2015年-ECB欧洲央行_CCBM_information_for_counterparties_–_summary_of_legal_instruments_used_in_the_euro_area_13页_472kb

CCBM Procedures Summary

Introduction

The Correspondent Central Banking Model (CCBM) was introduced by the Eurosystem in January 1999 as part of Stage Three of Economic and Monetary Union (EMU). Its purpose is to ensure that all eligible marketable and non-marketable assets can be used as collateral for Eurosystem credit operations and liquidity in TARGET2, regardless of the location of the assets or the counterparty. The CCBM allows counterparties to use assets issued or held in other countries through the respective local central bank as a correspondent central bank (CCB). It also supports the use of triparty collateral management services, provided the triparty agents (TPAs) are approved by the Eurosystem.

How the CCBM Works

Counterparties can mobilise eligible assets via the CCBM, either directly with the issuer or investor SSS, or through a TPA, depending on the type of asset and the availability of eligible links. The CCB holds the collateral on behalf of the home central bank (HCB) and provides it to the HCB for processing, including valuation and margin calls. The HCB is responsible for determining the collateralisation method, and the CCB executes the transfer or receipt of the collateral.

Standard CCBM

• The counterparty instructs the HCB and the foreign SSS to transfer assets to the CCB for the HCB's account.
• The CCB confirms receipt, and the HCB then provides liquidity to the counterparty.

CCBM with Links

• Counterparties can use eligible links between SSSs to mobilise assets from an investor SSS.
• The process is similar to the standard CCBM, but the collateral is held in the investor SSS.
• The counterparty must ensure that assets are delivered to the investor SSS by 4:00 p.m. CET on the settlement date.

Triparty CCBM

• Allows the use of triparty collateral management services for cross-border operations.
• The CCB is the NCB that offers the triparty service.
• The procedure is based on "cancel and replace" mechanisms for the global amount of collateral.
• Three models (Model 1, 2, and 3) are available for triparty services, with details on TPAs available on the ECB's website.

CCBM Opening Hours

• The CCBM is open from 9:00 a.m. to 4:00 p.m. CET for instructions.
• It aligns with the normal operating hours of Eurosystem open market operations but not the full hours of TARGET2.
• Assets must be deposited with the CCB before 4:00 p.m. CET for cross-border use after that time.
• Requests or deliveries after 4:00 p.m. CET are processed on a best effort basis.
• In exceptional cases, the closing time may be extended to ensure smooth operations.

Which NCB is the CCB?

• For marketable assets, the CCB is typically:
  • The NCB of the euro area country where the asset was issued (issuer SSS).
  • Any Eurosystem NCB that has an eligible link to the issuer SSS.
  • The NCB of the country where triparty services are used.
• For non-marketable assets, the CCB is the NCB of the country whose law governs the asset.
• Counterparties must specify the relevant NCB as the CCB in their instructions to the HCB.

CCBM Procedures

Marketable Assets

• Assets are mobilised via the CCBM by transferring them to the CCB for the HCB’s account.
• The HCB processes the assets, conducts valuations, and provides liquidity.
• The CCB acts as the custodian for the HCB.

Non-Marketable Assets

• Includes credit claims and non-marketable retail mortgage-backed debt instruments (RMBDs).
• For credit claims, the counterparty transfers the asset to the CCB on behalf of the HCB.
• The HCB chooses the collateralisation technique (e.g., transfer, assignment, pledge, floating charge).
• For Irish Mortgage-Backed Promissory Notes (MBPNs), the CCB is the Central Bank of Ireland.
• Specific procedures are outlined in the Annex for these types of assets.

CCBM Processing Time

• From January 2004, the ECB's Governing Council aimed for internal procedures to be completed within 30 minutes.
• This includes HCB and CCB actions for marketable assets.
• Custodians are encouraged to use best practices, including:
  • Informing customers of their procedures.
  • Using electronic communication and ISO 15022 standards.
  • Submitting instructions within 30 minutes of receipt.
  • Using the "CNCB" code to identify CCBM instructions.
  • Notifying customers of settlement problems within 15 minutes.
• The average processing time is less than an hour, assuming correct instructions and timely settlement by SSSs.

Legal Framework

• The CCBM operates under internal Eurosystem/ESCB agreements.
• Each NCB acts as a local agent for the ECB and other NCBs.
• The HCB is responsible for defining the collateralisation techniques (repo, assignment, pledge, floating charge).
• Legal instruments and requirements for each country are available on the ECB's website.

Pricing

• A transaction fee of €30 is charged per delivery of assets to the HCB for marketable and non-marketable assets via the standard CCBM or CCBM with links.
• A service fee of 0.0069% per annum is charged on the nominal value of the assets held each month.
• For triparty services, a transaction fee of €30 is charged per processed instruction, and a monthly service fee of €50 is charged per TPA used.
• Taxes are not included in these fees.

Statistics

• Collateral mobilisation statistics for Eurosystem credit operations are published on the ECB's website.
• These reflect the value of assets in custody on the last Thursday of the month.

Annex – Transfer, Pledge or Assignment of Credit Claims

• Counterparties must meet legal and technical preconditions before using credit claims as collateral:
  • Accept the legal terms set by the HCB.
  • Submit a list of authorised signatures.
  • Agree on data transfer mechanisms with the CCB.
  • Conduct file format tests if required.
  • Request a standard identification number for the credit claim and debtor.
  • Register the claim with the CCB.
• Once these are met, the counterparty transfers the credit claim to the CCB on behalf of the HCB.
• The counterparty sends a "receipt of collateral" message to the HCB, followed by communication between the HCB and CCB.
• For asset withdrawal, the counterparty must instruct the HCB, which in turn instructs the CCB.

Irish Variant

• Irish MBPNs must be completed in the name of the Central Bank of Ireland.
• A Form of Authorisation must be provided to the Central Bank of Ireland.
• Non-resident counterparties must enter into a mutual agreement with the Central Bank of Ireland before mobilising these assets.
• The counterparty may instruct the Central Bank of Ireland via a Form of Direction to participate in a Eurosystem credit operation.