guidelin european central bank decemb amend guidelin ecb monetari polici instrument procedur eurosystem ecb ec govern council european central bank regard treati establish european commun indent articl regard statut european system central bank european central bank articl conjunct indent articl articl paragraph articl achiev singl monetari polici entail defin instrument procedur eurosystem consist nation central bank ncb member state adopt euro hereinaft particip member state european central bank ecb order implement polici uniform manner particip member state ecb author establish guidelin implement eurosystem singl monetari polici ncb oblig act accord guidelin chapter annex guidelin ecb august monetari polici instrument procedur eurosystem amend respect elig criteria tier tier asset made specif relat asset back secur asset back secur elig fulfil elig criteria remain elig transit period case structur issu rule subordin debt instrument exclud tier refin accord articl statut ecb guidelin form integr part commun law adopt guidelin articl annex guidelin ecb amend accord annex guidelin articl ncb particip member state forward detail text mean intend compli guidelin ecb march latest articl guidelin enter forc dai adopt articl appli articl guidelin address ncb particip member state frankfurt main decemb govern council ecb presid ecb jean claud trichet oj guidelin amend guidelin ecb oj annex annex amend paragraph section indent replac quot debt instrument fix uncondit princip amount coupon result neg cash flow addit coupon coupon ii fix rate coupon iii float rate coupon link interest rate refer coupon link chang rate issuer inflat index bond elig featur maintain redempt oblig requir appli asset back secur except bond issu credit institut accord criteria set articl ucit direct cover bank bond eurosystem assess elig asset back secur cover bank bond criteria cash flow gener asset legal acquir accord law member state origin intermediari securitis special purpos vehicl manner eurosystem consid quot true sale quot enforc parti reach origin creditor includ event origin insolv consist part potenti credit link note similar claim result transfer credit risk mean credit deriv eurosystem reserv request relev parti issuer origin arrang clarif legal confirm consid assess elig asset back secur asset back secur elig pursuant guidelin ecb fulfil criteria remain elig transit period octob sentenc ad end sixth indent paragraph section quot asset back secur issu eea entiti elig quot paragraph section indent replac quot debt instrument market market fix uncondit princip amount coupon result neg cash flow addit coupon coupon ii fix rate coupon iii float rate coupon link interest rate refer coupon link chang rate issuer inflat index bond elig featur maintain redempt oblig requir appli asset back secur except bond issu credit institut accord criteria set articl ucit direct cover bank bond eurosystem assess elig asset back secur cover bank bond criteria cash flow gener asset legal acquir accord law member state origin intermediari securitis special purpos vehicl manner eurosystem consid quot true sale quot enforc parti reach origin creditor includ event origin insolv consist part potenti credit link note similar claim result transfer credit risk mean credit deriv eurosystem reserv request relev parti issuer origin arrang clarif legal confirm consid assess elig asset back secur asset back secur elig pursuant guidelin ecb fulfil criteria remain elig transit period octob quot footnot tabl chapter replac quot fix uncondit princip amount coupon result neg cash flow addit coupon coupon ii fix rate coupon iii float rate coupon link interest rate refer coupon link chang rate issuer inflat index bond elig featur maintain redempt oblig requir appli asset back secur except bond issu credit institut accord criteria set articl ucit direct cover bank bond eurosystem assess elig asset back secur cover bank bond criteria cash flow gener asset legal acquir accord law member state origin intermediari securitis special purpos vehicl manner eurosystem consid quot true sale quot enforc parti reach origin creditor includ event origin insolv consist part potenti credit link note similar claim result transfer credit risk mean credit deriv eurosystem reserv request relev parti issuer origin arrang clarif legal confirm consid assess elig asset back secur asset back secur elig pursuant guidelin ecb fulfil criteria remain elig transit period octob debt instrument afford right princip interest subordin right holder debt instrument issuer structur issu subordin tranch issu exclud tier tranch tranch consid subordin vi vi tranch tranch issu quot senior quot accord prioriti payment applic deliveri enforc notic set offer circular tranch tranch receiv payment princip interest prioriti tranch tranch incur loss relat underli asset quot amend follow format footnot number annex adopt govern council februari publish ecb websit debt instrument afford right princip interest subordin right holder debt instrument issuer structur issu subordin tranch issu exclud tier tranch tranch consid subordin vi vi tranch tranch issu quot senior quot accord prioriti payment applic deliveri enforc notic set offer circular tranch tranch receiv payment princip interest prioriti tranch tranch incur loss relat underli asset council direct eec decemb coordin law regul administr provis relat undertak collect invest transfer secur ucit oj direct amend direct ec oj quot