Decision (EU) 2015/299 of the European Central Bank of 10 February 2015 amending Decision ECB/2014/34 on measures relating to targeted longer-term refinancing operations (ECB/2015/5)

Decision (EU) 2015/299 · Decision · 2 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 ↗

Amendments

Article 1

Decision ECB/2014/34 is amended as follows: 1. Article 5 is replaced by the following: ‘Article 5 Interest With respect to the TLTROs conducted in September 2014 and December 2014, the interest rate applicable shall be fixed over the life of each operation at the rate for main refinancing operations prevailing at the time of the tender announcement in respect of the relevant TLTRO, plus a fixed spread of 10 basis points. With respect to the TLTROs conducted from March 2015 to June 2016, the interest rate applicable shall be fixed over the life of each operation at the rate for main refinancing operations prevailing at the time of the tender announcement in respect of the relevant TLTRO. Interest shall be payable in arrears upon maturity of the operation, or upon early repayment as provided in Articles 6 and 7, as applicable.’ ; 2. in Annex I, in paragraph 1 (Calculation of borrowing limits), the second table is replaced by the following: ‘k Month of TLTRO Allotment reference month CNL k 3 Mar. 2015 Jan. 2015 NL May 2014 + NL June 2014 + … + NL Jan 2015 4 June 2015 Apr. 2015 NL May 2014 + NL June 2014 + … + NL Apr 2015 5 Sept. 2015 July 2015 NL May 2014 + NL June 2014 + … + NL Jul 2015 6 Dec. 2015 Oct. 2015 NL May 2014 + NL June 2014 + … + NL Oct 2015 7 Mar. 2016 Jan. 2016 NL May2014 + NL June2014 + … + NL Jan2016 8 June 2016 Apr. 2016 NL May 2014 + NL June 2014 + … + NL Apr 2016 ’ 3. in Annex I, in paragraph 2 (Calculation of mandatory early repayments), the formula for ‘The mandatory early repayment in September 2016 of a participant’ is replaced by the following: ‘ , if ’ 4. in Annex I, the third footnote is replaced by the following: ‘For the TLTRO to be conducted in March 2015 ( k = 3), the constraint is C 3 ≤ max {0, AA 3 }.’ ; 5. in Annex II, the fourth footnote is replaced by the following: ‘The sector classification of holding corporations of non-financial corporations in Regulation (EC) No 25/2009 (ECB/2008/32) has been amended in Regulation (EU) No 1071/2013 (ECB/2013/33) to reflect changes in international statistical standards. Under Regulation (EU) No 1071/2013 (ECB/2013/33), holding corporations of non-financial corporations are reclassified as financial corporations. TLTRO reporting must in principle be in line with the BSI framework: with effect from December 2014 data should not cover holding corporations and adjustments should be transmitted accordingly.’ ; 6. in Annex II, the thirteenth footnote is replaced by the following: ‘The effects of the reclassification of holding corporations of non-financial corporations as financial corporations, which took place in December 2014, should be recorded under item 3.2C.’ .

Entry into force

Article 2

This Decision shall enter into force on 10 February 2015.

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