Guideline (EU) 2023/818 of the European Central Bank of 5 April 2023 amending Guideline (EU) 2019/671 on domestic asset and liability management operations by the national central banks (ECB/2019/7) (ECB/2023/8)

‘4 The NCBs shall inform the ECB of the arrangements established in accordance with this Article once every two years.’

‘1 The remuneration of government deposits shall be subject to the following ceilings: (a) in the case of government deposits denominated in euro, other than government deposits related to an adjustment programme: (i) for overnight government deposits, the unsecured overnight market rate minus 20 basis points; (ii) for fixed term government deposits, the secured market rate with a comparable maturity minus 20 basis points or if that is not available, the unsecured overnight market rate minus 20 basis points; (b) in the case of government deposits denominated in other currencies, other than government deposits related to an adjustment programme, an approach comparable for the concerned currency to the approach set out for deposits denominated in euro, as set out in point (a); (c) in the case of government deposits related to an adjustment programme, the higher of: (i) zero per cent and (ii) the unsecured overnight market rate or, if available, the secured market rate with a comparable maturity, as applicable.’

‘1 Once every two years the ECB shall prepare an assessment of the implementation of this Guideline in the previous two years and submit it to the Governing Council.’.

1 This Guideline shall take effect on the day of its notification to the NCBs.

2 The NCBs shall take the necessary measures to comply with this Guideline and apply them from 1 May 2023. They shall notify the ECB of the texts and means relating to the measures specified in Article 1, point (2) by 17 April 2023 at the latest.

This Guideline is addressed to the NCBs.