2018年-ECB欧洲央行_CCBM_information_for_counterparties_-_Summary_of_legal_instruments_used_in_the_euro_area_2页_219kb

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 Collateral Concentration Benchmark (CCBM). It outlines the methods and techniques that High Counterparties (HCBs) and Central Counterparties (CCBs) can use to collateralise marketable assets, debt instruments backed by eligible credit claims (DECCs), and non-marketable assets (excluding DECCs). The information is effective from 1 January 2018.

Main Points

• CCBM Overview: The CCBM is a framework used to determine the eligibility of collateral in the euro area. It applies to both HCBs and CCBs.
• Collateralisation Techniques: The document lists various techniques such as pledge, repo, assignment, and floating charge.
• Country-Specific Details: Each country's central bank (NCB) has specific rules and preferences for the use of these techniques, especially concerning eligible DECCs and non-marketable assets.

Key Information by Country

Notes and Exceptions

• Eligible DECCs: In countries where eligible DECCs are issued in the local CSD (e.g., AT, BE, DE, etc.), the CCB can use pledge and repo techniques.
• Earmark: Some countries (e.g., DK, IE) allow earmark for marketable assets, but not for non-marketable assets.
• Assignment and Floating Charge: These techniques are only applicable for non-marketable assets (except DECCs) in certain countries (e.g., CY, EE, IE, etc.).
• Ireland (IE):
  • Earmark is not generally used.
  • Pledge is subject to a fixed charge.
  • Floating charge is applicable.
• Portugal (PT):
  • Pledge is the preferred technique, but repo can be used if required.
• Slovenia (SI):
  • All techniques (pledge, repo, assignment) are applicable for non-marketable assets.
• Slovakia (SK):
  • Pledge is applicable, but only if counterparties open an account in the SSS registration system.

Conclusion

The document outlines the legal instruments and preferences for collateralisation in the euro area, highlighting that HCBs generally have the freedom to choose the technique, while CCBs must consider the preferences of the HCB or foreign counterparties. Each country has its own rules and exceptions, which must be taken into account when selecting the appropriate collateralisation method.