2018年-ECB欧洲央行_Correspondent_central_banking_model_CCBM_-_Procedures_for_Eurosystem_counterparties_16页_366kb

Summary of the Correspondent Central Banking Model (CCBM)

Core Content

The Correspondent Central Banking Model (CCBM) is a framework introduced by the Eurosystem in January 1999 to facilitate the cross-border use of eligible collateral in credit operations. It allows counterparties to use marketable and non-marketable assets, regardless of their location, as collateral for credit from their home central bank (HCB). The CCBM ensures equal access to collateral for all Eurosystem counterparties and provides three main variants: standard CCBM, CCBM with links, and triparty CCBM.

Main Features

• Purpose: Enable cross-border use of eligible assets for Eurosystem credit operations, including monetary policy and intraday credit.
• Eligibility: Assets must meet the criteria outlined in Guideline (EU) 2015/510.
• Variants:
  • Standard CCBM: Assets are transferred to the CCB (correspondent central bank) for the account of the HCB.
  • CCBM with links: Assets are held in an investor SSS that has an eligible link to the issuer SSS.
  • Triparty CCBM: Uses triparty agents (TPAs) to manage collateral, with three specific models (Model 1, 2, and 3) available.

Key Information

• CCB Identification:

  • For marketable assets, the CCB is the NCB of the country where the asset was issued or the NCB of the country where the asset is held through an eligible link.
  • For non-marketable assets (excluding DECCs), the CCB is the NCB of the country whose law governs the asset.
  • Special cases: The National Bank of Belgium acts as CCB for Euroclear Bank holdings, and the Central Bank of Ireland for Irish government bonds held in Euroclear Bank.

• Processing Procedures:

  • Counterparties must instruct their HCB to mobilise collateral, which then communicates with the CCB.
  • The CCB holds the collateral on behalf of the HCB.
  • The CCBM is open from 09:00 to 16:00 CET for instructions, with exceptions for same-day value operations.

• Legal Framework:

  • Based on internal Eurosystem/ESCB agreements.
  • Each NCB acts as a local agent for others, and the HCB is responsible for choosing the collateralisation technique (repo, assignment, pledge, floating charge).
  • Legal instruments and procedures are available on the ECB’s website.

• Pricing:

  • Transaction Fee: €30 per delivery of assets to the HCB (excluding triparty services).
  • Service Fee: 0.0069% per annum on the nominal value of assets held in custody.
  • Triparty Services: €30 per processed instruction and €50 per TPA used monthly.
  • Fees do not include taxes and are charged by the HCB on a monthly basis.

• Processing Time:

  • The ECB and NCBs aim to process CCBM instructions within 30 minutes.
  • Custodian banks are expected to follow "best practices" to ensure efficiency, including timely submission of instructions and use of the "CNCB" code for identification.
  • Average processing time is less than an hour if instructions are correctly submitted and SSSs operate without delays.

• Non-Marketable Assets:

  • DECCs (Debt Instruments Backed by Eligible Credit Claims): Treated as non-marketable assets, can be mobilised via standard CCBM.
  • Credit Claims and RMBDs (Retail Mortgage-Backed Debt Instruments): Require specific procedures, including transfer, pledge, or assignment on behalf of the HCB.
  • Irish MBPNs (Mortgage-Backed Promissory Notes): Special ad hoc procedures are in place for their use.

Statistics

• The ECB publishes statistics on the mobilisation of collateral for Eurosystem credit operations.
• These statistics focus on cross-border mobilisation and the assets held in custody via different channels.

Annex

• The Annex outlines the specific procedures for the transfer, pledge, or assignment of credit claims on behalf of and in the name of the HCB.
• It includes legal and technical preconditions for using credit claims, such as:
  • Accepting HCB legal terms.
  • Submitting a list of authorised signatures.
  • Agreeing on data transmission mechanisms.
  • Conducting file format tests.
  • Requesting standard identification numbers for the claim and debtor.
  • Registering the claim with the CCB.
• Special procedures are also outlined for Irish Mortgage-Backed Promissory Notes (MBPNs), where the promissory notes must be completed in the name of the Central Bank of Ireland.

Conclusion

The CCBM is a critical mechanism for enabling cross-border collateral mobilisation within the Eurosystem. It supports various types of assets and offers multiple operational models, ensuring flexibility and efficiency in collateral management. Counterparties are advised to consult their local NCB for detailed legal and procedural information.