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Decision of the European Central Bank of 7 July 2011 on temporary measures relating to the eligibility of marketable debt instruments issued or guaranteed by the Portuguese Government (ECB/2011/10) (2011/410/EU) (repealed)
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Article 1Suspension of certain provisions of the General Documentation
1.The Eurosystem’s minimum requirements for credit quality thresholds, as specified in the Eurosystem credit assessment framework rules for marketable assets in Section 6.3.2 of the General Documentation, shall be suspended in accordance with Articles 2 and 3.
2.In the event of any discrepancy between this Decision and the General Documentation, the former shall prevail.
Article 2Continued eligibility as collateral of marketable debt instruments issued by the Portuguese Government
The Eurosystem’s credit quality threshold shall not apply to marketable debt instruments issued by the Portuguese Government. Such assets shall constitute eligible collateral for the purposes of Eurosystem monetary policy operations, irrespective of their external credit rating.
Article 3Continued eligibility as collateral of marketable debt instruments guaranteed by the Portuguese Government
The Eurosystem’s credit quality threshold shall not apply to marketable debt instruments issued by entities established in Portugal and fully guaranteed by the Portuguese Government. A guarantee provided by the Portuguese Government shall continue to be subject to the requirements contained in Section 6.3.2 of the General Documentation. Such assets shall constitute eligible collateral for the purposes of Eurosystem monetary policy operations, irrespective of their external credit rating.
Article 4Entry into force
This Decision shall enter into force on 7 July 2011.
Done at Frankfurt am Main, 7 July 2011.
The President of the ECB
Jean-Claude Trichet
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