Guideline (EU) 2017/1362 of the European Central Bank of 18 May 2017 amending Guideline (EU) 2015/510 on the implementation of the Eurosystem monetary policy framework (ECB/2017/12)

‘5 A wind-down entity shall not be eligible to access Eurosystem monetary policy operations unless it has been accepted as an eligible counterparty to participate in Eurosystem monetary policy operations by 22 March 2017. In that case it shall remain eligible until 31 December 2021, with the limitation that its access to Eurosystem credit operations, as defined in point (31) of Article 2, shall be capped at the average level of its recourse to Eurosystem credit operations during the 12-month period preceding 22 March 2017 with the possibility to compute and apply such cap jointly for a number of wind-down entities belonging to the same group, where relevant. Thereafter, such a wind-down entity shall no longer be eligible to access Eurosystem monetary policy operations.’;

‘3a With reference to wind-down entities not deemed eligible pursuant to Article 55a(5), the Eurosystem may suspend, limit or exclude, on the grounds of prudence, access to monetary policy operations by counterparties that channel Eurosystem liquidity to a non-eligible wind-down entity.’.

1 This Guideline shall take effect on the day of its notification to the national central banks of the Member States whose currency is the euro.

2 The national central banks of the Member States whose currency is the euro shall take the necessary measures to comply with this Guideline and apply them from 21 July 2017. They shall notify the ECB of the texts and means relating to those measures by 19 June 2017 at the latest.

This Guideline is addressed to all Eurosystem central banks.