Decision No. 2019-03 amending Decision No. 2016-07 of 30 December 2016 on additional temporary measures concerning Banque de France refinancing operations and collateral eligibility

Decision No. 2019-03 of 5 August 2019 amending Decision No. 2016-07 of 30 December 2016 on additional temporary measures concerning Banque de France refinancing operations and collateral eligibility

THE GOVERNOR OF THE BANQUE DE FRANCE

Having regard to:

• the Treaty on the Functioning of the European Union, and in particular Article 127(1) and the first indent of Article 127(2),
• the Statute of the European System of Central Banks and of the European Central Bank (ECB), and in particular the first indent of Article 3.1, Articles 12.1, 14.3 and 18.2,
• ECB Recommendation (EU) 2015/510 of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60), as amended,
• ECB Recommendation (EU) 2014/528 of 9 July 2014 on additional temporary measures concerning Eurosystem refinancing operations and collateral eligibility and amending ECB Recommendation 2007/9 (ECB/2014/31), as amended,
• ECB Recommendation of 10 May 2019 amending ECB Recommendation 2014/31 on additional temporary measures concerning Eurosystem refinancing operations and collateral eligibility (ECB/2018/5),
• the Monetary Agreement between the European Union and the Principality of Monaco of 26 December 2001, as amended on 29 November 2011,
• the Monetary and Financial Code, and in particular Article L. 142-8 thereof,
• the Governor of the Banque de France Decision No. 2015-01 of 22 April 2015 on the implementation of the monetary and intraday credit policy of the Banque de France, as amended,
• the Governor of the Banque de France Decision No. 2016-07 of 30 December 2016 on additional temporary measures concerning Banque de France refinancing operations and collateral eligibility,

DECIDES

Article 1

The Governor of the Banque de France Decision No. 2016-07 of 30 December 2016 on additional temporary measures concerning Banque de France refinancing operations and collateral eligibility (hereinafter "the Decision") is amended as follows:

1. paragraph 3 of Article 1 is deleted;
2. Article 6 is deleted;
3. paragraph 2 of Article 8 is replaced by the following text:
   "2. On the basis of a specific decision adopted by the Governing Council for this purpose, the Eurosystem credit quality threshold shall not apply to marketable debt instruments issued or fully guaranteed by the central administrations of a Member State of the euro area subject to an European Union/International Monetary Fund programme, as long as the Governing Council considers that this Member State complies with the conditions prescribed for financial assistance and/or the macroeconomic programme.";
4. paragraph 3 of Article 8 is deleted.

Article 2

Publication and entry into force

1. This Decision shall be published in the Official Publication Register of the Banque de France.
2. It shall enter into force on 5 August 2019.
3. This Decision shall be applicable in the overseas departments and regions, in Saint-Barthélemy, in Saint-Martin, in Saint-Pierre-and-Miquelon, as well as in the Principality of Monaco.

Done in Paris, 5 August 2019

The Governor of the Banque de France
François VILLEROY DE GALHAU