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2011/15/EU: Decision of the European Central Bank of 20 December 2010 concerning the opening of accounts for the processing of payments in connection with EFSF loans to Member States whose currency is the euro (ECB/2010/31)

Type Decision

Publication 2011-01-14

Last updated 2022-03-23

State In force

Department European Central Bank

Source EUR-Lex

articles 6

Reform history JSON API

Article 1

Opening of cash accounts

The ECB may, upon request of the NCB of a borrower Member State, open cash accounts in the name of such NCB for the processing of payments in connection with a Loan Facility Agreement or Financial Assistance Facility Agreement (hereinafter an ‘NCB cash account’).

Article 2

Acceptance of payments on the cash accounts

An NCB cash account shall only be used to process payments in connection with a Loan Facility Agreement or Financial Assistance Facility Agreement.

Article 3

Acceptance of instructions

The ECB shall, in relation to an NCB cash account, only accept instructions from the NCB holding the account.

Article 4

Balance of cash accounts

No amount shall be standing to the debit of an NCB cash account at any time. Therefore, no payments shall be effected from such accounts beyond the amount standing to the credit of these accounts.

Article 5

Remuneration

The NCB cash account shall be remunerated in accordance with the provisions of Article 2(1) of Decision (EU) 2019/1743 of the European Central Bank (ECB/2019/31) ([^E0001]).

Article 6

Entry into force

This Decision shall enter into force on the day following its publication in the Official Journal of the European Union.

[^E0001]: Decision (EU) 2019/1743 of the European Central Bank of 15 October 2019 on the remuneration of holdings of excess reserves and of certain deposits (ECB/2019/31) (OJ L 267, 21.10.2019, p. 12).

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