2003年-ECB欧洲央行_Correspondent_central_banking_model_-_procedures_for_Eurosystem_counterparties_23页_245kb

Summary of the Correspondent Central Banking Model (CCBM) for Eurosystem Counterparties

Core Content

The Correspondent Central Banking Model (CCBM) is a framework introduced by the Eurosystem to facilitate the cross-border use of eligible collateral in monetary policy operations and intraday credit in TARGET. It serves as a medium-term solution until market-based mechanisms for cross-border collateral become fully operational across the euro area.

The CCBM enables counterparties to use collateral issued and held in a different country by transferring the collateral to an account maintained by the local National Central Bank (NCB), which then acts as a correspondent central bank (CCB) for the home central bank (HCB). This model allows the Eurosystem to provide liquidity to counterparties based on collateral from other countries, thereby ensuring the smooth functioning of financial markets.

Main Features

• Eligible Assets: All assets eligible for Eurosystem monetary policy operations can be used cross-border via the CCBM, including certain non-marketable tier two assets such as credit claims, bills of exchange, and non-marketable bonds.
• CCB Role: The CCB holds the collateral on behalf of the HCB and provides necessary information on the eligibility and delivery of the securities.
• Processing Time: Under normal circumstances, the CCB and HCB are expected to complete their internal procedures within 30 minutes of receiving CCBM instructions, provided the instructions are complete and correct.
• Variants for Non-Marketable Tier Two Assets: Special procedures are in place for certain non-marketable assets, including:
  • Transfer of ownership to the CCB.
  • Pledge in favour of the HCB or transfer of ownership to the HCB.

Key Procedures

• Step 1: The counterparty contacts the HCB to request credit and specifies that it will use the CCBM.
• Step 2: The HCB sends a CCBM message to the CCB requesting the receipt of the collateral.
• Step 3: The CCB ensures the collateral is properly received and processed.
• Step 4: Settlement confirmation is sent from the SSS to the CCB.
• Step 5: The CCB provides the HCB with the necessary information for internal processing.
• Step 6: The HCB grants credit to the counterparty.

Operating Hours

• The CCBM is open from 9 a.m. to 4 p.m. CET for instructions.
• Collateral must be deposited with the CCB before 4 p.m. if it is to be used after that time.
• In exceptional cases, the closing time may be delayed to accommodate monetary policy or TARGET operations.

Which NCB Acts as the CCB?

• The CCB is generally the NCB of the country where the SSS is located.
• Specific exceptions apply:
  • For Euro-market and international issues in Euroclear Bank and Clearstream Luxembourg, Nationale Bank van Belgie/Banque Nationale de Belgique and Banque Centrale du Luxembourg are the respective CCBs.
  • For Irish government bonds deposited in Euroclear Bank, the Central Bank of Ireland acts as the CCB.
  • For UK-issued assets in Euroclear Bank and Clearstream Luxembourg, the Bank of England acts as the CCB.

Pricing

• A transaction fee of EUR 30 is charged for each asset delivery via the CCBM.
• A combined custody and administration fee of 0.0069% per annum is applied to the nominal value of the assets held each month.
• Taxes are not included in these fees.
• HCBs may also charge local fees depending on their domestic regulations.

Legal Framework

• The CCBM operates under internal agreements of the Eurosystem and the European System of Central Banks (ESCB).
• These agreements define the roles and responsibilities of the HCB and the CCB.
• The HCB decides on the method of collateralisation (repo or pledge), and the CCB supports this process under the relevant national legal systems.
• Legal instruments vary by country, as outlined in Annex I.

Best Practices for Market Participants

• Custodians must inform their customers of their CCBM-related procedures.
• Instructions should be submitted via ISO 15022 standards and through electronic communication channels.
• Custodians should submit instructions to the local SSS within 30 minutes of receipt, with a 30-minute deadline before the SSS's closing time.
• Customers are encouraged to submit instructions well in advance to avoid delays.
• Custodians should inform customers of settlement problems within 15 minutes of discovery.

Statistics on Cross-Border Collateral

• The ECB publishes statistics on the use of cross-border collateral for Eurosystem credit operations.
• These statistics include the value of assets in custody (via CCBM or SSS links) on the last Friday of each month.
• The percentage of cross-border collateral held in relation to total collateral deposited with the Eurosystem is also reported.

Annexes

• Annex I: Summary of legal instruments used in the EU.
• Annex 2: Procedures for transfer of ownership to or pledge in favour of the HCB for non-marketable tier two assets.
• Annex 3: Transfer of full title to the CCB for its own account (non-marketable tier two assets).
• Annex 4: Types of foreign securities held in SSSs as of July 2003.
• Annex 5: CCBM technicalities.

Variants

• French variant: Involves the transfer of full title to the Banque de France for French private claims. The Banque de France provides an unconditional guarantee to the HCB.
• Irish variant: Involves the use of mortgage-backed promissory notes, which are pledged or transferred to the CCB.
• Dutch variant: Involves the transfer of private claims and bills of exchange to the De Nederlandsche Bank.

Conclusion

The CCBM is a crucial mechanism for ensuring liquidity and the cross-border use of eligible collateral within the Eurosystem. It supports the integration of European securities settlement systems and provides a structured way for counterparties to access credit through collateral from other countries. While the model is being gradually replaced by market solutions, it remains an important tool for maintaining the efficiency and stability of the euro area financial system.