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2011/728/: Decision of the European Central Bank of 31 October 2011 amending Decision ECB/2010/15 concerning the administration of EFSF loans to Member States whose currency is the euro, and amending Decision ECB/2010/31 concerning the opening of accounts for the processing of payments in connection with EFSF loans to Member States whose currency is the euro (ECB/2011/16)

2011/728/: Decision of the European Central Bank of 31 October 2011 amending Decision ECB/2010/15 concerning the administration of EFSF loans to Member States whose currency is the euro, and amending Decision ECB/2010/31 concerning the opening of accounts for the processing of payments in connection with EFSF loans to Member States whose currency is the euro (ECB/2011/16)

Decision · 3 articles

Data as of 2026-07-04 · Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗

Acceptance of payments on the cash account

Article 1

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Decision ECB/2010/15 is amended as follows: (1) Article 2 is replaced by the following: ‘Article 2 Acceptance of payments on the cash account The ECB shall only accept payments to be made to or from the cash account opened in the name of EFSF, if those payments arise in connection with the Loan Facility Agreements or the Financial Assistance Facility Agreements.’; (2) Article 4 is replaced by the following: ‘Article 4 Balance of the cash account No amount shall be standing to the credit of the cash account opened in the name of EFSF after payments have been made in relation to any Loan Facility Agreement or Financial Assistance Facility Agreement, nor shall amounts be transferred to such cash account before the day on which payments need to be made in relation to any Loan Facility Agreement or Financial Assistance Facility Agreement. No amount shall be standing to the debit of the cash account opened in the name of EFSF at any time. Therefore, no payments shall be effected from the cash account opened in the name of EFSF beyond the amounts standing to the credit of that account.’.

Opening of cash accounts

Article 2

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Decision ECB/2010/31 is amended as follows: (1) Article 1 is replaced by the following: ‘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’).’; (2) Article 2 is replaced by the following: ‘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.’.

Entry into force

Article 3

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This Decision shall enter into force on 2 November 2011.

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Source: EUR-Lex (Publications Office of the EU), © European Union, reuse permitted under Commission Decision 2011/833/EU.

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