ECB/2022/47 · GlobalLawDB

Contents

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 and 18 thereof,Whereas:

(1)As stated in the proposal for a regulation of the European Parliament and of the Council, establishing an Instrument for providing support to Ukraine for 2023 (macro-financial assistance+)^note and in the proposal for a regulation of the European Parliament and the Council amending Regulation (EU, Euratom) 2018/1046 as regards the establishment of a diversified funding strategy as a general borrowing method^note, the funding needs for the Union’s support to Ukraine require mobilisation and disbursement in a cost-effective and financially sound manner, integrating all funding needs including those for NextGenerationEU (‘NGEU’). Funding should therefore be organised using a single funding method in order to allow different policy needs of the Union to be met concurrently, ensuring parallel financing of all Union programmes relying on borrowing.

(2)Article 13(2) of Commission Implementing Decision 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 Council^note provides that a dedicated account is maintained with the European Central Bank (ECB) for prudential cash holdings. Following the establishment of a single funding method ensuring parallel financing of all Union programmes that rely on borrowing, the dedicated account maintained with the ECB is also to be used in the context of this single funding method for the purposes of prudential cash holdings related to the Instrument for providing support to Ukraine for 2023 (macro-financial assistance+).

(3)The Governing Council has decided that it is appropriate that the dedicated account maintained with the ECB, which is currently used for prudential holdings related to NGEU and which will be extended to be used also for prudential holdings related to the Instrument for providing support to Ukraine for 2023 (macro-financial assistance+), continues to be remunerated on the basis of the rules and provisions laid down in Decision (EU) 2019/1743 of the European Central Bank (ECB/2019/31)^note and Decision (EU) 2022/1521 of the European Central Bank (ECB/2022/30)^note.

(4)Decision (EU) 2022/1521 (ECB/2022/30) will remain in force until 30 April 2023. Until that date, pursuant to Article 3 of that Decision, in the event of a conflict between it and, inter alia, Article 2 of Decision (EU) 2019/1743 (ECB/2019/31), Decision (EU) 2022/1521 (ECB/2022/30) prevails. Therefore, Decision (EU) 2019/1743 (ECB/2019/31) and Decision (EU) 2022/1521 (ECB/2022/30) are to be read in conjunction.

(5)In light of the current situation in Ukraine, this Decision should enter into force and apply as a matter of urgency.

(6)Therefore, Decision (EU) 2019/1743 (ECB/2019/31) and Decision (EU) 2022/1521 (ECB/2022/30) should be amended accordingly,

HAS ADOPTED THIS DECISION: