(a)

transactions that are executed by NCBs to implement the single monetary policy as decided by the Governing Council;

(b)

transactions regulated by guidelines established on the basis of Article 31.3 of the Statute of the European System of Central Banks and of the European Central Bank;

(c)

transactions executed and deposits taken in the context of the Eurosystem's reserve management services as set out in Guideline (EU) 2018/797 of the European Central Bank (ECB/2018/14) (2);

(d)

operations related to the provision of emergency liquidity assistance as defined in the Agreement on emergency liquidity assistance.

(1)

‘NCB’ means a national central bank of a Member State whose currency is the euro;

(2)

‘deposit facility rate’ means the interest rate applied to the Eurosystem deposit facility;

(3)

‘deposit’ means a credit balance in euro or in another currency resulting from funds held in an account with an NCB or from temporary situations deriving from other services provided by an NCB, giving rise to a liability recorded on that NCB's balance sheet, and which that NCB is required to repay under the applicable contractual or regulatory conditions, including overnight and fixed term deposits;

(4)

‘government’ means all public entities of a Member State or any public entities of the Union mentioned in Article 123 of the Treaty, as interpreted in the light of Council Regulation (EC) No 3603/93 (3), except for publicly owned credit institutions which, in the context of the supply of reserves by NCBs, are given the same treatment by NCBs and the ECB as private credit institutions;

(5)

‘government deposits’ means non-monetary policy deposits accepted by NCBs from any government;

(6)

‘government deposits related to an adjustment programme’ means deposits of:

(7)

‘gross domestic product’ (GDP) means the value of an economy's total output of goods and services, less intermediate consumption, plus net taxes on products and imports in a specified period;

(8)

‘non-monetary policy deposits’ means any deposits accepted by NCBs from governments and other external sources that are recorded in balance sheet items other than liability item L2 (‘Liabilities to euro area credit institutions related to monetary policy operations denominated in euro’) as defined in the context of the Eurosystem harmonised balance sheet. Non-monetary policy deposits from other external sources do not include IMF No 1 and No 2 accounts, as decided by the Governing Council, or deposits from internal sources, i.e. deposits from current or former staff, branches or subsidiaries of the relevant NCB, overseas monetary authorities linked to the relevant NCB and located in countries and territories specified in Article 198 of the Treaty;

(9)

‘secured market rate’ means (a) with regard to fixed-term deposits denominated in euro, the STOXX EUR GC Pooling term index with a comparable maturity, or its equivalent if it is discontinued or no longer considered as a benchmark; and (b) with regard to fixed-term deposits denominated in currencies other than the euro, a comparable rate;

(10)

‘unsecured overnight market rate’ means (a) with regard to overnight deposits denominated in euro, the euro overnight index average rate (EONIA), or, following the discontinuation of EONIA, the euro short-term rate (€STR); and (b) with regard to overnight deposits denominated in currencies other than the euro, a comparable rate;

(11)

‘outright transaction’ means a purchase, sale or redemption of a security that is recorded in a balance sheet item other than asset item A7.1 (‘Securities held for monetary policy purposes’) as defined in the context of the Eurosystem harmonised balance sheet;

(12)

‘securities’ mean the following types of securities: (a) debt securities; (b) listed shares; and (c) investment fund shares or units;

(13)

‘securities financing transaction’ means a transaction that meets the definition in Article 3(11) of Regulation (EU) 2015/2365 of the European Parliament and of the Council (4) and which involves securities that are recorded in a balance sheet item other than asset item A7.1 (‘Securities held for monetary policy purposes’) as defined in the context of the Eurosystem harmonised balance sheet, and consists of either:

(14)

‘bilateral liquidity arrangement’ means an agreement which an NCB enters into with a non-euro area central bank or a monetary authority with the purpose of conducting transactions to exchange euro cash with euro non-cash collateral.

(a)

outright transactions;

(b)

securities financing transactions;

(c)

average outstanding amounts related to non-monetary policy deposits which were carried out or observed during the previous calendar quarter.