Article 1Amendment
Article 2Entry into force

Decision (EU) 2017/1359 of the European Central Bank

of 18 May 2017

amending Decision (EU) 2016/948 on the implementation of the corporate sector purchase programme (ECB/2017/13)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union, and in particular the first indent 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 the second subparagraph of Article 12.1 in conjunction with the first indent of Article 3.1, and Article 18.1 thereof,

Whereas:

(1)
Decision (EU) 2016/948 of the European Central Bank (ECB/2016/16)1 established a corporate sector purchase programme (CSPP). Alongside the third covered bond purchase programme, the asset-backed securities purchase programme and the secondary markets public sector asset purchase programme, the CSPP is part of the expanded asset purchase programme (APP). The APP aims to further enhance the transmission of monetary policy, facilitate the provision of credit to the euro area economy, ease borrowing conditions for households and firms and contribute to returning inflation rates to levels below but close to 2 % over the medium term, consistent with the primary objective of the European Central Bank (ECB) of maintaining price stability.
(2)

Achieving a single monetary policy, including through the APP, entails defining the tools, instruments and procedures to be used by the Eurosystem, in order to implement such a policy in a uniform manner throughout the Member States whose currency is the euro.

(3)

The Governing Council decided on 22 March 2017 to further refine the rules applicable to debt instruments issued by wind-down entities to ensure their consistent treatment in the Eurosystem's monetary policy through the APP.

(4)

Therefore, Decision (EU) 2016/948 (ECB/2016/16) should be amended accordingly,

HAS ADOPTED THIS DECISION: