Regulation BCL 2014/No. 19 of 15 December 2014 amending Regulation BCL 2014/No. 18 of 21 August 2014

BANQUE CENTRALE DU LUXEMBOURG
Regulation of the Bank of Luxembourg 2014/No. 19 of 15 December 2014 amending the Regulation of the Bank of Luxembourg 2014/No. 18 of 21 August 2014 implementing ECB Guideline 2014/31 on additional temporary measures concerning Eurosystem refinancing operations and collateral eligibility and amending ECB Guideline 2007/9

The Directorate of the 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 12.1, 14.3, 18.1 and 18.2; Having regard to Article 108bis of the Constitution; Having regard to the Law of 23 December 1998 on the monetary status and the Bank of Luxembourg (hereinafter the 'Central Bank'), as amended, in particular Articles 2(1), 2(2) and 34(1); Whereas:

(1) In accordance with ECB Guideline 2014/31 1, the Eurosystem's minimum credit quality thresholds, as specified by the rules of the Eurosystem credit assessment framework, applicable to marketable assets, set out in Annex I, Section 6.3.2, of ECB Guideline 2011/14 2, do not apply to negotiable debt securities issued or fully guaranteed by the central administrations of the euro area Member States, provided they comply with an EU/IMF programme.

1 ECB Guideline 2014/31 of 9 July 2014 on additional temporary measures concerning Eurosystem refinancing operations and collateral eligibility and amending ECB Guideline 2007/9 (OJ L 240, 13.8.2014, p. 28). 2 ECB Guideline 2011/14 of 20 September 2011 on the instruments and procedures of monetary policy of the Eurosystem (OJ L 331, 14.12.2011, p. 1).

(2) The Governing Council of the European Central Bank (ECB) considers the Hellenic Republic to be complying with an EU/IMF programme. Consequently, negotiable debt securities issued or fully guaranteed by the Hellenic Republic and fulfilling all other eligibility criteria constitute eligible collateral for Eurosystem credit operations, subject to a specific haircut table.

(3) Given the general improvement in market conditions for Greek marketable assets, the ECB Governing Council has decided to revise the haircut table applicable to negotiable debt securities issued or fully guaranteed by the Hellenic Republic. This table is set out in ECB Guideline 2014/31, which was implemented by Regulation of the Bank of Luxembourg No. 2014/18 of 21 August 2014.

(4) As ECB Guideline 2014/31 is amended accordingly by ECB Guideline 2014/46, it is appropriate to implement these amendments by amending Regulation of the Bank of Luxembourg 2014/No. 18 of 21 August 2014.

HAS ADOPTED THIS REGULATION:

Article 1. Amendment of Annex I to Regulation of the Bank of Luxembourg No. 2014/18 of 21 August 2014

Annex I to Regulation No. 2014/18 is replaced by the Annex to this Regulation.

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 Mémorial and on the website of the Bank of Luxembourg (www.bcl.lu).

BANQUE CENTRALE DU LUXEMBOURG
The Directorate

Annex I to Regulation No. 2014/18 is replaced by the following text:

"ANNEX I
Haircut table applicable to negotiable debt securities issued or fully guaranteed by the Hellenic Republic

Greek Government Bonds (GGB)

Residual Maturity (years)	Fixed and Variable Rate Coupon	Zero Coupon
0-1	6.5	6.5
1-3	11.0	12.0
3-5	16.5	18.0
5-7	23.0	26.0
7-10	34.0	39.5
>10	40.0	52.5

State-Guaranteed Bank Bonds (GGBB) and State-Guaranteed Private Non-Financial Bonds

Residual Maturity (years)	Fixed and Variable Rate Coupon	Zero Coupon
0-1	13.5	14.0
1-3	19.0	20.0
3-5	24.5	26.5
5-7	31.5	35.0
7-10	43.5	49.5
>10	50.0	62.0	"