Decision (EU) 2015/774 (ECB/2015/10) is amended as follows:
in Article 3, paragraph 3 is replaced by the following:
‘3.In order to be eligible for purchase under the PSPP, debt securities, within the meaning of paragraphs 1 to 2, shall have a minimum remaining maturity of 1 year and a maximum remaining maturity of 30 years at the time of their purchase by the relevant Eurosystem central bank. In order to facilitate smooth implementation, marketable debt instruments with a remaining maturity of 30 years and 364 days shall be eligible under the PSPP. National central banks shall also carry out substitute purchases of marketable debt securities issued by international organisations and multilateral development banks if the envisaged amounts to be purchased in marketable debt securities issued by central, regional or local governments and recognised agencies cannot be attained.’;
in Article 3, paragraph 5 is replaced by the following:
‘5.Purchases of nominal marketable debt instruments at a negative yield to maturity (or yield to worst) equal to or above the deposit facility rate are permitted. Purchases of nominal marketable debt instruments at a negative yield to maturity (or yield to worst) below the deposit facility rate are permitted to the extent necessary.’.
This Decision shall enter into force on 13 January 2017.
Done at Frankfurt am Main, 11 January 2017.
For the Governing Council of the ECB
The President of the ECB
Mario Draghi