January – February 2023

24 February 2023

Monetary policy

Detailed modalities for reducing asset purchase programme (APP) holdings

On 2 February 2023 the Governing Council decided on the detailed modalities for reducing the Eurosystem’s holdings of securities under the APP through the partial reinvestment of the principal payments from maturing securities. The related press release is available on the ECB’s website.

Market operations

Amendments to the risk control framework for collateralised credit operations

On 16 December 2022 the Governing Council adopted the following legal acts further to the 2022 review of the ECB’s risk control framework for collateralised credit operations:

• Guideline ECB/2022/48 amending Guideline (EU) 2015/510 on the implementation of the Eurosystem monetary policy framework;
• Guideline ECB/2022/49 amending Guideline (EU) 2016/65 on the valuation haircuts applied in the implementation of the Eurosystem monetary policy framework;
• Guideline ECB/2022/50 amending Guideline ECB/2014/31 on additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.

The measures adopted improve the overall consistency of the risk control framework and will apply from 29 June 2023. The related press release is available on the ECB’s website.

Extension of the NextGenerationEU (NGEU) fiscal agent services to financial assistance for Ukraine

On 16 December 2022 the Governing Council adopted the following legal act to extend the…