Legal Documentation

Eurosystem monetary policy operations are governed by Guideline ECB/2014/60, as amended (the 'General Documentation' or the GD).

The provisions of the General Documentation have been implemented in Ireland by the Central Bank's Documentation on Monetary Policy Instruments and Procedures (the 'MPIPs'). In addition, supplements to the MPIPs provide for temporary features of the Eurosystem monetary policy framework and for valuation haircuts.

As a response to the coronavirus emergency, on 7 April 2020, the Governing Council of the European Central Bank (ECB) adopted a package of temporary collateral easing measures to facilitate the availability of eligible collateral for Eurosystem counterparties. As a result, the following frameworks will be applied by the Bank, as amended by Decision ECB/2020/20:

Documentation on Monetary Policy Instruments and Procedures; and

Documentation on Monetary Policy Instruments and Procedures  - Valuation Haircuts Supplement.

Please visit the website of the ECB for further details on the legal framework governing monetary policy and operations at https://www.ecb.europa.eu/ecb/legal/1002/1014/html/index-tabs.en.html

(Note: Decision ECB/2020/20 sits at paragraph 10 at the above link)

Collateral Mobilisation Agreements

General Monetary Policy Framework

Temporary Monetary Policy Framework