{
  "url": "https://openlegislation.uk/eu-decision-2020-407/article-1",
  "json_url": "https://openlegislation.uk/eu-decision-2020-407/article-1.json",
  "legislation": "eudn/2020/407",
  "legislation_title": "Decision (EU) 2020/407 of the European Central Bank of 16 March 2020 amending Decision (EU) 2019/1311 on a third series of targeted longer-term refinancing operations (ECB/2020/13)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2020-407",
  "path": "article/1",
  "kind": "article",
  "number": "1",
  "heading": "Amendments",
  "text": "Decision (EU) 2019/1311 (ECB/2019/21) is amended as follows:\n(1) Article 4 is amended as follows:\n(a) paragraph 2 is replaced by the following:\n‘2. Each participant’s borrowing allowance shall equal 50 % of its total reference outstanding amount, less any amount previously borrowed by that TLTRO-III participant under TLTROs‐II pursuant to Decision (EU) 2016/810 (ECB/2016/10) and still outstanding on the settlement date of a TLTRO-III having regard to any legally binding notification for early repayment submitted by the participant in accordance with Article 6 of Decision (EU) 2016/810 (ECB/2016/10). The relevant technical calculations are outlined in Annex I.’;\n(b) paragraph 4 is replaced by the following:\n‘4. Each participant’s bid limit for each TLTRO-III shall be equal to its borrowing allowance reduced by the amounts borrowed under previous TLTROs-III. This amount shall be considered to represent a maximum bid limit for each participant and the rules applicable to bids exceeding the maximum bid limit, as laid down in Article 36 of Guideline (EU) 2015/510 (ECB/2014/60), shall apply. The relevant technical calculations are outlined in Annex I.’;\n(2) in Article 5a, paragraph 1 is replaced by the following:\n‘1. From September 2021, starting 12 months after the settlement of each TLTRO-III, participants shall, on a quarterly basis, have the option of terminating or reducing the amount of TLTRO-III concerned before maturity.’;\n(3) in Annex I, Section 1, the third paragraph is replaced by the following:\n‘The borrowing allowance equals 50 % of the reference outstanding amount relating to the participant minus the amounts borrowed by the participant in the targeted longer-term refinancing operations pursuant to Decision (EU) 2016/810 (ECB/2016/10) (TLTROs-II) and still outstanding at the settlement date of the respective TLTRO-III, or zero if such amount is negative, i.e.:\nfor k = 1,…,7.’;\n(4) in Annex I, Section 1, the fifth paragraph is replaced by the following:\n‘The bid limit applicable to each participant in each TLTRO-III is its borrowing allowance BAk less the amounts borrowed under previous TLTROs-III. Let be the borrowing of a participant in TLTRO-III k, then where BLk is the bid limit for this participant in operation k that is defined as follows:\nfor k = 2,…,7.’.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "References to a “participant” should be understood as applying to individual participants or TLTRO-III groups.’;"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2020/407/article/1",
    "retrieved_at": "2026-11-01T15:12:21.386435+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}