http://www.legislation.gov.uk/id/eudn/2016/9

Decision (EU) 2016/821 of the European Central Bank

of 26 April 2016

amending Decision ECB/2007/7 concerning the terms and conditions of TARGET2-ECB (ECB/2016/9)

THE EXECUTIVE BOARD OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union, and in particular the first and fourth indents of Article 127(2) thereof,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 3.1 and Articles 17, 18 and 22 thereof,

Whereas:

(1)

Guideline (EU) 2016/579 of the European Central Bank (ECB/2016/6)1 has amended Guideline ECB/2012/272 with a view to clarifying the scheme by which national central banks (NCBs) provide auto-collateralisation services and settlement in central bank money. These clarifications follow on from amendments introduced by Guideline (EU) 2015/930 of the European Central Bank (ECB/2015/15)3, which amended Guideline ECB/2012/27 to introduce Dedicated Cash Accounts and auto-collateralisation services with regard to the operation of TARGET2-Securities (T2S).

(2)

Guideline (EU) 2016/579 (ECB/2016/6) has also introduced amendments to Guideline ECB/2012/27 on a number of policy issues, including the treatment of TARGET2 participants subject to resolution proceedings, from the perspective of their TARGET2 participation.

(3)

To reflect the foregoing amendments to Guideline ECB/2012/27, Decision ECB/2007/74, which is concerned with the terms and conditions of TARGET2-ECB, should be amended accordingly,

HAS ADOPTED THIS DECISION: