Article 1, Point (4) · ECB/2022/37

Contents

(4)in Article 7, paragraph 1, points (f) and (g) are replaced by the following:

(f)if a participant fails to make the data relating to the third report or the results of the auditor’s evaluation of the data relating to the third report available to the relevant NCB by the relevant deadline specified in the indicative calendar for TLTROs-III published on the ECB’s website, the following rules shall apply:

(i)if either the data relating to the third report or the results of the auditor’s evaluation of those data are received by the relevant NCB within the period of 14 calendar days starting on the day after the expiry of the relevant deadline, the participant shall incur for each day until receipt a penalty equal to the total outstanding amount borrowed by the participant under TLTROs-III divided by 1000000 (or if that amount is less than EUR 1000, a penalty of EUR 1000 for each day until receipt). The penalties incurred per day shall be accumulated and charged to the participant by the relevant NCB after receipt of all data relating to the third report or of the auditor’s evaluation of those data. The interest rate related data relating to the second reference period shall be communicated by the relevant NCB to the participant on 1 July 2022;

(ii)if either the data relating to the third report or the results of the auditor’s evaluation of those data are not received by the relevant NCB within the period of 14 calendar days specified in point (i), the interest rate calculated pursuant to Article 5(1)(b) or Article 5(2)(b) or Article 5(3)(b) (if the participant has already participated in one of the first seven TLTROs-III) or pursuant to Article 5(3c)(a) (if the participant participated in the eighth or subsequent TLTROs-III), as applicable, shall apply during the additional special interest rate period to the amounts borrowed by that participant under those TLTROs-III. During the post-ASIRP interest rate period, the interest rate shall be calculated pursuant to Article 5(1)(c) or Article 5(2)(c) or Article 5(3)(c) or Article 5(3c)(b), as applicable. During the last interest rate period of the respective TLTRO-III, the interest rate shall be calculated pursuant to Article 5(1)(d) or Article 5(2)(d) or Article 5(3)(d) or Article 5(3c)(c), as applicable. If it is the data relating to the third report that are not received by the relevant NCB within the period of 14 calendar days specified in point (i), the participant shall also incur a penalty of EUR 5000, which shall be charged to the participant by the relevant NCB after receipt of all data relating to the third report;

(g)if a participant fails to otherwise comply with the obligations set out in Article 6(6) or Article 6(7) or Article 6(8a), the average rate on the main refinancing operations over the main interest rate period of each respective TLTRO-III shall apply to the amounts borrowed by that participant under TLTROs-III, except during the special interest rate period and the additional special interest rate period where the average rate on the main refinancing operations minus 50 basis points over each such period shall apply, and except during the last interest rate period of the respective TLTRO-III where the average rate of the main refinancing operations over the last interest rate period of the respective TLTRO-III shall apply;’;