Recital 1

(1)Under Guideline (EU) 2022/912 of the European Central Bank (ECB/2022/8) ¹ , national central banks of Member States whose currency is the euro (hereinafter ‘euro area NCBs’) may provide overnight credit through a dedicated crisis facility to central counterparties (CCPs) (hereinafter the ‘CCP credit facility’). Such CCPs must be established in the euro area and meet the requirements set out in Guideline (EU) 2022/912 (ECB/2022/8) (hereinafter ‘eligible CCPs’). In cases where eligible CCPs have not reimbursed intraday credit at the end of a day, they may access the CCP credit facility by automatically rolling over the outstanding intraday credit without the need to request the prior approval of the Governing Council.