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CCBM Information for Counterparties: Summary of Legal Instruments Used in the Euro Area

Overview

This document provides an update effective as of 1 January 2015, detailing the legal instruments used for collateralisation in the Euro Area. It outlines the methods available for both the Home Central Bank (HCB) and the Counterparty Central Bank (CCBM) in managing collateral for marketable and non-marketable assets. The HCB generally has the choice of which instrument to use, while also considering the preferences of the CCBM.

Collateralisation Methods

The following table summarises the collateralisation methods supported by central banks in the Euro Area, distinguishing between the use by HCB and CCB.

Key Notes and Exceptions

• Earmarking: Applies only to marketable assets in some countries, such as Spain.
• Pledge: In some countries, pledge is restricted to specific securities held in certain custody systems (e.g., in Latvia, pledge applies only to securities held in SCLV, SCL Valencia, and SCL Bilbao).
• Fixed Charge: In Ireland, pledge is subject to a fixed charge.
• Exclusion: In Ireland, Irish Mortgage-Backed Promissory Notes are earmarked against specific credit provisions.
• Preference: In Portugal, the preferred collateralisation technique for mobilising collateral in Interbolsa is pledge, though repo can be used if required by the HCB or foreign counterparty.
• Account Requirement: In Slovakia, counterparties wishing to use the pledge technique must open an account in the Slovak SSS's registration.

Core Content and Main Points

• The Euro Area central banks support various legal instruments for collateralisation, including pledge, repo, assignment, and floating charge.
• The HCB typically has the authority to choose the appropriate instrument, but it may take into account the preferences of the CCB.
• The CCBM may use different instruments depending on the type of asset (marketable or non-marketable) and the country-specific legal framework.
• Some countries have specific restrictions or preferences for certain types of assets or instruments, which are outlined in the notes.

Conclusion

This document serves as a reference for counterparties to understand the legal instruments available for collateralisation across the Euro Area. It highlights the flexibility of the HCB in selecting instruments, while also noting country-specific variations and restrictions that counterparties should be aware of when engaging in collateral management activities.