We study the motion of a rigid body B subject to an undamped elastic restoring force, in the stream of a viscous liquid L . The motion of the coupled system B-L ≡ S is driven by a uniform flow of L at spatial infinity, characterized by a given, constant dimensionless velocity λ e 1 , λ > 0. We show that as long as λ ∈ (0, λ c ), with λ c a distinct positive number, there is a uniquely determined time-independent state of S where B is in a (locally) stable equilibrium and the flow of L is steady. Moreover, in that range of λ, no oscillatory flow may occur. Successively we prove that if certain suitable spectral properties of the relevant linearized operator are met, there exists a λ 0 > λ c > 0 where an oscillatory regime for S sets in. More precisely, a bifurcating time-periodic branch stems out of the time-independent solution. The significant feature of this result is that no restriction is imposed on the frequency, ω, of the bifurcating solution, which may thus coincide with the natural structural frequency, ω n , of B, or any multiple of it. This implies that a dramatic structural failure cannot take place due to resonance effects. However, our analysis also shows that when ω becomes sufficiently close to ω n the amplitude of oscillations can become very large in the limit when the density of L becomes negligible compared to that of B.