# Decision of the European Central Bank of 29 July 2014 on measures relating to targeted longer-term refinancing operations (ECB/2014/34) (2014/541/EU), Article 9: Non-compliance with reporting requirements

Extent: E+W+S+N.I.

1. If a participant fails to comply with the reporting obligations laid down in Article 8 above:
(a) borrowing limits shall be set at zero where a participant fails to report data for the calculation of borrowing limits for either of the initial or additional allowance by the relevant deadline; and
(b) the full amount of borrowings in respect of all TLTROs shall become payable where a participant fails to report data for the purpose of assessing if mandatory early repayments are applicable and calculating the relevant repayments, as necessary.
Prior to the initiation of a measure pursuant to this paragraph, the concerned participant shall be given an opportunity to provide explanations if it considers that the non-compliance was due to circumstances beyond its control.
2. The provisions in paragraph 1 above shall be without prejudice to any sanction that may be imposed in accordance with Decision ECB/2010/10 in respect of the reporting obligations laid down in Regulation (EC) No 25/2009 (ECB/2008/32).
3. Where errors in the data submitted in the reporting templates are identified and notified by either a participant or the NCB, the Eurosystem shall conduct an assessment of the impact of the relevant error and undertake appropriate action, including the possibility of requiring mandatory early repayment.

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Source: https://www.legislation.gov.uk/eudn/2014/34/article/9 (the official version)
Page: https://openlegislation.uk/eu-decision-2014-34/article-9
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.