Decisions of the ECB Governing Council – February 2025
Market Operations
Extension of Liquidity Lines Until January 2027
On 23 January 2025, the ECB Governing Council approved the extension of repo lines with eight non-euro area central banks—Magyar Nemzeti Bank, Banca Națională a României, Bank of Albania, Andorran Financial Authority, National Bank of the Republic of North Macedonia, Central Bank of the Republic of San Marino, Central Bank of Montenegro, and Central Bank of the Republic of Kosovo—until 31 January 2027. This decision aligns with the new euro liquidity lines framework established in 2023.
Eurosystem Climate Stress Test Report
On 13 February 2025, the Governing Council reviewed the results of the 2024 climate stress test on the Eurosystem’s balance sheet, which will contribute to climate-related financial disclosures.
Inclusion of TARGET Analytical Environment in the T2 Currency Participation Agreement
On the same day, the Governing Council approved amendments to the T2 Currency Participation Agreement to integrate the TARGET Analytical Environment as a standard feature for both current and future signatories.
Advice on Legislation
ECB Opinion on Flood Insurance
On 4 February 2025, the Governing Council issued Opinion CON/2025/3 at the request of the Irish National Parliament’s Joint Committee on Finance, Public Expenditure, and Reform, as well as the Prime Minister.
ECB Opinion on Indirect Participants in Payment Systems and Cash Rule Exemption
On 5 February 2025, the Governing Council adopted Opinion CON/2025/4 following a request from the Danish Financial Supervisory Authority.
Corporate Governance
Approval of ECB’s Annual Accounts for 2024
On 19 February 2025, the Governing Council approved the ECB’s audited financial statements for 2024. These, along with a press release, are available on the ECB’s official website.
Recommendation on External Auditors for 2025-2029
On 12 February 2025, the Governing Council adopted Recommendation ECB/2025/6 advising the EU Council on the selection of external auditors for the ECB for the period 2025-2029.
Statistics
Extension of Integrated Reporting Framework and Common Data Management Investigation
On 17 February 2025, the Governing Council approved extending the investigation phases of the ESCB and SSM Common Data Management and the ESCB Integrated Reporting Framework projects until September 2025.
Banknotes and Coins
Jury for New Euro Banknote Design Contest
On 6 February 2025, the Governing Council approved the composition of the jury responsible for the design contest for new euro banknotes. The jury will shortlist designs, facilitating the Governing Council’s final selection. Work is expected to commence in early 2025.
ECB Banking Supervision
Update of 2025 Supervisory Examination Programme (SEP)
On 30 January 2025, the Governing Council endorsed a Supervisory Board proposal to update the 2025 SEP for on-site inspections and internal model investigations of significant institutions and outsourcing service providers. This update aligns with the SSM supervisory priorities for 2025-2027, as outlined on the ECB’s banking supervision website.
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