2016年-ECB欧洲央行_CCBM_information_for_counterparties_–_summary_of_legal_instruments_used_in_the_euro_area_2页_120kb

CCBM Information for Counterparties Summary

Core Content

This document provides an overview of the legal instruments used in the euro area for collateralisation of marketable assets and debt instruments backed by eligible credit claims (DECCs). It outlines the methods available to both the Householding Central Bank (HCB) and the Central Clearing Bank (CCB) in different countries, highlighting the flexibility and preferences of each institution in selecting the appropriate collateralisation technique.

Main Points

• The CCB offers two main instruments: pledge and repo, in some countries.
• The HCB generally has the freedom to choose between these instruments, though it may consider the CCB's preferences.
• The document outlines collateralisation methods supported by the central bank, categorized by whether the institution is acting as an HCB or CCB and the type of asset involved (marketable, non-marketable, or DECCs).

Collateralisation Methods by Country

Key Information

• Eligible DECCs are only applicable in countries where they are issued in the respective National Central Bank (NCB)’s local Central Securities Depository (CSD).
• Earmarking applies only to marketable assets in some countries.
• Pledge is available for securities held in specific SCLs (SCLV, SCL Valencia, SCL Bilbao) in some countries.
• Ireland has a fixed charge for pledge, and Irish Mortgage-Backed Promissory Notes are earmarked against specific credit provisions.
• In Portugal, pledge is the preferred method for collateral mobilisation in Interbolsa, but repo can be used if required by the HCB or foreign counterparty.
• In Slovakia, counterparties wishing to use pledge must open an account in the SSS's registration system.
• The document is effective as of 25 January 2016 and uses data up to 21 October 2015.
• The European Central Bank is the copyright holder, and reproduction for educational and non-commercial purposes is permitted with acknowledgment of the source.

Notes

• The CCB and HCB roles may vary depending on the country and the nature of the collateral.
• The choice of collateralisation technique is influenced by legal frameworks, asset types, and institutional preferences.
• Floating charge is available in some countries for non-marketable assets, but not all.

Conclusion

This summary outlines the legal instruments and collateralisation methods used in the euro area by central banks, emphasizing the flexibility and preferences of the HCB and CCB in managing collateral. The availability of each method depends on the country and the type of asset being used as collateral.