deposit facility rate or the rate on the main refinancing operations over the entire life of the respective operation. This is slowing down the normalisation of bank lending conditions and is hindering the ability of the ECB to deliver on its price stability mandate. In fact, as policy rates are raised, the rate of TLTROs-III adjusts only very gradually. The current TLTROs-III conditions therefore offer very few incentives to participating credit institutions to repay their outstanding TLTROs-III amounts early. The current TLTROs-III conditions also contribute to maintaining a larger Eurosystem balance sheet which in turn works against the intended monetary policy normalisation. This is because the size of a central bank’s balance sheet is a key signal of the degree of accommodation that monetary policy provides to the economy and directly influences the cost of liquidity in the market. An adjustment in the terms and conditions of TLTROs-III removing the deterrent for participants’ early repayment of their outstanding TLTROs-III amounts would therefore also favour reducing the Eurosystem balance sheet, bringing it more in line with the current monetary policy stance. Hence, the adjustment in the terms and conditions of TLTROs-III pursues the objective of maintaining price stability by accelerating the normalisation of financing conditions and reducing the Eurosystem balance sheet. |
| --- | --- |

(6)

While the increase in key policy rates has so far been smoothly transmitted to households and firms in the euro area, the current circumstances require further accelerating the transmission of rate policy to financing conditions more broadly. The existing pricing terms of TLTROs-III imply that before and after the two special interest rate periods ranging from 24 June 2020 until 23 June 2022, the applicable interest rate is linked to the deposit facility rate or the rate on the main refinancing operations over the entire life of the respective operation. This is slowing down the normalisation of bank lending conditions and is hindering the ability of the ECB to deliver on its price stability mandate. In fact, as policy rates are raised, the rate of TLTROs-III adjusts only very gradually. The current TLTROs-III conditions therefore offer very few incentives to participating credit institutions to repay their outstanding TLTROs-III amounts early. The current TLTROs-III conditions also contribute to maintaining a larger Eurosystem balance sheet which in turn works against the intended monetary policy normalisation. This is because the size of a central bank’s balance sheet is a key signal of the degree of accommodation that monetary policy provides to the economy and directly influences the cost of liquidity in the market. An adjustment in the terms and conditions of TLTROs-III removing the deterrent for participants’ early repayment of their outstanding TLTROs-III amounts would therefore also favour reducing the Eurosystem balance sheet, bringing it more in line with the current monetary policy stance. Hence, the adjustment in the terms and conditions of TLTROs-III pursues the objective of maintaining price stability by accelerating the normalisation of financing conditions and reducing the Eurosystem balance sheet.

| (7) | On 27 October 2022, the Governing Council decided to adopt additional monetary policy measures aiming to ensure the timely return of inflation to the ECB’s 2 % medium-term target. The Governing Council considers the full range of measures adopted on 27 October 2022 necessary and proportionate to implement the monetary policy stance appropriate to restore price stability over the medium term. As part of this package, the Governing Council decided that the interest rate to be applied to each respective outstanding TLTRO-III should be calculated as follows: starting from 23 November 2022 and until the maturity date or early repayment date of each respective outstanding TLTRO-III, the interest rate should be indexed to the average applicable key ECB interest rates over this period, as opposed to the life of each respective TLTRO-III, in order to contribute to the overall monetary policy normalisation process. |
| --- | --- |

(7)

On 27 October 2022, the Governing Council decided to adopt additional monetary policy measures aiming to ensure the timely return of inflation to the ECB’s 2 % medium-term target. The Governing Council considers the full range of measures adopted on 27 October 2022 necessary and proportionate to implement the monetary policy stance appropriate to restore price stability over the medium term. As part of this package, the Governing Council decided that the interest rate to be applied to each respective outstanding TLTRO-III should be calculated as follows: starting from 23 November 2022 and until the maturity date or early repayment date of each respective outstanding TLTRO-III, the interest rate should be indexed to the average applicable key ECB interest rates over this period, as opposed to the life of each respective TLTRO-III, in order to contribute to the overall monetary policy normalisation process.

| (8) | It is considered that linking the TLTROs-III interest rate to the average deposit facility rate or the average rate on the main refinancing operations for the remaining maturity of the respective TLTRO-III is suitable to induce an acceleration in the normalisation of financing conditions and reduce the Eurosystem balance sheet, to achieve the objective of maintaining price stability. This measure is expected to increase banks’ funding costs, therefore contributing to timely restoring price stability in the current inflationary environment. In addition, the increase in bank funding costs resulting from the recalibration of TLTROs-III conditions is expected to have a non-negligible effect on lending rates. The impact of the changes in the TLTROs-III conditions on bank lending rates is ultimately expected to have a significant downward impact on inflation over the medium term. Further, the changes in TLTROs-III conditions are also expected to remove deterrents for early repayment of outstanding TLTROs-III borrowing by participating lending institutions, thereby reducing the Eurosystem balance sheet and contributing to the overall monetary policy normalisation. |
| --- | --- |

(8)

It is considered that linking the TLTROs-III interest rate to the average deposit facility rate or the average rate on the main refinancing operations for the remaining maturity of the respective TLTRO-III is suitable to induce an acceleration in the normalisation of financing conditions and reduce the Eurosystem balance sheet, to achieve the objective of maintaining price stability. This measure is expected to increase banks’ funding costs, therefore contributing to timely restoring price stability in the current inflationary environment. In addition, the increase in bank funding costs resulting from the recalibration of TLTROs-III conditions is expected to have a non-negligible effect on lending rates. The impact of the changes in the TLTROs-III conditions on bank lending rates is ultimately expected to have a significant downward impact on inflation over the medium term. Further, the changes in TLTROs-III conditions are also expected to remove deterrents for early repayment of outstanding TLTROs-III borrowing by participating lending institutions, thereby reducing the Eurosystem balance sheet and contributing to the overall monetary policy normalisation.

| (9) | Linking the TLTROs-III interest rate to the average deposit facility rate or the average rate on the main refinancing operations for the remaining maturity of the respective TLTRO-III operation does not go beyond what is necessary. There are no less intrusive and at the same time equally efficient monetary policy measures to achieve the objective of both inducing a normalisation of financing conditions and reduce the Eurosystem balance sheet. Further, the desired progress towards tighter monetary and financing conditions that an adjusted pricing of TLTRO-III would engineer could not be achieved more efficiently by means of rate hikes. |
| --- | --- |

(9)

Linking the TLTROs-III interest rate to the average deposit facility rate or the average rate on the main refinancing operations for the remaining maturity of the respective TLTRO-III operation does not go beyond what is necessary. There are no less intrusive and at the same time equally efficient monetary policy measures to achieve the objective of both inducing a normalisation of financing conditions and reduce the Eurosystem balance sheet. Further, the desired progress towards tighter monetary and financing conditions that an adjusted pricing of TLTRO-III would engineer could not be achieved more efficiently by means of rate hikes.

| (10) | Any potential adverse impact that the proposed changes may have on participating credit institutions is mitigated by preserving the currently applicable favourable pricing until 22 November 2022, by the introduction of additional early repayment dates on which these institutions could repay their outstanding TLTROs-III amounts, by providing them with sufficient time to reconsider their funding mix before the changes enter into force and by continuing to offer an interest rate on TLTRO-IIIs which, even after the change, is favourable compared to market-based funding options. The existing interest rate calculation should therefore be maintained for the period from the settlement date of each respective TLTRO-III until 22 November 2022. Furthermore, three additional voluntary early repayment dates should be introduced in order to provide TLTRO-III participants with additional opportunities to terminate or reduce the amount of a respective TLTRO-III before maturity. |
| --- | --- |

(10)

Any potential adverse impact that the proposed changes may have on participating credit institutions is mitigated by preserving the currently applicable favourable pricing until 22 November 2022, by the introduction of additional early repayment dates on which these institutions could repay their outstanding TLTROs-III amounts, by providing them with sufficient time to reconsider their funding mix before the changes enter into force and by continuing to offer an interest rate on TLTRO-IIIs which, even after the change, is favourable compared to market-based funding options. The existing interest rate calculation should therefore be maintained for the period from the settlement date of each respective TLTRO-III until 22 November 2022. Furthermore, three additional voluntary early repayment dates should be introduced in order to provide TLTRO-III participants with additional opportunities to terminate or reduce the amount of a respective TLTRO-III before maturity.

| (11) | Given the importance of the objective of maintaining price stability, changing the TLTROs-III pricing as soon as possible and without transitional measures is essential to achieve the intended objectives of inducing an accelerated normalisation of financing conditions and reduce the Eurosystem balance sheet. The adoption of transitional measures would render the changes less efficient to induce banks to normalise lending conditions and would maintain strong deterrents to early voluntary repayments, as well as risk blurring the policy signal conveyed by the measure. This Decision should therefore enter into force as a matter of urgency. |
| --- | --- |

(11)

Given the importance of the objective of maintaining price stability, changing the TLTROs-III pricing as soon as possible and without transitional measures is essential to achieve the intended objectives of inducing an accelerated normalisation of financing conditions and reduce the Eurosystem balance sheet. The adoption of transitional measures would render the changes less efficient to induce banks to normalise lending conditions and would maintain strong deterrents to early voluntary repayments, as well as risk blurring the policy signal conveyed by the measure. This Decision should therefore enter into force as a matter of urgency.

| (12) | Therefore, Decision (EU) 2019/1311 (ECB/2019/21) should be amended accordingly, |
| --- | --- |

(12)

Therefore, Decision (EU) 2019/1311 (ECB/2019/21) should be amended accordingly,

HAS ADOPTED THIS DECISION:

Article 1

Amendments

Decision (EU) 2019/1311 (ECB/2019/21) is amended as follows:

| (1) | Article 1 is amended as follows:






  (a) | point (23) is deleted; |
| --- | --- | --- |

(1)

Article 1 is amended as follows:

(a)

point (23) is deleted;

| (b) | the following points are added:






  ‘(29) | “pre-SIRP interest rate period” means the period from the settlement date of the respective TLTRO-III until 23 June 2020, that is, the interest rate period immediately preceding the special interest rate period (SIRP); |
| --- | --- | --- |

(b)

the following points are added:

‘(29)

“pre-SIRP interest rate period” means the period from the settlement date of the respective TLTRO-III until 23 June 2020, that is, the interest rate period immediately preceding the special interest rate period (SIRP);

| (30) | “post-ASIRP interest rate period” means the period from 24 June 2022 until the earlier of 22 November 2022 or the early repayment date of the respective TLTRO-III, as applicable, that is, the interest rate period immediately following the additional special interest rate period (ASIRP); |
| --- | --- |

(30)

“post-ASIRP interest rate period” means the period from 24 June 2022 until the earlier of 22 November 2022 or the early repayment date of the respective TLTRO-III, as applicable, that is, the interest rate period immediately following the additional special interest rate period (ASIRP);

| (31) | “main interest rate period” means the period from the settlement date of the respective TLTRO-III until the earlier of 22 November 2022 or the early repayment date of the respective TLTRO-III, as applicable, that is the period including the pre-SIRP interest rate period, the special interest rate period, the additional special interest rate period and the post-ASIRP interest rate period; |
| --- | --- |

(31)

“main interest rate period” means the period from the settlement date of the respective TLTRO-III until the earlier of 22 November 2022 or the early repayment date of the respective TLTRO-III, as applicable, that is the period including the pre-SIRP interest rate period, the special interest rate period, the additional special interest rate period and the post-ASIRP interest rate period;

| (32) | “last interest rate period” means the period from 23 November 2022 until the earlier of the maturity date of the respective TLTRO-III or the early repayment date of the respective TLTRO-III, as applicable.’; |
| --- | --- |

(32)

“last interest rate period” means the period from 23 November 2022 until the earlier of the maturity date of the respective TLTRO-III or the early repayment date of the respective TLTRO-III, as applicable.’;

| (2) | Article 5 is replaced by the following:

  ‘Article 5
  Interest

  1.   The interest rate applicable to amounts borrowed under each of the first seven TLTROs-III by participants whose eligible net lending during the special reference period equals or exceeds their benchmark net lending and whose eligible net lending during the additional special reference period is lower than their benchmark net lending shall be calculated as follows, subject to the conditions set out in Article 6(3a):






  (a) | during the special interest rate period, the interest rate shall be the average interest rate on the deposit facility over that period minus 50 basis points. The resulting interest rate shall not, in any case, be higher than minus 100 basis points; |
| --- | --- | --- |

(2)

Article 5 is replaced by the following:

‘Article 5

Interest

1.   The interest rate applicable to amounts borrowed under each of the first seven TLTROs-III by participants whose eligible net lending during the special reference period equals or exceeds their benchmark net lending and whose eligible net lending during the additional special reference period is lower than their benchmark net lending shall be calculated as follows, subject to the conditions set out in Article 6(3a):

(a)

during the special interest rate period, the interest rate shall be the average interest rate on the deposit facility over that period minus 50 basis points. The resulting interest rate shall not, in any case, be higher than minus 100 basis points;

| (b) | during the additional special interest rate period, the interest rate shall be the lower of the following rates:






  (i) | the average interest rate on the main refinancing operations over that period minus 50 basis points; |
| --- | --- | --- |

(b)

during the additional special interest rate period, the interest rate shall be the lower of the following rates:

(i)

the average interest rate on the main refinancing operations over that period minus 50 basis points;

| (ii) | the average interest rate on the deposit facility over the main interest rate period of the respective TLTRO-III; |
| --- | --- |

(ii)

the average interest rate on the deposit facility over the main interest rate period of the respective TLTRO-III;

| (c) | during the pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III, the interest rate shall be the average interest rate on the deposit facility over the main interest rate period of the respective TLTRO-III; |
| --- | --- |

(c)

during the pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III, the interest rate shall be the average interest rate on the deposit facility over the main interest rate period of the respective TLTRO-III;

| (d) | during the last interest rate period of the respective TLTRO-III, the interest rate shall be the average interest rate on the deposit facility over that period. |
| --- | --- |

(d)

during the last interest rate period of the respective TLTRO-III, the interest rate shall be the average interest rate on the deposit facility over that period.

2.   The interest rate applicable to amounts borrowed under each of the first seven TLTROs-III by participants whose eligible net lending during the special reference period and during the additional special reference period is lower than their benchmark net lending but whose eligible net lending during the second reference period exceeds their benchmark net lending shall be calculated as follows:

| (a) | during the special interest rate period, the interest rate shall be the lower of the following rates:






  (i) | the average interest rate on the main refinancing operations over that period minus 50 basis points; |
| --- | --- | --- |

(a)

during the special interest rate period, the interest rate shall be the lower of the following rates:

(i)

the average interest rate on the main refinancing operations over that period minus 50 basis points;

| (ii) | the interest rate calculated depending on the deviation from the benchmark outstanding amount, as set out in point (c); |
| --- | --- |

(ii)

the interest rate calculated depending on the deviation from the benchmark outstanding amount, as set out in point (c);

| (b) | during the additional special interest rate period, the interest rate shall be the lower of the following rates:






  (i) | the average interest rate on the main refinancing operations over that period minus 50 basis points; |
| --- | --- | --- |

(b)

during the additional special interest rate period, the interest rate shall be the lower of the following rates:

(i)

the average interest rate on the main refinancing operations over that period minus 50 basis points;

| (ii) | the interest rate calculated depending on the deviation from the benchmark outstanding amount, as set out in point (c); |
| --- | --- |

(ii)

the interest rate calculated depending on the deviation from the benchmark outstanding amount, as set out in point (c);

| (c) | during the pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III, the interest rate shall be lower than the average interest rate on the main refinancing operations over the main interest rate period of the respective TLTRO-III, and may be as low as the average interest rate on the deposit facility over the main interest rate period of the respective TLTRO-III, depending on the deviation from the benchmark outstanding amount; |
| --- | --- |

(c)

during the pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III, the interest rate shall be lower than the average interest rate on the main refinancing operations over the main interest rate period of the respective TLTRO-III, and may be as low as the average interest rate on the deposit facility over the main interest rate period of the respective TLTRO-III, depending on the deviation from the benchmark outstanding amount;

| (d) | during the last interest rate period of the respective TLTRO-III, the interest rate shall be lower than the average interest rate on the main refinancing operations over that period, and may be as low as the average interest rate on the deposit facility over that period, depending on the deviation from the benchmark outstanding amount. |
| --- | --- |

(d)

during the last interest rate period of the respective TLTRO-III, the interest rate shall be lower than the average interest rate on the main refinancing operations over that period, and may be as low as the average interest rate on the deposit facility over that period, depending on the deviation from the benchmark outstanding amount.

3.   The interest rate applicable to amounts borrowed under each of the first seven TLTROs-III by participants whose eligible net lending during the second reference period, the special reference period and the additional special reference period is lower than their benchmark net lending shall be calculated as follows:

| (a) | during the special interest rate period, the interest rate shall be the average interest rate on the main refinancing operations over that period minus 50 basis points; |
| --- | --- |

(a)

during the special interest rate period, the interest rate shall be the average interest rate on the main refinancing operations over that period minus 50 basis points;

| (b) | during the additional special interest rate period, the interest rate shall be the average interest rate on the main refinancing operations over that period minus 50 basis points; |
| --- | --- |

(b)

during the additional special interest rate period, the interest rate shall be the average interest rate on the main refinancing operations over that period minus 50 basis points;

| (c) | during the pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III, the interest rate shall be the average interest rate on the main refinancing operations over the main interest rate period of the respective TLTRO-III; |
| --- | --- |

(c)

during the pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III, the interest rate shall be the average interest rate on the main refinancing operations over the main interest rate period of the respective TLTRO-III;

| (d) | during the last interest rate period of the respective TLTRO-III, the interest rate shall be the average interest rate on the main refinancing operations over that period. |
| --- | --- |

(d)

during the last interest rate period of the respective TLTRO-III, the interest rate shall be the average interest rate on the main refinancing operations over that period.

3a.   The interest rate applicable to amounts borrowed under each of the first seven TLTROs-III by participants whose eligible net lending during the additional special reference period equals or exceeds their benchmark net lending shall be calculated as follows, subject to the conditions set out in Article 6(3b):

| (a) | during the pre-SIRP interest rate period of the respective TLTRO-III, the interest rate shall be calculated according to paragraph 1(c), paragraph 2(c) or paragraph 3(c), as applicable; |
| --- | --- |

(a)

during the pre-SIRP interest rate period of the respective TLTRO-III, the interest rate shall be calculated according to paragraph 1(c), paragraph 2(c) or paragraph 3(c), as applicable;

| (b) | during the special interest rate period, the interest rate shall be calculated according to paragraph 1(a), paragraph 2(a) or paragraph 3(a), as applicable; |
| --- | --- |

(b)

during the special interest rate period, the interest rate shall be calculated according to paragraph 1(a), paragraph 2(a) or paragraph 3(a), as applicable;

| (c) | during the additional special interest rate period, the interest rate shall be the average interest rate on the deposit facility over that period minus 50 basis points. The resulting interest rate shall not, in any case, be higher than minus 100 basis points; |
| --- | --- |

(c)

during the additional special interest rate period, the interest rate shall be the average interest rate on the deposit facility over that period minus 50 basis points. The resulting interest rate shall not, in any case, be higher than minus 100 basis points;

| (d) | during the post-ASIRP interest rate period of the respective TLTRO-III, the interest rate shall be the average interest rate on the deposit facility over the main interest rate period of the respective TLTRO-III; |
| --- | --- |

(d)

during the post-ASIRP interest rate period of the respective TLTRO-III, the interest rate shall be the average interest rate on the deposit facility over the main interest rate period of the respective TLTRO-III;

| (e) | during the last interest rate period of the respective TLTRO-III, the interest rate shall be the average interest rate on the deposit facility over that period. |
| --- | --- |

(e)

during the last interest rate period of the respective TLTRO-III, the interest rate shall be the average interest rate on the deposit facility over that period.

3b.   The interest rate applicable to amounts borrowed under the eighth or subsequent TLTROs-III by participants whose eligible net lending during the additional special reference period equals or exceeds their benchmark net lending shall be calculated as follows, subject to the conditions set out in Article 6(3b):

| (a) | during the additional special interest rate period, the interest rate shall be the average interest rate on the deposit facility over that period minus 50 basis points. The resulting interest rate shall not, in any case, be higher than minus 100 basis points; |
| --- | --- |

(a)

during the additional special interest rate period, the interest rate shall be the average interest rate on the deposit facility over that period minus 50 basis points. The resulting interest rate shall not, in any case, be higher than minus 100 basis points;

| (b) | during the post-ASIRP interest rate period of the respective TLTRO-III, the interest rate shall be the average interest rate on the deposit facility over the main interest rate period of the respective TLTRO-III; |
| --- | --- |

(b)

during the post-ASIRP interest rate period of the respective TLTRO-III, the interest rate shall be the average interest rate on the deposit facility over the main interest rate period of the respective TLTRO-III;

| (c) | during the last interest rate period of the respective TLTRO-III, the interest rate shall be the average interest rate on the deposit facility over that period. |
| --- | --- |

(c)

during the last interest rate period of the respective TLTRO-III, the interest rate shall be the average interest rate on the deposit facility over that period.

3c.   The interest rate applicable to amounts borrowed under the eighth or subsequent TLTROs-III by participants whose eligible net lending during the additional special reference period is lower than their benchmark net lending shall be calculated as follows:

| (a) | during the additional special interest rate period, the interest rate shall be the average interest rate on the main refinancing operations over that period minus 50 basis points; |
| --- | --- |

(a)

during the additional special interest rate period, the interest rate shall be the average interest rate on the main refinancing operations over that period minus 50 basis points;

| (b) | during the post-ASIRP interest rate period of the respective TLTRO-III, the interest rate shall be the average interest rate on the main refinancing operations over the main interest rate period of the respective TLTRO-III; |
| --- | --- |

(b)

during the post-ASIRP interest rate period of the respective TLTRO-III, the interest rate shall be the average interest rate on the main refinancing operations over the main interest rate period of the respective TLTRO-III;

| (c) | during the last interest rate period of the respective TLTRO-III, the interest rate shall be the average interest rate on the main refinancing operations over that period. |
| --- | --- |

(c)

during the last interest rate period of the respective TLTRO-III, the interest rate shall be the average interest rate on the main refinancing operations over that period.

4.   Further details on interest rate calculations are laid down in Annex I. The final interest rate and the relevant data pertaining to its calculation shall be communicated to participants in accordance with the indicative calendar for TLTROs-III published on the ECB’s website.

5.   Interest shall be settled in arrears on the maturity of each TLTRO-III or on early repayment as provided for in Article 5a, as applicable.

6.   If, due to the exercise of remedies available to an NCB in accordance with its contractual or regulatory arrangements, a participant is required to repay outstanding amounts in one of the first seven TLTROs-III before the interest data related to the second and the special reference periods are communicated to that participant, the interest rate applicable to the amounts borrowed by that participant under each of the first seven TLTROs-III and subject to mandatory repayments shall be: (a) for the special interest rate period, the average interest rate on the main refinancing operations over that period minus 50 basis points; (b) for the additional special interest rate period, the average interest rate on the main refinancing operations over that period minus 50 basis points; and (c) for the pre-SIRP interest rate period, the average rate on the main refinancing operations over the main interest rate period of the respective TLTRO-III up to the date on which the repayment was required to be made by the NCB. If such repayment is required after the interest data related to the second and the special reference periods have been communicated to the participant but before the interest rate related data of the additional special reference period have been communicated to the participant, the interest rate applicable to the amounts borrowed by that participant under each of the first seven TLTROs-III and subject to mandatory repayments shall be set in accordance with paragraphs 1 to 3. If such repayment is required after the interest related data of the additional special reference period have been communicated to the participant, the interest rate applicable to the required repayment amounts borrowed by that participant under each of the first seven TLTROs-III shall be set in accordance with paragraphs 1 to 3a.

If due to the exercise of remedies available to an NCB in accordance with its contractual or regulatory arrangements, a participant is required to repay outstanding amounts in the eighth or subsequent TLTROs-III before the resulting interest rate for the additional special reference period has been communicated to the participant, the interest rate applicable to the amounts borrowed by that participant under the eighth or subsequent TLTROs-III and subject to mandatory repayment shall be set in accordance with paragraph 3c. If such repayment is required after the interest related data of the additional special reference period have been communicated to the participant, the interest rate applicable to the amounts borrowed by that participant under the eighth or subsequent TLTROs-III and subject to mandatory repayment shall be set in accordance with paragraphs 3b and 3c.

7.   If counterparties voluntarily repay early amounts borrowed in one of the first seven TLTROs-III in line with Article 5a before the interest related data of the additional special reference period have been communicated to them, the interest rate for the additional special interest rate period shall be calculated in accordance with paragraphs 1(b), 2(b) and 3(b).’;

| (3) | in Article 5a, the following paragraph 5 is added:

  ‘5.   In addition to the options of early repayment provided for in paragraph 1, participants shall also have the option of terminating or reducing the amount of the TLTROs-III concerned before maturity at any of the following additional early repayment dates:






  (a) | 23 November 2022; |
| --- | --- | --- |

(3)

in Article 5a, the following paragraph 5 is added:

‘5.   In addition to the options of early repayment provided for in paragraph 1, participants shall also have the option of terminating or reducing the amount of the TLTROs-III concerned before maturity at any of the following additional early repayment dates:

(a)

23 November 2022;

| (b) | 25 January 2023; |
| --- | --- |

(b)

25 January 2023;

| (c) | 22 February 2023. |
| --- | --- |

(c)

22 February 2023.

For the purposes of point (a) of the first subparagraph and by derogation from paragraphs 3 and 4 as regards the timelines for notification of intended early repayment and its binding effect, where a participant terminates or reduces the amount of the TLTROs-III concerned on 23 November 2022, it shall notify the relevant NCB at least one week in advance of the additional early repayment date that it intends to repay on this additional early repayment date under the early repayment procedure. The notification shall become binding on the participant concerned one week before this early repayment date.’;

| (4) | in Article 7, paragraph 1, points (f) and (g) are replaced by the following:






  ‘(f) | if a participant fails to make the data relating to the third report or the results of the auditor’s evaluation of the data relating to the third report available to the relevant NCB by the relevant deadline specified in the indicative calendar for TLTROs-III published on the ECB’s website, the following rules shall apply:






  (i) | if either the data relating to the third report or the results of the auditor’s evaluation of those data are received by the relevant NCB within the period of 14 calendar days starting on the day after the expiry of the relevant deadline, the participant shall incur for each day until receipt a penalty equal to the total outstanding amount borrowed by the participant under TLTROs-III divided by 1 000 000 (or if that amount is less than EUR 1 000, a penalty of EUR 1 000 for each day until receipt). The penalties incurred per day shall be accumulated and charged to the participant by the relevant NCB after receipt of all data relating to the third report or of the auditor’s evaluation of those data. The interest rate related data relating to the second reference period shall be communicated by the relevant NCB to the participant on 1 July 2022; |
| --- | --- | --- | --- |

(4)

in Article 7, paragraph 1, points (f) and (g) are replaced by the following:

‘(f)

if a participant fails to make the data relating to the third report or the results of the auditor’s evaluation of the data relating to the third report available to the relevant NCB by the relevant deadline specified in the indicative calendar for TLTROs-III published on the ECB’s website, the following rules shall apply:

(i)

if either the data relating to the third report or the results of the auditor’s evaluation of those data are received by the relevant NCB within the period of 14 calendar days starting on the day after the expiry of the relevant deadline, the participant shall incur for each day until receipt a penalty equal to the total outstanding amount borrowed by the participant under TLTROs-III divided by 1 000 000 (or if that amount is less than EUR 1 000, a penalty of EUR 1 000 for each day until receipt). The penalties incurred per day shall be accumulated and charged to the participant by the relevant NCB after receipt of all data relating to the third report or of the auditor’s evaluation of those data. The interest rate related data relating to the second reference period shall be communicated by the relevant NCB to the participant on 1 July 2022;

| (ii) | if either the data relating to the third report or the results of the auditor’s evaluation of those data are not received by the relevant NCB within the period of 14 calendar days specified in point (i), the interest rate calculated pursuant to Article 5(1)(b) or Article 5(2)(b) or Article 5(3)(b) (if the participant has already participated in one of the first seven TLTROs-III) or pursuant to Article 5(3c)(a) (if the participant participated in the eighth or subsequent TLTROs-III), as applicable, shall apply during the additional special interest rate period to the amounts borrowed by that participant under those TLTROs-III. During the post-ASIRP interest rate period, the interest rate shall be calculated pursuant to Article 5(1)(c) or Article 5(2)(c) or Article 5(3)(c) or Article 5(3c)(b), as applicable. During the last interest rate period of the respective TLTRO-III, the interest rate shall be calculated pursuant to Article 5(1)(d) or Article 5(2)(d) or Article 5(3)(d) or Article 5(3c)(c), as applicable. If it is the data relating to the third report that are not received by the relevant NCB within the period of 14 calendar days specified in point (i), the participant shall also incur a penalty of EUR 5 000, which shall be charged to the participant by the relevant NCB after receipt of all data relating to the third report; |
| --- | --- |

(ii)

if either the data relating to the third report or the results of the auditor’s evaluation of those data are not received by the relevant NCB within the period of 14 calendar days specified in point (i), the interest rate calculated pursuant to Article 5(1)(b) or Article 5(2)(b) or Article 5(3)(b) (if the participant has already participated in one of the first seven TLTROs-III) or pursuant to Article 5(3c)(a) (if the participant participated in the eighth or subsequent TLTROs-III), as applicable, shall apply during the additional special interest rate period to the amounts borrowed by that participant under those TLTROs-III. During the post-ASIRP interest rate period, the interest rate shall be calculated pursuant to Article 5(1)(c) or Article 5(2)(c) or Article 5(3)(c) or Article 5(3c)(b), as applicable. During the last interest rate period of the respective TLTRO-III, the interest rate shall be calculated pursuant to Article 5(1)(d) or Article 5(2)(d) or Article 5(3)(d) or Article 5(3c)(c), as applicable. If it is the data relating to the third report that are not received by the relevant NCB within the period of 14 calendar days specified in point (i), the participant shall also incur a penalty of EUR 5 000, which shall be charged to the participant by the relevant NCB after receipt of all data relating to the third report;

| (g) | if a participant fails to otherwise comply with the obligations set out in Article 6(6) or Article 6(7) or Article 6(8a), the average rate on the main refinancing operations over the main interest rate period of each respective TLTRO-III shall apply to the amounts borrowed by that participant under TLTROs-III, except during the special interest rate period and the additional special interest rate period where the average rate on the main refinancing operations minus 50 basis points over each such period shall apply, and except during the last interest rate period of the respective TLTRO-III where the average rate of the main refinancing operations over the last interest rate period of the respective TLTRO-III shall apply;’; |
| --- | --- |

(g)

if a participant fails to otherwise comply with the obligations set out in Article 6(6) or Article 6(7) or Article 6(8a), the average rate on the main refinancing operations over the main interest rate period of each respective TLTRO-III shall apply to the amounts borrowed by that participant under TLTROs-III, except during the special interest rate period and the additional special interest rate period where the average rate on the main refinancing operations minus 50 basis points over each such period shall apply, and except during the last interest rate period of the respective TLTRO-III where the average rate of the main refinancing operations over the last interest rate period of the respective TLTRO-III shall apply;’;

| (5) | Annex I is amended in accordance with the Annex to this Decision. |
| --- | --- |

(5)

Annex I is amended in accordance with the Annex to this Decision.

Article 2

Entry into force

This Decision shall enter into force on 8 November 2022.

Done at Frankfurt am Main, 27 October 2022.

The President of the ECB

Christine LAGARDE

---

(1)  
  OJ L 91, 2.4.2015, p. 3.

1

(2)  Decision (EU) 2019/1311 of the European Central Bank of 22 July 2019 on a third series of targeted longer-term refinancing operations (ECB/2019/21) (OJ L 204, 2.8.2019, p. 100).

2

(3)  Decision (EU) 2020/407 of the European Central Bank of 16 March 2020 amending Decision (EU) 2019/1311 on a third series of targeted longer-term refinancing operations (ECB/2020/13) (OJ L 80, 17.3.2020, p. 23) and Decision (EU) 2020/614 of the European Central Bank of 30 April 2020 amending Decision (EU) 2019/1311 on a third series of targeted longer-term refinancing operations (ECB/2020/25) (OJ L 141, 5.5.2020, p. 28) implement these changes.

3

(4)  Decision (EU) 2021/124 of the European Central Bank of 29 January 2021 amending Decision (EU) 2019/1311 on a third series of targeted longer-term refinancing operations (ECB/2021/3) (OJ L 38, 3.2.2021, p. 93) implements these changes.

4

---

ANNEX

Annex I to Decision (EU) 2019/1311 (ECB/2019/21) is amended as follows:

Section 3 is replaced by the following:

‘3.   Calculation of the interest rate

| A. | Let NLSpecial
   denote the amount of eligible net lending over the special reference period from 1 March 2020 to 31 March 2021. |
| --- | --- |

A.

Let NLSpecial
   denote the amount of eligible net lending over the special reference period from 1 March 2020 to 31 March 2021.

Formula

| B. | Let NLADSpecial
   denote the amount of eligible net lending over the additional special reference period from 1 October 2020 to 31 December 2021. |
| --- | --- |

B.

Let NLADSpecial
   denote the amount of eligible net lending over the additional special reference period from 1 October 2020 to 31 December 2021.

Formula

| C. | Let NSMar
   2021 denote the amount obtained by summing the eligible net lending over the period from 1 April 2019 to 31 March 2021 and the outstanding amount of eligible loans as at 31 March 2019; this is calculated as:





  Denote now by EX the percentage deviation of NSMar
   2021 from the benchmark outstanding amount over the period 1 April 2019 to 31 March 2021, that is,






  EX will be rounded to 15 decimal positions. Where OAB is equal to zero, EX is deemed to equal 1,15. |
| --- | --- |

C.

Let NSMar
   2021 denote the amount obtained by summing the eligible net lending over the period from 1 April 2019 to 31 March 2021 and the outstanding amount of eligible loans as at 31 March 2019; this is calculated as:

Formula

Denote now by EX the percentage deviation of NSMar
   2021 from the benchmark outstanding amount over the period 1 April 2019 to 31 March 2021, that is,

Formula

EX will be rounded to 15 decimal positions. Where OAB is equal to zero, EX is deemed to equal 1,15.

| E. | Let k

  pre
   denote the pre-SIRP interest rate period from the settlement date of the respective TLTRO-III until 23 June 2020, k

  special
   denote the special interest rate period from 24 June 2020 to 23 June 2021, k

  adspecial
  denote the additional special interest rate period from 24 June 2021 to 23 June 2022, k

  post
  denote the post-ASIRP interest rate period from 24 June 2022 until the earlier of 22 November 2022 or the early repayment date of the respective TLTRO-III, as applicable, k

  main
  denote the main interest rate period from the settlement date of the respective TLTRO-III until the earlier of 22 November 2022 or the early repayment date of the respective TLTRO-III, as applicable, and k

  last
  denote the interest rate period from 23 November 2022 until the earlier of the maturity date of the respective TLTRO-III or the early repayment date of the respective TLTRO-III, as applicable.
  Let 

   be the average of the main refinancing operation (MRO) rate applicable during the special interest rate period from 24 June 2020 to 23 June 2021 of TLTRO-III k, expressed as an annual percentage rate and let 

   be the average of the deposit facility (DF) rate applicable during the special interest rate period from 24 June 2020 to 23 June 2021 of TLTRO-III k, expressed as an annual percentage rate, i.e.:










  In the above equations 

   denotes the number of days of the period k

  special
   of the TLTRO-III k and, where the MRO is conducted under a fixed-rate full allotment regime, 

   denotes the rate applied to the MRO on the t-th day of the period k

  special
   of the TLTRO-III k, or, where the MRO is conducted under a variable-rate tender procedure, 

   denotes the minimum bid rate applied to the MRO on the t-th day of the period k

  special
   of the TLTRO-III k, and in each case

   is expressed as an annual percentage rate. In the above equations 

   denotes the rate applied to the DF on the t-th day of the period k

  special
   of the TLTRO-III k, and is expressed as an annual percentage rate.
  Let 

   be the average of the MRO rate applicable during the additional special interest rate period from 24 June 2021 to 23 June 2022 of TLTRO-III k, expressed as an annual percentage rate and let 

   be the average of the DF rate applicable during the additional special interest rate period from 24 June 2021 to 23 June 2022 of TLTRO-III k, expressed as an annual percentage rate, i.e.:










  In the above equations 

   denotes the number of days of the period k

  adspecial
  of the TLTRO-III k and, where the MRO is conducted under a fixed-rate full allotment regime, 

   denotes the rate applied to the MRO on the t-th day of the period k

  adspecial
  of the TLTRO-III k, or, where the MRO is conducted under a variable-rate tender procedure, 

   denotes the minimum bid rate applied to the MRO on the t-th day of the period k

  adspecial
  of the TLTRO-III k, and in each case

  is expressed as an annual percentage rate. In the above equations 

   denotes the rate applied to the DF on the t-th day of the period k

  adspecial
  of the TLTRO-III k, and is expressed as an annual percentage rate.
  Let 

   be the average of the MRO rate applicable from the settlement date of the TLTRO-III k until the earlier of 22 November 2022 or the early repayment date of the TLTRO-III k, as applicable, expressed as an annual percentage rate and let 

   be the average of the DF rate applicable from the settlement date of the TLTRO-III k until the earlier of 22 November 2022 or the early repayment date of TLTRO-III k, as applicable, expressed as an annual percentage rate, i.e.:










  In the above equations 

   denotes the number of days of the period k

  main
  of the TLTRO-III k and, where the MRO is conducted under a fixed-rate full allotment regime, 

   denotes the rate applied to the MRO on the t-th day of the period k

  main
  of the TLTRO-III k, or, where the MRO is conducted under a variable-rate tender procedure, 

   denotes the minimum bid rate applied to the MRO on the t-th day of the period k

  main
  of the TLTRO-III k, and in each case

  is expressed as an annual percentage rate. In the above equations 

   denotes the rate applied to the DF on the t-th day of the period k

  main
  of the TLTRO-III k, and is expressed as an annual percentage rate.
  Let 

   be the average of the MRO rate applicable from 23 November 2022 until the earlier of the maturity date of the TLTRO-III k or the early repayment date of the TLTRO-III k, as applicable, expressed as an annual percentage rate and let 

   be the average of the DF rate applicable from 23 November 2022 until the earlier of the maturity date of the TLTRO-III k or the early repayment date of TLTRO-III k, as applicable, expressed as an annual percentage rate, i.e.:










  In the above equations 

   denotes the number of days of the period k

  last
  of the TLTRO-III k and, where the MRO is conducted under a fixed-rate full allotment regime, 

   denotes the rate applied to the MRO on the t-th day of the period k

  last
  of the TLTRO-III k, or, where the MRO is conducted under a variable-rate tender procedure, 

   denotes the minimum bid rate applied to the MRO on the t-th day of the period k

  last
  of the TLTRO-III k, and in each case

  is expressed as an annual percentage rate. In the above equations 

   denotes the rate applied to the DF on the t-th day of the period k

  last
  of the TLTRO-III k, and is expressed as an annual percentage rate. |
| --- | --- |

E.

Let k

  pre
   denote the pre-SIRP interest rate period from the settlement date of the respective TLTRO-III until 23 June 2020, k

  special
   denote the special interest rate period from 24 June 2020 to 23 June 2021, k

  adspecial
  denote the additional special interest rate period from 24 June 2021 to 23 June 2022, k

  post
  denote the post-ASIRP interest rate period from 24 June 2022 until the earlier of 22 November 2022 or the early repayment date of the respective TLTRO-III, as applicable, k

  main
  denote the main interest rate period from the settlement date of the respective TLTRO-III until the earlier of 22 November 2022 or the early repayment date of the respective TLTRO-III, as applicable, and k

  last
  denote the interest rate period from 23 November 2022 until the earlier of the maturity date of the respective TLTRO-III or the early repayment date of the respective TLTRO-III, as applicable.

Let 
  Formula
   be the average of the main refinancing operation (MRO) rate applicable during the special interest rate period from 24 June 2020 to 23 June 2021 of TLTRO-III k, expressed as an annual percentage rate and let 
  Formula
   be the average of the deposit facility (DF) rate applicable during the special interest rate period from 24 June 2020 to 23 June 2021 of TLTRO-III k, expressed as an annual percentage rate, i.e.:

Formula

Formula

In the above equations 
  Formula
   denotes the number of days of the period k

  special
   of the TLTRO-III k and, where the MRO is conducted under a fixed-rate full allotment regime, 
  Formula
   denotes the rate applied to the MRO on the t-th day of the period k

  special
   of the TLTRO-III k, or, where the MRO is conducted under a variable-rate tender procedure, 
  Formula
   denotes the minimum bid rate applied to the MRO on the t-th day of the period k

  special
   of the TLTRO-III k, and in each case
  Formula
   is expressed as an annual percentage rate. In the above equations 
  Formula
   denotes the rate applied to the DF on the t-th day of the period k

  special
   of the TLTRO-III k, and is expressed as an annual percentage rate.

Let 
  Formula
   be the average of the MRO rate applicable during the additional special interest rate period from 24 June 2021 to 23 June 2022 of TLTRO-III k, expressed as an annual percentage rate and let 
  Formula
   be the average of the DF rate applicable during the additional special interest rate period from 24 June 2021 to 23 June 2022 of TLTRO-III k, expressed as an annual percentage rate, i.e.:

Formula

Formula

In the above equations 
  Formula
   denotes the number of days of the period k

  adspecial
  of the TLTRO-III k and, where the MRO is conducted under a fixed-rate full allotment regime, 
  Formula
   denotes the rate applied to the MRO on the t-th day of the period k

  adspecial
  of the TLTRO-III k, or, where the MRO is conducted under a variable-rate tender procedure, 
  Formula
   denotes the minimum bid rate applied to the MRO on the t-th day of the period k

  adspecial
  of the TLTRO-III k, and in each case
  Formula
  is expressed as an annual percentage rate. In the above equations 
  Formula
   denotes the rate applied to the DF on the t-th day of the period k

  adspecial
  of the TLTRO-III k, and is expressed as an annual percentage rate.

Let 
  Formula
   be the average of the MRO rate applicable from the settlement date of the TLTRO-III k until the earlier of 22 November 2022 or the early repayment date of the TLTRO-III k, as applicable, expressed as an annual percentage rate and let 
  Formula
   be the average of the DF rate applicable from the settlement date of the TLTRO-III k until the earlier of 22 November 2022 or the early repayment date of TLTRO-III k, as applicable, expressed as an annual percentage rate, i.e.:

Formula

Formula

In the above equations 
  Formula
   denotes the number of days of the period k

  main
  of the TLTRO-III k and, where the MRO is conducted under a fixed-rate full allotment regime, 
  Formula
   denotes the rate applied to the MRO on the t-th day of the period k

  main
  of the TLTRO-III k, or, where the MRO is conducted under a variable-rate tender procedure, 
  Formula
   denotes the minimum bid rate applied to the MRO on the t-th day of the period k

  main
  of the TLTRO-III k, and in each case
  Formula
  is expressed as an annual percentage rate. In the above equations 
  Formula
   denotes the rate applied to the DF on the t-th day of the period k

  main
  of the TLTRO-III k, and is expressed as an annual percentage rate.

Let 
  Formula
   be the average of the MRO rate applicable from 23 November 2022 until the earlier of the maturity date of the TLTRO-III k or the early repayment date of the TLTRO-III k, as applicable, expressed as an annual percentage rate and let 
  Formula
   be the average of the DF rate applicable from 23 November 2022 until the earlier of the maturity date of the TLTRO-III k or the early repayment date of TLTRO-III k, as applicable, expressed as an annual percentage rate, i.e.:

Formula

Formula

In the above equations 
  Formula
   denotes the number of days of the period k

  last
  of the TLTRO-III k and, where the MRO is conducted under a fixed-rate full allotment regime, 
  Formula
   denotes the rate applied to the MRO on the t-th day of the period k

  last
  of the TLTRO-III k, or, where the MRO is conducted under a variable-rate tender procedure, 
  Formula
   denotes the minimum bid rate applied to the MRO on the t-th day of the period k

  last
  of the TLTRO-III k, and in each case
  Formula
  is expressed as an annual percentage rate. In the above equations 
  Formula
   denotes the rate applied to the DF on the t-th day of the period k

  last
  of the TLTRO-III k, and is expressed as an annual percentage rate.

| F. | Let the interest rate incentive adjustment, where applicable, be denoted iri, measured as a fraction of the average corridor between:






  i) | the



  and the



  during the main interest rate period of the respective TLTRO-III; or |
| --- | --- | --- |

F.

Let the interest rate incentive adjustment, where applicable, be denoted iri, measured as a fraction of the average corridor between:

i)

Formula

Formula

| ii) | the



  and the



  during the last interest rate period of the respective TLTRO-III. |
| --- | --- |

ii)

Formula

Formula

| G. | Let the interest rate to be applied for the life of a TLTRO-III k (final interest rate), expressed as an annual percentage rate, be denoted rk
  . Let the interest rate to be applied for a period kj, with j = pre, special, adspecial, post or last, of a TLTRO-III k, expressed as an annual percentage rate, be denoted



  . |
| --- | --- |

G.

Formula

| H. | The interest rate rk
   is defined as:





  In the above equation 

   denotes the number of days of the period k

  pre
   of the TLTRO-III k


   denotes the number of days of the period k

  post
   of the TLTRO-III k.

  The interest rate applicable to each TLTRO-III k is calculated as follows:






  (1) | For amounts borrowed in the first seven operations, that is, if k = 1,...,7:






  (a) | If a participant equals or exceeds its benchmark net lending in the special reference period and in the additional special reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:






  (i) | during the special interest rate period: the average of the DF rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is: | if NLSpecial
   ≥ NLB, then

  ; |
| --- | --- | --- | --- | --- | --- |

H.

The interest rate rk
   is defined as:

Formula

In the above equation 
  Formula
   denotes the number of days of the period k

  pre
   of the TLTRO-III k

  Formula
   denotes the number of days of the period k

  post
   of the TLTRO-III k.

The interest rate applicable to each TLTRO-III k is calculated as follows:

(1)

For amounts borrowed in the first seven operations, that is, if k = 1,...,7:

(a)

If a participant equals or exceeds its benchmark net lending in the special reference period and in the additional special reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:

(i)

during the special interest rate period: the average of the DF rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is:

if NLSpecial
   ≥ NLB, then
  Formula
  ;

| (ii) | during the additional special interest rate period: the average of the DF rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is: | if NLADSpecial
   ≥ NLB, then

  ; |
| --- | --- | --- |

(ii)

during the additional special interest rate period: the average of the DF rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is:

if NLADSpecial
   ≥ NLB, then
  Formula
  ;

| (iii) | during pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III: the average of the DF rate during the main interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   ≥ NLB and NLADSpecial
   ≥ NLB, then |
| --- | --- | --- |

(iii)

during pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III: the average of the DF rate during the main interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   ≥ NLB and NLADSpecial
   ≥ NLB, then 
  Formula

| (iv) | during the last interest rate period of the respective TLTRO-III: the average of the DF rate over the last interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   ≥ NLB and NLADSpecial
   ≥ NLB, then 

  . |
| --- | --- | --- |

(iv)

during the last interest rate period of the respective TLTRO-III: the average of the DF rate over the last interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   ≥ NLB and NLADSpecial
   ≥ NLB, then 
  Formula
  .

| (b) | If a participant equals or exceeds its benchmark net lending in the special reference period but does not equal or exceed its benchmark net lending in the additional special reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:






  (i) | during the special interest rate period: the average of the DF rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is: | if NLSpecial
   ≥ NLB, |
| --- | --- | --- | --- |

(b)

If a participant equals or exceeds its benchmark net lending in the special reference period but does not equal or exceed its benchmark net lending in the additional special reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:

(i)

during the special interest rate period: the average of the DF rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is:

if NLSpecial
   ≥ NLB,

| | then

  ; |
| --- | --- |

then
  Formula
  ;

| (ii) | during the additional special interest rate period: the lower of the average of the MRO rate over that period minus 50 basis points and the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is | if NLSpecial
   ≥ NLB and NLADSpecial
   < NLB, |
| --- | --- | --- |

(ii)

during the additional special interest rate period: the lower of the average of the MRO rate over that period minus 50 basis points and the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is

if NLSpecial
   ≥ NLB and NLADSpecial
   < NLB,

| | then

  ; |
| --- | --- |

then
  Formula
  ;

| (iii) | during the pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III: the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   ≥ NLB and NLADSpecial
   < NLB , then |
| --- | --- | --- |

(iii)

during the pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III: the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   ≥ NLB and NLADSpecial
   < NLB , then 
  Formula

| (iv) | during the last interest rate period of the respective TLTRO-III: the average of the DF rate over the last interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   ≥ NLB and NLADSpecial
   < NLB , then 

  . |
| --- | --- | --- |

(iv)

during the last interest rate period of the respective TLTRO-III: the average of the DF rate over the last interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   ≥ NLB and NLADSpecial
   < NLB , then 
  Formula
  .

| (c) | If a participant does not equal or exceed its benchmark net lending in the special reference period but equals or exceeds its benchmark net lending in the additional special reference period and exceeds its benchmark outstanding amount of eligible loans during the second reference period by at least 1,15 %, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:






  (i) | during the special interest rate period: the lower of the average of the MRO rate over that period minus 50 basis points and the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   < NLB and EX ≥ 1,15, |
| --- | --- | --- | --- |

(c)

If a participant does not equal or exceed its benchmark net lending in the special reference period but equals or exceeds its benchmark net lending in the additional special reference period and exceeds its benchmark outstanding amount of eligible loans during the second reference period by at least 1,15 %, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:

(i)

during the special interest rate period: the lower of the average of the MRO rate over that period minus 50 basis points and the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   < NLB and EX ≥ 1,15,

| | then iri = 100 % and

  ; |
| --- | --- |

then iri = 100 % and
  Formula
  ;

| (ii) | during the additional special interest rate period: the average of the DF rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is: | if NLADSpecial
   ≥ NLB, NLSpecial
   < NLB and EX ≥ 1,15, |
| --- | --- | --- |

(ii)

during the additional special interest rate period: the average of the DF rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is:

if NLADSpecial
   ≥ NLB, NLSpecial
   < NLB and EX ≥ 1,15,

| | then

  ; |
| --- | --- |

then
  Formula
  ;

| (iii) | during the pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III: the average of the DF rate during the main interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   < NLB, NLADSpecial
   ≥ NLB and EX ≥ 1,15, |
| --- | --- | --- |

(iii)

during the pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III: the average of the DF rate during the main interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   < NLB, NLADSpecial
   ≥ NLB and EX ≥ 1,15,

| | then iri = 100 % and 

  ; |
| --- | --- |

then iri = 100 % and 
  Formula
  ;

| (iv) | during the last interest rate period of the respective TLTRO-III: the average of the DF rate over the last interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   < NLB, NLADSpecial
   ≥ NLB and EX ≥ 1,15, then iri = 100 % and |
| --- | --- | --- |

(iv)

during the last interest rate period of the respective TLTRO-III: the average of the DF rate over the last interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   < NLB, NLADSpecial
   ≥ NLB and EX ≥ 1,15, then iri = 100 % and 
  Formula

| (d) | If a participant does not equal or exceed its benchmark net lending in the special reference period, does not equal or exceed its benchmark net lending in the additional special reference period, but exceeds its benchmark outstanding amount of eligible loans during the second reference period by at least 1,15 %, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:






  (i) | during the special interest rate period: the lower of the average of the MRO rate over that period minus 50 basis points and the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   < NLB and EX ≥ 1,15, |
| --- | --- | --- | --- |

(d)

If a participant does not equal or exceed its benchmark net lending in the special reference period, does not equal or exceed its benchmark net lending in the additional special reference period, but exceeds its benchmark outstanding amount of eligible loans during the second reference period by at least 1,15 %, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:

(i)

during the special interest rate period: the lower of the average of the MRO rate over that period minus 50 basis points and the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   < NLB and EX ≥ 1,15,

| | then iri = 100 % and

  ; |
| --- | --- |

then iri = 100 % and
  Formula
  ;

| (ii) | during the additional special interest rate period: the lower of the average of the MRO rate over that period minus 50 basis points and the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is: | if NLADSpecial
   < NLB, NLSpecial
   < NLB and EX ≥ 1,15, |
| --- | --- | --- |

(ii)

during the additional special interest rate period: the lower of the average of the MRO rate over that period minus 50 basis points and the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is:

if NLADSpecial
   < NLB, NLSpecial
   < NLB and EX ≥ 1,15,

| | then iri = 100 % and

  ; |
| --- | --- |

then iri = 100 % and
  Formula
  ;

| (iii) | during the pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III: the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   < NLB, NLADSpecial
   < NLB and EX ≥ 1,15, |
| --- | --- | --- |

(iii)

during the pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III: the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   < NLB, NLADSpecial
   < NLB and EX ≥ 1,15,

| | then iri = 100 % and 

  ; |
| --- | --- |

then iri = 100 % and 
  Formula
  ;

| (iv) | during the last interest rate period of the respective TLTRO-III: the average of the DF rate over the last interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   < NLB, NLADSpecial
   < NLB and EX ≥ 1,15, |
| --- | --- | --- |

(iv)

during the last interest rate period of the respective TLTRO-III: the average of the DF rate over the last interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   < NLB, NLADSpecial
   < NLB and EX ≥ 1,15,

| | then iri = 100 % and 

  . |
| --- | --- |

then iri = 100 % and 
  Formula
  .

| (e) | If a participant does not equal or exceed its benchmark net lending in the special reference period but equals or exceeds its benchmark net lending in the additional special reference period and exceeds its benchmark outstanding amount of eligible loans during the second reference period by less than 1,15 %, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:






  (i) | during the pre-SIRP interest rate period of the respective TLTRO-III: the interest rate that is graduated linearly depending on the percentage by which the participant exceeds its benchmark outstanding amount, that is, | if NLSpecial
   < NLB and 0 < EX < 1,15, |
| --- | --- | --- | --- |

(e)

If a participant does not equal or exceed its benchmark net lending in the special reference period but equals or exceeds its benchmark net lending in the additional special reference period and exceeds its benchmark outstanding amount of eligible loans during the second reference period by less than 1,15 %, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:

(i)

during the pre-SIRP interest rate period of the respective TLTRO-III: the interest rate that is graduated linearly depending on the percentage by which the participant exceeds its benchmark outstanding amount, that is,

if NLSpecial
   < NLB and 0 < EX < 1,15,

| | then

  and

  ; |
| --- | --- |

then
  Formula
  and
  Formula
  ;

| (ii) | during the special interest rate period: the lower of the average of the MRO rate over that period minus 50 basis points and the interest rate calculated according to point (i), that is: | if NLSpecial
   < NLB and 0 < EX < 1,15, |
| --- | --- | --- |

(ii)

during the special interest rate period: the lower of the average of the MRO rate over that period minus 50 basis points and the interest rate calculated according to point (i), that is:

if NLSpecial
   < NLB and 0 < EX < 1,15,

| | then 

   and

  ; |
| --- | --- |

then 
  Formula
   and
  Formula
  ;

| (iii) | during the additional special interest rate period: the average of the DF rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is: | if NLADSpecial
   ≥ NLB, NLSpecial
   < NLB and 0 < EX < 1,15 then

  ; |
| --- | --- | --- |

(iii)

during the additional special interest rate period: the average of the DF rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is:

if NLADSpecial
   ≥ NLB, NLSpecial
   < NLB and 0 < EX < 1,15 then
  Formula
  ;

| (iv) | during the post-ASIRP interest rate period of the respective TLTRO-III: the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   < NLB, NLADSpecial
   ≥ NLB and 0 < EX < 1,15, |
| --- | --- | --- |

(iv)

during the post-ASIRP interest rate period of the respective TLTRO-III: the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   < NLB, NLADSpecial
   ≥ NLB and 0 < EX < 1,15,

| | then |
| --- | --- |

then 
  Formula

| (v) | during the last interest rate period of the respective TLTRO-III: the average of the DF rate over the last interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   < NLB, NLADSpecial
   ≥ NLB and 0 < EX < 1,15, |
| --- | --- | --- |

(v)

during the last interest rate period of the respective TLTRO-III: the average of the DF rate over the last interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   < NLB, NLADSpecial
   ≥ NLB and 0 < EX < 1,15,

| | then 

  . |
| --- | --- |

then 
  Formula
  .

| (f) | If a participant does not equal or exceed its benchmark net lending in the special reference period, does not equal or exceed its benchmark net lending in the additional special reference period but exceeds its benchmark outstanding amount of eligible loans during the second reference period by less than 1,15 %, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:






  (i) | during the special interest rate period: the lower of the average of the MRO rate over that period minus 50 basis points and the interest rate calculated according to point (iii), that is: | if NLSpecial
   < NLB and 0 < EX < 1,15, |
| --- | --- | --- | --- |

(f)

If a participant does not equal or exceed its benchmark net lending in the special reference period, does not equal or exceed its benchmark net lending in the additional special reference period but exceeds its benchmark outstanding amount of eligible loans during the second reference period by less than 1,15 %, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:

(i)

during the special interest rate period: the lower of the average of the MRO rate over that period minus 50 basis points and the interest rate calculated according to point (iii), that is:

if NLSpecial
   < NLB and 0 < EX < 1,15,

| | then

   and 

  ; |
| --- | --- |

then
  Formula
   and 
  Formula
  ;

| (ii) | during the additional special interest rate period: the lower of the average of the MRO rate over that period minus 50 basis points and the interest rate calculated according to point (iii), that is: | if NLSpecial
   < NLB, NLADSpecial
   < NLB and 0 < EX < 1,15, |
| --- | --- | --- |

(ii)

during the additional special interest rate period: the lower of the average of the MRO rate over that period minus 50 basis points and the interest rate calculated according to point (iii), that is:

if NLSpecial
   < NLB, NLADSpecial
   < NLB and 0 < EX < 1,15,

| | then 

   and 

  ; |
| --- | --- |

then 
  Formula
   and 
  Formula
  ;

| (iii) | during the pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III: the interest rate that is graduated linearly depending on the percentage by which the participant exceeds its benchmark outstanding amount, that is, | if NLSpecial
   < NLB, NLADSpecial
   < NLB and 0 < EX < 1,15, |
| --- | --- | --- |

(iii)

during the pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III: the interest rate that is graduated linearly depending on the percentage by which the participant exceeds its benchmark outstanding amount, that is,

if NLSpecial
   < NLB, NLADSpecial
   < NLB and 0 < EX < 1,15,

| | then 

   and |
| --- | --- |

then 
  Formula
   and 
  Formula

| (iv) | during the last interest rate period of the respective TLTRO-III: the interest rate that is graduated linearly depending on the percentage by which the participant exceeds its benchmark outstanding amount, that is, | if NLSpecial
   < NLB, NLADSpecial
   < NLB and 0 < EX < 1,15, |
| --- | --- | --- |

(iv)

during the last interest rate period of the respective TLTRO-III: the interest rate that is graduated linearly depending on the percentage by which the participant exceeds its benchmark outstanding amount, that is,

if NLSpecial
   < NLB, NLADSpecial
   < NLB and 0 < EX < 1,15,

| | then 

   and |
| --- | --- |

then 
  Formula
   and
  Formula

| (g) | If a participant does not equal or exceed its benchmark net lending in the special reference period, does not exceed its benchmark outstanding amount in the second reference period, but equals or exceeds its benchmark net lending in the additional special reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:






  (i) | during the pre-SIRP interest rate period of the respective TLTRO-III: the average of the MRO rate over the main interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   < NLB and EX ≤ 0, then iri = 0 % and

  ; |
| --- | --- | --- | --- |

(g)

If a participant does not equal or exceed its benchmark net lending in the special reference period, does not exceed its benchmark outstanding amount in the second reference period, but equals or exceeds its benchmark net lending in the additional special reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:

(i)

during the pre-SIRP interest rate period of the respective TLTRO-III: the average of the MRO rate over the main interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   < NLB and EX ≤ 0, then iri = 0 % and
  Formula
  ;

| (ii) | during the special interest rate period: the average of the MRO rate over that period minus 50 basis points, that is: | if NLSpecial
   < NLB and EX ≤ 0, then

  ; |
| --- | --- | --- |

(ii)

during the special interest rate period: the average of the MRO rate over that period minus 50 basis points, that is:

if NLSpecial
   < NLB and EX ≤ 0, then
  Formula
  ;

| (iii) | during the additional special interest rate period: the average of the DF rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is: | if NLADSpecial
   ≥ NLB, NLSpecial
   < NLB and EX ≤ 0 |
| --- | --- | --- |

(iii)

during the additional special interest rate period: the average of the DF rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is:

if NLADSpecial
   ≥ NLB, NLSpecial
   < NLB and EX ≤ 0

| | then

  ; |
| --- | --- |

then
  Formula
  ;

| (iv) | during the post-ASIRP interest rate period of the respective TLTRO-III: the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   < NLB, NLADSpecial
   ≥ NLB and EX ≤ 0, then |
| --- | --- | --- |

(iv)

during the post-ASIRP interest rate period of the respective TLTRO-III: the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   < NLB, NLADSpecial
   ≥ NLB and EX ≤ 0, then
  Formula

| (v) | during the last interest rate period of the respective TLTRO-III: the average of the DF rate over the last interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   < NLB, NLADSpecial
   ≥ NLB and EX ≤ 0, then 

  . |
| --- | --- | --- |

(v)

during the last interest rate period of the respective TLTRO-III: the average of the DF rate over the last interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   < NLB, NLADSpecial
   ≥ NLB and EX ≤ 0, then 
  Formula
  .

| (h) | If a participant does not equal or exceed its benchmark net lending in the special reference period, does not equal or exceed its benchmark net lending in the additional special reference period and does not exceed its benchmark outstanding amount in the second reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:






  (i) | during the special interest rate period: the average of the MRO rate over that period minus 50 basis points, that is: | if NLSpecial
   < NLB and EX ≤ 0, then

  ; |
| --- | --- | --- | --- |

(h)

If a participant does not equal or exceed its benchmark net lending in the special reference period, does not equal or exceed its benchmark net lending in the additional special reference period and does not exceed its benchmark outstanding amount in the second reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:

(i)

during the special interest rate period: the average of the MRO rate over that period minus 50 basis points, that is:

if NLSpecial
   < NLB and EX ≤ 0, then
  Formula
  ;

| (ii) | during the additional special interest rate period: the average of the MRO rate over that period minus 50 basis points, that is: | if NLSpecial
   < NLB, NLADSpecial
   < NLB and EX ≤ 0, |
| --- | --- | --- |

(ii)

during the additional special interest rate period: the average of the MRO rate over that period minus 50 basis points, that is:

if NLSpecial
   < NLB, NLADSpecial
   < NLB and EX ≤ 0,

| | then

  ; |
| --- | --- |

then
  Formula
  ;

| (iii) | during the pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III: the average of the MRO rate over the main interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   < NLB, NLADSpecial
   < NLB and EX ≤ 0, |
| --- | --- | --- |

(iii)

during the pre-SIRP and post-ASIRP interest rate periods of the respective TLTRO-III: the average of the MRO rate over the main interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   < NLB, NLADSpecial
   < NLB and EX ≤ 0,

| | then iri = 0 % and 

  ; |
| --- | --- |

then iri = 0 % and 
  Formula
  ;

| (iv) | during the last interest rate period of the respective TLTRO-III: the average of the MRO rate over the last interest rate period of the respective TLTRO-III, that is: | if NLSpecial
   < NLB, NLADSpecial
   < NLB and EX ≤ 0, |
| --- | --- | --- |

(iv)

during the last interest rate period of the respective TLTRO-III: the average of the MRO rate over the last interest rate period of the respective TLTRO-III, that is:

if NLSpecial
   < NLB, NLADSpecial
   < NLB and EX ≤ 0,

| | then iri = 0 % and 

  . |
| --- | --- |

then iri = 0 % and 
  Formula
  .

| (2) | For amounts borrowed in the eighth or subsequent TLTROs-III, that is, if k = 8, 9 or 10:






  (a) | If a participant equals or exceeds its benchmark net lending in the additional special reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:






  (i) | during the additional special interest rate period: the average of the DF rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is: | if NLADSpecial
   ≥ NLB, then

  ; |
| --- | --- | --- | --- | --- |

(2)

For amounts borrowed in the eighth or subsequent TLTROs-III, that is, if k = 8, 9 or 10:

(a)

If a participant equals or exceeds its benchmark net lending in the additional special reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:

(i)

during the additional special interest rate period: the average of the DF rate over that period minus 50 basis points, which in any case must not exceed minus 100 basis points, that is:

if NLADSpecial
   ≥ NLB, then
  Formula
  ;

| (ii) | during the post-ASIRP interest rate period of the respective TLTRO-III: the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is: | if NLADSpecial
   ≥ NLB, then 

  ; |
| --- | --- | --- |

(ii)

during the post-ASIRP interest rate period of the respective TLTRO-III: the average of the DF rate over the main interest rate period of the respective TLTRO-III, that is:

if NLADSpecial
   ≥ NLB, then 
  Formula
  ;

| (iii) | during the last interest rate period of the respective TLTRO-III: the average of the DF rate over the last interest rate period of the respective TLTRO-III, that is: | if NLADSpecial
   ≥ NLB, then 

  . |
| --- | --- | --- |

(iii)

during the last interest rate period of the respective TLTRO-III: the average of the DF rate over the last interest rate period of the respective TLTRO-III, that is:

if NLADSpecial
   ≥ NLB, then 
  Formula
  .

| (b) | If a participant does not equal or exceed its benchmark net lending in the additional special reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:






  (i) | during the additional special interest rate period: the average of the MRO rate over the respective period minus 50 basis points, that is: | if NLADSpecial
   < NLB, then

  ; |
| --- | --- | --- | --- |

(b)

If a participant does not equal or exceed its benchmark net lending in the additional special reference period, the interest rate to be applied to amounts borrowed by that participant under TLTROs-III is:

(i)

during the additional special interest rate period: the average of the MRO rate over the respective period minus 50 basis points, that is:

if NLADSpecial
   < NLB, then
  Formula
  ;

| (ii) | during the post-ASIRP interest rate period of the respective TLTRO-III: the average of the MRO rate over the main interest rate period of the respective TLTRO-III, that is: | if NLADSpecial
   < NLB, then |
| --- | --- | --- |

(ii)

during the post-ASIRP interest rate period of the respective TLTRO-III: the average of the MRO rate over the main interest rate period of the respective TLTRO-III, that is:

if NLADSpecial
   < NLB, then 
  Formula

| (iii) | during the last interest rate period of the respective TLTRO-III: the average of the MRO rate over the last interest rate period of the respective TLTRO-III, that is: | if NLADSpecial
   < NLB, then 

  . |
| --- | --- | --- |

(iii)

during the last interest rate period of the respective TLTRO-III: the average of the MRO rate over the last interest rate period of the respective TLTRO-III, that is:

if NLADSpecial
   < NLB, then 
  Formula
  .

The interest rate incentive adjustment (iri) is expressed by rounding to 15 decimal positions.

The interest rates
  Formula


  Formula
  are expressed as an annual percentage rate rounded to 13 decimal positions.

Formula
  ,
  Formula
  are expressed as an annual percentage rate rounded to 13 decimal positions.

Formula
  ,
  Formula
  are expressed as an annual percentage rate rounded to 13 decimal positions.

The final interest rate r

  k
   is expressed as an annual percentage rate, rounded down to the fourth decimal position.’

---

Corrigenda

| 7.11.2022 | EN | Official Journal of the European Union | L 285/31 |
| --- | --- | --- | --- |

7.11.2022

EN

Official Journal of the European Union

L 285/31

---

Corrigendum to Commission Delegated Regulation (EU) 2021/1189 of 7 May 2021 supplementing Regulation (EU) 2018/848 of the European Parliament and of the Council as regards the production and marketing of plant reproductive material of organic heterogeneous material of particular genera or species

(
  Official Journal of the European Union L 258 of 20 July 2021
  )

On page 24, the heading and the title of Article 7 are replaced as follows:

for:

‘Artikel 7

Anforderungen an die Verpackung und Kennzeichnung von Pflanzenvermehrungsmaterial aus ökologischem/biologischem heterogenem Material’,

read:

‘Article 7

Requirements concerning packaging and labelling of plant reproductive material of organic heterogeneous material’.

---