2010/574/EU: Decision of the European Central Bank of 21 September 2010 concerning the administration of EFSF loans to Member States whose currency is the euro (ECB/2010/15)

The ECB shall, pursuant to the EFSF Framework Agreement and in connection with the Loan Facility Agreements, open a cash account in the name of EFSF.

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.

The ECB shall, in relation to the cash account opened in the name of EFSF, only accept and act upon the exclusive instructions of either EFSF or any agent that EFSF may appoint under the EFSF Framework Agreement to act on its behalf. If an agent is appointed and EFSF has requested the ECB to accept such agent, the agent shall act in relation to the following activities: (a) giving instructions related to the cash account opened in the name of EFSF, and (b) managing such account on an exclusive and permanent basis.

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, 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. 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.

Notwithstanding Article 4 above, should any amounts stand overnight to the credit of the cash account opened in the name of EFSF, the ECB shall pay interest on such balance in an amount equivalent to the applicable ECB deposit facility rate on an actual/360 basis. Interest amounts paid by the ECB to the cash account shall not be affected by Article 2.

This Decision shall enter into force on the day following its publication in the Official Journal of the European Union.