Guideline (EU) 2021/564 of the European Central Bank of 17 March 2021 on the Eurosystem’s provision of reserve management services in euro to central banks and countries located outside the euro area and to international organisations and repealing Guideline (EU) 2020/1284 of the European Central Bank (recast) (ECB/2021/9)

• Published date: 07 April 2021
• Date of Signature: 17 March 2021
• Official Gazette Publication: Official Journal of the European Union, L 119, 7 April 2021

7.4.2021 EN Official Journal of the European Union L 119/121

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GUIDELINE (EU) 2021/564 OF THE EUROPEAN CENTRAL BANK

of 17 March 2021

on the Eurosystem’s provision of reserve management services in euro to central banks and countries located outside the euro area and to international organisations and repealing Guideline (EU) 2020/1284 of the European Central Bank (recast) (ECB/2021/9)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to the Treaty on the Functioning of the European Union,

Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular Articles 12.1, 14.3 and Article 23 thereof,

Whereas:

(1) A number of amendments are to be made to Guideline (EU) 2018/797 of the European Central Bank (ECB/2018/14) (1). In the interest of clarity, that Guideline should be recast.

(2) Pursuant to Article 23 in conjunction with Article 42.4 of the Statute of the European System of Central Banks and of the European Central Bank (hereinafter the ‘Statute of the ESCB’), the European Central Bank (ECB) and the national central banks of the Member States whose currency is the euro may establish relations with central banks and financial institutions in other countries and, where appropriate, with international organisations, and conduct all types of banking transactions in their relations with third countries and international organisations.

(3) When providing Eurosystem reserve management services to customers, irrespective of the Eurosystem central bank through which such services are provided, the Eurosystem should act as a single system. To this end, this Guideline aims to ensure, inter alia, that Eurosystem reserve management services are provided on a standardised basis under harmonised terms and conditions, that the ECB receives adequate information regarding these services, and that the minimum common features required in contractual arrangements with customers are identified.

(4) All information, data and documents drafted by and/or exchanged between Eurosystem central banks in the context of Eurosystem reserve management services are of a confidential nature and are subject to Article 37 of the Statute of the ESCB.

(5) Guideline (EU) 2020/1284 of the European Central Bank (ECB/2020/34) (2) provided that the Eurosystem central banks must comply with that Guideline from 1 April 2021. As the Eurosystem central banks need more time to implement the provisions introduced by that Guideline aimed at further increasing transparency in reporting and information sharing within the Eurosystem in the context of Eurosystem reserve management services, and in particular to obtain their customers’ consent, these provisions should be implemented by way of this recast with effect from 1 July 2021. Therefore, Guideline (EU) 2020/1284 (ECB/2020/34) should be repealed,

HAS ADOPTED THIS GUIDELINE:

Article 1

Definitions

For the purposes of this Guideline, the following definitions shall apply:

(1) ‘all types of banking transactions’ includes the provision of Eurosystem reserve management services to customers;

(2) ‘authorised ECB personnel’ means such persons at the ECB as are identified from time to time by the Executive Board as the authorised senders and recipients of the information to be provided within the framework of Eurosystem reserve management services;

(3) ‘central bank’ includes monetary authorities;

(4) ‘customer’ means any central bank or any country (including any public authority or government agency) located outside the euro area, or any international organisation to which Eurosystem reserve management services are provided by a Eurosystem central bank;

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

(6) ‘Eurosystem reserve management services’ means the reserve management services listed in Article 2 that may be provided by Eurosystem central banks to customers allowing customers to comprehensively manage their reserves through a single Eurosystem central bank;

(7) ‘ERMS provider’ means a Eurosystem central bank which undertakes to provide all or a subset of the Eurosystem reserve management services;

(8) ‘international organisation’ means any organisation, other than Union institutions and bodies, established by or under the authority of an international treaty;

(9) ‘potential customer’ means any central bank or any country (including any public authority or government agency) located outside the euro area, or any international organisation that has entered into negotiations with an ERMS provider with the intention of establishing a business relationship and that has received a contract for negotiation and possible signature;

(10) ‘reserves’ means the customer’s eligible euro-denominated assets, i.e. cash and all securities that are included in the Eurosystem list of eligible marketable assets, as published and updated daily on the ECB’s website, with the exception of: (a) securities falling under ‘haircut category V’ (asset-backed securities); (b) assets exclusively held for the purpose of meeting the pension and related obligations of the customer to its former or existing staff; (c) euro-denominated assets held on dedicated accounts opened with a Eurosystem central bank by a customer for public debt rescheduling purposes within the framework of international agreements; (d) euro-denominated assets of the International Monetary Fund (IMF) held in the IMF’s No 1 Account, No 2 Account or Securities Account with Eurosystem central banks; and (e) such other categories of euro-denominated assets as decided from time to time by the Governing Council.

Article 2

Eurosystem reserve management services

ERMS providers may offer the following Eurosystem reserve management services to customers in accordance with this Guideline:

(1) custody (safe keeping) accounts for the reserves;

(2) the following custodian (safe keeping) services: (a) end-of-month custody statements, with the possibility of also providing statements at other dates at the customer’s request; (b) transmission of statements via SWIFT to all customers capable of receiving statements via SWIFT, and via other means as appropriate for non-SWIFT customers; (c) notification of corporate actions, including for example coupon payments and redemptions, in relation to customers’ securities holdings; (d) processing corporate actions on

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