02014D0008(01) — EN — 01.10.2019 — 002.001

This text is meant purely as a documentation tool and has no legal effect. The Union's institutions do not assume any liability for its contents. The authentic versions of the relevant acts, including their preambles, are those published in the Official Journal of the European Union and available in EUR-Lex. Those official texts are directly accessible through the links embedded in this document

►B DECISION OF THE EUROPEAN CENTRAL BANK of 20 February 2014 on the prohibition of monetary financing and the remuneration of government deposits by national central banks (ECB/2014/8) (2014/303/EU) (OJ L 159 28.5.2014, p. 54)

Amended by:









▼B

DECISION OF THE EUROPEAN CENTRAL BANK

of 20 February 2014

on the prohibition of monetary financing and the remuneration of government deposits by national central banks

(ECB/2014/8)

(2014/303/EU)







Article 1

Definitions

For the purposes of this Decision:

(a) ‘government’ means all public entities mentioned in Article 123 of the Treaty, as interpreted in the light of Regulation (EC) No 3603/93, except for publicly-owned credit institutions which, in the context of the supply of reserves by NCBs, are given the same treatment by NCBs and the ECB as private credit institutions;

▼M2

(aa) ‘deposit’ means a credit balance in euro or in another currency resulting from funds held in an account with an NCB or from temporary situations deriving from other services provided by an NCB, giving rise to a liability recorded on that NCB's balance sheet, and which that NCB is required to repay under the applicable contractual or regulatory conditions, including overnight and fixed term deposits;

▼B

(b) ‘government deposits’ means overnight and fixed-term deposits accepted by NCBs from any government;

▼M2

(c) ‘unsecured overnight market rate’ means: (i) with regard to overnight deposits denominated in euro, the euro overnight index average rate (EONIA), or, following the discontinuation of EONIA, the euro short-term rate (€STR); and (ii) with regard to overnight deposits denominated in currencies other than the euro, a comparable rate;

(d) ‘secured market rate’ means: (i) with regard to fixed term deposits denominated in euro, the STOXX EUR GC Pooling term index with a comparable maturity, or its equivalent if it is discontinued or no longer considered as a benchmark; and (ii) with regard to fixed term deposits denominated in currencies other than the euro, a comparable rate.

▼B

Article 2

Remuneration of government deposits and compliance with the prohibition on monetary financing

1. For the purposes of monitoring compliance with the prohibition on monetary financing, the following ceilings on the remuneration of government deposits with NCBs shall apply:

(a) for overnight deposits, the unsecured overnight market rate;

(b) for fixed-term deposits, the secured market rate or, if unavailable, the unsecured overnight market rate.

2. Compliance with the ceilings referred to in paragraph 1 shall be assessed in the light of all relevant facts specific to each individual case.

Article 3

Entry into force

1. The provisions of this Decision shall be applied by the ECB from 1 December 2014.

2. This Decision shall enter into force on 22 February 2014.