Decision (EU) 2015/774 of the European Central Bank of 4 March 2015 on a secondary markets public sector asset purchase programme (ECB/2015/10)

• Published date: 14 May 2015
• Official Gazette Publication: Diario Oficial de la Unión Europea, L 121, 14 de mayo de 2015,Gazzetta ufficiale dell'Unione europea, L 121, 14 maggio 2015,Journal officiel de l'Union européenne, L 121, 14 mai 2015

02015D0010 — EN — 13.01.2017 — 004.001

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►B DECISION (EU) 2015/774 OF THE EUROPEAN CENTRAL BANK of 4 March 2015 on a secondary markets public sector asset purchase programme (ECB/2015/10) (OJ L 121 14.5.2015, p. 20)

Amended by:

		Official Journal
		No	page	date
M1	DECISION (EU) 2015/2101 OF THE EUROPEAN CENTRAL BANK of 5 November 2015	L 303	106	20.11.2015
►M2	DECISION (EU) 2015/2464 OF THE EUROPEAN CENTRAL BANK of 16 December 2015	L 344	1	30.12.2015
►M3	DECISION (EU) 2016/702 OF THE EUROPEAN CENTRAL BANK of 18 April 2016	L 121	24	11.5.2016
►M4	DECISION (EU) 2017/100 OF THE EUROPEAN CENTRAL BANK of 11 January 2017	L 16	51	20.1.2017

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▼B

DECISION (EU) 2015/774 OF THE EUROPEAN CENTRAL BANK

of 4 March 2015

on a secondary markets public sector asset purchase programme (ECB/2015/10)

Article 1

Establishment and scope of PSPP

The Eurosystem hereby establishes the PSPP under which the Eurosystem central banks shall purchase eligible marketable debt securities, as defined in Article 3, on the secondary markets, from eligible counterparties, as defined in Article 7, under specific conditions.

Article 2

Definitions

For the purposes of this Decision, the following definitions apply:

(1) ‘Eurosystem central bank’ means the ECB and the national central banks of the Member States whose currency is the euro (hereinafter the 'NCBs');

(2) ‘recognised agency’ means an entity that the Eurosystem has classified as such for the purpose of the PSPP;

(3) ‘international organisation’ means an entity within the meaning of Article 118 of Regulation (EU) No 575/2013 of the European Parliament and of the Council ( 1 ) and that the Eurosystem has classified as such for the purpose of the PSPP;

(4) ‘multilateral development bank’ means an entity within the meaning of Article 117(2) of Regulation (EU) No 575/2013 and that the Eurosystem has classified as such for the purpose of the PSPP;

(5) ‘positive outcome of a review’ means the later of the following two decisions: the decision by the Board of Directors of the European Stability Mechanism and, in case the International Monetary Fund co-finances the financial assistance programme, the Executive Board of the International Monetary Fund to approve the next disbursement under that programme, on the understanding that both decisions are necessary for the resumption of purchases under the PSPP.

Lists of the entities referred to in points (2) to (4) are published on the ECB's website.

Article 3

Eligibility criteria for marketable debt securities

▼M2

1. Subject to the requirements laid down in Article 3, euro-denominated marketable debt securities issued by central, regional or local governments of a Member State whose currency is the euro, recognised agencies located in the euro area, international organisations located in the euro area and multilateral development banks located in the euro area shall be eligible for purchases by the Eurosystem central banks under the PSPP. In exceptional circumstances, where the envisaged purchase amount cannot be attained, the Governing Council may decide to purchase marketable debt securities issued by other entities located in the euro area, in accordance with the conditions laid down in paragraph 4.

▼M3

2. In order to be eligible for purchase under the PSPP, marketable debt securities shall comply with the eligibility criteria for marketable assets for Eurosystem credit operations pursuant to Part Four of Guideline (EU) 2015/510 of the European Central Bank (ECB/2014/60) ( 2 ), subject to the following requirements:

(a) the issuer or guarantor of the marketable debt securities shall have a credit quality assessment of at least Credit Quality Step 3 in the Eurosystem's harmonised rating scale expressed in the form of at least one public credit rating provided by an external credit assessment institution (ECAI) accepted within the Eurosystem credit assessment framework;

(b) if multiple ECAI issuer ratings or ECAI guarantor ratings are available, the first-best rule shall apply, i.e. the best available ECAI issuer rating or ECAI guarantor rating shall apply. If the fulfilment of the credit quality requirements is established based on an ECAI guarantor rating, the guarantee shall fulfil the features of an acceptable guarantee as laid down in Article 87 and Articles 113 to 115 of Guideline (EU) 2015/510 (ECB/2014/60);

(c) in the absence of an ECAI issuer rating and an ECAI guarantor rating, a marketable debt security shall have at least one ECAI issue rating of at least Credit Quality Step 3 on the Eurosystem's harmonised rating scale;

(d) if the credit assessment provided by an accepted ECAI for the issuer, guarantor or issue does not comply with at...