2017年-ECB欧洲央行_CCBM_procedures_for_Eurosystem_counterparties_16页_374kb

Summary of the Correspondent Central Banking Model (CCBM)

Introduction

The Correspondent Central Banking Model (CCBM) was introduced by the Eurosystem in January 1999 during Stage Three of the Economic and Monetary Union (EMU). Its primary purpose is to ensure that all eligible marketable and non-marketable assets can be used as collateral for Eurosystem credit operations, regardless of the location of the assets or the counterparty. The eligibility criteria for collateral are defined in Guideline (EU) 2015/510 of the European Central Bank (ECB).

Counterparties are not obligated to use the CCBM if an approved alternative exists. The CCBM supports cross-border use of eligible assets, including marketable assets through eligible links between Securities Settlement Systems (SSSs) in the European Economic Area (EEA) and triparty collateral management services (triparty CCBM) via approved triparty agents (TPAs). The CCBM is a key mechanism for enabling cross-border collateral mobilisation within the Eurosystem framework.

How the CCBM Works

Eligible Assets and CCBs

• Marketable assets can be mobilised via:

  • Standard CCBM: through the issuer SSS.
  • CCBM with links: through an eligible link between issuer and investor SSS.
  • Triparty CCBM: through triparty agents approved by the Eurosystem.

• Non-marketable assets (excluding DECCs) are handled through specific procedures, with the CCB typically being the NCB of the country whose law governs the asset.

Cross-border Mobilisation Process

1. The counterparty instructs its HCB and the relevant SSS to transfer the assets to the CCB for the account of the HCB.
2. The CCB provides information on the delivery of the securities to the HCB.
3. The HCB processes the information, conducts valuation, and provides liquidity to the counterparty.
4. The HCB will not advance funds until it is certain that the collateral has been safely received by the CCB.

Special Cases

• DECCs (Debt Instruments Backed by Eligible Credit Claims) are only mobilisable via the standard CCBM.
• Irish Mortgage-Backed Promissory Notes (MBPNs) are handled through an ad hoc variant, where the Central Bank of Ireland acts as the CCB for the relevant HCB.

CCBM Opening Hours

• The CCBM is generally open from 09:00 to 16:00 CET for instructions from counterparties.
• This covers the typical time frame for Eurosystem open market operations but not the full operating hours of TARGET2.
• If collateral needs to be mobilised after 16:00 CET, assets must be deposited with the CCB before that time.
• In exceptional cases, the closing time may be extended to ensure smooth operations.

Which NCB is the CCB?

• For marketable assets, the CCB can be:

  • The NCB of the 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, if the TPA is approved.

• For non-marketable assets, the CCB is typically the NCB of the country whose law governs the asset.

CCBM Procedures

2.1 CCBM Procedures for Marketable Assets and DECCs

• Standard CCBM: Assets are transferred to the CCB for the account of the HCB.
• CCBM with links: Assets are held in the investor SSS, with an eligible link to the issuer SSS.
• Triparty CCBM: Assets are held with a triparty agent, and the TPA manages the collateral on behalf of the HCB.

2.2 CCBM Procedures for Non-marketable Assets (except DECCs)

• Credit claims are mobilised through transfer, pledge, or assignment on behalf of the HCB.
• Retail Mortgage-backed Debt Instruments (RMBDs) are governed by Irish law and are mobilised via the Central Bank of Ireland.

CCBM Processing Time

• The ECB's Governing Council set a 30-minute processing time for CCBM instructions from January 2004.
• Custodians are expected to submit instructions to the local SSS within 30 minutes of receipt, provided they are complete and correct.
• The "CNCB" code is used to identify and prioritise CCBM instructions in SWIFT messages.
• Custodians must inform customers of settlement problems within 15 minutes of detection.
• The average processing time is less than an hour if instructions are submitted correctly and SSSs settle operations without delay.

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 determines the collateralisation technique (repo, assignment, pledge, floating charge).
• Legal instruments and procedures for collateralisation are specified in the domestic legal documentation of each NCB.

Pricing

• Standard CCBM/CCBM with links:

  • Transaction fee: €30 per delivery of assets to the HCB.
  • Service fee: 0.0069% per annum on the nominal value of the assets held in custody.

• Triparty CCBM:

  • Transaction fee: €30 per processed instruction.
  • Service fee: €50 per month per TPA used.

• Taxes are not included in the fees, which are intended to cover the costs of the CCB and are charged by the HCB.

Statistics on Collateral Mobilisation

• Statistics on collateral mobilisation are published on the ECB's website.
• These reflect the assets held in custody via different mobilisation channels and focus on cross-border collateral use.

Annex – Transfer, Pledge or Assignment of Credit Claims

• The CCBM facilitates the transfer, pledge, or assignment of credit claims not governed by domestic law.

• Counterparties must meet legal and technical preconditions before using credit claims as collateral:

  • Accept the legal terms and conditions of the HCB.
  • Submit a list of authorised signatures.
  • Agree on the mechanism for sending static data.
  • Register the claim with the CCB, including standard identification numbers and credit quality assessments.

• The counterparty sends the necessary information to the CCB in a specified format and initiates mobilisation or demobilisation via SWIFT messages (e.g., MT540/544 for mobilisation, MT542/546 for demobilisation).

• Irish variant:

  • Irish MBPNs must be issued in the name of the Central Bank of Ireland.
  • The Form of Authorisation must be obtained from the original issuer and sent to the Central Bank of Ireland.

Conclusion

The CCBM enables cross-border collateral mobilisation for Eurosystem credit operations, ensuring that counterparties can access liquidity regardless of the location of the assets. It supports multiple modalities, including standard CCBM, CCBM with links, and triparty CCBM, each with its own procedures and legal frameworks. The model includes clear guidelines on processing times, pricing, and legal responsibilities, and is continuously supported by the ECB and national central banks.