LegalizeDecision (EU) 2021/1074 of the European Central Bank of 18 June 2021 on the temporary exclusion of certain exposures to central banks from the total exposure measure in view of the COVID-19 pandemic and repealing Decision (EU) 2020/1306 (ECB/2021/27)
Article 1
Definitions
For the purposes of this Decision, the definitions in Regulation (EU) No 575/2013 apply. The following definitions also apply:
- (1) ‘Eurosystem’ means ‘Eurosystem’ as defined in Article 2(29) of Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60) ([^E0001]);
- (2) ‘deposit facility’ means ‘deposit facility’ as defined in Article 2(21) of Guideline (EU) 2015/510 (ECB/2014/60);
- (3) ‘reserve accounts’ means ‘reserve accounts’ as defined in Article 2(7) of Regulation (EU) 2021/378 of the European Central Bank (ECB/2021/1) ([^E0002]);
- (4) ‘minimum reserve requirements’ means ‘minimum reserve requirements’ as defined in Article 2(2) of Regulation (EU) 2021/378 (ECB/2021/1);
- (5) ‘significant supervised entity’ means a ‘significant supervised entity’ as defined in Article 2(16) of Regulation (EU) No 468/2014 of the European Central Bank (ECB/2014/17) ([^E0003]).
Article 2
Determination of the existence of exceptional circumstances
For the purposes of Article 429a(5) of Regulation (EU) No 575/2013, the ECB has determined that, subject to paragraphs 2 to 5 of this Article, exceptional circumstances exist that warrant the exclusion of the central bank exposures listed in points (i) and (ii) of Article 429a(1)(n) of that Regulation from the total exposure measure in order to facilitate the implementation of monetary policies.
The exceptional circumstances are deemed to have started on 31 December 2019.
With regard to the exposures listed in point (ii) of Article 429a(1)(n) of Regulation (EU) No 575/2013, the determination shall apply to those exposures to Eurosystem central banks that relate to deposits held in the deposit facility or to balances held on reserve accounts, including funds held in order to meet minimum reserve requirements.
Paragraph 1 shall apply for a period starting on 28 June 2021 and ending on 31 March 2022.
The determination referred to in paragraph 1 shall apply in relation to any institution that is a significant supervised entity established in a euro area Member State.
Article 3
Repeal
Decision (EU) 2020/1306 (ECB/2020/44) is repealed with effect from 28 June 2021.
Article 4
Entry into force
This Decision shall enter into force on 28 June 2021.
[^E0001]: Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60) (OJ L 91, 2.4.2015, p. 3).
[^E0002]: Regulation (EU) 2021/378 of the European Central Bank of 22 January 2021 on the application of minimum reserve requirements (ECB/2021/1) (OJ L 73, 3.3.2021, p. 1).
[^E0003]: Regulation (EU) No 468/2014 of the European Central Bank of 16 April 2014 establishing the framework for cooperation within the Single Supervisory Mechanism between the European Central Bank and national competent authorities and with national designated authorities (SSM Framework Regulation) (ECB/2014/17) (OJ L 141, 14.5.2014, p. 1).
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