THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,Having regard to the Treaty on the Functioning of the European Union, and in particular the first indent of Article 127(2) thereof,Having regard to the Statute of the European System of Central Banks and of the European Central Bank, and in particular the first indent of Article 3.1 and Articles 17 to 19 thereof,Whereas:
(1)Commission Implementing Decision C(2021) 2502 final of 14 April 2021 establishing the necessary arrangements for the administration of the borrowing operations under Council Decision (EU, Euratom) 2020/2053 and for the lending operations related to loans granted in accordance with Article 15 of Regulation (EU) 2021/241 of the European Parliament and of the Councilnote provides, inter alia, for the administration of borrowing operations in the context of NextGenerationEU, which has been adopted to finance COVID-19 crisis recovery initiatives while facilitating the green and digital transition of the Union economy.
(2)The Governing Council considers that prudential cash holdings that are held in a dedicated account with the European Central Bank (ECB) in accordance with Article 13(2) of Implementing Decision C(2021) 2502 final should be exempt from negative interest rates.
(3)In accordance with Article 22 of Implementing Decision C(2021) 2502 final, NextGenerationEU borrowing, debt management and lending operations will not be implemented until the date of entry into force of Council Decision (EU, Euratom) 2020/2053. However, as NextGenerationEU borrowing, debt management and lending operations are expected to commence in June 2021, it is necessary to prepare the ECB legal framework for such implementation and it is therefore appropriate to amend Decision (EU) 2019/1743 (ECB/2019/31) before the date of entry into force of Council Decision (EU, Euratom) 2020/2053, to provide for such exemptions. Therefore, this Decision should enter into force without delay.
(4)Therefore, Decision (EU) 2019/1743 (ECB/2019/31) should be amended accordingly,
HAS ADOPTED THIS DECISION:
Article 1Amendment#
Article 2 of Decision (EU) 2019/1743 (ECB/2019/31) is replaced by the following:‘Article 2Remuneration of certain deposits held with the ECB1.Accounts maintained with the ECB in accordance with Decision ECB/2003/14 of the European Central Banknote, Decision ECB/2010/31 of the European Central Banknote, Decision ECB/2010/17 of the European Central Banknote and Council Regulation (EU) 2020/672note shall continue to be remunerated at the deposit facility rate. However, when deposits need to be held in those accounts in advance of the date on which a payment must be made in accordance with the legal or contractual rules applicable to the relevant facility, such deposits shall be remunerated during this advance period at zero per cent or the deposit facility rate, whichever is higher.2.The dedicated account maintained with the ECB in accordance with Article 13(2) of Commission Implementing Decision C(2021) 2502 final of 14 April 2021 establishing the necessary arrangements for the administration of the borrowing operations under Council Decision (EU, Euratom) 2020/2053 and for the lending operations related to loans granted in accordance with Article 15 of Regulation (EU) 2021/241 of the European Parliament and of the Councilnote for the purposes of prudential cash holdings as referred to in that Article shall be remunerated at zero per cent or the deposit facility rate, whichever is higher, except where the aggregate amount of deposits held in that dedicated account exceeds EUR 20 billion, in which case the amount in excess shall be remunerated at the deposit facility rate.
Source: EUR-Lex, © European Union, 1998-2026. Reuse authorised under Decision 2011/833/EU.