2017年-ECB欧洲央行_CCBM_information_for_counterparties_-_Summary_of_legal_instruments_used_in_the_euro_area_2页_121kb
报告摘要
CCBM Information for Counterparties Summary
Core Content
This document provides an overview of the legal instruments used in the euro area for collateralisation, specifically focusing on the Collateralised Borrowing and Lending Mechanism (CBM). It outlines the methods and techniques available for both High Counterparty Banks (HCBs) and Central Clearing Banks (CCBs) in different countries, with an update effective as of 24 January 2017.
Main Points
- The CBM is a mechanism that allows for the use of eligible credit claims (DECCs) as collateral for marketable assets and debt instruments.
- In countries where the CCB offers two instruments (pledge and repo), the HCB has the flexibility to choose which instrument to use, though it may consider the preferences of the CCB.
- The document provides a table summarising the collateralisation methods supported by the central bank for various types of assets and countries.
Key Information
Collateralisation Methods/Techniques Supported by the Central Bank
| Country | As an HCB (for marketable and non-marketable assets) | As a CCB (for marketable assets and DECCs) | As a CCB (for non-marketable assets, except DECCs) |
|---|---|---|---|
| AT | Pledge: Yes, Earmark: Yes | Pledge: Yes, Repo: Yes | Pledge: Yes, Assignment: Yes, Floating Charge: - |
| BE | Pledge: Yes, Earmark: Yes | Pledge: Yes, Repo: Yes | Pledge: Yes, Assignment: -, Floating Charge: - |
| CY | Pledge: Yes, Earmark: No | Pledge: Yes, Repo: No | Pledge: -, Assignment: Yes, Floating Charge: - |
| DE | Pledge: Yes, Earmark: No | Pledge: Yes, Repo: Yes | Pledge: Yes, Assignment: Yes, Floating Charge: - |
| DK | Pledge: Yes, Earmark: Yes | Pledge: Yes, Repo: Yes | Pledge: -, Assignment: -, Floating Charge: - |
| EE | Pledge: Yes, Earmark: No | Pledge: No, Repo: Yes | Pledge: -, Assignment: -, Floating Charge: - |
| ES | Pledge: Yes, Earmark: Yes | Pledge: Yes, Repo: Yes | Pledge: Yes, Assignment: Yes, Floating Charge: - |
| FI | Pledge: Yes, Earmark: No | Pledge: Yes, Repo: Yes | Pledge: Yes, Assignment: -, Floating Charge: - |
| FR | Pledge: Yes, Earmark: No | Pledge: Yes, Repo: Yes | Pledge: Yes, Assignment: -, Floating Charge: - |
| GR | Pledge: Yes, Earmark: No | Pledge: Yes, Repo: Yes | Pledge: Yes, Assignment: -, Floating Charge: - |
| IE | Pledge: Yes, Earmark: No | Pledge: Yes, Repo: No | Pledge: -, Assignment: -, Floating Charge: Yes |
| IT | Pledge: Yes, Earmark: No | Pledge: Yes, Repo: Yes | Pledge: Yes, Assignment: -, Floating Charge: - |
| LU | Pledge: Yes, Earmark: No | Pledge: Yes, Repo: Yes | Pledge: Yes, Assignment: -, Floating Charge: - |
| LV | Pledge: Yes, Earmark: No | Pledge: Yes, Repo: Yes | Pledge: Yes, Assignment: -, Floating Charge: - |
| LT | Pledge: Yes, Earmark: No | Pledge: Yes, Repo: No | Pledge: Yes, Assignment: Yes, Floating Charge: - |
| MT | Pledge: Yes, Earmark: No | Pledge: Yes, Repo: Yes | Pledge: Yes, Assignment: -, Floating Charge: - |
| NL | Pledge: Yes, Earmark: No | Pledge: Yes, Repo: Yes | Pledge: -, Assignment: Yes, Floating Charge: - |
| PT | Pledge: Yes, Earmark: No | Pledge: Yes, Repo: Yes | Pledge: Yes, Assignment: -, Floating Charge: - |
| SE | Pledge: -, Earmark: - | Pledge: Yes, Repo: Yes | Pledge: -, Assignment: -, Floating Charge: - |
| SI | Pledge: Yes, Earmark: No | Pledge: Yes, Repo: Yes | Pledge: Yes, Assignment: Yes, Floating Charge: - |
| SK | Pledge: Yes, Earmark: No | Pledge: Yes, Repo: Yes | Pledge: -, Assignment: Yes, Floating Charge: - |
| UK | Pledge: -, Earmark: - | Pledge: Yes, Repo: Yes | Pledge: -, Assignment: -, Floating Charge: - |
Notes and Exceptions
- DECCs (Eligible Debt Credit Claims) are only applicable in countries where they are issued in the local CSD.
- In Ireland, the pledge is subject to a fixed charge.
- Earmarking applies only to marketable assets in some countries.
- In Portugal, while pledge is preferred by the Banco de Portugal, repo can be used if required by the HCB or foreign counterparty.
- In Slovakia, counterparties wishing to use the pledge technique must open an account in the SSS's registration system.
Conclusion
The document serves as a reference guide for HCBs and CCBs on the legal instruments available for collateralisation in the euro area. It highlights the flexibility of HCBs in selecting the most suitable instrument, while also noting the specific conditions and exceptions that apply in certain countries. This information is crucial for understanding the operational framework of the CBM and ensuring compliance with local regulations.
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