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)

Documentation on Monetary Policy Instruments and Procedures (August 2019) | pdf 1996 KB MPIPs Additional Temporary Measures Supplement (May 2020) | pdf 768 KB MPIPs Valuation Haircuts Supplement (August 2019) | pdf 579 KB MPIPs Provision of Liquidity in US Dollar Supplement | pdf 414 KB MPIPs Agreement 2015 | pdf 243 KB MPIPs Agreement for new counterparties | pdf 293 KB

Collateral Mobilisation Agreements

General Monetary Policy Framework

Collateral Pooling Framework Agreement | pdf 531 KB Deed of Charge (Collateral Pooling Framework Agreement) | pdf 414 KB Template Legal Opinion (Irish counterparties) - Collateral Pooling Framework Agreement | pdf 87 KB Template Legal Opinion (non-Irish counterparties) - Collateral Pooling Framework Agreement | pdf 92 KB MBPN Framework Agreement | pdf 945 KB Master Substitution Agreement | pdf 298 KB

Temporary Monetary Policy Framework

SMBPN Framework Agreement (Irish Assets) | pdf 468 KB SMBPN Framework Agreement (UK Assets) | pdf 528 KB