ECB updated the correspondent central banking model (CCBM) procedures for Eurosystem counterparties, along with a table summarizing legal instruments used in the euro area. The update is effective as of January 01, 2018.
The main purpose of CCBM is to ensure that, in principle, all marketable and non-marketable assets eligible for use in Eurosystem credit operations (that is, monetary policy operations and the provision of intraday credit) are made available to all its counterparties, regardless of where the assets or the counterparty are situated. The eligibility criteria for the use of marketable and non-marketable assets as collateral in Eurosystem credit operations are listed in the Guideline (EU) 2015/510 of ECB of December 19, 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60). Counterparties are under no obligation to use the CCBM if there is an approved alternative. All eligible assets may be used cross-border by means of the CCBM and, in the case of marketable assets, also through eligible links between securities settlement systems in the European Economic Area.
Effective Date: January 01, 2018
Keywords: Europe, EU, Banking, CCBM, Central Banking, Eurosystem, ECB
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