Whereas HAS DECIDED AS FOLLOWS ( 1 )

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in the following year.

Whereas

Whereas

HAS DECIDED AS FOLLOWS

Whereas Article 1 Establishment and scope of the outright purchase of covered bonds The Eurosystem has established the programme under which the Eurosystem central banks shall purchase eligible covered bonds with a targeted nominal amount of EUR 60 billion .

Whereas Spain France Ireland Italy Luxembourg Netherlands Austria Portugal Finland

HAVE AGREED AS FOLLOWS

HAS ADOPTED THIS GUIDELINE

HAVE AGREED AS FOLLOWS

OJ L 236 , 23.9.2003 , p. 33 .

In accordance with the general principles of fairness , equal treatment and the protection of legitimate expectations underlying the Statute , those participating NCBs whose relative share in the ECB 's accumulated equity value increases due to the abovementioned adjustments should

HAS DECIDED AS FOLLOWS CHAPTER I GENERAL PROVISIONS

HAS DECIDED AS FOLLOWS

Whereas

Whereas ( 5 ) ( 1 )

Explain the following.

References

16 ) Article 75 shall be replaced by the following In Anicle 92 ( 3 )

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HAS ADOPTED THE FOLLOWING GUIDELINE

( 1 )

Whereas ( 6 )

HAS DECIDED AS FOLLOWS Article 1 ( 2 )

HAS ADOPTED THIS GUIDELINE 3 .

( 1 ) Whereas

HAS DECIDED AS FOLLOWS

HAS ADOPTED THIS DECISION

Whereas 1 .

HAS ADOPTED THIS GUIDELINE

( 2 ) HAS DECIDED AS FOLLOWS