Regulation No. 2015-03 - Miscellany of Targeted Review Interventions to Current Supervisory Provisions

VICE DIRECTOR GENERAL OF THE CENTRAL BANK OF THE REPUBLIC OF SAN MARINO HAVING REGARD to Law No. 165 of 17 November 2005, and in particular Article 39, which grants the Central Bank of the Republic of San Marino the power to issue measures containing binding and general provisions; HAVING REGARD to the Statute of the Central Bank of the Republic of San Marino approved by Law No. 96 of 29 June 2005, and in particular Article 30, paragraph 3, according to which acts of the Central Bank in matters of supervision, deliberated by the Supervisory Coordination, are issued by the Director General, and Article 14, paragraph 5, which regulates the case of absence or impediment of the Director General; CONSIDERING the opportunity to consolidate at the regulatory level the guidelines and pronouncements already expressed by the Supervisory Coordination as well as to introduce explanatory or extension norms, also in response to requests from the "system"; CONSIDERING the need to harmonize the analogous disciplines contained in the various sectoral regulations, also conforming procedures and forms; CONSIDERING the need to update certain supervisory provisions due to subsequent changes in the reference regulatory framework; HAVING REGARD to the resolutions of the Supervisory Coordination and the Board of Directors by which the text of Regulation No. 2015-03, named "Miscellany of Targeted Review Interventions to Current Supervisory Provisions," was approved; ISSUES the attached Regulation No. 2015-03 which enters into force on 1 January 2016. San Marino, 22 December 2015 Signed: THE VICE DIRECTOR GENERAL Daniele Bernardi

MISCELLANY OF TARGETED REVIEW INTERVENTIONS TO CURRENT SUPERVISORY PROVISIONS year 2015 / number 03

Regulation No. 2015-03 - Miscellany of Targeted Review Interventions to Current Supervisory Provisions 1 Article 1 - Amendments to Regulations Nos. 2007-07 and 2011-03

1. In Article III.VI.6, paragraph 2 is replaced as follows: "2. The opening of further BRANCHES after the first is subject to the same discipline provided for in Part VII, Title X of this Regulation with reference to the opening of new branches in territory by [banks/FINANCIAL COMPANIES] of San Marino."
2. In Annex A "Self-certification of honorability requirements," after point 3, the following fourth point is added: "4. I do not fall into any of the impeditive situations provided for in Article IV.II.1, paragraph 1, letter d)."
3. The footnote of Annex B "Self-certification of professionalism requirements" is replaced as follows: "Indicate one or more of the following:

• I have acquired experience of a duration not less than [three/five] years in administration, direction, or control activities at companies, not falling within the definition of default companies;
• I have acquired experience of a duration not less than [three/five] years in professional or university teaching activities in subjects related to the sector or anyway functional to the activity of the said financial company;
• I have acquired experience of a duration not less than [three/five] years in administrative or managerial functions at public bodies or public administrations having relevance with the credit, financial, securities, or insurance sector or at public bodies or public administrations that do not have relevance with the aforementioned sectors provided that they involve the management of economic-financial resources;
• I have acquired specific competence and experience with at least five years of professional activity in the personnel holding organizational units of financial companies, not falling within the definition of default companies."

4. In Article X.I.3, paragraph 4 is replaced as follows: "4. They must also inform the clientele about their rights, complaint procedures, other forms of out-of-court dispute resolution if available to the CLIENT, and the methods to access them, without prejudice to what is provided for in Article 68 of LISF regarding the possibility for the client to send to the CENTRAL BANK reports of alleged non-compliance with the provisions of this Part."
5. Article X.IV.8 is replaced as follows: "Article X.IV.8 - Complaint and Out-of-Court Recourse Procedures

Regulation No. 2015-03 - Miscellany of Targeted Review Interventions to Current Supervisory Provisions 2

1. Contracts with the clientele must provide for and regulate the possibility of the CLIENT to submit a complaint to the office designated for this purpose as well as the existence or non-existence of agreements between the parties to resolve any disputes also in other out-of-court forms, different from the complaint. Contracts must also refer to the possibility of the CLIENT to submit reports to the CENTRAL BANK pursuant to and for the effects of Article 68 of LISF, as defined by art.7 of Reg.2007-01." As a result of the above, Article X.IV.7 of Reg.2011-03 is replaced as follows: "Article X.IV.7 - Effective Rate
2. In the case of financing operations, the EIR (Effective Interest Rate) or TAEG (Annual Percentage Rate of Charge) must be indicated, depending on the different category of operation, calculated according to the provisions contained in the measure having as its object the detection of threshold rates for the purpose of anti-usury."
3. In Article IV.II.6, paragraph 1, letter a) is replaced as follows: "a) curriculum vitae, dated, signed, and complete with the offices of administration, direction, and control held at the time of compilation and at least in the five years prior, even if they are offices not valid for the purposes of Article IV.II.3, paragraph 1, letter a), as they are in DEFAULT COMPANIES;"
4. In Article III.II.3, paragraph 1), letter b) is replaced as follows: "b) accounting receipt issued at the time of the establishment of the locked deposit by a San Marino bank signed by its HEAD OF EXECUTIVE STRUCTURE;".
5. Paragraphs 1 and 4 of Article III.III.5 are replaced as follows: "1. PROMOTING SUBJECTS must establish the locked deposit, pursuant to Article 13, letter e) of LISF, on a specific account opened at a San Marino bank, provided it is not among the PROMOTING SUBJECTS." "4. The CENTRAL BANK, within the terms indicated above, will provide suitable written communication of the release and transfer to the depositary bank."
6. Paragraphs 1 and 2 of Art.VII.II.4 are replaced as follows: "1. From the sum of "basic capital" and "supplementary capital" the following are deducted: a) holdings in FINANCIAL COMPANIES held directly or indirectly in a measure greater than 10% of the share capital of the participating company as well as hybrid capitalization instruments and subordinated liabilities issued by such FINANCIAL COMPANIES, regardless of the allocation portfolio; b) shares in FINANCIAL COMPANIES held directly or indirectly in a measure not exceeding 10% of the capital of the participating company as well as hybrid capitalization instruments and subordinated liabilities other than those referred to in the previous letter a) issued by FINANCIAL COMPANIES also non-participating, regardless of the allocation portfolio.

Regulation No. 2015-03 - Miscellany of Targeted Review Interventions to Current Supervisory Provisions 3 2. The deduction referred to in letter a) of the previous paragraph is equal to the entire total amount, while that referred to in letter b), except in the case of "cross-investments" where the deduction is equally integral up to an amount corresponding, is equal to the part of the total amount that exceeds 10% of the value of the basic and supplementary capital of the investing [bank/FINANCIAL COMPANY] gross of the deductions referred to in this article; the investments referred to in letter b) of the previous paragraph, not deducted because they do not exceed the capital threshold, fall within the scope of application of the following Article VII.III.4, paragraph 1, letter f)." As a result of the above, the first paragraph of paragraph 2 of Article VII.XIII.2 of Reg.2011-03 is eliminated. Article 2 - Amendments to Regulation No. 2014-04

1. In Article VII.IV.6, paragraph 2, letter b), is replaced as follows: "b) regularly inform, with at least quarterly frequency, the Board of Directors, the Statutory Auditors Board, and the HEAD OF EXECUTIVE STRUCTURE about the activity carried out and its results, sending a copy of their periodic reports to the CENTRAL BANK for information, without prejudice to what is provided for in Article VII.IV.2, paragraph 2, letter d);"
2. In Article X.II.3, paragraph 1, letter b) is replaced as follows: "b) Articles X.II.9, X.II.10, and X.II.11, paragraphs 1 and 2, do not apply if the PAYMENT INSTRUMENT is usable in anonymous form or if, due to its characteristics, the PSP is not able to demonstrate that the PAYMENT OPERATION was authorized;"
3. In Article X.II.11, paragraph 3, letter b), is replaced as follows: "b) the PSP has not provided, in violation of Article X.II.7 paragraph 1 letter c), adequate instruments for the communication referred to in Article X.II.6, paragraph 1, letter b)."
4. In Article X.I.3, paragraph 4 is replaced as follows: "4. They must also inform the CLIENTELE about their rights, complaint procedures, other forms of out-of-court dispute resolution if available to the CLIENT, and the methods to access them, without prejudice to what is provided for in Article 68 of LISF regarding the possibility for the CLIENT to send to the CENTRAL BANK reports of alleged non-compliance by PSPs with the provisions of this Part."
5. In Article X.III.12, paragraph 1, point 7, letter b) is replaced as follows:

Regulation No. 2015-03 - Miscellany of Targeted Review Interventions to Current Supervisory Provisions 4 "b) complaint procedures, the existence or non-existence of agreement between the parties for recourse to other extrajudicial forms of settlement of any disputes, as well as the possibility of the CLIENT to submit reports to the CENTRAL BANK pursuant to and for the effects of Article 68 of LISF, as defined by art.7 of Reg.2007-01. " 6. In Annex A "Self-certification of honorability requirements," after point 3, the following fourth point is added: "4. I do not fall into any of the impeditive situations provided for in Article IV.II.1, paragraph 1, letter d)" 7. In Annex B "Self-certification of professionalism requirements" the footnote is replaced as follows: "Indicate one or more of the following:

• I have acquired experience of a duration not less than three years in administration, direction, or control activities at companies, not falling within the definition of default companies;
• I have acquired experience of a duration not less than three years in professional or university teaching activities in subjects related to the sector or anyway functional to the activity of the said financial company;
• I have acquired experience of a duration not less than three years in administrative or managerial functions at public bodies or public administrations having relevance with the credit, financial, securities, or insurance sector or at public bodies or public administrations that do not have relevance with the aforementioned sectors provided that they involve the management of economic-financial resources;
• I have acquired specific competence and experience with at least five years of professional activity in the personnel holding organizational units of financial companies, not falling within the definition of default companies."

8. In Article III.II.3, paragraph 1, letter b) is replaced as follows: "b) accounting receipt issued at the time of the establishment of the locked deposit by a San Marino bank signed by its HEAD OF EXECUTIVE STRUCTURE".
9. Paragraphs 1 and 4 of Article III.III.5 are replaced as follows: "1. PROMOTING SUBJECTS must establish the locked deposit, pursuant to Article 13, letter e) of LISF, on a specific account opened at a San Marino bank, provided it is not among the PROMOTING SUBJECTS." "4. The CENTRAL BANK, within the terms indicated above, will provide suitable written communication of the release and transfer to the depositary bank."
10. The words "signage schemes" are replaced by "signage models".

Regulation No. 2015-03 - Miscellany of Targeted Review Interventions to Current Supervisory Provisions 5 11. In Article I.I.2, paragraph 1, point 61 is replaced by the following: "61. "supervisory reports": periodic and non-periodic detections of information prepared in accordance with accounting data and/or management information systems that, within the scope of the informational supervisory powers referred to in Article 41, paragraph 1, of LISF, are transmitted to the Supervision Department;" consequently in the text of the Regulation, every reference to "periodic supervisory reports" has the word "periodic" eliminated. 12. In Article III.III.8, the following second paragraph is added: "2. If the compilation of Annex 2 referred to in the previous letter f) presupposes the prior obtaining by the forming INSTITUTION of the authorization to start operations referred to in the following Article III.V.7, the CENTRAL BANK, upon reasoned request of the PROMOTING SUBJECTS, may grant an extension on the presentation of the aforementioned annex, also within the procedure referred to in the following Article III.V.5 upon request of the INSTITUTION itself, provided that its presentation and approval by the CENTRAL BANK must in any case take place before the communication referred to in the following Article III.V.11." Article 3 - Amendments to Regulation 2006-03

1. Paragraph 4 of Article 21 is replaced as follows: "4. The possession of the requirements referred to in paragraph 1 is proven through: a) the production of the general criminal record, the certificate of pending charges, the civil certificate or certificate of no bankruptcy ever, issued by the competent public offices of the place where the person has resided administratively for the longest period in the last five years, respecting the criteria of "substantial equivalence" referred to in Article 1, paragraph 2 of the COMPANIES LAW; b) the production, with regard to all remaining jurisdictions, of self-certification made by the interested party before a San Marino Public Notary, using the model attached to this Regulation under letter B."
2. Paragraph 7 of Article 21 is replaced as follows: "7. The possible non-existence of one or more "substantially equivalent" certifications in the foreign legal system of residence for the purposes of the previous paragraph 4, letter a), must be:

• attested by a "legal opinion", conforming to the requirements of the previous Article 2, paragraph 2;
• supplemented by a specific authenticated self-certification, with the contents required by the CENTRAL BANK."

3. Paragraph 2 of Article 8 is replaced as follows:

Regulation No. 2015-03 - Miscellany of Targeted Review Interventions to Current Supervisory Provisions 6 "2. The promoters of the MC must establish, pursuant to Article 13, letter e), of LISF, on a specific account opened at a San Marino bank, provided it is not among the promoters, a locked deposit of an amount not less than that referred to in paragraph 1. The CENTRAL BANK will authorize the release after verifying the conformity of the constitutive act with the authorized draft and receiving from the MC the indication of the current account opened in its name at a San Marino bank on which the entire sum deposited as capital contribution will be transferred." 4. Paragraph 1 of Article 18 is replaced as follows: "1. The application for authorization to acquire a SIGNIFICANT PARTICIPATION or CONTROL of an MC must be attached the documents suitable - specified in the subsequent articles - to prove the possession of honorability requirements and the existence of conditions aimed at ensuring the sound and prudent management of the MC and to allow the effective exercise of supervision. Those registered in the register of authorized subjects kept by the CENTRAL BANK are exempt from the obligation to prove such requirements." 5. In Annex B "Self-certification of honorability requirements," after point 3, the following fourth point is added: "4. I do not fall into any of the impeditive situations provided for in Article 21, paragraph 1, letter d)" 6. The following paragraphs are added to Article 119 bis: "2. If the contribution of assets to the FUND is made by a single subscriber, the condition of plurality of participants in the FUND must be realized no later than 18 months from the date of the first contribution, through: a) transfer by the initial single participant to third parties of the shares already issued; b) subscription of newly issued shares through new contributions of assets by subjects other than the initial single participant; understanding that the condition of third-party status is realized in all cases where the new participant in the FUND is not part of the same group according to the results of the Register referred to in Article 56 of LISF. 3. The CENTRAL BANK, upon motivated request of the MC, may extend the term referred to in the previous paragraph for no more than 12 months, subject to renewal, provided the following conditions are met: a) the single participant in the FUND is a subject authorized to carry out banking or lending activities referred to respectively in letters A and B of Annex 1 to LISF; b) the assets contributed to the FUND pursuant to Article 103 paragraph 1 are non-performing loans and assets acquired for debt recovery; c) for the types of assets held by the FUND, there are proven particularly unfavorable market conditions.

Regulation No. 2015-03 - Miscellany of Targeted Review Interventions to Current Supervisory Provisions 7 4. If the condition of plurality is not realized within the terms indicated in the two previous paragraphs, the MC within 3 months from the expiration of said terms liquidates the FUND, also through return to the single participant of the assets contributed by it." 7. Letter g), in the first paragraph of Article 6, is replaced as follows: "g) documents and certificates, indicated in the subsequent Title IV, for the verification of the requirements of MANAGEMENT REPRESENTATIVES, dated no earlier than six months prior to the date of submission of the authorization application." 8. The first paragraph of Article 119 quater is replaced as follows: "1. The application for approval of the FUND regulations must be accompanied - in addition to what is provided for in Article 125 - by an informative note containing the description, by type, number, and indicative value, of the assets to be contributed and the organizational interventions adopted by the MC for the management of the FUND, if the same involves an extension of operations into new sectors, including any outsourcing to which the MC intends to resort for efficient asset valorization." 9. Letter a) of the first paragraph of Article 103 is replaced as follows: "a) credits and securities representing credits with related guarantees;" 10. Paragraphs 2 and 3 of Article 41 are replaced as follows: "2. From the sum of "basic capital" and "supplementary capital" the following are deducted: a) holdings in other MCs, banks, investment firms, insurance companies, and other companies exercising financial activity, held directly or indirectly in a measure greater than 10% of the share capital of the participating company as well as hybrid capitalization instruments and subordinated liabilities issued by such financial companies, regardless of the allocation portfolio; b) shares in other MCs, banks, investment firms, insurance companies, and other companies exercising financial activity, held directly or indirectly in a measure not exceeding 10% of the capital of the participating company as well as hybrid capitalization instruments and subordinated liabilities other than those referred to in the previous letter a) issued by such financial companies also non-participating, regardless of the allocation portfolio. 3. The deduction referred to in the previous paragraph, letter a), is equal to the entire total amount, while that referred to in letter b), except in the case of "cross-investments" where the deduction is equally integral up to an amount corresponding, is equal to the part of the total amount that exceeds 10% of the value of the basic and supplementary capital of the investing MC." Article 4 - Amendments to Regulation 2014-02

Regulation No. 2015-03 - Miscellany of Targeted Review Interventions to Current Supervisory Provisions 8

1. In Article 17, paragraph 2, letter d) is replaced as follows: "d) expenses for insurances or guarantees intended to ensure the total or partial reimbursement of the credit or otherwise protect the rights of the creditor (e.g., policies for theft and fire on goods granted in leasing or mortgage), if the conclusion of the contract having as its object the insurance service is concurrent with the granting of the financing or is mandatory to obtain the credit or to obtain it under the contractual conditions offered, regardless of the fact that the policy is stipulated through the financier or directly by the client. Included, upon the occurrence of the conditions specified above, are also insurance expenses for death, disability, unemployment of the debtor, provided that the policy is bound in favor of the financier, who, upon the occurrence of the event, directly receives the insured capital with the obligation to return any excess to the debtor or their heirs;"
2. In Article 14, paragraph 1, letter c) is replaced as follows: "c) the points of increase compared to the agreed rate usually provided in financing contracts as a result of delay by REPORTING SUBJECTS for cases of delayed payment."
3. Article 20 is replaced as follows: "Article 20 - Calculation Methods of the Threshold in Case of Default
4. Without prejudice to what is provided for in Article 17 paragraph 5), which provides for the exclusion of default interest and similar charges from the expenses participating in the determination of the effective global rate and consequently from the threshold rates, in the Circular referred to in the previous Article 8 paragraph 2, the system average of the points of increase for default will also be published, detected quarterly based on the statistical detection referred to in the previous Article 14, paragraph 1, letter c). In cases of default, the average referred to above must therefore be added to the average effective global rate published for the reference category or subcategory to then determine the threshold on this sum."
5. In Article 19, paragraph 4, the second paragraph is replaced as follows: "- introduce further supplementary criteria for the correction of the threshold rate in cases of data bases not sufficiently significant from a statistical point of view or of changes intervening mid-term in the main refinancing rates of the Eurosystem;"
6. Paragraph 1 of Article 8 is replaced as follows: "1. The CENTRAL BANK will proceed to calculate, for each category of financing referred to in

Regulation No. 2015-03 - Miscellany of Targeted Review Interventions to Current Supervisory Provisions 9 the previous Article 1, the average effective global rate and the threshold rate, using the data provided by the reporting subjects in accordance with the provisions of this Regulation and the Circulars issued by the Central Bank." 6. In Article 19, paragraph 1, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter a), if the number of operations is less than 100 in the reference period." 7. In Article 19, paragraph 2, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter b), if the number of operations is less than 50 in the reference period." 8. In Article 19, paragraph 3, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter c), if the number of operations is less than 50 in the reference period." 9. In Article 19, paragraph 4, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter d), if the number of operations is less than 50 in the reference period." 10. In Article 19, paragraph 5, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter e), if the number of operations is less than 50 in the reference period." 11. In Article 19, paragraph 6, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter f), if the number of operations is less than 50 in the reference period." 12. In Article 19, paragraph 7, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter g), if the number of operations is less than 50 in the reference period." 13. In Article 19, paragraph 8, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter h), if the number of operations is less than 50 in the reference period." 14. In Article 19, paragraph 9, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter i), if the number of operations is less than 50 in the reference period." 15. In Article 19, paragraph 10, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter j), if the number of operations is less than 50 in the reference period." 16. In Article 19, paragraph 11, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter k), if the number of operations is less than 50 in the reference period." 17. In Article 19, paragraph 12, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter l), if the number of operations is less than 50 in the reference period." 18. In Article 19, paragraph 13, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter m), if the number of operations is less than 50 in the reference period." 19. In Article 19, paragraph 14, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter n), if the number of operations is less than 50 in the reference period." 20. In Article 19, paragraph 15, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter o), if the number of operations is less than 50 in the reference period." 21. In Article 19, paragraph 16, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter p), if the number of operations is less than 50 in the reference period." 22. In Article 19, paragraph 17, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter q), if the number of operations is less than 50 in the reference period." 23. In Article 19, paragraph 18, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter r), if the number of operations is less than 50 in the reference period." 24. In Article 19, paragraph 19, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter s), if the number of operations is less than 50 in the reference period." 25. In Article 19, paragraph 20, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter t), if the number of operations is less than 50 in the reference period." 26. In Article 19, paragraph 21, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter u), if the number of operations is less than 50 in the reference period." 27. In Article 19, paragraph 22, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter v), if the number of operations is less than 50 in the reference period." 28. In Article 19, paragraph 23, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter w), if the number of operations is less than 50 in the reference period." 29. In Article 19, paragraph 24, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter x), if the number of operations is less than 50 in the reference period." 30. In Article 19, paragraph 25, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter y), if the number of operations is less than 50 in the reference period." 31. In Article 19, paragraph 26, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter z), if the number of operations is less than 50 in the reference period." 32. In Article 19, paragraph 27, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter aa), if the number of operations is less than 50 in the reference period." 33. In Article 19, paragraph 28, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter bb), if the number of operations is less than 50 in the reference period." 34. In Article 19, paragraph 29, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter cc), if the number of operations is less than 50 in the reference period." 35. In Article 19, paragraph 30, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter dd), if the number of operations is less than 50 in the reference period." 36. In Article 19, paragraph 31, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ee), if the number of operations is less than 50 in the reference period." 37. In Article 19, paragraph 32, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ff), if the number of operations is less than 50 in the reference period." 38. In Article 19, paragraph 33, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter gg), if the number of operations is less than 50 in the reference period." 39. In Article 19, paragraph 34, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter hh), if the number of operations is less than 50 in the reference period." 40. In Article 19, paragraph 35, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ii), if the number of operations is less than 50 in the reference period." 41. In Article 19, paragraph 36, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter jj), if the number of operations is less than 50 in the reference period." 42. In Article 19, paragraph 37, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter kk), if the number of operations is less than 50 in the reference period." 43. In Article 19, paragraph 38, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ll), if the number of operations is less than 50 in the reference period." 44. In Article 19, paragraph 39, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter mm), if the number of operations is less than 50 in the reference period." 45. In Article 19, paragraph 40, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter nn), if the number of operations is less than 50 in the reference period." 46. In Article 19, paragraph 41, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter oo), if the number of operations is less than 50 in the reference period." 47. In Article 19, paragraph 42, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter pp), if the number of operations is less than 50 in the reference period." 48. In Article 19, paragraph 43, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter qq), if the number of operations is less than 50 in the reference period." 49. In Article 19, paragraph 44, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter rr), if the number of operations is less than 50 in the reference period." 50. In Article 19, paragraph 45, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ss), if the number of operations is less than 50 in the reference period." 51. In Article 19, paragraph 46, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter tt), if the number of operations is less than 50 in the reference period." 52. In Article 19, paragraph 47, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter uu), if the number of operations is less than 50 in the reference period." 53. In Article 19, paragraph 48, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter vv), if the number of operations is less than 50 in the reference period." 54. In Article 19, paragraph 49, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ww), if the number of operations is less than 50 in the reference period." 55. In Article 19, paragraph 50, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter xx), if the number of operations is less than 50 in the reference period." 56. In Article 19, paragraph 51, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter yy), if the number of operations is less than 50 in the reference period." 57. In Article 19, paragraph 52, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter zz), if the number of operations is less than 50 in the reference period." 58. In Article 19, paragraph 53, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter aaa), if the number of operations is less than 50 in the reference period." 59. In Article 19, paragraph 54, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter bbb), if the number of operations is less than 50 in the reference period." 60. In Article 19, paragraph 55, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ccc), if the number of operations is less than 50 in the reference period." 61. In Article 19, paragraph 56, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ddd), if the number of operations is less than 50 in the reference period." 62. In Article 19, paragraph 57, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter eee), if the number of operations is less than 50 in the reference period." 63. In Article 19, paragraph 58, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter fff), if the number of operations is less than 50 in the reference period." 64. In Article 19, paragraph 59, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ggg), if the number of operations is less than 50 in the reference period." 65. In Article 19, paragraph 60, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter hhh), if the number of operations is less than 50 in the reference period." 66. In Article 19, paragraph 61, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter iii), if the number of operations is less than 50 in the reference period." 67. In Article 19, paragraph 62, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter jjj), if the number of operations is less than 50 in the reference period." 68. In Article 19, paragraph 63, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter kkk), if the number of operations is less than 50 in the reference period." 69. In Article 19, paragraph 64, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter lll), if the number of operations is less than 50 in the reference period." 70. In Article 19, paragraph 65, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter mmm), if the number of operations is less than 50 in the reference period." 71. In Article 19, paragraph 66, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter nnn), if the number of operations is less than 50 in the reference period." 72. In Article 19, paragraph 67, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ooo), if the number of operations is less than 50 in the reference period." 73. In Article 19, paragraph 68, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ppp), if the number of operations is less than 50 in the reference period." 74. In Article 19, paragraph 69, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter qqq), if the number of operations is less than 50 in the reference period." 75. In Article 19, paragraph 70, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter rrr), if the number of operations is less than 50 in the reference period." 76. In Article 19, paragraph 71, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter sss), if the number of operations is less than 50 in the reference period." 77. In Article 19, paragraph 72, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ttt), if the number of operations is less than 50 in the reference period." 78. In Article 19, paragraph 73, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter uuu), if the number of operations is less than 50 in the reference period." 79. In Article 19, paragraph 74, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter vvv), if the number of operations is less than 50 in the reference period." 80. In Article 19, paragraph 75, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter www), if the number of operations is less than 50 in the reference period." 81. In Article 19, paragraph 76, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter xxx), if the number of operations is less than 50 in the reference period." 82. In Article 19, paragraph 77, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter yyy), if the number of operations is less than 50 in the reference period." 83. In Article 19, paragraph 78, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter zzz), if the number of operations is less than 50 in the reference period." 84. In Article 19, paragraph 79, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter aaaa), if the number of operations is less than 50 in the reference period." 85. In Article 19, paragraph 80, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter bbbb), if the number of operations is less than 50 in the reference period." 86. In Article 19, paragraph 81, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter cccc), if the number of operations is less than 50 in the reference period." 87. In Article 19, paragraph 82, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter dddd), if the number of operations is less than 50 in the reference period." 88. In Article 19, paragraph 83, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter eeee), if the number of operations is less than 50 in the reference period." 89. In Article 19, paragraph 84, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ffff), if the number of operations is less than 50 in the reference period." 90. In Article 19, paragraph 85, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter gggg), if the number of operations is less than 50 in the reference period." 91. In Article 19, paragraph 86, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter hhhh), if the number of operations is less than 50 in the reference period." 92. In Article 19, paragraph 87, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter iiii), if the number of operations is less than 50 in the reference period." 93. In Article 19, paragraph 88, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter jjjj), if the number of operations is less than 50 in the reference period." 94. In Article 19, paragraph 89, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter kkkk), if the number of operations is less than 50 in the reference period." 95. In Article 19, paragraph 90, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter llll), if the number of operations is less than 50 in the reference period." 96. In Article 19, paragraph 91, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter mmmm), if the number of operations is less than 50 in the reference period." 97. In Article 19, paragraph 92, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter nnnn), if the number of operations is less than 50 in the reference period." 98. In Article 19, paragraph 93, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter oooo), if the number of operations is less than 50 in the reference period." 99. In Article 19, paragraph 94, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter pppp), if the number of operations is less than 50 in the reference period." 100. In Article 19, paragraph 95, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter qqqq), if the number of operations is less than 50 in the reference period." 101. In Article 19, paragraph 96, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter rrrr), if the number of operations is less than 50 in the reference period." 102. In Article 19, paragraph 97, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ssss), if the number of operations is less than 50 in the reference period." 103. In Article 19, paragraph 98, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter tttt), if the number of operations is less than 50 in the reference period." 104. In Article 19, paragraph 99, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter uuuu), if the number of operations is less than 50 in the reference period." 105. In Article 19, paragraph 100, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter vvvv), if the number of operations is less than 50 in the reference period." 106. In Article 19, paragraph 101, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter wwww), if the number of operations is less than 50 in the reference period." 107. In Article 19, paragraph 102, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter xxxx), if the number of operations is less than 50 in the reference period." 108. In Article 19, paragraph 103, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter yyyy), if the number of operations is less than 50 in the reference period." 109. In Article 19, paragraph 104, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter zzzz), if the number of operations is less than 50 in the reference period." 110. In Article 19, paragraph 105, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter aaaaa), if the number of operations is less than 50 in the reference period." 111. In Article 19, paragraph 106, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter bbbbb), if the number of operations is less than 50 in the reference period." 112. In Article 19, paragraph 107, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ccccc), if the number of operations is less than 50 in the reference period." 113. In Article 19, paragraph 108, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ddddd), if the number of operations is less than 50 in the reference period." 114. In Article 19, paragraph 109, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter eeeee), if the number of operations is less than 50 in the reference period." 115. In Article 19, paragraph 110, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter fffff), if the number of operations is less than 50 in the reference period." 116. In Article 19, paragraph 111, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ggggg), if the number of operations is less than 50 in the reference period." 117. In Article 19, paragraph 112, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter hhhhh), if the number of operations is less than 50 in the reference period." 118. In Article 19, paragraph 113, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter iiiii), if the number of operations is less than 50 in the reference period." 119. In Article 19, paragraph 114, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter jjjjj), if the number of operations is less than 50 in the reference period." 120. In Article 19, paragraph 115, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter kkkkk), if the number of operations is less than 50 in the reference period." 121. In Article 19, paragraph 116, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter lllll), if the number of operations is less than 50 in the reference period." 122. In Article 19, paragraph 117, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter mmmmm), if the number of operations is less than 50 in the reference period." 123. In Article 19, paragraph 118, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter nnnnn), if the number of operations is less than 50 in the reference period." 124. In Article 19, paragraph 119, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ooooo), if the number of operations is less than 50 in the reference period." 125. In Article 19, paragraph 120, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter ppppp), if the number of operations is less than 50 in the reference period." 126. In Article 19, paragraph 121, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter qqqqq), if the number of operations is less than 50 in the reference period." 127. In Article 19, paragraph 122, the second paragraph is replaced as follows: "- the Central Bank may, in justified cases, exclude from the calculation of the average effective global rate and the threshold rate, the operations referred to in the previous Article 1, paragraph 1, letter rrrrr), if the number of operations is less than 50 in the reference period." 128. In Article 19, paragraph 123, the second paragraph is replaced as follows: "- the Central Bank may, in justified