Regulation BCL 2018/No. 23 of 16 April 2018 amending Regulation BCL 2014/No. 18 of 21 August 2014 implementing ECB/2014/31 on temporary additional measures concerning Eurosystem refinancing operations and collateral eligibility

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BANQUE CENTRALE DU LUXEMBOURG
Regulation of the Central Bank of Luxembourg 2018/ No. 23 of 16 April 2018 amending the Regulation of the Central Bank of Luxembourg 2014/ No. 18 of 21 August 2014 implementing ECB/2014/31 on temporary additional measures concerning Eurosystem refinancing operations and collateral eligibility

The Directorate of the Central Bank of Luxembourg,

Having regard to the Treaty on the Functioning of the European Union and in particular Article 127(2), first indent;

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Article 3.1, first indent, and Articles 12.1, 14.3, 18.1 and 18.2;

Having regard to Article 108bis of the Constitution;

Having regard to the Law of 23 December 1998 on the monetary status and the Central Bank of Luxembourg (hereinafter the "Central Bank") as amended, in particular Articles 2(1), 2(2) and 34(1);

Whereas:

(1) The Governing Council of the European Central Bank (ECB) has decided that commercial mortgage-backed securities (CMBS) should be rendered ineligible as collateral within the framework of Eurosystem collateral, given that the risks and complexity of CMBS differ significantly, both in terms of the underlying assets and structural characteristics, from those of other asset-backed securities accepted as collateral by the Eurosystem.

(2) Since ECB/2014/31 has been amended accordingly, it is also necessary to amend the Regulation of the Central Bank 2014/ No. 18 of 21 August 2014 implementing this guidance.

HAS ADOPTED THIS REGULATION:

Article 1. Amendment

In Article 3, paragraph 1, point (a), of the Central Bank Regulation 2014/ No. 18 of 21 August 2014, as amended, point (iii) is deleted.

Article 2. Entry into force

This Regulation shall enter into force on the day of its publication.

Article 3. Publication

This Regulation shall be published in the Official Journal of the Grand-Duchy of Luxembourg and on the website of the Central Bank (www.bcl.lu).

BANQUE CENTRALE DU LUXEMBOURG
The Directorate

1 ECB/2014/31 of the European Central Bank of 9 July 2014 on temporary additional measures concerning Eurosystem refinancing operations and collateral eligibility and amending ECB/2007/9 (OJ L 240, 13.8.2014, p. 28).