Decision No. 2024-03 of the Governor amending Decision No. 2020-02 of April 20, 2020 on additional temporary measures concerning Banque de France refinancing operations and collateral eligibility

PUBLICATION DATE: April 30, 2024 Decision No. 2024-03 of April 29, 2024 amending Decision No. 2020-02 of April 20, 2020 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 Articles 127(1) and 127(2), first indent,
• the Statute of the European System of Central Banks and of the European Central Bank (ECB), and in particular Articles 3.1, first indent, 5.1, 12.1, 14.3 and 18.2,
• ECB Guideline (EU) 2014/528 of July 9, 2014 on additional temporary measures concerning Eurosystem refinancing operations and collateral eligibility and amending Guideline ECB/2007/9 (ECB/2014/31), as amended,
• ECB Guideline (EU) 2015/510 of December 19, 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60), as amended,
• ECB Decision (EU) 2024/1165 of February 8, 2024 amending Guideline ECB/2014/31 on additional temporary measures concerning Eurosystem refinancing operations and collateral eligibility (ECB/2024/6),
• the Monetary Agreement between the European Union and the Principality of Monaco of December 26, 2001, as amended on November 29, 2011,
• the Monetary and Financial Code, and in particular Article L. 142-8,
• the Order of March 23, 2020 granting State guarantee to credit institutions and financing companies as well as lenders referred to in Article L. 548-1 of the Monetary and Financial Code, pursuant to Article 6 of Law No. 2020-289 of March 23, 2020 on the 2020 Finance Revision Act, as amended,
• the Governor of the Banque de France Decision No. 2015-01 of April 22, 2015 on the implementation of the Banque de France monetary and intraday credit policy, as amended,
• the Governor of the Banque de France Decision No. 2020-02 of April 20, 2020 on additional temporary measures concerning Banque de France refinancing operations and collateral eligibility, as amended.

DECIDES

Article 1 The Governor of the Banque de France Decision No. 2020-02 of April 20, 2020 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 4 (BDF3) is deleted.
2. In Article 7, paragraph 3 is replaced by the following text: "3. Negotiable debt instruments described in paragraph 1, bearing coupons indexed to a single money market rate whose use is authorized in the Union pursuant to Regulation (EU) 2016/1011 of the European Parliament and of the Council1 in the currency in which the instruments are denominated, or indexed to an inflation index not having coupon structures such as discrete range, range accrual, ratchet or other similar complex structures for the country concerned, also constitute eligible collateral for Eurosystem monetary policy operations."
3. Article 8 bis is deleted;
4. Table 2 in Annex BDF bis is deleted;
5. Annex II ter 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 May 6, 2024.
3. This Decision shall apply 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, April 29, 2024

The Governor of the Banque de France François VILLEROY de GALHAU

1 Regulation (EU) 2016/1011 of the European Parliament and of the Council of June 8, 2016 concerning indices used as reference values in the context of financial instruments and financial contracts or for measuring the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 (OJ L 171, 29.6.2016, p. 1).