translate English to French: If the Governing Council of the ECB were to decide that, under exceptional circumstances, bilateral operations could also be executed by the ECB itself (or by one or a few national central banks acting as the operating arm of the ECB), the procedures for such operations would be adapted accordingly.
La BCE (ou la (les) banque(s) centrale(s) nationale(s) agissant pour le compte de la BCE) déciderait de conclure ou non une opération avec les contreparties.