Regulation BCL 2019/No. 26 of 5 August 2019 amending Regulation BCL 2014/No. 18 of 21 August 2014 implementing ECB Guideline 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 2019/ No. 26 of 5 August 2019 amending the Regulation of the Central Bank of Luxembourg 2014/ No. 18 of 21 August 2014 implementing ECB Guideline 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 5.1, 12.1, 14.3 and 18.2; Having regard to Article 108 bis 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 has decided that, for the purposes of Article 1(3), Article 6(1) and Article 8 of ECB Guideline 2014/31 1, the Hellenic Republic is no longer considered a euro area member state subject to an EU/IMF programme 2. (2) The Governing Council of the European Central Bank has decided that, for the purposes of Article 8 of ECB Guideline 2014/31, the Republic of Cyprus is no longer considered a euro area member state subject to an EU/IMF programme 3. (3) The suspension of credit quality threshold requirements for certain negotiable instruments should be subject to an express decision of the Governing Council of the European Central Bank. (4) As ECB Guideline 2014/31 has been amended accordingly by ECB Guideline 2019/13, it is also necessary to amend the Regulation of the Central Bank 2014/ No. 18 of 21 August 2014 implementing ECB Guideline 2014/31. HEREBY ADOPT 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 1(3) is deleted;
2. Article 6 is deleted;
3. Article 8(2) is replaced by the following text:
   "2. Based on a specific decision adopted by the Governing Council of the European Central Bank for that purpose, the Eurosystem credit quality threshold shall not apply to negotiable debt securities issued or fully guaranteed by the central administrations of a euro area member state subject to an EU/IMF programme, as long as the Governing Council of the European Central Bank considers that this member state complies with the conditions prescribed for financial support and/or the macroeconomic programme.";
4. Article 8(3) is deleted;
5. Article 9(2) is deleted;
6. Annexes I and II are 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