Guideline (EU) 2020/1692 of the European Central Bank of 25 September 2020 amending Guideline (EU) 2016/65 on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework (ECB/2020/46)

Guideline (EU) 2016/65 (ECB/2015/35) is amended as follows: (1) Article 2 is amended as follows: (a) in point (b), the wording ‘as well as UCITS compliant jumbo covered bonds’ is replaced by the wording ‘as well as jumbo covered bonds;’; (b) point (c) is replaced by the following: ‘(c) legislative covered bonds other than jumbo covered bonds; multi cédulas; and debt instruments issued by (i) non-financial corporations, (ii) corporations in the government sector, and (iii) agencies which are non-credit institutions that do not meet the quantitative criteria set out in Annex XIIa to Guideline (EU) 2015/510 (ECB/2014/60), are included in haircut category III;’; (2) in the Annex, Table 1 is replaced by the following: ‘Table 1 Haircut categories for eligible marketable assets based on the type of issuer and/or type of asset Category ICategory IICategory IIICategory IVCategory V debt instruments issued by central governments ECB debt certificates debt certificates issued by national central banks (NCBs) prior to the date of adoption of the euro in their respective Member State debt instruments issued by local and regional governments debt instruments issued by entities (credit institutions or non-credit institutions) classified by the Eurosystem as agencies and which meet the quantitative criteria set out in Annex XIIa to Guideline (EU) 2015/510 (ECB/2014/60) debt instruments issued by multilateral development banks and international organisations jumbo covered bonds Legislative covered bonds other than jumbo covered bonds multi cédulas debt instruments issued by non-financial corporations, corporations in the government sector and agencies which are non-credit institutions that do not meet the quantitative criteria set out in Annex XIIa to Guideline (EU) 2015/510 (ECB/2014/60) unsecured debt instruments issued by credit institutions and agencies which are credit institutions that do not meet the quantitative criteria set out in Annex XIIa to Guideline (EU) 2015/510 (ECB/2014/60) unsecured debt instruments issued by financial corporations other than credit institutions asset-backed securities’

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 1 January 2021.They shall notify the European Central Bank of the texts and means relating to those measures by 6 November 2020 at the latest.

This Guideline is addressed to the national central banks of the Member States whose currency is the euro.