Press Release - Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
External communication
Generation €uro Students’ Award competition to continue
On 28 July 2016 the Governing Council took note of the positive experience with the Generation €uro Students’ Award competition, which was launched in 2010 for a five-year trial period as a joint Eurosystem competition for secondary school students aged 16 to 19. It aims to help students understand how monetary policy in the euro area works and how it relates to the economy. The Governing Council has decided to continue this competition. It will be held for the sixth time from October 2016 to April 2017 and involve 11 national central banks and the ECB.
Market operations
Revision of the standardised deduction from the reserve base and amending Regulation on the application of minimum reserves
On 21 July 2016 the Governing Council decided, after a review of newly available statistical evidence, to lower, from 30% to 15%, the standardised deduction from the reserve base to be applied to liabilities with a maturity of up to two years within the debt securities category, as further specified in Regulation (EC) No 1745/2003 on the application of minimum reserves. This decision shall take effect as of the maintenance period starting on 14 December 2016.
On 9 September 2016 the Governing Council adopted Regulation ECB/2016/26 amending Regulation (EC) No 1745/2003 on the application of minimum reserves. The amending Regulation further clarifies the method used to apply the standard deduction for the exclusion of interbank liabilities from the reserve base. Regulation ECB/2016/26 will enter into force on 14 December 2016. It was published in theOfficial Journal of the European Union and is available on the ECB’s website in all official languages of the Union.
Indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods
On 9 September 2016 the Governing Council approved the indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods for 2017 and 2018. Details were provided in a related press release published on the ECB’s website on 14 September 2016 in 23 official languages of the Union.
Financial stability
Eurosystem contribution to the European Commission’s DG FISMA consultation paper on further considerations for the implementation of the net stable funding ratio in the European Union
On 7 September 2016 the Governing Council approved the Eurosystem contribution to the European Commission’s DG FISMA consultation paper on further considerations for the implementation of the net stable funding ratio in the European Union, which was subsequently submitted to the European Commission and published on the ECB’s website on 14 September 2016 (see Eurosystem contribution).
Market infrastructure and payments
Report on TITUS crisis communication exercise for euro area financial market infrastructures On 28 July 2016 the Governing Council approved the publication of a report on the TITUS crisis communication exercise. The exercise, held on 4 November 2015, was a crisis communication exercise involving the Eurosystem’s payment systems oversight function, TARGET2 operators and all critical payment infrastructures processing the euro, including some of their major stakeholders. The participants were confronted with a simulated cyber-attack on a systemically important payment system (SIPS). The exercise enabled the Eurosystem to evaluate its preparedness to carry out effectively its operational and oversight responsibilities during a crisis and highlighted the effectiveness of the different stakeholders’ crisis management procedures for events with cross-border impacts. The report is available on the ECB’s website (see TITUS exercise).
Ad hoc assessment of new links against the standards for the use of securities settlement systems (SSSs) and links in Eurosystem credit operations
On 18 August 2016 the Governing Council approved new links as eligible for use in Eurosystem credit operations in view of the third T2S migration wave. The comprehensive list of all eligible links, last updated on 12 September 2016 with new links operational as of that date, is available on the ECB’s website.
Report on TARGET2 stress testing
On 9 September 2016 the Governing Council approved the publication of a report on TARGET2 explaining the methodology underlying the stress-testing framework for the real-time gross settlement system owned and operated by the Eurosystem, TARGET2, and analysing the results obtained from the stress testing of liquidity risk in this system. Overall, the report concludes that TARGET2 stress-testing demonstrates the resilience of the system and that liquidity levels seem appropriate and supported by the efficient liquidity management features of TARGET2. The report will soon be available on the ECB’s website.
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