Decision (EU) 2025/1240 of the European Central Bankof 11 June 2025amending Decision (EU) 2020/187 on the implementation of the third covered bond purchase programme (ECB/2020/8) (ECB/2025/20)

Article 4 of Decision (EU) 2020/187 (ECB/2020/8) is replaced by the following:

Article 4

Eligible counterparties

The following shall be eligible counterparties for the CBPP3, both for outright transactions and for securities lending transactions involving covered bonds held in the CBPP3 Eurosystem portfolios:

(a) entities that fulfil the eligibility criteria to participate in Eurosystem monetary policy operations pursuant to Article 55 of Guideline (EU) 2015/510 (ECB/2014/60);

(b) any other counterparties that are used by Eurosystem central banks for the investment of their euro-denominated investment portfolios, including non-euro area counterparties active in the covered bonds markets; and

(c) issuers of covered bonds held in the CBPP3 Eurosystem portfolios to which neither point (a) nor point (b) applies, but only in the case of a repurchase of the relevant covered bond by that issuer pursuant to a buyback..

Article 2

Entry into force

This Decision shall enter into force on the fifth day following that of its publication in the Official Journal of the European Union.

Done at Frankfurt am Main, 11 June 2025.

The President of the ECB

Christine Lagarde