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Decision (EU) 2015/2101 of the European Central BankShow full title
Decision (EU) 2015/2101 of the European Central Bank of 5 November 2015 amending Decision (EU) 2015/774 on a secondary markets public sector asset purchase programme (ECB/2015/33)
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- 2015 No. 33
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Article 1Amendment
Article 5(1) of Decision (EU) 2015/774 (ECB/2015/10) is replaced by the following:
‘1.Subject to Article 3, an issue share limit per international securities identification number (ISIN) shall apply under the PSPP to marketable debt securities fulfilling the criteria laid down in Article 3, after consolidating holdings in all of the portfolios of the Eurosystem central banks.
As of 10 November 2015, the issue share limit is set at 33 % per ISIN. As an exception, the issue share limit is set at 25 % per ISIN for eligible marketable debt securities containing a collective action clause (CAC) that differs from the euro area model CAC elaborated by the Economic and Financial Committee and implemented by the Member States in accordance with Article 12(3) of the Treaty establishing the European Stability Mechanism, but will be increased to 33 %, subject to verification on a case-by-case basis that a holding of 33 % per ISIN would not lead the Eurosystem central banks to reach blocking minority holdings in orderly debt restructurings.’.
Article 2Entry into force
This Decision shall enter into force on 10 November 2015.
Done at Frankfurt am Main, 5 November 2015.
The President of the ECB
Mario Draghi
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