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Decision of the European Central Bank of 31 October 2011 amending Decision ECB/2010/15 concerning the administration of EFSF loans to Member States whose currency is the euro, and amending Decision ECB/2010/31 concerning the opening of accounts for the processing of payments in connection with EFSF loans to Member States whose currency is the euro (ECB/2011/16) (2011/728/EU)
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- 2011 No. 16
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Article 1
Decision ECB/2010/15 is amended as follows:
(1)
Article 2 is replaced by the following:
‘Article 2Acceptance of payments on the cash account
The ECB shall only accept payments to be made to or from the cash account opened in the name of EFSF, if those payments arise in connection with the Loan Facility Agreements or the Financial Assistance Facility Agreements.’;
(2)
Article 4 is replaced by the following:
‘Article 4Balance of the cash account
No amount shall be standing to the credit of the cash account opened in the name of EFSF after payments have been made in relation to any Loan Facility Agreement or Financial Assistance Facility Agreement, nor shall amounts be transferred to such cash account before the day on which payments need to be made in relation to any Loan Facility Agreement or Financial Assistance Facility Agreement. No amount shall be standing to the debit of the cash account opened in the name of EFSF at any time. Therefore, no payments shall be effected from the cash account opened in the name of EFSF beyond the amounts standing to the credit of that account.’.
Article 2
Decision ECB/2010/31 is amended as follows:
(1)
Article 1 is replaced by the following:
‘Article 1Opening of cash accounts
The ECB may, upon request of the NCB of a borrower Member State, open cash accounts in the name of such NCB for the processing of payments in connection with a Loan Facility Agreement or Financial Assistance Facility Agreement (hereinafter an ‘NCB cash account’).’;
(2)
Article 2 is replaced by the following:
‘Article 2Acceptance of payments on the cash accounts
An NCB cash account shall only be used to process payments in connection with a Loan Facility Agreement or Financial Assistance Facility Agreement.’.
Article 3Entry into force
This Decision shall enter into force on 2 November 2011.
Done at Frankfurt am Main, 31 October 2011.
The President of the ECB
Jean-Claude Trichet
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