欧元体系信贷业务中的抵押品管理欧洲系统交易对手信息

Collateral Management in Eurosystem Credit Operations

Introduction

1. Purpose of the Document

   • Eligible Counterparties: Can obtain credit from their home central bank (HCB) by mobilizing eligible marketable and non-marketable assets.
   • Collateral Management: The process involves transferring these assets to the HCB and managing them until returned.

2. Structure of the Document

   • Chapter 1: Purpose and structure of the document.
   • Chapter 2: High-level introduction to Eurosystem collateral management.
   • Chapter 3: Accounts and collateral pools.
   • Chapter 4: Channels for collateral mobilization.
   • Chapters 5 and 6: Procedures for mobilizing marketable and non-marketable assets.
   • Chapter 7: Triparty collateral management services.
   • Chapter 8: Auto-collateralization procedures.
   • Chapter 9: Credit position management.
   • Chapter 10: Managing corporate events related to collateral.
   • Chapter 11: Daily management of collateral.
   • Chapter 12: Cost recovery policies.
   • Chapter 13: Procedures for reallocation and realization of collateral.
   • Chapter 14: Contingency arrangements.
   • Chapter 15: Settlement discipline measures.
   • Annex: Additional information and documentation.

Background

1. Adequate Collateral

   • ESCBA Statute: All Eurosystem credit operations require adequate collateral.
   • Eligible Assets: Marketable and non-marketable assets meeting Eurosystem criteria.

2. Eurosystem Credit Operations

   • Categories: Liquidity-providing reverse transactions, intraday credit operations, ECONS credit.
   • Eligibility Criteria: Counterparties must meet specific criteria to participate in Eurosystem credit operations.

3. Types of Credit Operations

   • Monetary Policy Counterparties: May participate in some or all Eurosystem credit operations.
   • Intraday Credit Counterparties: Access only intraday credit.
   • Credit Operation Types:
     • Open Market Operations: Weekly settlements.
     • TARGET (MCA): Longer-term refinancing operations.
     • ECONS Credit: Non-standardized, non-regular operations.

4. Asset Eligibility

   • Marketable Assets: Issued in any EEA country.
   • Non-Marketable Assets: Credit claim agreements governed by the law of any euro-member state.

Key Processes and Procedures

1. Account and Pool Structure

   • Asset Accounts: Detailed structure and management.
   • Cash Accounts: Management and handling.
   • Collateralization Method: Various methods and booking modes.

2. Collateral Mobilization

   • Channels: Different methods for mobilizing collateral.
   • Procedures: Steps for mobilizing and demobilizing both marketable and non-marketable assets.

3. Triparty Collateral Management Services

   • Initiation: Process for initiating triparty transactions.
   • Lifecycle: Management of triparty transactions.
   • Corporate Event Handling: Procedures for handling corporate event proceeds.

4. Auto-Collateralization

   • Configuration: Setting up auto-collateralization transactions.
   • Reimbursement: Procedures for reimbursement.

5. Credit Position Management

   • Settlement: Management of credit positions in the collateral pool.
   • Credit Lines: Management of credit lines and credit limits.

6. Corporate Events

   • Lifecycle: Managing corporate events related to collateral.
   • Taxation: Tax implications of corporate events.

7. Daily Management of Collateral

   • Valuation: Regular valuation of collateral.
   • Risk Control Measures: Implementation of risk control measures.
   • Accrued Interest: Management of accrued interest.
   • Margin Calls: Procedures for margin calls.
   • Reporting: Regular reporting and compliance.

8. Cost Recovery Policies

   • CSD and TPA Fees: Policies for cost recovery.
   • Non-Marketable Asset Fees: Specific fee structures.
   • Billing Cycle: Schedules for billing and payment.

9. Reallocation and Realization of Collateral

   • Reallocation: Procedures for reallocating collateral.
   • Blocking: Management of collateral management activities.
   • Realization: Procedures for realizing collateral.

10. Contingency Arrangements

    • Network Service Provider Issues: Backup plans for network service provider failures.
    • CLM Availability: Plans for CLM unavailability.

11. Settlement Discipline Measures

    • Daily and Monthly Reporting: Compliance with daily and monthly reporting requirements.
    • Penalties: Procedures for paying penalties.

Annex

• **Harmonized Naming