Regulation of the Central Bank of Luxembourg 2026/No. 36 of 27 March 2026 amending the Regulation of the Central Bank of Luxembourg 2014/No. 18 of 21 August 2014 implementing ECB/2014/31 on additional temporary measures concerning Eurosystem refinancing operations and collateral eligibility

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BANQUE CENTRALE DU LUXEMBOURG
Regulation of the Central Bank of Luxembourg 2026/ No. 36 of 27 March 2026 amending the Regulation of the Central Bank of Luxembourg 2014/ No. 18 of 21 August 2014 implementing ECB/2014/31 on additional temporary 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 5.1, 12.1, 14.3 and 18.2 thereof;

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) Pursuant to Article 18.1 of the Statute of the European System of Central Banks and of the European Central Bank, the European Central Bank (ECB) and the national central banks of the Member States whose currency is the euro (hereinafter the 'NCBs') may, in order to achieve the objectives of the European System of Central Banks, carry out credit operations with credit institutions and other market participants on the basis of appropriate collateral for loans. The general conditions under which the ECB and the NCBs are willing to carry out credit operations, including the criteria determining the eligibility of collateral for Eurosystem credit operations, are set out in European Central Bank Regulation (EU) 2015/510 (ECB/2014/60)1. Additional temporary measures concerning Eurosystem refinancing operations and collateral eligibility are set out in European Central Bank Decision ECB/2014/312.

(2) On 29 November 2024, the Governing Council decided to strengthen the harmonisation and simplification of the Eurosystem collateral framework, while preserving its breadth. This decision requires, in particular, the integration into the general collateral framework of certain types of assets accepted under the temporary framework, namely a) marketable assets denominated in US dollars, British pounds and Japanese yen; and b) asset-backed securities whose second-best rating corresponds to credit quality step 3 on the Eurosystem harmonised rating scale and which meet the eligibility criteria set out in the temporary collateral framework.

(3) As Decision ECB/2014/31 has been amended accordingly by Decision ECB/2026/3, it is appropriate to implement the new measures by amending the Regulation of the Central Bank of Luxembourg 2014/ No. 18 of 21 August 2014 implementing Decision ECB/2014/31 on additional temporary measures concerning Eurosystem refinancing operations and collateral eligibility, as amended.

1 European Central Bank Regulation (EU) 2015/510 of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (General Documentation Regulation) (ECB/2014/60) (OJ L 91, 2.4.2015, p. 3). 2 European Central Bank Decision ECB/2014/31 of 9 July 2014 on additional temporary measures concerning Eurosystem refinancing operations and collateral eligibility and amending Decision ECB/2007/9 (OJ L 240, 13.8.2014, p. 28).

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HAS ADOPTED THIS REGULATION:

Article 1. Amendments

The Regulation of the Central Bank of Luxembourg 2014/ No. 18 of 21 August 2014 is amended as follows:

1. Article 3 is deleted;
2. Article 4 is amended as follows:
   a) in paragraph 3, point (c) is replaced by the following text:
   '(c) which are included in a portfolio of private claims, if the law governing the private claims or the debtor concerned (or the guarantor, if applicable) is that of a Member State other than that in which the accepting NCB is established.'; b) paragraph 5 is deleted;
3. Article 7 is deleted;
4. Annex II bis is deleted.

Article 2. Entry into force

This Regulation shall enter into force on 30 March 2026.

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