ECB Definition

GLOSSARY

What does ECB mean?

european central bank is the central bank for Europe's single currency, the euro. Its main task is to maintain the euro's purchasing power and price stability in the euro area.

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EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived]

EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. For UK developments see: AML/CTF/CPF—timeline of UK legal and regulatory developments for financial services. For EU developments see: AML/CTF/CPF—timeline of EU legal and regulatory developments for financial services. This timeline outlines the developments in relation to the Wire Transfer Regulation (Regulation (EU) 2015/847) (also known as the Funds Transfer Regulation (FTR)), its predecessor the Wire Transfer Regulation (Regulation (EU) 1781/2006) and the Recast EU WTR2 (also referred to as the Recast EU Transfer of Funds Regulation (EU FTR2)) which entered into force in June 2023 and applies from 30 December 2024 and forms part of the wider European Commission 2021 legislative package overhauling the European Union’s AML/CTF legal framework and regulatory requirements. It further includes the onshoring of EU WTR2 through the Retained Regulation (EU) 2015/847 (UK WTR2) and relevant updates brought in through the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017,...

Bank Recovery and Resolution Directive (BRRD)—timeline [Archived]

Bank Recovery and Resolution Directive (BRRD)—timeline [Archived] Archived:This timeline has been archived. For developments from January 2024 onwards, see EU Bank Recovery and Resolution Directive—timeline if they relate to the EU BRRD, or UK bank recovery and resolution regime—timeline if they relate to the UK bank recovery and resolution regime, For further guidance on the EU BRRD, see Practice Note: Bank Recovery and Resolution Directive (BRRD)—essentials. For further guidance on the UK bank recovery and resolution regime, see Practice Note: The UK bank recovery and resolution regime. Date Source Document Description 20 December 2023 European Banking Authority The EBA publishes amendments to disclosures and reporting on MREL and TLAC The European Banking Authority (EBA) has published its final draft implementing technical standards (ITS) on amendments to disclosure and reporting of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss absorbency requirement (TLAC). The amendments reflect the new requirement to deduct investments in eligible liabilities instruments of entities belonging to the same resolution group, the...

In–house lawyer essentials: key issues in securitisation transaction

In–house lawyer essentials: key issues in securitisation transaction A bank or financial institution may undertake multiple roles in a securitisation transaction. The extent of an in-house counsel’s involvement in that transaction will be dictated by those roles and by the nature and the complexity of the particular transaction. This Practice Note focuses predominately on ‘true sale’ securitisations (issued under Regulation S of the Securities Act of 1933, as amended) where there is a third-party originator and the bank is acting in an ‘agency’ capacity. It sets out those points to consider which are in addition to or different from those to consider in a Vanilla bond issuance (see Practice Note:Tips and traps for in-house lawyers—key issues in issuing syndicated vanilla bonds issuances). Additional considerations apply for other types of securitisation or where the assets are originated or bought by the bank or an affiliate of the bank prior to being securitised. General points to consider What role(s) is the bank being appointed to undertake? The first point...

Case C- 415/14 P Quimitécnica.com and José de Mello v Commission (essential procedural requirements)

Case C- 415/14 P Quimitécnica.com and José de Mello v Commission (essential procedural requirements) CASE HUB (date of judgment—28/01/2016) See further: timeline, commentary and related/relevant cases Case facts ARCHIVE—28/01/2016 Outline Appeal brought by Quimitécnica and José de Mello against the judgment of the General Court upholding the decision of the Commission’s accounting officer of 8 October 2010 concerning payment by instalment of the fine imposed on the appellants by the Commission decision of 20 July 2010 (and taken in the framework of a 'hybrid' settlement procedure) relating to a three-decade long cartel in the European animal feed phosphates market ('Animal feed phosphates cartel'). In particular, the challenge relates to the requirement that Quimitécnica provide a bank guarantee from a bank with a long-term 'AA' credit rating from one of three specified credit rating agencies in relation to the fine imposed on Quimitécnica for its participation in the cartel. On 28 January 2016, the Court of Justice set aside the General Court judgment and referred the...

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Ireland—Loan agreement and charge—individuals

The Lender(s) should comprise the name(s) of all of the lending individual(s), listed separately as (1), (2) etc. The Borrowers should comprise the name(s) of all of the borrowing individual(s), listed separately as (1), (2), etc. A legal estate or interest in land may only be created or conveyed by a deed. It must be clear from the face of the document that it is intended to be a deed. For guidance on execution of a deed by an individual see, Practice Note: Ireland—Executing simple contracts and deeds. For an execution clause (testimonium) and signature blocks, suitable for use where execution as a deed by an individual is required, see Precedent: Ireland—Execution clause—individual—deed. Drafting assumptions This Precedent is drafted on the basis that the Lender and the Borrower are individuals, and the Consumer Credit Act 1995 (Ireland) is therefore not applicable. This Precedent is not suitable for use in a commercial setting for either a business to consumer (B2C) or business to business (B2B) loan. Ireland—Loan agreement and...

Ireland—Demand letter—contractual debt claim

Ireland—Demand letter—contractual debt claim General This Precedent and its accompanying drafting notes are for use where your client is seeking payment of a straightforward contractual debt and interest in respect of a debt claim. A debt arises where party A (the debtor) is under a contractual obligation to pay an agreed sum to another, party B (the creditor). The classic example is a simple contractual debt arising under a contract for the sale of goods where, for example, the debtor agrees to pay the creditor €50 upon delivery of goods on a certain date. Once delivery takes place in accordance with the agreement, the sum of €50 becomes due and this sum is a debt payable by the debtor to the creditor. Depending on the court in which the matter may proceed, you may also need to refer to additional provisions and wish to adapt this Precedent accordingly. See: • Ireland—Starting and responding to an action—overview • Practice Note: Ireland—Commercial Court—Rules and Procedures You may additionally wish to be aware...

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When drafting a multicurrency facilities agreement, should I use the recommended conventions for Sterling loans for loans in other currencies?

When drafting a multicurrency facilities agreement, should I use the recommended conventions for Sterling loans for loans in other currencies? The Working Group for Sterling RFRs (£RFRWG) issued comprehensive recommendations as to how to calculate and use SONIA in loan agreements, known as conventions. The LMA RFR based facilities agreements include schedules setting out sample drafting for loans in USD, Sterling, CHF and Euro, reflecting these conventions. However, the Sterling conventions do diverge in some areas from the conventions recommended by working groups for other currencies. This Q&A looks at two key areas where the working groups’ recommendations diverge, reference rate floors, and whether to use the observation shift or lag methodology. Where can I find the conventions for USD, CHF and Euro? See ARRC Syndicated Loan Conventions EURIBOR fallbacks and Swiss National Bank—National Working Group for Risk-Free Rates. Are there any key points to note about the recommended conventions? The recommendations by the working groups have been developed within differing contexts. The conventions for...

What options are there when selecting a reference rate for loans?

What options are there when selecting a reference rate for loans? With LIBOR due to be discontinued or become unrepresentative in most currencies and tenors at the end of 2021, market participants must now use other reference rates in loan agreements and other contracts. This Q&A suggests reference rate options for new loan agreements and those legacy loan agreements that are to be amended. For tough legacy contracts (ie those that can’t be amended), the EU, US and UK have all put forward different legislative solutions to ensure contract continuity, though the solutions won’t be available for all legacy contracts. Practice Note: LIBOR transition—legislative solutions to tough legacy contracts [Archived] discusses these solutions in detail and when they apply. What are the key options for Sterling loans? SONIA, compounded in arrears: SONIA, compounded in arrears, is expected to be suitable for use in the vast majority of cash products. There are various possible compounded methodologies—see Practice Note: What are the key considerations when drafting a...

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EU Law weekly highlights—5 December 2024

This week's edition of EU Law weekly highlights includes analysis on HSBC losing its challenge to the €32m Euribor rigging fine. In addition, this week the Council of the EU adopted the EU Cyber Solidarity Act and an amendment to the EU Cybersecurity Act and approved conclusions to address labour and skills shortages, the European Data Protection Board approved the certification criteria for EU Data Protection Seal under EU GDPR, the European Commission introduced data specifications for alternative fuels infrastructure rollout, proposed common EV charging and hydrogen rules and opened consultations on implementing regulations for EUDI Wallets, and the European Central Bank published the second progress report on the preparation phase of the digital euro.

Financial Services weekly highlights—5 December 2024

This week's edition of Financial Services weekly highlights includes: FCA’s consultation on enforcement transparency proposals, information on BoE’s first system-wide stress test, EIOPA’s second round of consultations on Solvency II review implementation, plus dates for your diary over the coming week.

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GLOSSARY

ECB definition

What does ECB mean?

View the related checklists about ECB

EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived]

Bank Recovery and Resolution Directive (BRRD)—timeline [Archived]

View the related practice notes about ECB

In–house lawyer essentials: key issues in securitisation transaction

Case C- 415/14 P Quimitécnica.com and José de Mello v Commission (essential procedural requirements)

View the related precedents about ECB

Ireland—Loan agreement and charge—individuals

Ireland—Demand letter—contractual debt claim

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When drafting a multicurrency facilities agreement, should I use the recommended conventions for Sterling loans for loans in other currencies?

What options are there when selecting a reference rate for loans?

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EU Law weekly highlights—5 December 2024

Financial Services weekly highlights—5 December 2024

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GLOSSARY

ECB definition

What does ECB mean?

View the related checklists about ECB

EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived]

Bank Recovery and Resolution Directive (BRRD)—timeline [Archived]

View the related practice notes about ECB

In–house lawyer essentials: key issues in securitisation transaction

Case C- 415/14 P Quimitécnica.com and José de Mello v Commission (essential procedural requirements)

View the related precedents about ECB

Ireland—Loan agreement and charge—individuals

Ireland—Demand letter—contractual debt claim

View the related q&as about ECB

When drafting a multicurrency facilities agreement, should I use the recommended conventions for Sterling loans for loans in other currencies?

What options are there when selecting a reference rate for loans?

View the related News about ECB

EU Law weekly highlights—5 December 2024

Financial Services weekly highlights—5 December 2024

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