Article 1U.K.Amendments
Decision ECB/2014/34 is amended as follows:
Article 5 is replaced by the following:
‘Article 5Interest
With respect to the TLTROs conducted in September 2014 and December 2014, the interest rate applicable shall be fixed over the life of each operation at the rate for main refinancing operations prevailing at the time of the tender announcement in respect of the relevant TLTRO, plus a fixed spread of 10 basis points. With respect to the TLTROs conducted from March 2015 to June 2016, the interest rate applicable shall be fixed over the life of each operation at the rate for main refinancing operations prevailing at the time of the tender announcement in respect of the relevant TLTRO.
Interest shall be payable in arrears upon maturity of the operation, or upon early repayment as provided in Articles 6 and 7, as applicable.’;
in Annex I, in paragraph 1 (Calculation of borrowing limits), the second table is replaced by the following:
| ‘k | Month of TLTRO | Allotment reference month | CNLk |
|---|---|---|---|
| 3 | Mar. 2015 | Jan. 2015 | NLMay 2014 + NLJune 2014 + … + NLJan 2015 |
| 4 | June 2015 | Apr. 2015 | NLMay 2014 + NLJune 2014 + … + NLApr 2015 |
| 5 | Sept. 2015 | July 2015 | NLMay 2014 + NLJune 2014 + … + NLJul 2015 |
| 6 | Dec. 2015 | Oct. 2015 | NLMay 2014 + NLJune 2014 + … + NLOct 2015 |
| 7 | Mar. 2016 | Jan. 2016 | NLMay2014 + NLJune2014 + … + NLJan2016 |
| 8 | June 2016 | Apr. 2016 | NLMay 2014 + NLJune 2014 + … + NLApr 2016’ |
in Annex I, in paragraph 2 (Calculation of mandatory early repayments), the formula for ‘The mandatory early repayment in September 2016 of a participant’ is replaced by the following:
in Annex I, the third footnote is replaced by the following:
‘For the TLTRO to be conducted in March 2015 (k = 3), the constraint is C 3 ≤ max{0, AA 3}.’;
in Annex II, the fourth footnote is replaced by the following:
‘The sector classification of holding corporations of non-financial corporations in Regulation (EC) No 25/2009 (ECB/2008/32) has been amended in Regulation (EU) No 1071/2013 (ECB/2013/33) to reflect changes in international statistical standards. Under Regulation (EU) No 1071/2013 (ECB/2013/33), holding corporations of non-financial corporations are reclassified as financial corporations. TLTRO reporting must in principle be in line with the BSI framework: with effect from December 2014 data should not cover holding corporations and adjustments should be transmitted accordingly.’;
in Annex II, the thirteenth footnote is replaced by the following:
‘The effects of the reclassification of holding corporations of non-financial corporations as financial corporations, which took place in December 2014, should be recorded under item 3.2C.’.