2013年-ECB欧洲央行_Correspondent_central_banking_model_CCBM_-_Procedures_for_Eurosystem_counterparties_20页_323kb

报告摘要

Summary of the Correspondent Central Banking Model (CCBM)

Core Content

The Correspondent Central Banking Model (CCBM) is a framework established by the Eurosystem to facilitate the use of eligible assets in monetary policy operations and intraday credit in TARGET2, regardless of where the assets are located. It enables counterparties to use assets from other countries by leveraging the correspondent central bank (CCB) system, where a national central bank (NCB) acts on behalf of another central bank (HCB) to manage collateral.

Main Purpose

Ensure all eligible assets for Eurosystem operations are accessible to counterparties, regardless of location.
Provide a unified and efficient way to handle cross-border collateral in monetary policy and intraday credit operations.

Key Features

Single List: A unified list of eligible assets was introduced in 2007, replacing the two-tier system.
CCB Role: The CCB holds the collateral on behalf of the HCB and acts as its correspondent.
Operating Hours: The CCBM is open from 9 a.m. to 4 p.m. CET, aligning with regular open market operations.
Special Cases: Certain non-marketable assets, such as Irish mortgage-backed promissory notes (MBPNs), have specific procedures under the CCBM.

Main Views

The CCBM allows counterparties to use eligible assets issued in other countries, provided they are properly transferred to the CCB.
For non-marketable assets, the CCBM provides mechanisms such as transfer, pledge, or assignment in the name of the HCB.
The CCBM is subject to legal frameworks and agreements between NCBs and the ECB.
The ECB has established best practices for custodian banks to enhance the efficiency of the CCBM.

Key Information

1. CCBM Usage

Counterparties can use eligible marketable assets issued in other countries through the CCBM.
The HCB determines the collateralisation method, and the CCB supports it.
For non-marketable assets, the CCBM is the only viable option if they are not governed by domestic law.

2. Operating Time

The CCBM is operational from 9 a.m. to 4 p.m. CET.
It supports regular monetary policy operations and intraday credit in TARGET2.
In exceptional circumstances, the operating hours may be extended.

3. Which NCB is the CCB?

For marketable assets, the CCB is the NCB of the issuing SSS.
Specific rules apply to certain assets:
- Euro-market and international issues in Euroclear and Clearstream: Nationale Bank van Belgie/Banque Nationale de Belgique (for Euroclear) and Banque centrale du Luxembourg (for Clearstream).
- Irish government bonds in Euroclear: Central Bank of Ireland acts as CCB.
- Assets issued by UK entities in Euroclear and Clearstream: Nationale Bank van Belgie/Banque Nationale de Belgique and Banque centrale du Luxembourg act as CCBs respectively.

4. CCBM Procedures

Marketable Assets:
- The counterparty transfers the assets to the CCB for the HCB.
- The CCB provides information on the assets to the HCB.
- The HCB processes the collateral, including valuation and margin calls.
- The CCB holds the assets on behalf of the HCB.
Non-Marketable Assets:
- Specific procedures are used, such as transfer, pledge, or assignment in the name of the HCB.
- These are governed by the legal system of the country where the asset is governed.
- The ECB has outlined the legal instruments used in the euro area in Annex 1.

5. Pricing

A transaction fee of €30 is charged per delivery of assets through the CCBM.
A custody and administration fee of 0.0069% per annum is applied to the nominal value of the assets.
Taxes are not included in these fees.
Additional local fees may be charged by HCBs.

6. Statistics

Cross-border collateral usage statistics are published monthly on the ECB's website.
These reflect the value of assets held in custody via the CCBM and direct links.
The statistics also show the percentage of cross-border collateral relative to total collateral.

7. Best Practices for Custodians

Custodians should inform customers of their procedures and use official market practices.
Automatic procedures and electronic communication channels are encouraged.
Instructions should be submitted within 30 minutes of receipt.
Custodians are advised to use the "CNCB" code for identifying CCBM-related instructions.
Settlement problems should be communicated within 15 minutes of discovery.

8. Irish Variant

The Irish variant allows for the cross-border use of MBPNs through the Central Bank of Ireland.
A mutual agreement is required between the non-resident counterparty and the Central Bank of Ireland.
The Central Bank of Ireland maintains a list of authorised signatories and verifies them before completing the promissory notes in the name of the CCB.
A unique identification number is assigned to the promissory notes and must be communicated to the counterparty.

9. Legal Framework

The use of the CCBM is based on internal agreements between Eurosystem NCBs and the ECB.
Legal and technical preconditions must be met before using credit claims as collateral.
The HCB is responsible for setting the terms of collateralisation, including the choice of technique.

10. Annexes

Annex 1: Summary of legal instruments used in the euro area.
Annex 2: Details of the transfer, pledge, or assignment of credit claims on behalf of the HCB.
Annex 3: Types of foreign securities held in SSSs as of December 2010.
Annex 4: Technicalities of the CCBM.