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Decision (EU) 2015/2101 of the European Central BankShow full title
Decision (EU) 2015/2101 of the European Central Bank of 5 November 2015 amending Decision (EU) 2015/774 on a secondary markets public sector asset purchase programme (ECB/2015/33)
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Decision (EU) 2015/2101 of the European Central Bank
of 5 November 2015
amending Decision (EU) 2015/774 on a secondary markets public sector asset purchase programme (ECB/2015/33)
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 to the second subparagraph of Article 12.1 in conjunction with the first indent of Article 3.1, and Article 18.1 thereof,
Whereas:
(1) On 4 March 2015, the Governing Council adopted Decision (EU) 2015/774 of the European Central Bank (ECB/2015/10)(1) which established a secondary markets public sector asset purchase programme (hereinafter the ‘PSPP’). Article 5(1) of Decision (EU) 2015/774 (ECB/2015/10) provides that purchases of eligible marketable debt securities under the PSPP are subject to an initial issue share limit of 25 % per international securities identification number (ISIN). This initial limit was to be reviewed by the Governing Council after the first six months of implementation of the PSPP.
(2) On 3 September 2015, the Governing Council decided in principle to increase the PSPP issue share limit from 25 % to 33 % per ISIN, subject to verification on a case-by-case basis that a holding of 33 % per ISIN would not lead the Eurosystem central banks to reach blocking minority holdings in orderly debt restructurings.
(3) The envisaged increase of the PSPP issue share limit aims to promote the full and smooth implementation of the PSPP, while at the same time allowing the smooth operation of markets in eligible marketable debt securities and avoiding the obstruction of orderly debt restructurings.
(4) Therefore, Decision (EU) 2015/774 (ECB/2015/10) should be amended accordingly,
HAS ADOPTED THIS DECISION:
(1)
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).
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