—

The power consumption data in Watts rounded to the second decimal place including consumption data for the different additional functions and/or components

—

The measurement method used

—

Period of measurement

—

Description of how the appliance mode was selected or programmed

—

Sequence of events to reach the mode where the equipment automatically changes modes

—

Any notes regarding the operation of the equipment

—

Ambient temperature

—

Test voltage in V and frequency in Hz

—

Total harmonic distortion of the electricity supply system

—

The fluctuation of the power supply voltage during the tests

—

Information and documentation on the instrumentation, set-up and circuits used for electrical testing

—

Input signals in RF (for digital terrestrial broadcasts) or IF (for satellite broadcasts)

—

Audio/video test signals as described in the MPEG-2 transport stream

—

Adjustment of controls

—

Active mode: 4,00 W

—

Standby mode excluding the display function: 0,25 W

—

Off-mode: 0 W

—

Active mode: 10,00 W

—

Standby mode excluding the display function: 0,25 W

—

Off-mode 0 W:

(a)

in the first paragraph the fourth sentence of footnote 5 is replaced by the following:

‘ Quick tenders are normally executed within a time frame of 90 minutes.’;

(b)

the final sentence of the first indent of the first paragraph is replaced by the following:

‘The main refinancing operations play a pivotal role in pursuing the objectives of the Eurosystem’s open market operations.’;

(a)

under the heading ‘Access conditions’ the first paragraph is replaced by the following:

‘Institutions fulfilling the general counterparty eligibility criteria specified in Section 2.1 may access the marginal lending facility. Access to the marginal lending facility is granted through the NCB in the Member State in which the institution is established. Access to the marginal lending facility is granted only on days when TARGET2 (*1) is operational (*2). On days when the SSSs are not operational, access to the marginal lending facilities is granted on the basis of underlying assets which have already been pre-deposited with the NCBs.

(*1)  From 19 November 2007, the decentralised technical infrastructure of TARGET has been replaced by the single shared platform of TARGET2 through which all payment orders are submitted and processed and through which payments are received in the same technical manner. Migration to TARGET2 has been arranged in three country groups, allowing TARGET users to migrate to TARGET2 in different waves and on different pre-defined dates. The composition of the country groups was the following: Group 1 (19 November 2007): Austria, Cyprus, Germany, Luxembourg, Malta and Slovenia; Group 2 (18 February 2008): Belgium, Finland, France, Ireland, Netherlands, Portugal and Spain; and Group 3 (19 May 2008): Greece, Italy, and the ECB. A fourth migration date (15 September 2008) was held in reserve as a contingency measure. Certain non-participating NCBs are also connected to TARGET2 on the basis of a separate agreement: Latvia and Lithuania (in Group 1), as well as Denmark, Estonia and Poland (in Group 3)."

(*2)  In addition, access to the marginal lending facility is only granted when the requirements of the payment system infrastructure in the RTGS have been fulfilled.’;"

(b)

under the heading ‘Access conditions’ in the third paragraph footnote 4 is replaced by the following:

(c)

under the heading ‘Access conditions’ in the third paragraph footnote 5 is deleted;

(a)

the following footnote 5 is inserted in point (a) of the first paragraph after the words ‘unconditional principal amount’:

(b)

the fourth paragraph is replaced by the following:

‘The cash flow-generating assets backing the asset-backed securities must fulfil the following requirements:

(c)

the fifth paragraph is replaced by the following:

‘Within a structured issue, in order to be eligible, a tranche (or sub-tranche) may not be subordinated to other tranches of the same issue. A tranche (or sub-tranche) is considered to be non-subordinated vis-à-vis other tranches (or sub-tranches) of the same issue if, in accordance with the priority of payment applicable after the delivery of an enforcement notice, as set out in the offering circular, no other tranche (or sub-tranche) is given priority over that tranche (or sub-tranche) in respect of receiving payment (principal and interest), and thereby such tranche (or sub-tranche) is last in incurring losses among the different tranches or sub-tranches of a structured issue.’;

(a)

in the first paragraph of the first indent of the first paragraph the final sentence is replaced by the following:

‘Credit claims may not afford rights to the principal and/or the interest that are subordinated to the rights of holders of other credit claims (or other tranches or sub-tranches in the same syndicated loan) or debt instruments of the same issuer.’;

(b)

in the second paragraph of the first indent of the first paragraph the following sentence is inserted after the second sentence:

‘Furthermore, credit claims with interest rate linked to the inflation rate are also eligible.’;

(c)

In the fifth indent of the first paragraph footnote 20 is deleted;

(a)

points (i) to (iii) of the third paragraph are replaced by the following:

(b)

the fourth and fifth paragraphs are replaced by the following:

‘The above provision on close links does not apply to: (a) close links between the counterparty and the public authorities of EEA countries or in the case where a debt instrument is guaranteed by a public sector entity which has the right to levy taxes; (b) covered bank bonds issued in accordance with the criteria set out in Article 22(4) of the UCITS Directive; or (c) cases in which debt instruments are protected by specific legal safeguards comparable to those instruments given under (b) such as in the case of non-marketable retail mortgage-backed debt instruments (RMBDs) which are not securities.

Moreover, a counterparty may not submit as collateral any asset-backed security if the counterparty (or any third party with which it has close links) provides a currency hedge to the asset-backed security by entering into a currency hedge transaction with the issuer as a hedge counterparty or provides liquidity support for 20 % or more of the outstanding amount of the asset-backed security.’;

(c)

Table 4 entitled ‘Eligible assets for Eurosystem monetary policy operations’ is updated as follows:

(a)

the following is inserted as the fourth paragraph:

‘With regard to the ECAI source, the assessment must be based on a public rating. The Eurosystem reserves the right to request any clarification that it considers necessary. For asset-backed securities, ratings must be explained in a publicly available credit rating report, being a detailed pre-sale or new issue report, including, inter alia, a comprehensive analysis of structural and legal aspects, a detailed collateral pool assessment, an analysis of the transaction participants as well as an analysis of any other relevant particularities of a transaction. Moreover ECAIs must publish regular surveillance reports for asset-backed securities at least on a quarterly basis (*3). These reports should at least contain an update of the key transaction data (e.g. composition of the collateral pool, transaction participants, capital structure), as well as performance data.

(*3)  For asset backed securities whose underlying assets pay principal or interest at semi-annual or annual frequency, surveillance reports can follow a semi-annual or annual frequency respectively.’;"

(b)

in the fifth paragraph footnote 26 is replaced by the following:

‘ “Single A” means a minimum long-term rating of “A-” by Fitch or Standard & Poor’s, or “A3” by Moody’s, or “AL” by DBRS.’;

(c)

the sixth and seventh paragraphs are replaced by the following:

‘The Eurosystem reserves the right to determine whether an issue, issuer, debtor or guarantor fulfils its requirements for high credit standards on the basis of any information it may consider relevant and may reject, limit the use of assets or apply supplementary haircuts on such grounds if required to ensure adequate risk protection of the Eurosystem in line with Article 18.1 of the Statute of the ESCB. Such measures can also be applied to specific counterparties, in particular if the credit quality of the counterparty appears to exhibit a high correlation with the credit quality of the collateral assets submitted by the counterparty. In case such a rejection is based on prudential information, the use of any such information transmitted either by counterparties or by supervisors shall be strictly commensurate with, and necessary for, the performance of the Eurosystem’s tasks of conducting monetary policy.

Assets issued or guaranteed by entities subject to the freezing of funds and/or other measures imposed by the European Community or by a Member State under Article 60(2) of the Treaty restricting the use of their funds or in respect of which the ECB’s Governing Council issued a decision suspending or excluding their access to open market operations or the Eurosystem’s standing facilities may be excluded from the list of eligible assets.’;

(a)

the final sentence of the second paragraph is replaced by the following:

‘The risk control measures are broadly harmonised across the euro area (*4) and ought to ensure consistent, transparent and non-discriminatory conditions for any type of eligible asset across the euro area.

(*4)  Owing to operational differences across Member States, some differences in terms of risk control measures may prevail. For instance, in respect of the procedures for counterparties' delivery of underlying assets to the NCBs (in the form of a pool of collateral pledged with the NCB or as repurchase agreements based on individual assets specified for each transaction), minor differences may occur with regard to the timing of the valuation and other operational features of the risk control framework. Furthermore, in the case of non-marketable assets, the precision of valuation techniques may differ, which is reflected in the overall level of haircuts (see Section 6.4.3).’;"

(b)

the following paragraph is added:

‘The Eurosystem reserves the right to apply additional risk control measures if required to ensure adequate risk protection of the Eurosystem in line with Article 18.1 of the Statute of the ESCB. Such risk control measures, which shall be applied in a consistent, transparent and non-discriminatory manner, can also be applied at the level of individual counterparties if required to ensure such protection.’;

(c)

box 7 entitled ‘Risk control measures’ is replaced by the following:

(a)

the first sentence of the first indent of the first paragraph is replaced by the following:

‘Eligible marketable assets are allocated to one of five liquidity categories, based on issuer classification and asset type.’;

(b)

the third sentence of the second indent of the first paragraph is replaced by the following:

‘The haircuts applied to debt instruments included in categories I to IV differ according to the residual maturity and coupon structure of the debt instruments as described in Table 7 for eligible marketable fixed coupon and zero coupon debt instruments (*5).

(*5)  The valuation haircut levels applied to fixed coupon debt instruments are also applicable to debt instruments, the coupon of which is linked to a change in the rating of the issuer itself or to inflation-indexed bonds.’;"

(c)

in the first paragraph the following third and fourth indents are inserted:

(d)

Table 6 is replaced by the following:

‘TABLE 6

Liquidity categories for marketable assets (*6)

(e)

the third, fourth and fifth indents are replaced by the following:

(*7)  A coupon payment is considered a variable rate payment if the coupon is linked to a reference interest rate and if the resetting period corresponding to this coupon is no longer than one year. Coupon payments for which the resetting period is longer than one year are treated as fixed rate payments, with the relevant maturity for the haircut being the residual maturity of the debt instrument.’;"

(f)

Table 7 is replaced by the following:

‘TABLE 7

Levels of valuation haircuts applied to eligible marketable assets

(g)

the heading of Table 8 is replaced by the following:

‘Levels of valuation haircuts applied to eligible marketable inverse floating rate debt instruments included in categories I to IV’;

‘(*)

(a)

The second paragraph is replaced by the following:

‘Institutions will be automatically exempt from reserve requirements from the start of the maintenance period within which their authorisation is withdrawn or surrendered, or within which a decision to submit the institution to winding-up proceedings is taken by a judicial authority or any other competent authority of a participating Member State. According to Regulation (EC) No 2531/98 and Regulation (EC) No 1745/2003 (ECB/2003/9), the ECB may also exempt institutions from their obligations under the Eurosystem’s minimum reserve system on a non-discriminatory basis if they are subject to reorganisation measures or the freezing of funds and/or other measures imposed by the European Community or by a Member State under Article 60(2) of the Treaty restricting the use of their funds or in respect of which the ECB’s Governing Council issued a decision suspending or excluding their access to open market operations or the Eurosystem’s standing facilities, or if the purposes of the Eurosystem’s minimum reserve system would not be met by imposing these obligations on those particular institutions. If its decision on any such exemption is based on the purposes of the Eurosystem’s minimum reserve system, the ECB takes into account one or more of the following criteria:

(b)

the second sentence of the third paragraph is replaced by the following:

‘The ECB also makes public a list of any institutions exempt from their obligations under this system for reasons other than their being subject to reorganisation measures or the freezing of funds and/or other measures imposed by the European Community or by a Member State under Article 60(2) of the Treaty restricting the use of their funds or in respect of which the ECB’s Governing Council issued a decision suspending or excluding their access to open market operations or the Eurosystem’s standing facilities (*8).

(*8)  The lists are available to the public on the ECB’s website (www.ecb.europa.eu).’;"

(a)

under the heading ‘Reserve base and reserve ratios’ the first sentence of the fourth paragraph is replaced by the following:

‘Liabilities vis-à-vis other institutions included in the list of institutions subject to the Eurosystem’s minimum reserve system and liabilities vis-à-vis the ECB and the participating NCBs are not included in the reserve base.’

(b)

Under the heading ‘Reserve base and reserve ratios’ the third and fourth sentences of the fifth paragraph are replaced by the following:

‘This reserve ratio is specified in Regulation (EC) No 1745/2003 (ECB/2003/9). The ECB sets a zero reserve ratio on the following liability categories: ‘deposits with an agreed maturity of over two years’, ‘deposits redeemable at notice of over two years’, ‘repos’ and ‘debt securities with an original maturity of over two years’ (see Box 9).’;

(c)

box 9 entitled ‘Reserve base and reserve ratios’ is replaced by the following:

(5)  Regulation (EC) No 2181/2004 of the European Central Bank of 16 December 2004 amending Regulation (EC) No 2423/2001 (ECB/2001/13) concerning the consolidated balance sheet of the monetary financial institutions sector and Regulation (EC) No 63/2002 (ECB/2001/18) concerning statistics on interest rates applied by monetary financial institutions to deposits and loans vis-à-vis households and non-financial corporations (ECB/2004/21) (OJ L 371, 18.12.2004, p. 42), explicitly requires the reporting of deposit liabilities at nominal value. Nominal value means the amount of principal that a debtor is contractually obliged to repay to a creditor. This amendment had become necessary because Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and the consolidated accounts of banks and other financial institutions (OJ L 372, 31.12.1986, p. 1) had been amended to the effect that certain financial instruments could be priced at fair value.’;"

(5)  Regulation (EC) No 2181/2004 of the European Central Bank of 16 December 2004 amending Regulation (EC) No 2423/2001 (ECB/2001/13) concerning the consolidated balance sheet of the monetary financial institutions sector and Regulation (EC) No 63/2002 (ECB/2001/18) concerning statistics on interest rates applied by monetary financial institutions to deposits and loans vis-à-vis households and non-financial corporations (ECB/2004/21) (OJ L 371, 18.12.2004, p. 42), explicitly requires the reporting of deposit liabilities at nominal value. Nominal value means the amount of principal that a debtor is contractually obliged to repay to a creditor. This amendment had become necessary because Council Directive 86/635/EEC of 8 December 1986 on the annual accounts and the consolidated accounts of banks and other financial institutions (OJ L 372, 31.12.1986, p. 1) had been amended to the effect that certain financial instruments could be priced at fair value.’;"

(a)

in Example 6, the first row of Table I is replaced by the following:

(b)

in Example 6, under the heading ‘Earmarking system’ the second and third sentences of point 1 of the first paragraph are replaced by the following:

‘Asset A is a jumbo covered bank bond with a fixed coupon maturing on 30 August 2008. It thus has a residual maturity of four years, therefore requiring a valuation haircut of 3,5 %.’

(a)

the following definition of ‘Asset-backed securities’ is inserted:

‘Asset-backed securities (ABS): debt instruments that are backed by a pool of ringfenced financial assets (fixed or revolving), that convert into cash within a finite time period. In addition, rights or other assets may exist that ensure the servicing or timely distribution of proceeds to the holders of the security. Generally, asset-backed securities are issued by a specially created investment vehicle which has acquired the pool of financial assets from the originator/seller. In this regard, payments on the asset-backed securities depend primarily on the cash flows generated by the assets in the underlying pool and other rights designed to assure timely payment, such as liquidity facilities, guarantees or other features generally known as credit enhancements.’;

(b)

the definition of ‘Correspondent central banking model’ is replaced by the following:

‘Correspondent central banking model (CCBM): a mechanism established by the Eurosystem with the aim of enabling counterparties to use underlying assets in a cross-border context. In the CCBM, NCBs act as custodians for one another. This means that each NCB has a securities account in its securities administration for each of the other NCBs and for the ECB. The CCBM is also available to counterparties of certain non-Eurosystem NCBs.’;

(c)

the following definition of ‘Currency hedge transaction’ is inserted:

‘Currency hedge transaction: an agreement entered into between the issuer and a hedge counterparty, pursuant to which a portion of the currency risk arising from the receipt of cash flows in non-euro currency is mitigated by swapping the cash flows for euro currency payments to be made by the hedge counterparty, including any guarantee by the hedge counterparty of those payments.’;

(d)

the definition of ‘End-of-day’ is replaced by the following:

‘End-of-day: the time of the business day following closure of TARGET2 at which the payments processed in TARGET2 are finalised for the day.’;

(e)

the definition of ‘Quick tender’ is replaced by the following:

‘Quick tender: the tender procedure used by the Eurosystem for fine-tuning operations when it is deemed desirable to have a rapid impact on the liquidity situation in the market. Quick tenders are normally executed within a time frame of 90 minutes and are normally restricted to a limited set of counterparties.’;

(f)

the definition of ‘RTGS ((real-time gross settlement) system)’ is replaced by the following:

‘RTGS (real-time gross settlement) system: a settlement system in which processing and settlement take place on an order-by-order basis without netting continuously in real time. See also TARGET2.’

(g)

the definition of ‘TARGET’ is replaced by the following:

‘TARGET: the predecessor of the TARGET2 system, operating in a decentralised structure linking together national RTGS systems and the ECB payment mechanism. The TARGET system has been replaced by the TARGET2 system in accordance with the migration schedule specified in Article 13 of Guideline ECB/2007/2.’

(h)

the following definition of ‘Valuation markdown’ is inserted:

‘Valuation markdown: a risk control measure applied to underlying assets used in reverse transactions, meaning that the central bank applies a reduction of the theoretical market value of the assets by a certain percentage before applying any valuation haircut  (*9).

(*9)  So, for example, for asset-backed securities in liquidity category V that are valued using a theoretical price, a valuation markdown of 5 % is applied to the theoretical price before the application of the valuation haircut of 12 %. This is equivalent to a total haircut of 16,4 %.’;"

‘—

the Counterparty’s authorisation to conduct activities under either Directive 2006/48/EC or Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (*1), as implemented in the relevant Member State of the Eurosystem respectively, is suspended or revoked; or

‘(p)

the Counterparty becomes subject to the freezing of funds and/or other measures imposed by the Community restricting the Counterparty’s ability to use its funds; or

(q)

the Counterparty becomes subject to the freezing of funds and/or other measures imposed by a Member State under Article 60(2) of the Treaty restricting the Counterparty’s ability to use its funds; or

(r)

all or a substantial part of the Counterparty’s assets are subject to a freezing order, attachment, seizure or any other procedure that is intended to protect the public interest or the rights of the Counterparty’s creditors; or

(s)

all or a substantial part of the Counterparty’s assets are assigned to another entity; or

(t)

any other impending or existing event the occurrence of which may threaten the performance by the Counterparty of its obligations under the arrangement it entered into for the purpose of effecting monetary policy operations or any other rules applying to the relationship between the Counterparty and any of the central banks of the Eurosystem.’;

(a)

the following definition is inserted:

‘Earmarked portfolio: earmarked investment held on the assets side of the balance sheet as a counterpart fund, consisting of securities, equity instruments, fixed-term deposits and current accounts, participating interests and/or investments in subsidiaries. It matches an identifiable item on the liabilities side of the balance sheet, irrespective of any legal or other constraints.’;

(b)

the definition of ‘financial fixed assets’ is deleted;

(c)

the following definition is inserted:

‘Held-to-maturity securities: securities with fixed or determinable payments and a fixed maturity, which the NCB intends to hold until maturity.’;

‘(c)

they must not consist, in whole or in part, actually or potentially, of credit-linked notes or similar claims resulting from the transfer of credit risk by means of credit derivatives or tranches of other asset-backed securities (*1). Asset-backed securities issued before 1 March 2009 will be exempted from the requirement of not consisting of tranches of other asset-backed securities until 1 March 2010.

‘—

The Eurosystem limits the use of uncovered bank bonds issued by an issuer or any entity with which the issuer has close links in accordance with the legal requirements set out in Section 6.2.3. Uncovered bank bonds issued by a single issuer or an entity with which the issuer has close links may only be used as collateral by a counterparty to the extent that the value assigned to such collateral by the Eurosystem after the application of haircuts does not exceed 10 % of the total value of the collateral submitted by that counterparty after the haircuts. This limitation does not apply to uncovered bank bonds that are guaranteed by a public sector entity which has the right to levy taxes, or if the value after haircuts of the uncovered bank bonds referred to above does not exceed EUR 50 million. Uncovered bank bonds submitted as collateral to the Eurosystem until 20 January 2009 are not subject to this limitation until 1 March 2010. In case of a merger between two or more issuers of uncovered bank bonds or the establishment of a close link between such issuers, these issuers are treated as one issuer group, in the context of this limitation, only one year after the date of the merger or the establishment of a close link.’;

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