guidelin european central bank august monetari polici instrument procedur eurosystem ecb ecb govern council european central bank regard treati establish european commun hereinaft refer quot treati quot indent articl articl statut european system central bank european central bank ecb hereinaft refer quot statut quot conjunct indent articl articl paragraph articl achiev singl monetari polici entail defin instrument nation central bank member state adopt euro accord treati ncb particip member state european central bank eurosystem implement polici manner uniform particip member state ecb vest author establish guidelin implement singl monetari polici ncb oblig act accord guidelin accord articl statut ecb guidelin form integr part commun law adopt guidelin articl principl instrument procedur criteria implement singl monetari polici eurosystem singl monetari polici implement accord principl instrument procedur criteria annex ii guidelin ncb measur carri monetari polici oper accord principl instrument procedur criteria annex ii guidelin articl verif ncb forward detail text mean intend compli guidelin ecb octob latest articl final provis guidelin address ncb particip member state guidelin enter forc januari guidelin publish offici journal european commun frankfurt main august behalf govern council ecb presid willem duisenberg annex singl monetari polici stage gener document eurosystem monetari polici instrument procedur novemb content gt tabl gt abbrevi countri gt tabl gt gt tabl gt accord commun practic eu countri list document alphabet order countri name nation languag introduct document present oper framework chosen eurosystem singl monetari polici stage econom monetari union document form part eurosystem legal framework monetari polici instrument procedur intend serv quot gener document quot monetari polici instrument procedur eurosystem aim provid counterparti inform relat eurosystem monetari polici framework quot gener document quot confer right counterparti impos oblig legal relationship eurosystem counterparti establish contractu regulatori arrang document divid chapter chapter overview oper framework monetari polici eurosystem chapter elig criteria counterparti take part eurosystem monetari polici oper chapter describ open market oper chapter present stand facil counterparti chapter specifi procedur appli execut monetari polici oper chapter elig criteria underli asset monetari polici oper defin chapter present eurosystem minimum reserv system annex document exampl monetari polici oper glossari criteria select counterparti eurosystem foreign exchang intervent oper present report framework monei bank statist european central bank list ecb nation central bank websit descript procedur sanction appli event complianc counterparti oblig chapter overview monetari polici framework european system central bank european system central bank escb consist european central bank ecb nation central bank eu member state activ escb carri accord treati establish european commun treati statut european system central bank european central bank statut escb escb govern decis make bodi ecb respect govern council ecb respons formul monetari polici execut board empow implement monetari polici decis guidelin laid govern council extent deem view ensur oper effici ecb recours nation central bank carri oper form part task eurosystem eurosystem monetari polici oper execut uniform term condit member state object eurosystem primari object eurosystem maintain price stabil defin articl treati prejudic primari object price stabil eurosystem support gener econom polici european commun pursu object eurosystem act accord principl open market economi free competit favour effici alloc resourc eurosystem monetari polici instrument order achiev object eurosystem dispos set monetari polici instrument eurosystem conduct open market oper offer stand facil requir credit institut hold minimum reserv account eurosystem open market oper open market oper plai import role monetari polici eurosystem purpos steer interest rate manag liquid situat market signal stanc monetari polici eurosystem type instrument conduct open market oper import instrument revers transact applic basi repurchas agreement collateralis loan eurosystem outright transact issuanc debt certif foreign exchang swap collect fix term deposit open market oper initi ecb decid instrument term condit execut execut basi standard tender quick tender bilater procedur regard aim regular procedur eurosystem open market oper divid categori tabl main refinanc oper regular liquid provid revers transact weekli frequenc matur week oper execut nation central bank basi standard tender main refinanc oper plai pivot role pursu purpos eurosystem open market oper provid bulk refinanc financi sector longer term refinanc oper liquid provid revers transact monthli frequenc matur month oper aim provid counterparti addit longer term refinanc execut nation central bank basi standard tender oper eurosystem rule intend send signal market act rate taker fine tune oper execut ad hoc basi aim manag liquid situat market steer interest rate order smooth effect interest rate caus unexpect liquid fluctuat market fine tune oper primarili execut revers transact form outright transact foreign exchang swap collect fix term deposit instrument procedur appli conduct fine tune oper adapt type transact specif object pursu oper fine tune oper execut nation central bank quick tender bilater procedur govern council ecb decid except circumst fine tune bilater oper execut ecb addit eurosystem carri structur oper issuanc debt certif revers transact outright transact oper execut ecb wish adjust structur posit eurosystem vi vi financi sector regular regular basi structur oper form revers transact issuanc debt instrument carri nation central bank standard tender structur oper form outright transact execut bilater procedur stand facil stand facil aim provid absorb overnight liquid signal gener stanc monetari polici bound overnight market interest rate stand facil elig counterparti initi subject fulfil oper access condit tabl counterparti margin lend facil obtain overnight liquid nation central bank elig asset normal circumst credit limit restrict counterparti access facil requir present suffici underli asset interest rate margin lend facil ceil overnight market interest rate counterparti deposit facil make overnight deposit nation central bank normal circumst deposit limit restrict counterparti access facil interest rate deposit facil floor overnight market interest rate stand facil administ decentralis manner nation central bank minimum reserv eurosystem minimum reserv system appli credit institut euro area primarili pursu aim stabilis monei market interest rate creat enlarg structur liquid shortag reserv requir institut determin relat element balanc sheet order pursu aim stabilis interest rate eurosystem minimum reserv system enabl institut make averag provis complianc reserv requir determin basi institut averag daili reserv hold month mainten period institut hold requir reserv remuner rate eurosystem main refinanc oper counterparti eurosystem monetari polici framework formul view ensur particip broad rang counterparti institut subject minimum reserv articl statut escb access stand facil particip open market oper base standard tender eurosystem select limit number counterparti particip fine tune oper outright transact restrict priori rang counterparti foreign exchang swap conduct monetari polici purpos activ player foreign exchang market set counterparti oper limit institut select eurosystem foreign exchang intervent oper locat euro area underli asset pursuant articl statut escb eurosystem credit oper liquid provid oper base adequ collater eurosystem accept wide rang asset underli oper distinct made essenti purpos intern eurosystem categori elig asset quot tier quot quot tier quot tier consist market debt instrument fulfil uniform euro area wide elig criteria ecb tier consist addit asset market market import nation financi market bank system elig criteria establish nation central bank subject ecb approv distinct made tier regard qualiti asset elig type eurosystem monetari polici oper tier asset eurosystem outright transact elig asset cross border basi mean correspond central bank model ccbm elig link eu secur settlement system sss collateralis type eurosystem credit asset elig eurosystem monetari polici oper underli asset intradai credit modif monetari polici framework govern council ecb time chang instrument condit criteria procedur execut eurosystem monetari polici oper tabl eurosystem monetari polici oper gt tabl gt chapter elig counterparti gener elig criteria counterparti eurosystem monetari polici oper fulfil elig criteria criteria defin view give broad rang institut access eurosystem monetari polici oper enhanc equal treatment institut euro area ensur counterparti fulfil oper prudenti requir institut subject eurosystem minimum reserv system articl statut escb elig counterparti institut exempt oblig eurosystem minimum reserv system section elig counterparti eurosystem stand facil open market oper counterparti financi sound subject form eu eea harmonis supervis nation author financi sound institut subject harmonis nation supervis compar standard accept counterparti branch establish euro area institut head offic european econom area counterparti fulfil oper criteria relev contractu regulatori arrang appli respect nation central bank ecb ensur effici conduct eurosystem monetari polici oper gener elig criteria uniform euro area institut fulfil gener elig criteria access eurosystem stand facil particip eurosystem open market oper base standard tender institut access eurosystem stand facil open market oper base standard tender nation central bank member state institut establish institut establish head offic branch member state establish access oper nation central bank member state locat notwithstand fact tender bid institut submit establish head offic design branch member state select counterparti quick tender bilater oper outright transact restrict priori rang counterparti foreign exchang swap execut monetari polici purpos counterparti conduct larg volum foreign exchang oper effici market condit rang counterparti foreign exchang swap correspond counterparti locat euro area select eurosystem foreign exchang intervent oper criteria procedur appli select counterparti foreign exchang intervent oper present annex oper base quick tender bilater procedur fine tune revers transact collect fix term deposit nation central bank select set counterparti institut establish member state fulfil gener counterparti elig criteria respect activ monei market prime select criterion criteria account effici trade desk bid potenti quick tender bilater oper nation central bank deal exclus counterparti includ respect set fine tune counterparti oper reason nation central bank deal oper fine tune counterparti select counterparti member state base rotat scheme order ensur equit access govern council ecb decid except circumst fine tune bilater oper carri ecb ecb carri bilater oper select counterparti case made ecb rotat scheme counterparti euro area elig quick tender bilater oper order ensur equit access sanction event complianc counterparti oblig ecb impos sanction accord council regul ec novemb power european central bank impos sanction oj european central bank regul ec septemb power european central bank impos sanction ecb oj council regul ec novemb applic minimum reserv european central bank european central bank regul ec decemb applic minimum reserv ecb oj institut compli oblig aris ecb regul decis relat applic minimum reserv relev sanction procedur rule applic abovement regul addit case infring minimum reserv requir eurosystem suspend counterparti particip open market oper accord provis contractu regulatori arrang appli respect nation central bank ecb eurosystem impos financi penalti counterparti suspend counterparti particip open market oper counterparti fail compli oblig contractu regulatori arrang appli nation central bank ecb set relat case infring tender rule counterparti transfer suffici amount underli asset settl amount liquid allot liquid provid oper deliv suffici amount cash settl amount allot liquid absorb oper bilater transact counterparti deliv suffici amount elig underli asset deliv suffici amount cash settl amount agre bilater transact appli case complianc counterparti rule underli asset counterparti asset inelig due close link ident issuer counterparti complianc rule end dai procedur access condit margin lend facil counterparti neg balanc settlement account end dai fulfil access condit margin lend facil addit suspens measur vi vi compli counterparti appli branch institut locat member state except measur requir serious case complianc evidenc frequenc durat instanc counterparti suspend futur monetari polici oper period time financi penalti impos nation central bank event complianc relat breach rule tender oper bilater transact underli asset end dai procedur access condit margin lend facil calcul pre penalti rate set annex suspens exclus ground prudenc accord provis contractu regulatori arrang appli respect nation central bank ecb eurosystem suspend exclud counterparti access monetari polici instrument ground prudenc addit suspens exclus counterparti warrant case fall notion quot default quot counterparti defin contractu regulatori arrang appli nation central bank chapter open market oper open market oper plai import role eurosystem monetari polici pursu aim steer interest rate manag liquid situat market signal stanc monetari polici regard aim regular procedur eurosystem open market oper divid categori main refinanc oper longer term refinanc oper fine tune oper structur oper instrument revers transact main open market instrument eurosystem emploi categori oper debt certif structur absorpt oper addit eurosystem instrument conduct fine tune oper outright transact foreign exchang swap collect fix term deposit section specif featur type open market instrument eurosystem present detail revers transact gener consider type instrument revers transact refer oper eurosystem bui sell elig asset repurchas agreement conduct credit oper elig asset collater revers transact main refinanc oper longer term refinanc oper addit eurosystem revers transact structur fine tune oper legal natur nation central bank execut revers transact form repurchas agreement ownership asset transfer creditor parti agre revers transact transfer asset debtor futur point time collateralis loan enforc secur interest provid asset assum fulfil debt oblig ownership asset retain debtor provis revers transact base repurchas agreement contractu arrang appli respect nation central bank ecb arrang revers transact base collateralis loan account procedur formal requir enabl establish subsequ realis relev interest collater pledg appli jurisdict interest term differ purchas price repurchas price repurchas agreement correspond interest due amount monei borrow lent matur oper repurchas price includ respect interest paid interest rate revers transact form collateralis loan determin appli interest rate credit amount matur oper interest rate appli eurosystem revers open market oper simpl interest rate dai count convent quot actual quot main refinanc oper main refinanc oper import open market oper conduct eurosystem plai pivot role pursu aim steer interest rate manag liquid situat market signal stanc monetari polici provid bulk refinanc financi sector oper featur main refinanc oper summaris liquid provid oper execut regularli week matur week execut decentralis manner nation central bank execut standard tender section counterparti fulfil gener elig criteria section submit tender bid main refinanc oper tier tier asset chapter elig underli asset main refinanc oper longer term refinanc oper eurosystem execut regular refinanc oper month matur aim provid addit longer term refinanc financi sector oper repres limit part global refinanc volum oper eurosystem rule intend send signal market act rate taker longer term refinanc oper execut form variabl rate tender time time ecb oper volum allot forthcom tender except circumst eurosystem execut longer term refinanc oper fix rate tender oper featur longer term refinanc oper summaris liquid provid oper execut regularli month matur month execut decentralis manner nation central bank execut standard tender section counterparti fulfil gener elig criteria section submit tender bid longer term refinanc oper tier tier asset chapter elig underli asset longer term refinanc oper fine tune revers oper eurosystem execut fine tune oper form revers open market transact fine tune oper aim manag liquid situat market steer interest rate order smooth effect interest rate caus unexpect liquid fluctuat market potenti rapid action case unexpect market develop make desir eurosystem retain high degre flexibl choic procedur oper featur conduct oper form liquid provid liquid absorb oper frequenc standardis matur standardis liquid provid fine tune revers transact execut quick tender possibl bilater procedur exclud chapter liquid absorb fine tune revers transact execut rule bilater procedur section execut decentralis manner nation central bank govern council ecb decid except circumst bilater fine tune revers oper execut ecb eurosystem select criteria section limit number counterparti particip fine tune revers oper tier tier asset chapter elig underli asset fine tune revers oper structur revers oper eurosystem execut structur oper form revers open market transact aim adjust structur posit eurosystem vi vi financi sector oper featur oper summaris liquid provid oper frequenc regular regular matur standardis priori execut standard tender section execut decentralis manner nation central bank counterparti fulfil gener elig criteria section submit tender bid structur revers oper tier tier asset chapter elig underli asset structur revers oper outright transact type instrument outright open market transact refer oper eurosystem bui sell elig asset outright market outright open market oper execut structur fine tune purpos legal natur outright transact impli full transfer ownership seller buyer connect revers transfer ownership transact execut accord market convent debt instrument transact price term calcul price eurosystem act accord wide accept market convent debt instrument transact oper featur oper featur eurosystem outright transact summaris form liquid provid outright purchas liquid absorb outright sale oper frequenc standardis execut bilater procedur section execut decentralis manner nation central bank govern council ecb decid except circumst fine tune outright oper execut ecb restrict priori rang counterparti outright transact tier instrument section underli asset outright transact issuanc ecb debt certif type instrument ecb issu debt certif aim adjust structur posit eurosystem vi vi financi sector creat enlarg liquid shortag market legal natur certif constitut debt oblig ecb vi vi holder certif certif issu held book entri form secur depositori euro area ecb impos restrict transfer certif provis relat certif contain term condit ecb debt certif interest term certif issu discount form issu nomin amount redeem matur nomin amount differ issu amount redempt amount equal interest accru issu amount agre interest rate matur certif interest rate appli simpl interest rate dai count convent quot actual quot calcul issu amount shown box box issuanc ecb debt certif nomin amount debt certif ri interest rate matur debt certif dai pt issu amount debt certif issu amount gt refer graphic gt oper featur oper featur issuanc ecb debt certif summaris certif issu order absorb liquid market certif issu regular regular basi certif matur twelv month certif issu standard tender section certif tender settl decentralis manner nation central bank counterparti fulfil gener elig criteria section submit tender bid subscript ecb debt certif foreign exchang swap type instrument foreign exchang swap execut monetari polici purpos consist simultan spot forward transact euro foreign currenc fine tune purpos aim manag liquid situat market steer interest rate legal natur foreign exchang swap execut monetari polici purpos refer oper eurosystem bui sell euro spot foreign currenc time sell bui back forward repurchas date provis foreign exchang swap contractu arrang appli respect nation central bank ecb currenc exchang rate term rule eurosystem oper wide trade currenc accord standard market practic foreign exchang swap oper eurosystem counterparti agre swap point transact swap point differ exchang rate forward transact exchang rate spot transact swap point euro vi vi foreign currenc quot gener market convent exchang rate term foreign exchang swap box box foreign exchang swap spot transact date foreign exchang swap exchang rate euro eur foreign currenc abc abc gt refer graphic gt fm forward exchang rate euro foreign currenc abc repurchas date swap gt refer graphic gt δm forward point euro abc repurchas date swap gt refer graphic gt spot amount currenc forward amount currenc gt refer graphic gt gt refer graphic gt gt refer graphic gt gt refer graphic gt oper featur oper featur foreign exchang swap summaris form liquid provid liquid absorb oper frequenc standardis matur standardis execut quick tender bilater procedur chapter execut decentralis manner nation central bank govern council ecb decid except circumst bilater foreign exchang swap execut ecb eurosystem select criteria section annex limit number counterparti particip foreign exchang swap collect fix term deposit type instrument eurosystem invit counterparti place remuner fix term deposit nation central bank member state counterparti establish collect fix term deposit envisag fine tune purpos order absorb liquid market legal natur deposit accept counterparti fix term fix rate interest collater nation central bank exchang deposit interest term interest rate appli deposit simpl interest rate dai count convent quot actual quot interest paid matur deposit oper featur oper featur collect fix term deposit summaris deposit collect order absorb liquid frequenc deposit collect standardis matur deposit standardis collect deposit execut quick tender possibl bilater procedur exclud chapter collect deposit execut decentralis manner nation central bank govern council ecb decid except circumst bilater collect fix term deposit execut ecb eurosystem select criteria section limit number counterparti collect fix term deposit chapter stand facil margin lend facil type instrument counterparti margin lend facil obtain overnight liquid nation central bank pre interest rate elig asset chapter facil intend satisfi counterparti temporari liquid normal circumst interest rate facil ceil overnight market interest rate term condit facil ident euro area legal natur nation central bank provid liquid margin lend facil form overnight repurchas agreement ownership asset transfer creditor parti agre revers transact transfer asset debtor busi dai overnight collateralis loan enforc secur interest provid asset assum fulfil debt oblig ownership asset retain debtor provis repurchas agreement contractu arrang appli respect nation central bank arrang provid liquid form collateralis loan account procedur formal requir enabl establish subsequ realis relev interest collater pledg appli jurisdict access condit institut fulfil gener counterparti elig criteria section access margin lend facil access margin lend facil grant nation central bank member state institut establish access margin lend facil grant dai relev nation rtg real time gross settlement system relev sss oper end dai counterparti intradai debit posit settlement account nation central bank automat consid request recours margin lend facil procedur end dai access margin lend facil section counterparti grant access margin lend facil send request nation central bank member state counterparti establish order nation central bank process request dai request receiv nation central bank latest minut actual close time target gener rule close time target system ecb time cet deadlin request access margin lend facil postpon addit minut eurosystem busi dai reserv mainten period request amount credit state underli asset transact pre deposit nation central bank underli asset deliv transact requir present suffici underli elig asset limit amount fund advanc margin lend facil matur interest term matur credit extend facil overnight counterparti particip directli target credit repaid dai relev nation rtg system relev sss oper time system open interest rate announc advanc eurosystem calcul simpl interest rate dai count convent quot actual quot ecb chang interest rate time effect earlier eurosystem busi dai interest facil payabl repay credit suspens facil access facil grant accord object gener monetari polici consider ecb ecb adapt condit facil suspend time deposit facil type instrument counterparti deposit facil make overnight deposit nation central bank deposit remuner pre interest rate normal circumst interest rate facil floor overnight market interest rate term condit deposit facil ident euro area legal natur overnight deposit accept counterparti remuner fix rate interest collater counterparti exchang deposit access condit institut fulfil gener counterparti elig criteria section access deposit facil access deposit facil grant nation central bank member state institut establish access deposit facil grant dai relev nation rtg system open grant access deposit facil counterparti send request nation central bank member state counterparti establish order nation central bank process request dai request receiv nation central bank latest minut actual close time target gener rule ecb time cet deadlin request access deposit facil postpon addit minut eurosystem busi dai reserv mainten period request amount deposit facil state limit amount counterparti deposit facil matur interest term matur deposit facil overnight counterparti particip directli target deposit held facil matur dai relev nation rtg system oper time system open interest rate announc advanc eurosystem calcul simpl interest rate dai count convent quot actual quot ecb chang interest rate time effect earlier eurosystem busi dai interest deposit payabl matur deposit suspens facil access facil grant accord object gener monetari polici consider ecb ecb adapt condit facil suspend time chapter procedur tender procedur gener consider eurosystem open market oper execut form tender procedur eurosystem tender procedur perform oper step box eurosystem distinguish type tender procedur standard tender quick tender procedur standard quick tender ident time frame rang counterparti box oper step tender procedur step tender announc announc ecb public wire servic announc nation central bank nation wire servic directli individu counterparti deem step counterparti prepar submiss bid step compil bid eurosystem step tender allot announc tender result ecb allot decis announc allot result step certif individu allot result step settlement transact section standard tender standard tender execut hour announc tender certif allot result time submiss deadlin announc allot result approxim hour chart overview normal time frame oper step standard tender ecb decid adjust time frame individu oper deem main refinanc oper longer term refinanc oper structur oper except outright transact execut form standard tender counterparti fulfil gener elig criteria section particip standard tender chart normal time frame oper step standard tender time state ecb time cet gt pic file quot en ep quot gt note figur refer oper step defin box quick tender quick tender execut hour announc tender certif allot result normal time frame oper step quick tender chart ecb decid adjust time frame individu oper deem quick tender execut fine tune oper eurosystem select criteria procedur section limit number counterparti particip quick tender chart normal time frame oper step quick tender gt pic file quot en ep quot gt note figur refer oper step defin box fix rate variabl rate tender eurosystem option conduct fix rate volum variabl rate interest tender fix rate tender ecb specifi interest rate advanc particip counterparti bid amount monei transact fix interest rate variabl rate tender counterparti bid amount monei interest rate enter transact nation central bank tender oper calendar main longer term refinanc oper main longer term refinanc oper execut indic calendar publish eurosystem calendar publish month start year valid normal trade dai main longer term refinanc oper tabl ecb aim ensur counterparti member state particip main longer term refinanc oper compil calendar oper ecb make adjust normal schedul account bank holidai individu member state tabl normal trade dai main longer term refinanc oper gt tabl gt structur oper structur oper standard tender execut pre calendar structur oper conduct settl dai ncb busi dai member state fine tune oper fine tune oper execut pre calendar ecb decid conduct fine tune oper eurosystem busi dai nation central bank member state trade dai settlement dai reimburs dai ncb busi dai particip oper announc tender oper eurosystem standard tender publicli announc mean wire servic addit nation central bank announc tender oper directli counterparti access wire servic public tender announc messag inform refer number tender oper date tender oper type oper provis absorpt liquid type monetari polici instrument matur oper type auction fix rate variabl rate tender method allot quot dutch quot quot american quot auction defin section intend oper volum case longer term refinanc oper fix tender interest rate price swap point case fix rate tender minimum maximum accept interest rate price swap point applic start date matur date oper applic date matur date instrument case issuanc debt certif currenc involv currenc amount fix case foreign exchang swap refer spot exchang rate calcul bid case foreign exchang swap maximum bid limit minimum individu allot amount minimum allot ratio time schedul submiss bid denomin certif case issuanc debt certif isin code issu case issuanc debt certif view enhanc transpar fine tune oper eurosystem announc quick tender publicli advanc except circumst ecb decid announc quick tender publicli advanc announc quick tender procedur standard tender quick tender announc publicli select counterparti contact directli nation central bank counterparti prepar submiss tender bid counterparti tender bid form pro forma provid nation central bank relev oper tender bid submit nation central bank member state institut establish head offic branch tender bid institut submit establish head offic design branch member state fix rate tender counterparti state bid amount monei transact nation central bank variabl rate tender counterparti submit bid ten interest rate price swap point level bid state amount monei transact nation central bank respect interest rate interest rate bid express multipl percentag point case variabl rate foreign exchang swap tender swap point quot standard market convent bid express multipl swap point main refinanc oper minimum bid amount eur bid exceed minimum bid amount express multipl eur minimum bid multipl amount appli fine tune structur oper minimum bid amount appli individu interest rate price swap point level longer term refinanc oper nation central bank defin minimum bid amount rang eur eur bid exceed minimum bid amount express multipl eur minimum bid amount appli individu interest rate level ecb impos maximum bid limit order prevent disproportion larg bid maximum bid limit public tender announc messag counterparti expect posit cover amount allot suffici amount elig underli asset contractu regulatori arrang appli respect nation central bank imposit penalti counterparti transfer suffici amount underli asset cash settl amount allot tender oper bid revoc tender submiss deadlin bid submit deadlin tender announc messag invalid respect deadlin judg nation central bank nation central bank discard bid counterparti aggreg amount bid exce maximum bid limit establish ecb nation central bank discard bid minimum bid amount minimum maximum accept interest rate price swap point nation central bank discard bid incomplet follow pro forma bid discard respect nation central bank inform counterparti decis prior tender allot tender allot procedur fix rate tender oper allot fix rate tender bid receiv counterparti ad aggreg amount bid exce total amount liquid allot submit bid satisfi pro rata ratio amount allot aggreg amount bid box amount allot counterparti round nearest euro ecb decid allot minimum amount ratio bidder fix rate tender box allot fix rate tender total amount allot total number counterparti ai bid amount ith counterparti percentag allot alli total amount allot ith counterparti percentag allot gt refer graphic gt amount allot ith counterparti gt refer graphic gt variabl rate tender euro allot liquid provid variabl rate tender euro bid list diminish order offer interest rate bid highest interest rate level satisfi prioriti bid success lower interest rate accept total liquid allot exhaust lowest interest rate level accept margin interest rate aggreg amount bid exce remain amount allot remain amount alloc pro rata bid ratio remain amount allot total amount bid margin interest rate box amount allot counterparti round nearest euro box allot variabl rate tender euro refer bid quot form interest rate total amount allot rs sth interest rate bid counterparti total number counterparti rs amount bid sth interest rate rs ith counterparti rs total amount bid sth interest rate rs gt refer graphic gt rm margin interest rate gt refer graphic gt liquid provid tender gt refer graphic gt liquid absorb tender rm interest rate margin interest rate interest rate bid complet satisfi gt refer graphic gt liquid provid tender gt refer graphic gt liquid absorb tender rm percentag allot margin interest rate rs allot ith counterparti sth interest rate alli total amount allot ith counterparti percentag allot margin interest rate gt refer graphic gt allot ith counterparti margin interest rate gt refer graphic gt total amount allot ith counterparti gt refer graphic gt allot liquid absorb variabl rate tender issuanc debt certif collect fix term deposit bid list increas order offer interest rate diminish order offer price bid lowest interest rate highest price level satisfi prioriti bid success higher interest rate lower price bid accept total liquid absorb exhaust highest interest rate lowest price level accept margin interest rate price aggreg bid amount exce remain amount allot remain amount alloc pro rata bid ratio remain amount allot total bid amount margin interest rate price box issuanc debt certif amount allot counterparti round nearest multipl denomin debt certif liquid absorb oper amount allot counterparti round nearest euro ecb decid allot minimum amount success bidder variabl rate tender variabl rate foreign exchang swap tender allot liquid provid variabl rate foreign exchang swap tender bid list increas order swap point quotat bid lowest swap point quotat satisfi prioriti success higher swap point quotat accept total amount fix currenc allot exhaust highest swap point quotat accept margin swap point quotat aggreg amount bid exce remain amount allot remain amount alloc pro rata bid ratio remain amount allot total amount bid margin swap point quotat box amount allot counterparti round nearest euro box allot variabl rate foreign exchang swap tender total amount allot δs sth swap point quotat bid counterparti total number counterparti δs amount bid sth swap point quotat δs ith counterparti δs total amount bid sth swap point quotat δs gt refer graphic gt δm margin swap point quotat gt refer graphic gt liquid provid foreign exchang swap gt refer graphic gt liquid absorb foreign exchang swap δm swap point quotat margin swap point quotat swap point quotat bid complet satisfi gt refer graphic gt liquid provid foreign exchang swap gt refer graphic gt liquid absorb foreign exchang swap δm percentag allot margin swap point quotat δs allot ith counterparti sth swap point quotat alli total amount allot ith counterparti percentag allot margin swap point quotat gt refer graphic gt allot ith counterparti margin swap point quotat gt refer graphic gt total amount allot ith counterparti gt refer graphic gt allot liquid absorb variabl rate foreign exchang swap tender bid list diminish order offer swap point quotat bid highest swap point quotat satisfi prioriti success lower swap point quotat accept total amount fix currenc absorb exhaust lowest swap point quotat accept margin swap point quotat aggreg amount bid exce remain amount allot remain amount alloc pro rata bid ratio remain amount allot total amount bid margin swap point quotat box amount allot counterparti round nearest euro type auction variabl rate tender eurosystem appli singl rate multipl rate auction procedur singl rate auction dutch auction allot interest rate price swap point appli satisfi bid equal margin interest rate price swap point interest rate price swap point total allot exhaust multipl rate auction american auction allot interest rate price swap point equal interest rate price swap point offer individu bid announc tender result result standard quick tender announc publicli mean wire servic addit nation central bank announc allot result directli counterparti access wire servic public tender result messag inform refer number tender oper date tender oper type oper matur oper total amount bid eurosystem counterparti number bidder currenc involv case foreign exchang swap total amount allot percentag allot case fix rate tender spot exchang rate case foreign exchang swap margin interest rate price swap point accept percentag allot margin interest rate price swap point case variabl rate tender minimum bid rate maximum bid rate weight averag allot rate case multipl rate auction start date matur date oper applic date matur date instrument case issuanc debt certif minimum individu allot amount minimum allot ratio denomin certif case issuanc debt certif isin code issu case issuanc debt certif nation central bank directli certifi individu allot result success counterparti procedur bilater oper gener consider nation central bank execut oper basi bilater procedur bilater procedur fine tune open market oper structur outright oper bilater procedur defin broad sens procedur eurosystem conduct transact counterparti tender respect type bilater procedur distinguish oper counterparti contact directli eurosystem oper execut stock exchang market agent direct contact counterparti procedur nation central bank directli contact domest counterparti select criteria section precis instruct ecb nation central bank decid enter deal counterparti transact settl nation central bank govern council ecb decid except circumst bilater oper execut ecb nation central bank act oper arm ecb procedur oper adapt case ecb nation central bank act oper arm ecb directli contact counterparti euro area select criteria section ecb nation central bank act oper arm ecb decid enter deal counterparti transact settl decentralis manner nation central bank bilater oper direct contact counterparti appli revers transact outright transact foreign exchang swap collect fix term deposit oper execut stock exchang market agent nation central bank execut outright transact stock exchang market agent oper rang counterparti restrict priori procedur adapt market convent debt instrument transact govern council ecb decid except circumst ecb nation central bank act oper arm ecb execut fine tune outright oper stock exchang market agent announc bilater oper bilater oper announc publicli advanc addit ecb decid announc result bilater oper publicli oper dai ecb decid conduct fine tune bilater oper eurosystem busi dai nation central bank member state trade dai settlement dai reimburs dai ncb busi dai particip oper outright bilater oper structur purpos conduct settl dai ncb busi dai member state settlement procedur gener consider monei transact relat eurosystem stand facil particip open market oper settl counterparti account nation central bank account settlement bank particip target monei transact settl moment final transfer asset underli oper impli underli asset pre deposit safe custodi account nation central bank settl intradai deliveri versu payment basi central bank transfer underli asset execut counterparti secur settlement account ssss fulfil ecb minimum standard counterparti safe custodi account nation central bank secur settlement account sss fulfil ecb minimum standard settl transact underli asset secur settlement account safe custodi account correspond credit institut provis relat settlement procedur defin contractu arrang appli nation central bank ecb specif monetari polici instrument settlement procedur differ slightli nation central bank ow differ nation law oper practic settlement open market oper open market oper base standard tender main refinanc oper longer term refinanc oper structur oper settl dai trade dai relev nation rtg relev ssss open matter principl eurosystem aim settl transact relat open market oper time member state counterparti provid suffici underli asset ow oper constraint technic featur ssss time dai settlement open market oper differ euro area time settlement main longer term refinanc oper coincid time reimburs previou oper matur eurosystem aim settl open market oper base quick tender bilater procedur trade dai eurosystem oper reason occasion appli settlement date oper outright transact fine tune structur purpos foreign exchang swap tabl tabl normal settlement date eurosystem open market oper refer trade dai settlement date connot refer eurosystem busi dai gt tabl gt end dai procedur end dai procedur document relat nation rtg system target system gener rule close time target system ecb time cet payment order accept process nation rtg system close time remain payment order accept close time process counterparti request access margin lend facil deposit facil submit respect nation central bank latest minut actual close time target neg balanc settlement account nation rtg system elig counterparti remain finalis end dai control procedur automat consid request recours margin lend facil section chapter elig asset elig asset articl statut escb ecb nation central bank transact financi market bui sell underli asset outright repurchas agreement requir eurosystem credit oper base adequ collater eurosystem liquid provid oper base underli asset provid counterparti form transfer ownership asset case outright transact repurchas agreement form pledg grant relev asset case collateralis loan aim protect eurosystem incur loss monetari polici oper ensur equal treatment counterparti enhanc oper effici underli asset fulfil criteria order elig eurosystem monetari polici oper recognis harmonis elig criteria euro area contribut ensur equal treatment oper effici time due attent paid exist differ financi structur member state distinct made essenti purpos intern eurosystem categori asset elig eurosystem monetari polici oper categori refer quot tier quot quot tier quot tier consist market debt instrument fulfil uniform euro area wide elig criteria ecb tier consist addit asset market market import nation financi market bank system elig criteria establish nation central bank subject minimum elig criteria establish ecb specif elig criteria tier appli respect nation central bank subject approv ecb distinct made tier regard qualiti asset elig type eurosystem monetari polici oper fact tier asset eurosystem outright transact asset elig eurosystem monetari polici oper underli asset intradai credit tier tier asset subject risk control measur section eurosystem counterparti elig asset cross border basi obtain fund nation central bank member state establish make asset locat member state section tier asset ecb establish maintain list tier asset list public debt certif issu ecb list tier asset debt certif issu nation central bank prior adopt euro respect member state includ tier list elig criteria appli tier asset tabl debt instrument meet high credit standard assess credit standard debt instrument ecb take account inter alia rate market agenc institut criteria ensur high protect holder locat euro area realis subject law member state euro area transfer book entri form deposit nation central bank central secur depositori fulfil minimum standard establish ecb denomin euro issu guarante entiti establish eea list quot regul market defin invest servic direct list quot trade regul market ecb market liquid account ecb determin elig individu debt instrument inclus tier list nation central bank accept underli asset debt instrument issu guarante counterparti entiti counterparti close link defin direct ec relat take pursuit busi credit institut inclus tier list nation central bank decid accept underli asset instrument debt instrument fall due repay matur date monetari polici oper underli asset debt instrument incom flow coupon payment occur period matur date monetari polici oper underli asset tier asset cross border context impli counterparti receiv credit nation central bank member state counterparti establish make tier instrument locat member state section tier asset elig monetari polici oper base underli asset revers outright open market transact margin lend facil tier asset addit debt instrument fulfil elig criteria tier nation central bank elig asset tier asset import nation financi market bank system elig criteria tier asset establish nation central bank accord minimum elig criteria state specif nation elig criteria tier asset subject approv ecb nation central bank establish maintain nation list elig tier asset list public tier asset fulfil minimum elig criteria tabl debt instrument market market equiti trade regul market defin invest servic direct equiti issu credit institut debt instrument issu credit institut compli strictli criteria set articl ucit direct elig inclus tier list ecb authoris nation central bank includ asset tier list subject condit restrict tabl elig asset eurosystem monetari polici oper gt tabl gt debt oblig equiti guarante entiti deem financi sound nation central bank includ asset tier list easili access nation central bank includ asset tier list locat euro area realis subject law member state euro area denomin euro issu guarante entiti establish euro area inclus tier list nation central bank accept underli asset debt oblig equiti counterparti entiti counterparti close link defin articl direct ec relat take pursuit busi credit institut inclus tier list nation central bank decid accept underli asset asset debt instrument fall due repay matur date monetari polici oper underli asset debt instrument incom flow coupon payment occur period matur date monetari polici oper underli asset equiti payment kind includ speci attach affect suitabl underli asset period matur date monetari polici oper underli asset tier asset elig eurosystem monetari polici oper cross border context impli counterparti receiv fund nation central bank member state counterparti establish make asset locat member state section tier asset elig revers open market transact margin lend facil tier asset eurosystem outright transact risk control measur risk control measur appli asset underli eurosystem monetari polici oper order protect eurosystem risk financi loss underli asset realis ow default counterparti risk control measur dispos eurosystem box box risk control measur initi margin eurosystem appli initi margin liquid provid revers transact impli counterparti provid underli asset equal liquid provid eurosystem initi margin valuat haircut eurosystem appli quot valuat haircut quot valuat underli asset impli underli asset calcul market asset percentag haircut variat margin mark market eurosystem requir margin maintain time underli asset liquid provid revers transact impli measur regular basi underli asset fall level nation central bank requir counterparti suppli addit asset cash margin call similarli underli asset revalu exce level central bank return excess asset cash counterparti calcul relev execut margin call present box limit relat issuer debtor guarantor eurosystem appli limit exposur vi vi issuer debtor guarantor addit guarante eurosystem requir addit guarante financi sound entiti order accept asset exclus eurosystem exclud asset monetari polici oper initi margin eurosystem appli initi margin correspond percentag amount liquid provid ad requir underli asset initi margin appli take account exposur time eurosystem margin intradai overnight transact margin transact origin matur busi dai initi margin appli liquid absorb oper risk control measur tier asset addit initi margin appli amount liquid provid eurosystem appli specif risk control measur type underli asset offer counterparti risk control measur tier asset determin ecb take consider differ legal system member state risk control measur tier asset broadli harmonis euro area risk control framework tier asset includ main element individu debt instrument subject specif quot valuat haircut quot haircut appli deduct percentag market underli asset haircut differenti residu matur coupon structur debt instrument box box level valuat haircut appli elig tier asset valuat haircut appli fix rate instrument instrument residu matur year instrument residu matur year year instrument residu matur year year coupon bond residu matur year coupon bond strip residu matur year valuat haircut appli float rate instrument instrument post fix coupon instrument pre fix coupon valuat haircut appli fix rate instrument instrument valuat haircut determin period time coupon set coupon reset valuat haircut appli invers float rate instrument instrument residu matur year instrument residu matur year year instrument residu matur year year instrument residu matur year valuat haircut appli liquid absorb oper depend jurisdict nation oper system nation central bank pool underli asset requir earmark asset individu transact pool system counterparti make pool suffici underli asset central bank cover relat credit receiv central bank impli individu asset link specif credit oper contrast earmark system credit oper link specif identifi asset asset subject daili valuat daili basi nation central bank calcul requir underli asset take account outstand credit volum valuat principl outlin section requir initi margin valuat haircut valuat underli asset match requir calcul dai symmetr margin call perform order reduc frequenc margin call nation central bank appli trigger point appli trigger point amount liquid provid depend jurisdict nation central bank requir margin call effect suppli addit asset mean cash payment impli market underli asset fall lower trigger point counterparti suppli addit asset cash similarli market underli asset revalu exce upper trigger point nation central bank return excess asset cash counterparti box box calcul initi margin valuat haircut total amount elig asset cj time counterparti provid set liquid provid oper amount li time determin formula gt refer graphic gt mi initi margin appli oper mi intradai overnight oper mi oper matur exceed busi dai hj valuat haircut appli elig asset time period revalu margin call base time equal gt refer graphic gt depend oper featur nation central bank collater manag system nation central bank account interest accru liquid provid outstand oper calcul margin call base margin call effect margin call base exce trigger point level denot trigger earmark system margin call effect gt refer graphic gt counterparti pai margin call nation central bank gt refer graphic gt nation central bank pai margin call counterparti pool system counterparti bring asset pool gt refer graphic gt convers amount intradai credit idc counterparti pool system express gt refer graphic gt posit earmark pool system margin call ensur relat express establish pool system definit counterparti substitut underli asset daili basi earmark system substitut underli asset permit nation central bank ecb time decid remov individu debt instrument list elig tier instrument risk control measur tier asset risk control measur tier asset compil nation central bank includ asset tier list applic risk control measur nation central bank subject ecb approv eurosystem aim ensur discriminatori condit tier asset euro area establish risk control measur framework valuat haircut appli tier asset reflect specif risk asset stringent valuat haircut appli tier asset tier asset classifi haircut group reflect differ intrins characterist liquid box risk control measur base interest rate volatil level interest rate assum liquid horizon relev matur asset box level valuat haircut appli elig tier asset valuat haircut appli equiti haircut base maximum dai advers price movement singl asset januari minimum haircut valuat haircut appli market debt instrument limit liquid instrument residu matur year instrument residu matur year year instrument residu matur year year instrument residu matur year add haircut appli tier invers float rate instrument instrument residu matur year instrument residu matur year year instrument residu matur year year instrument residu matur year valuat haircut appli debt instrument restrict liquid special featur instrument residu matur year instrument residu matur year year instrument residu matur year year instrument residu matur year valuat haircut appli market debt instrument trade bill instrument residu matur month bank loan residu matur month residu matur month year mortgag back promissori note equiti market debt instrument limit liquid major tier asset fall categori differ degre liquid asset similar gener small secondari market price quot daili normal size trade gener price effect debt instrument restrict liquid special featur asset enjoi aspect market requir extra time liquid market case asset gener market special featur introduc market includ market auction procedur liquid asset daili price valuat market debt instrument instrument practic market liquid inclus tier asset aforement group propos nation central bank subject ecb approv tier asset interest rate reset featur reset made unequivoc clear manner market standard subject ecb approv relev matur reset matur liquid group includ nation central bank appli trigger point execut margin call tier asset tier asset addit nation central bank appli limit accept tier asset requir addit guarante time decid remov individu asset tier list valuat principl underli asset determin underli asset revers transact eurosystem appli principl market asset elig tier tier eurosystem specifi singl refer market price sourc impli asset list quot trade market market price sourc relev asset refer market eurosystem defin repres price calcul market valu price quot lowest price bid price market asset calcul basi repres price busi dai preced valuat date absenc repres price asset busi dai preced valuat date trade price trade price nation central bank defin price take account price identifi asset refer market market debt instrument calcul includ accru interest depend differ nation legal system oper practic treatment incom flow coupon payment relat asset receiv life revers transact differ nation central bank incom flow transfer counterparti nation central bank ensur relev oper fulli cover suffici amount underli asset transfer incom take place nation central bank aim ensur econom effect treatment incom flow equival situat incom transfer counterparti payment dai market tier asset nation central bank includ asset tier list specifi separ valuat principl cross border elig asset eurosystem counterparti elig asset cross border basi obtain fund nation central bank member state establish make asset locat member state underli asset cross border basi settlement type oper eurosystem liquid elig asset mechan develop nation central bank ecb ensur elig asset cross border basi correspond central bank model ccbm nation central bank act custodian quot correspond quot ecb respect asset accept local depositori settlement system model elig asset specif solut market asset tier asset restrict liquid special featur transfer sss ccbm collateralis kind eurosystem credit oper addit ccbm elig link ssss cross border transfer secur correspond central bank model correspond central bank model ccbm illustr chart chart correspond central bank model gt pic file quot en ep quot gt nation central bank maintain secur account purpos cross border elig asset precis procedur ccbm depend elig asset earmark individu transact held pool underli asset earmark system bid credit accept nation central bank member state counterparti establish quot home central bank quot counterparti instruct custodian sss countri secur held transfer central bank countri account home central bank home central bank inform correspond central bank collater receiv transfer fund counterparti central bank advanc fund counterparti secur receiv correspond central bank meet settlement deadlin counterparti pre deposit asset correspond central bank account home central bank ccbm procedur pool system counterparti time provid correspond central bank secur account home central bank home central bank inform correspond central bank secur receiv add secur pool account counterparti ccbm counterparti ecb time cet eurosystem busi dai counterparti wish make ccbm advis nation central bank wish receiv credit home central bank ecb time cet counterparti ensur collater question deliv account correspond central bank ecb time cet latest instruct deliveri respect deadlin consid credit busi dai counterparti forese ccbm late dai deliv asset advanc pre deposit asset except circumst requir monetari polici purpos ecb decid extend close time ccbm close time target cross border link addit ccbm elig link eu ssss cross border transfer secur chart link secur settlement system gt pic file quot en ep quot gt link ssss particip sss hold secur issu sss particip sss link transfer collater eurosystem credit oper assess approv standard eu ssss eurosystem perspect ccbm cross border link eu ssss fulfil role allow counterparti collater cross border basi enabl counterparti collater obtain credit home central bank collater issu sss countri ccbm cross border link perform function wai ccbm cross border relationship nation central bank act custodian link cross border relationship ssss open omnibu account asset deposit correspond central bank collateralis eurosystem credit oper asset held link eurosystem credit oper purpos select counterparti cross border link counterparti hold asset account home sss custodian chapter minimum reserv gener consider ecb requir credit institut hold minimum reserv account nation central bank framework eurosystem minimum reserv system legal framework eurosystem minimum reserv system laid articl statut escb council regul ec applic minimum reserv european central bank ecb regul minimum reserv applic ecb regul minimum reserv ensur term condit eurosystem minimum reserv system uniform euro area amount minimum reserv held institut determin relat reserv base eurosystem minimum reserv system enabl counterparti make averag provis impli complianc reserv requir determin basi averag end calendar dai balanc counterparti reserv account month mainten period institut hold requir reserv remuner rate eurosystem main refinanc oper eurosystem minimum reserv system primarili pursu monetari function stabilis monei market interest rate averag provis eurosystem minimum reserv system aim contribut stabilis monei market interest rate give institut incent smooth effect temporari liquid fluctuat creation enlarg structur liquid shortag eurosystem minimum reserv system contribut creat enlarg structur liquid shortag help order improv abil eurosystem oper effici supplier liquid applic minimum reserv ecb bound act pursuanc object eurosystem defin articl treati articl statut escb impli inter alia principl induc signific undesir deloc disintermedi institut subject minimum reserv pursuant articl statut escb ecb requir credit institut establish member state hold minimum reserv impli branch euro area entiti regist offic euro area subject eurosystem minimum reserv system branch locat euro area credit institut establish euro area subject eurosystem minimum reserv system ecb exempt institut wind reorganis oblig eurosystem minimum reserv system council regul ec applic minimum reserv european central bank ecb regul minimum reserv ecb exempt class institut oblig eurosystem minimum reserv system nondiscriminatori basi purpos eurosystem minimum reserv system met impos institut decis exempt ecb take account criteria institut pursu special purpos function institut exercis activ bank function competit credit institut institut deposit earmark purpos relat region intern develop assist ecb establish maintain list institut subject eurosystem minimum reserv system ecb make public list institut exempt oblig eurosystem minimum reserv system reason subject reorganis measur counterparti reli list decid liabil ow institut subject reserv requir list public eurosystem busi dai calendar month valid calcul reserv base subsequ mainten period determin minimum reserv reserv base reserv ratio reserv base institut defin relat element balanc sheet balanc sheet data report nation central bank gener framework ecb monei bank statist section institut subject full report requir balanc sheet data refer end calendar month determin reserv base mainten period start calendar month report framework ecb monei bank statist includ possibl reliev small institut report burden institut provis appli report limit set balanc sheet data quarterli basi end quarter data report deadlin longer set larger institut institut balanc sheet data report specif quarter determin lag month reserv base consecut month reserv mainten period council regul applic minimum reserv european central bank ecb entitl includ liabil result accept fund liabil result balanc sheet item reserv base institut eurosystem minimum reserv system liabil categori quot deposit quot quot debt secur issu quot quot monei market paper quot includ reserv base box liabil vi vi institut includ list institut subject eurosystem minimum reserv system liabil vi vi ecb nation central bank includ reserv base respect liabil categori quot debt secur issu quot quot monei market paper quot issuer prove actual amount instrument held institut subject eurosystem minimum reserv system order entitl deduct reserv base proof present issuer appli standardis deduct fix percentag balanc sheet item reserv ratio determin ecb subject maximum limit council regul ec applic minimum reserv european central bank ecb appli uniform reserv ratio item includ reserv base reserv ratio ecb regul minimum reserv ecb set reserv ratio liabil categori quot deposit agre matur year quot quot deposit redeem notic year quot quot repo quot quot debt secur agre matur year quot box ecb time chang reserv ratio reserv ratio announc ecb advanc mainten period chang effect box reserv base reserv ratio liabil includ reserv base posit reserv ratio appli deposit overnight deposit deposit agre matur year deposit redeem notic year debt secur issu debt secur agre matur year monei market paper monei market paper liabil includ reserv base reserv ratio appli deposit deposit agre matur year deposit redeem notic year repo debt secur issu debt secur agre matur year liabil exclud reserv base liabil vi vi institut subject eurosystem minimum reserv system liabil vi vi ecb nation central bank calcul reserv requir reserv requir individu institut calcul appli amount elig liabil reserv ratio categori liabil institut deduct uniform lump sum allow reserv requir member state establish size lump sum allow ecb regul minimum reserv grant allow prejudic legal oblig institut subject eurosystem minimum reserv system reserv requir mainten period round nearest euro mainten reserv hold mainten period mainten period month start calendar dai month end calendar dai month reserv hold institut hold minimum reserv reserv account nation central bank member state establish institut establish member state head offic respons fulfil aggreg minimum reserv domest establish institut institut establish member state requir hold minimum reserv nation central bank member state establish relat reserv base member state institut settlement account nation central bank reserv account reserv hold held settlement account intradai settlement purpos daili reserv hold institut calcul end dai balanc reserv account institut appli nation central bank member state institut resid permiss hold minimum reserv indirectli intermediari possibl hold minimum reserv intermediari rule restrict institut constitut part administr treasuri manag effect intermediari network save bank cooper bank centralis reserv hold hold minimum reserv intermediari subject provis ecb regul minimum reserv remuner reserv hold hold requir reserv remuner averag mainten period ecb rate weight number calendar dai main refinanc oper calcul formula box reserv hold exceed requir reserv remuner remuner paid ncb busi dai end mainten period remuner earn box calcul remuner hold requir reserv hold requir reserv remuner formula gt refer graphic gt rt remuner paid hold requir reserv mainten period ht hold requir reserv mainten period nt number calendar dai mainten period ith calendar dai mainten period mri margin interest rate recent main refinanc oper span calendar dai report verif reserv base reserv base item applic minimum reserv calcul institut subject minimum reserv report nation central bank gener framework ecb monei bank statist annex articl ecb regul ec ecb defin procedur confirm except case revis reserv base reserv requir institut institut allow act intermediari indirect reserv hold institut special report requir ecb regul minimum reserv hold reserv intermediari chang statist report oblig institut hold reserv intermediari ecb nation central bank scope council regul ec applic minimum reserv european central bank verifi accuraci qualiti collect data complianc minimum reserv oblig complianc minimum reserv oblig aris institut averag end calendar dai balanc reserv account mainten period reserv requir mainten period institut fail compli part reserv requir ecb accord council regul ec applic minimum reserv european central bank impos sanction payment percentag point margin lend rate appli amount reserv requir relev institut fail provid payment time margin lend rate appli amount reserv requir relev institut fail provid requir relev institut establish interest bear deposit ecb nation central bank time amount reserv requir relev institut fail provid matur deposit exce period institut fail compli reserv requir institut fail compli oblig ecb regul decis relat eurosystem minimum reserv system relev data transmit time accur ecb empow impos sanction accord regul ec power european central bank impos sanction ecb regul septemb power ecb impos sanction ecb execut board ecb publish criteria appli sanction provid articl council regul ec applic minimum reserv ecb addit case infring minimum reserv requir eurosystem suspend counterparti particip open market oper govern council european central bank agre term quot eurosystem quot express denot composit european system central bank perform basic task nation central bank member state adopt singl currenc accord treati establish european commun european central bank note nation central bank member state adopt singl currenc accord treati establish european commun treati retain power field monetari polici nation law involv conduct singl monetari polici document term quot nation central bank quot refer nation central bank member state adopt singl currenc accord treati document term quot member state quot refer member state adopt singl currenc accord treati procedur execut eurosystem open market oper standard tender quick tender bilater procedur chapter standard tender execut time frame hour tender announc certif allot result counterparti fulfil gener elig criteria section particip standard tender quick tender execut time frame hour eurosystem select limit number counterparti particip quick tender term bilater procedur refer case eurosystem conduct transact counterparti tender procedur bilater procedur includ oper execut stock exchang market agent section outright transact restrict priori rang counterparti harmonis supervis credit institut base direct ec european parliament council march relat take pursuit busi credit institut oj main longer term refinanc oper execut accord eurosystem pre announc tender oper calendar found ecb websit www ecb int section inform found websit nation central bank annex matur main longer term refinanc oper occasion vari depend inter alia bank holidai member state footnot footnot fix term deposit held account nation central bank case oper execut centralis manner ecb nation central bank nation rtg system oper target interlink compon close grant access stand facil close time access stand facil minut close time relev nation rtg system member state nation central bank branch open purpos conduct monetari polici oper eurosystem busi dai due nation region bank holidai case relev nation central bank respons inform counterparti advanc arrang appli access margin lend facil relat bank holidai target close dai announc ecb websit www ecb int inform found websit nation central bank annex document term quot eurosystem busi dai quot refer dai ecb nation central bank open purpos conduct eurosystem monetari polici oper oper differ result exist account structur nation central bank exist euro area countri ow exist account structur nation central bank ecb nation central bank temporarili appli access condit slightli refer nation central bank provid inform deviat access condit document member state nation central bank branch open purpos conduct eurosystem monetari polici oper eurosystem busi dai ow nation region bank holidai case relev nation central bank respons inform counterparti advanc arrang made access deposit facil relat bank holidai target close dai announc ecb websit www ecb int inform found websit nation central bank annex fix rate foreign exchang swap tender ecb fix swap point oper counterparti offer amount currenc fix sell bui back bui sell back rate variabl rate foreign exchang swap tender counterparti bid amount currenc fix swap point quotat enter oper calendar eurosystem tender oper found ecb websit www ecb int inform found websit nation central bank annex document term quot ncb busi dai quot refer dai nation central bank specif member state open purpos conduct eurosystem monetari polici oper member state branch nation central bank close ncb busi dai ow local region bank holidai case relev nation central bank respons inform counterparti advanc arrang made transact involv branch fix rate foreign exchang swap amount currenc fix counterparti transact eurosystem state regard issuanc ecb debt certif ecb decid bid express form price interest rate case price quot percentag nomin amount variabl rate foreign exchang swap amount currenc fix counterparti transact eurosystem respect swap point level state settl cash case liquid absorb oper swap point quotat list increas order take account sign quotat depend sign interest rate differenti foreign currenc euro matur swap foreign currenc interest rate higher interest rate euro swap point quotat posit euro quot premium foreign currenc convers foreign currenc interest rate lower interest rate euro swap point quotat neg euro quot discount foreign currenc govern council ecb decid except circumst fine tune bilater oper execut ecb descript standard elig secur settlement system ssss euro area updat list elig link system found ecb websit www ecb int deadlin request access eurosystem stand facil postpon addit minut eurosystem busi dai minimum reserv mainten period footnot case nation central bank nation rtg system oper target interlink compon close liquid absorb outright revers open market oper base underli asset underli asset liquid absorb revers open market oper elig criteria ident appli underli asset liquid provid revers open market oper initi margin valuat haircut appli liquid absorb oper addit ecb nation central bank elig intradai credit type asset elig underli asset eurosystem monetari polici oper footnot list publish updat weekli ecb websit www ecb int debt instrument convert equiti similar characterist debt instrument afford right subordin claim holder debt instrument issuer exclud tier debt instrument issu credit institut compli strictli criteria set articl ucit direct council direct eec oj amend council direct eec oj accept tier issu award rate rate agenc view eurosystem debt instrument meet high credit standard descript standard elig ssss euro area updat list elig link system found ecb websit www ecb int express nation denomin euro requir issu entiti establish eea appli intern supra nation institut direct eec council direct invest servic secur field oj june debt instrument issu credit institut compli strictli criteria set articl ucit direct direct eec amend direct eec accept tier list quot regul market defin invest servic direct direct eec compli requir prospectu direct council direct eec oj articl direct ec european parliament council march relat take pursuit busi credit institut read quot close link situat natur legal person link particip ownership direct control vote right capit undertak control relationship parent undertak subsidiari case refer articl direct eec similar relationship natur legal person undertak subsidiari undertak subsidiari undertak consid subsidiari undertak parent undertak head undertak situat natur legal person perman link person control relationship regard constitut close link person quot provis appli close link counterparti public author eea countri ii trade bill entiti credit institut liabl addit counterparti iii debt instrument compli strictli criteria set articl ucit direct direct eec amend direct eec iv case debt instrument protect specif legal safeguard compar iii nation central bank instrument matur shorter monetari polici oper serv underli asset counterparti requir replac asset prior matur addit tier asset elig eurosystem monetari polici oper ecb authoris nation central bank grant intradai credit debt instrument consid elig intradai credit particip eu central bank locat eea countri euro area issu entiti establish eea countri euro area denomin eea currenc wide trade currenc ecb authoris subject preserv oper effici exercis control specif legal risk relat debt instrument euro area debt instrument cross border basi counterparti debt instrument receiv fund directli nation central bank authoris ecb grant intradai credit asset list publish updat weekli ecb websit www ecb int market tier asset debt instrument restrict liquid special featur nation central bank decid disclos inform individu issu issuer debtor guarantor public nation tier list offer altern inform ensur counterparti euro area easili ascertain elig specif asset direct eec council direct invest servic secur field express nation denomin euro footnot provis appli close link counterparti public author eea countri ii trade bill entiti credit institut liabl addit counterparti iii debt instrument compli strictli criteria set articl ucit direct direct eec amend direct eec iv case debt instrument protect specif legal safeguard compar iii nation central bank instrument matur shorter monetari polici oper serv underli asset counterparti requir replac asset prior matur ow oper differ member state respect procedur counterparti deliveri underli asset nation central bank form pool collater pledg nation central bank repurchas agreement base individu asset transact minor differ occur regard time valuat oper featur margin framework time exclus tier list debt instrument eurosystem credit oper remov busi dai calcul time exclus list recal debt instrument issu credit institut compli strictli criteria set articl ucit direct elig inclus tier list ecb authoris nation central bank includ asset tier list subject condit restrict instrument add tier haircut appli nation central bank decid accept underli asset revers transact debt instrument incom flow coupon payment equiti payment kind attach affect suitabl underli asset occur period matur date monetari polici oper section detail provid quot ccbm brochur quot publish ecb websit www ecb int ecb authoris nation central bank grant intradai credit type quot foreign quot debt instrument footnot euro area debt instrument cross border basi elig asset account central bank sss locat countri central bank question eurosystem approv account august central bank ireland authoris open account euroclear account elig asset held euroclear includ elig asset transfer euroclear elig link section quot ccbm brochur quot explan updat list elig link found ecb websit www ecb int quot standard eu secur settlement system escb credit oper quot januari relev legal framework ecb appli minimum reserv found regul ec ec applic minimum reserv ecb content chapter provid inform purpos list public ecb websit www ecb int report framework ecb monei bank statist present annex ecb regul ec ecb applic minimum reserv inform relat standardis deduct ratio found ecb websit www ecb int inform found websit nation central bank annex institut allow report statist data group consolid basi provis report framework ecb monei bank statist annex allow grant group institut provid data reserv base reserv hold suffici detail manner enabl eurosystem verifi accuraci qualiti determin respect reserv requir individu institut includ group institut head offic member state establish design princip branch respons fulfil aggreg minimum reserv establish institut relev member state criteria publish notic offici journal european commun februari entitl quot notic european central bank imposit sanction breach oblig hold minimum reserv quot annex annex exampl monetari polici oper procedur list exampl liquid provid revers transact fix rate tender liquid provid revers transact variabl rate tender issuanc ecb debt certif variabl rate tender liquid absorb foreign exchang swap variabl rate tender liquid provid foreign exchang swap variabl rate tender risk control measur liquid provid revers transact fix rate tender ecb decid provid liquid market mean revers transact organis fix rate tender procedur gt tabl gt ecb decid allot total eur million percentag allot gt refer graphic gt gt tabl gt liquid provid revers transact variabl rate tender ecb decid provid liquid market mean revers transact organis variabl rate tender procedur gt tabl gt ecb decid allot eur million impli margin interest rate bid cumul amount eur million fulli satisfi percentag allot gt refer graphic gt allot bank margin interest rate gt refer graphic gt total allot bank gt refer graphic gt gt tabl gt allot procedur singl rate dutch auction interest rate appli amount allot counterparti allot procedur multipl rate american auction uniqu interest rate appli amount allot counterparti bank receiv eur million eur million eur million issuanc ecb debt certif variabl rate tender ecb decid absorb liquid market issu debt certif variabl rate tender procedur gt tabl gt ecb decid allot nomin amount eur million impli margin interest rate bid cumul amount eur million fulli satisfi percentag allot gt refer graphic gt allot bank margin interest rate gt refer graphic gt total allot bank gt refer graphic gt gt tabl gt liquid absorb foreign exchang swap variabl rate tender ecb decid absorb liquid market execut foreign exchang swap eur usd rate mean variabl rate tender procedur note euro trade premium gt tabl gt ecb decid allot eur million impli margin swap point bid cumul amount eur million fulli satisfi percentag allot gt refer graphic gt allot bank margin swap point gt refer graphic gt total allot bank gt refer graphic gt gt tabl gt ecb fix spot eur usd exchang rate oper allot procedur singl rate dutch auction start date oper eurosystem bui eur sell usd matur date oper eurosystem sell eur bui usd forward exchang rate gt tabl gt liquid provid foreign exchang swap variabl rate tender ecb decid provid liquid market execut foreign exchang swap eur usd rate mean variabl rate tender procedur note euro trade premium gt tabl gt ecb decid allot eur million impli margin swap point bid cumul amount eur million fulli satisfi percentag allot gt refer graphic gt allot bank margin swap point gt refer graphic gt total allot bank gt refer graphic gt gt tabl gt ecb fix spot eur usd exchang rate oper allot procedur singl rate dutch auction start date oper eurosystem sell eur bui usd matur date oper eurosystem bui eur sell usd forward exchang rate gt tabl gt risk control measur illustr risk control framework appli underli asset eurosystem liquid provid oper base assumpt counterparti particip eurosystem monetari polici oper main refinanc oper start june end juli counterparti allot eur million longer term oper start june end septemb counterparti allot eur million main refinanc oper start juli end juli counterparti allot eur million characterist underli tier asset counterparti cover oper tabl tabl underli tier asset transact gt tabl gt gt tabl gt earmark system assum transact carri nation central bank system underli asset earmark transact earmark system valuat underli asset carri daili basi risk control framework tabl transact enter counterparti initi margin appli matur oper exce busi dai june counterparti enter repurchas transact nation central bank purchas bond eur million bond fix coupon bond matur august residu matur year requir valuat haircut market price bond refer market dai includ accru interest coupon counterparti requir provid amount bond deduct valuat haircut exce eur million allot amount eur million initi margin counterparti deliv bond nomin amount eur million adjust market eur dai june counterparti enter repurchas transact nation central bank purchas eur million bond market price valuat haircut eur million asset market price asset float rate note frn yearli prefix coupon payment valuat haircut appli adjust market bond frn dai eur exceed requir amount eur eur million initi margin june underli asset revalu market price bond market price frn accru interest amount eur main refinanc oper initi june eur longer term refinanc oper initi june result adjust market bond transact fall transact margin amount liquid provid accru interest initi margin approxim eur million counterparti deliv eur million bond nomin term deduct haircut market base price restor suffici collater coverag margin call need transact adjust market underli asset transact eur slightli margin amount eur fall trigger level margin amount minu eur juli underli asset revalu result margin call transact enter june juli accru interest amount eur eur juli counterparti enter repurchas transact nation central bank purchas eur million bond bond coupon bond market dai counterparti deliv eur million bond nomin term coupon bond residu matur ten year requir valuat haircut pool system assum transact carri nation central bank pool system asset includ pool asset counterparti earmark specif transact sequenc transact illustr earmark system main differ revalu date adjust market asset pool cover margin amount counterparti outstand oper nation central bank result margin call occur june slightli higher eur requir earmark system ow trigger effect transact enter june counterparti deliv eur million bond nomin term deduct haircut market base price restor suffici collater coverag juli main refinanc oper enter june end counterparti asset pledg account automat benefit capac borrow limit trigger point intradai basi overnight initi margin appli transact risk control framework pool system tabl tabl earmark system gt tabl gt gt tabl gt tabl pool system gt tabl gt gt tabl gt base assumpt calcul margin call accru interest liquid provid account trigger point liquid provid appli nation central bank perform margin call cash secur margin paid counterparti nation central bank relat transact margin case net margin paid nation central bank counterparti relat transact result margin settlement annex glossari actual dai count convent appli calcul interest credit impli interest calcul actual number calendar dai credit extend basi dai year dai count convent appli eurosystem monetari polici oper american auction multipl rate auction averag provis provis allow counterparti fulfil reserv requir basi averag reserv hold mainten period averag provis contribut stabilis monei market interest rate give institut incent smooth effect temporari liquid fluctuat eurosystem minimum reserv system averag bilater procedur procedur central bank deal directli counterparti make tender procedur bilater procedur includ oper execut stock exchang market agent book entri system account system permit transfer claim secur financi asset physic movement paper document certif dematerialis central secur depositori csd facil hold secur enabl secur transact process book entri physic secur immobilis depositori secur dematerialis exist electron record addit safe keep csd incorpor comparison clear settlement function close link articl direct ec european parliament council march relat take pursuit busi credit institut state quot close link situat natur legal person link particip ownership direct control vote right capit undertak control relationship parent undertak subsidiari case refer articl council direct eec oj similar relationship natur legal person undertak subsidiari undertak subsidiari undertak consid subsidiari undertak parent undertak head undertak situat natur legal person perman link person control relationship regard constitut close link person quot collect fix term deposit monetari polici instrument eurosystem fine tune purpos eurosystem offer remuner counterparti fix term deposit account nation central bank order absorb liquid market correspond bank arrang bank payment servic bank payment correspond execut reciproc account socal nostro loro account stand credit line attach correspond bank servic primarili provid intern boundari correspond central bank model ccbm model establish escb aim enabl counterparti underli asset cross border context ccbm nation central bank act custodian impli nation central bank secur account secur administr nation central bank ecb eurosystem appli specif solut cross border nonmarket asset counterparti opposit parti financi transact transact central bank credit institut refer document institut cover definit contain articl direct ec european parliament council march relat take pursuit busi credit institut quot undertak busi receiv deposit repay fund public grant credit account quot custodian institut undertak safe keep administr secur financi asset behalf dai count convent convent regul number dai includ calcul interest credit eurosystem appli dai count convent actual monetari polici oper deliveri versu payment dvp system mechan exchang settlement system ensur final transfer asset occur final transfer asset occur dematerialis elimin physic certif document titl repres ownership financi asset financi asset exist account record deposit facil stand facil eurosystem counterparti make overnight deposit remuner pre interest rate depositori agent primari role record secur physic electron keep record ownership secur dutch auction singl rate auction earmark system system central bank collater manag liquid provid asset earmark individu transact ecb time time place ecb locat eea european econom area countri eu member state iceland liechtenstein norwai end dai time busi dai target system close payment process target system finalis dai equiti price risk risk loss due movement equiti price eurosystem expos equiti price risk monetari polici oper extent equiti consid elig tier asset euro area area cover eu member state adopt euro singl currenc accord treati european system central bank escb refer european central bank ecb nation central bank eu member state note nation central bank member state adopt singl currenc accord treati retain power field monetari polici nation law involv conduct monetari polici eurosystem eurosystem nation central bank member state adopt singl currenc accord treati ecb eurosystem busi dai dai ecb nation central bank open purpos conduct eurosystem monetari polici oper final transfer irrevoc uncondit transfer effect discharg oblig make transfer fine tune oper regular open market oper execut eurosystem order deal unexpect liquid fluctuat market fix rate instrument financi instrument coupon fix life instrument fix rate tender tender procedur interest rate advanc central bank particip counterparti bid amount monei transact fix interest rate float rate instrument financi instrument coupon period reset rel refer index reflect short medium term market interest rate float rate instrument pre fix coupon post fix coupon foreign exchang swap simultan spot forward transact currenc eurosystem execut open market monetari polici oper form foreign exchang swap nation central bank ecb bui sell euro spot foreign currenc time sell bui back forward haircut valuat haircut initi margin risk control measur appli revers transact impli collater requir transact equal credit extend counterparti initi margin eurosystem appli initi margin differenti eurosystem exposur time counterparti transact intern secur identif number isin intern identif code assign secur issu financi market intradai credit credit extend reimburs period busi dai escb extend intradai credit base underli asset elig counterparti payment system purpos invers float rate instrument structur note secur rate interest paid notehold vari invers refer interest rate issuer entiti oblig secur financi instrument link link consist procedur arrang secur settlement system ssss transfer secur involv ssss book entri process longer term refinanc oper regular open market oper execut eurosystem form revers transact longer term refinanc oper execut monthli standard tender matur month lump sum allow fix amount institut deduct calcul reserv requir eurosystem minimum reserv system main refinanc oper regular open market oper execut eurosystem form revers transact main refinanc oper conduct weekli standard tender matur week mainten period period complianc reserv requir calcul mainten period eurosystem minimum reserv month start fix dai month mainten period start calendar dai month end calendar dai month margin call procedur relat applic variat margin impli regularli measur underli asset fall level central bank requir counterparti suppli addit asset cash similarli underli asset revalu exce amount ow counterparti variat margin central bank return excess asset cash counterparti margin interest rate interest rate total tender allot exhaust margin lend facil stand facil eurosystem counterparti receiv overnight credit pre interest rate margin swap point quotat swap point quotat total tender allot exhaust mark market variat margin matur date date monetari polici oper expir case repurchas agreement swap matur date correspond repurchas date maximum bid limit limit largest accept bid individu counterparti tender oper eurosystem impos maximum bid limit order avoid disproportion larg bid individu counterparti maximum bid rate upper limit interest rate counterparti submit bid variabl rate tender bid rate maximum bid rate announc ecb discard member state refer document eu member state adopt singl currenc accord treati minimum allot amount lower limit express percentag term ratio bid margin interest rate allot tender oper eurosystem decid appli minimum ratio tender oper minimum allot ratio lower limit express percentag term ratio bid margin interest rate allot tender oper eurosystem decid appli minimum ratio tender oper minimum bid rate lower limit interest rate counterparti submit bid variabl rate tender bid rate minimum bid rate announc ecb discard monetari financi institut mfi credit institut financi institut busi receiv deposit close substitut deposit public account econom term grant credit make invest secur multipl rate auction american auction auction allot interest rate price swap point equal interest rate offer individu bid nation central bank ncb refer document central bank eu member state adopt singl currenc accord treati ncb busi dai dai nation central bank specif member state open purpos conduct eurosystem monetari polici oper member state branch nation central bank close ncb busi dai ow local region bank holidai case relev nation central bank respons inform counterparti advanc arrang made transact involv branch open market oper oper execut initi central bank financi market involv transact bui sell asset outright spot forward bui sell asset repurchas agreement lend borrow underli asset collater issuanc central bank debt certif collect deposit outright transact transact central bank bui sell asset outright market spot forward pool system system central bank collater manag counterparti provid pool asset serv collater transact central bank contrast earmark system underli asset earmark individu transact pool system post fix coupon coupon float rate instrument determin basi valu refer index date date coupon accrual period pre fix coupon coupon float rate instrument determin basi valu refer index date date start coupon accrual period purchas date date sale purchas asset seller buyer effect purchas price price purchas asset sold sold buyer seller quick tender tender procedur eurosystem fine tune oper deem desir rapid impact liquid situat market quick tender execut time frame hour restrict limit set counterparti repo oper liquid provid revers transact base repurchas agreement repurchas agreement arrang asset sold seller simultan obtain oblig repurchas specif price futur date demand agreement similar collateralis borrow except ownership secur retain seller eurosystem repurchas agreement fix matur revers transact repurchas date date buyer oblig sell back asset seller relat transact repurchas agreement repurchas price price buyer oblig sell back asset seller relat transact repurchas agreement repurchas price equal sum purchas price price differenti interest extend liquid matur oper reserv account account nation central bank counterparti reserv hold maintain counterparti settlement account nation central bank reserv account reserv base sum elig balanc sheet item liabil constitut basi calcul reserv requir institut reserv hold counterparti hold reserv account serv fulfil reserv requir reserv ratio ratio defin central bank categori elig balanc sheet item includ reserv base ratio calcul reserv requir reserv requir requir institut hold minimum reserv central bank eurosystem minimum reserv system reserv requir institut calcul multipli reserv ratio categori item reserv base amount item institut balanc sheet addit institut allow deduct lump sum allow reserv requir revers transact oper nation central bank bui sell asset repurchas agreement conduct credit oper collater rtg real time gross settlement system settlement system process settlement place order order basi net real time continu target system safe custodi account secur account manag central bank credit institut place secur deem suitabl back central bank oper settlement account account held direct particip nation rtg system central bank purpos process payment settlement date date transact settl settlement place dai trade dai settlement occur dai trade settlement date trade date settlement lag singl rate auction dutch auction auction allot interest rate price swap point appli satisfi bid equal margin interest rate solvenc risk risk loss due failur bankruptci issuer financi asset due insolv counterparti standard tender tender procedur eurosystem regular open market oper standard tender carri time frame hour counterparti fulfil gener elig criteria entitl submit bid standard tender standardis deduct fix percentag outstand amount debt secur agre matur year monei market paper deduct reserv base issuer present evid outstand amount held institut subject minimum reserv system eurosystem ecb nation central bank stand facil central bank facil counterparti initi eurosystem offer overnight stand facil margin lend facil deposit facil start date date leg monetari polici oper settl start date correspond purchas date oper base repurchas agreement foreign exchang swap strip separ trade interest princip coupon bond creat order trade separ claim cash flow secur princip instrument structur oper open market oper execut eurosystem order adjust structur liquid posit financi sector vi vi eurosystem swap point differ exchang rate forward transact exchang rate spot transact foreign exchang swap target tran european autom real time gross settlement express transfer system payment system consist rtg real time gross settlement system member state particip euro area start stage econom monetari union nation rtg system interconnect interlink mechan enabl dai cross border transfer euro area rtg system euro area eu member state connect target provid process euro tender procedur procedur central bank liquid withdraw liquid market basi bid submit counterparti competit competit bid satisfi prioriti total amount liquid provid withdrawn central bank exhaust tier asset market asset fulfil uniform euro area wide elig criteria ecb criteria requir denomin euro issu guarante entiti locat eea countri locat nation central bank csd euro area tier asset market market asset specif elig criteria establish ntional cntral bank subject ecb approv trade date date trade agreement financi transact counterparti struck trade date coincid settlement date transact dai settlement preced settlement date number busi dai settlement date settlement lag treati treati establish european commun ec treati compris origin eec treati treati rome amend trigger point pre level liquid provid margin call execut valuat date date asset underli credit oper valu valuat haircut risk control measur appli underli asset revers transact impli central bank calcul underli asset market asset reduc percentag haircut eurosystem appli valuat haircut reflect featur specif asset residu matur variabl rate tender tender procedur counterparti bid amount monei transact central bank interest rate enter transact variat margin mark market eurosystem requir margin maintain time underli asset liquid provid revers transact impli regularli measur market underli asset fall level counterparti suppli addit asset cash similarli market underli asset revalu exce amount ow counterparti variat margin central bank return excess asset cash counterparti volum tender fix rate tender coupon bond secur pai cash flow life purpos document coupon bond includ secur issu discount secur deliv singl coupon matur strip special type coupon bond annex select counterparti foreign exchang intervent oper foreign exchang swap monetari polici purpos select counterparti foreign exchang intervent oper foreign exchang swap monetari polici purpos follow uniform approach irrespect chosen organis set eurosystem extern oper polici entail substanti departur exist market standard deriv harmonis nation central bank current practic select counterparti eurosystem foreign exchang intervent oper base primarili set criteria set criteria inspir principl prudenc prudenti criterion creditworthi assess combin method credit rate commerci agenc hous analysi capit busi ratio criterion eurosystem requir potenti foreign exchang intervent counterparti subject supervis recognis supervisor criterion eurosystem foreign exchang intervent counterparti follow high ethic standard good reput minimum prudenc requir fulfil set criteria inspir effici consider appli effici criterion relat competit price behaviour counterparti abil handl larg volum turbul market condit qualiti coverag inform provid counterparti featur effici criteria pool potenti foreign exchang intervent counterparti suffici larg divers guarante flexibl implement intervent oper enabl eurosystem choos intervent channel order interven effici geograph locat time zone eurosystem counterparti intern financi centr practic substanti share counterparti locat euro area foreign exchang swap execut monetari polici purpos counterparti locat euro area nation central bank appli limit base system order control credit exposur vi vi individu counterparti foreign exchang swap conduct monetari polici purpos annex report framework monei bank statist european central bank introduct council regul ec novemb collect statist inform ecb oj defin natur legal person subject report requir socal refer report popul confidenti regim provis enforc accord articl statut european system central bank european central bank quot statut quot entitl ecb regulatori power actual report popul defin ecb statist report requir impos actual report popul particip member state condit ecb nation central bank ncb exercis verifi carri compulsori collect statist inform gener consider purpos regul ec european central bank decemb consolid balanc sheet monetari financi institut sector ecb enabl ecb accord articl statut ncb carri work extent collect statist materi requir fulfil task european system central bank escb task defin implement monetari polici commun accord articl indent treati establish european commun quot treati quot statist inform collect accord ecb regul ecb establish consolid balanc sheet mfi sector princip aim provid ecb comprehens statist pictur monetari develop cover aggreg financi asset liabil mfi locat particip member state view econom territori statist purpos ecb report requir context consolid balanc sheet mfi sector base main consider ecb receiv compar reliabl date statist inform collect compar term condit euro area data collect decentralis ncb accord articl statut combin statist requir commun nation purpos suffici degre harmonis complianc minimum report standard requir view establish reliabl statist basi definit conduct singl monetari polici report oblig set ecb regul ec ecb observ principl transpar legal certainti reason ecb regul ec ecb bind entireti directli applic euro area impos oblig directli natur legal person ecb impos sanction ecb report requir fulfil articl regul ec report oblig defin discret exercis ecb verifi compulsorili collect statist inform identifi principl ecb minimis report burden involv articl council regul ec statist materi collect ncb regul ec ecb calcul reserv base accord regul ec european central bank decemb applic minimum reserv ecb articl ecb regul ec ecb restrict defin gener term actual report popul report oblig principl ecb ncb exercis compet verifi compulsorili collect statist inform detail statist inform report order fulfil ecb statist report requir minimum standard annex iv ecb regul ec ecb actual report popul list mfi statist purpos monetari financi institut compris resid credit institut defin commun law resid financi institut busi receiv deposit close substitut deposit entiti mfi account econom term grant credit make invest secur ecb establish maintain list institut accord definit classif principl annex ecb regul ec ecb compet establish maintain list monetari financi institut statist purpos pertain execut board ecb popul mfi resid euro area constitut actual report popul ncb entitl grant derog small mfi mfi contribut monthli consolid balanc sheet account total mfi balanc sheet particip member state derog enabl ncb appli method quot cut tail quot statist report oblig establish consolid balanc sheet actual resid report popul report statist inform relat balanc sheet monthli basi inform requir quarterli basi statist inform report annex ecb regul ec ecb relev statist data collect ncb defin report procedur ecb regul ec ecb prevent ncb collect actual report popul statist inform fulfil statist requir ecb part broader statist report framework ncb establish respons accord commun nation law establish practic serv statist purpos prejudic fulfil statist requir set ecb regul ec ecb specif case ecb reli statist inform collect purpos fulfil requir consequ derog grant ncb defin small mfi concern subject reduc report oblig impli inter alia quarterli report compulsori context minimum reserv annex ii ecb regul ec ecb requir small mfi credit institut set annex iii ecb regul ec ecb mfi grant derog option fulfil full report requir statist inform ecb regul minimum reserv minimis report burden avoid duplic collect statist inform statist inform relat balanc sheet report mfi ecb regul ec ecb calcul reserv base ecb regul ec ecb statist purpos report agent report data respect ncb accord framework tabl includ annex ecb regul ec ecb tabl box mark quot quot report institut calcul reserv base box chapter present quot gener document quot order make correct calcul reserv base posit reserv ratio appli detail breakdown requir deposit agre matur year deposit redeem notic year repo liabil credit institut vi vi quot domest quot quot mum quot quot mfi quot quot ci subject minimum reserv ecb ncb quot quot central govern quot sector vi vi rest world row gt pic file quot en ep quot gt gt pic file quot en ep quot gt depend nation collect system prejudic full complianc definit classif principl mfi balanc sheet set ecb regul ec ecb credit institut subject reserv requir altern report data calcul reserv base negoti instrument accord tabl provid bold print posit previou tabl affect gt pic file quot en ep quot gt annex ii ecb regul ec ecb specif transit provis provis merger involv credit institut respect applic minimum reserv system annex ii ecb regul ec ecb includ report scheme credit institut quot tail quot credit institut quot tail quot report minimum quarterli data calcul reserv base accord tabl institut ensur report tabl fulli consist definit classif applic tabl quot tail quot institut reserv base data month reserv mainten period base end quarter data collect ncb deadlin work dai end quarter relat annex ii ecb regul ec ecb includ provis report consolid basi receiv authoris european central bank ecb credit institut subject minimum reserv carri consolid statist report group credit institut subject minimum reserv singl nation territori provid institut concern renounc benefit lump sum allow reserv requir benefit lump sum allow remain group institut concern includ separ ecb list monetari financi institut mfi gt pic file quot en ep quot gt annex ii ecb regul ec ecb includ provis appli case merger involv credit institut annex term quot merger quot quot merg institut quot quot acquir institut quot mean determin ecb regul ec ecb mainten period merger take effect reserv requir acquir institut calcul fulfil set articl ecb regul ec ecb consecut reserv mainten period reserv requir acquir institut calcul basi reserv base statist inform accord specif rule tabl appendix annex ii ecb regul ec ecb applic normal rule report statist inform calcul reserv requir set articl ecb regul ec ecb appli relev ncb authoris acquir institut fulfil oblig report statist inform temporari procedur derog normal report procedur limit minimum time case exce month merger effect derog prejudic oblig acquir institut fulfil report oblig accord ecb regul ec ecb applic oblig assum report oblig merg institut acquir institut oblig inform relev ncb intent merg public good time merger take effect procedur intend implement fulfil statist report oblig relat determin reserv requir verif compulsori collect ecb ncb exercis compet verifi compulsorili collect statist inform minimum standard transmiss accuraci conceptu complianc revis fulfil minimum standard set annex ecb regul ec ecb particip member state regul articl statut confer right impos oblig member state derog articl statut denmark articl protocol provis relat denmark applic unit kingdom articl protocol provis relat unit kingdom great britain northern ireland ecb regul ec ecb applic particip member state articl statut compet ecb ncb field statist council regul ec applic member state impli articl articl treati oblig particip member state design implement nation level measur order carri collect statist inform need fulfil ecb statist report requir time prepar field statist order particip member state oblig made explicit articl recit council regul ec reason transpar special oblig recal recit ecb regul ec ecb content annex provid inform purpos relev legal act report monei bank statist council regul ec novemb collect statist inform ecb regul ec european central bank decemb consolid balanc sheet monetari financi institut sector ecb annex eurosystem websit gt tabl gt annex procedur sanction appli event complianc counterparti oblig financi penalti event infring counterparti tender rule bilater transact rule rule underli asset end dai procedur access condit margin lend facil eurosystem appli financi penalti infring rule relat tender oper bilater transact underli asset infring occur month period financi penalti appli infring financi penalti appli comput margin lend rate percentag point infring rule relat tender oper bilater transact financi penalti calcul basi amount collater cash counterparti settl multipli coeffici infring rule relat underli asset financi penalti calcul basi amount inelig asset provid counterparti nation central bank ecb remov counterparti grace period work dai event elig asset inelig multipli coeffici ii time rule end dai procedur access margin lend facil infring financi penalti appli comput percentag point event repeat infring penalti interest rate increas percentag point time occur month period calcul basi amount unauthoris access margin lend facil financi penalti eurosystem suspend counterparti infring rule relat tender oper bilater transact rule underli asset set suspens infring rule relat tender oper bilater transact infring type occur month period eurosystem suspend counterparti subsequ open market oper type execut procedur initi period addit financi penalti calcul accord rule outlin section suspens appli accord scale amount deliv collater cash total collater cash deliv occas infring suspens month appli ii amount deliv collater cash total collater cash deliv occas infring suspens month appli iii amount deliv collater cash total collater cash deliv occas infring suspens month appli financi penalti suspens measur appli prejudic section success infring month period suspens infring rule underli asset infring occur month period eurosystem suspend counterparti subsequ open market oper addit financi penalti calcul accord section financi penalti suspens measur appli prejudic section success infring month period suspens access futur monetari polici oper period except case except case requir account serious case complianc take account amount involv frequenc durat case complianc consider addit financi penalti calcul accord section suspens counterparti access futur monetari polici oper period month institut locat member state eurosystem decid suspens measur propos vi vi compliant counterparti appli branch institut locat member state appli counterparti transfer suffici amount underli asset settl amount liquid allot liquid provid oper deliv suffici amount cash settl amount allot liquid absorb oper appli counterparti deliv suffici amount elig underli asset deliv suffici amount cash settl amount agre bilater transact appli counterparti asset inelig secur outstand credit appli counterparti neg balanc settlement account end dai fulfil access condit margin lend facil financi penalti case complianc rule asset consid elig intradai credit purpos foreseen target legal framework case complianc cover guidelin annex ii addit minimum common featur addit minimum common featur applic arrang monetari polici oper relev contractu regulatori arrang appli ncb ensur standard term condit applic monetari polici oper relev contractu regulatori arrang appli ncb ensur ncb implement amend monetari polici framework undu delai provis made notic commun certainti moment legal effect counterparti relev contractu regulatori arrang appli ncb stipul payment relat monetari polici oper foreign currenc payment foreign exchang swap agreement euro constitut transact agreement singl contractu arrang constitut agreement master agreement order effect close termin net provis includ relev contractu regulatori arrang appli ncb ensur relationship ncb counterparti unambigu rule relat form includ confirm term transact data carrier mean specif commun place relev contractu regulatori arrang appli ncb provid event default materi decis made compet judici author implement relat counterparti procedur wind counterparti appoint liquid analog offic counterparti analog procedur decis made compet judici author implement relat counterparti reorganis measur analog procedur intend safeguard restor financi situat counterparti avoid make decis kind refer declar counterparti write inabl pai part debt meet oblig aris relat monetari polici transact voluntari gener agreement arrang enter creditor counterparti deem insolv deem unabl pai debt procedur step preliminari decis represent pre contractu statement made counterparti impli made counterparti applic provis law incorrect untru counterparti authoris conduct activ direct ec relat take pursuit busi credit institut subsequ amend direct eec invest servic secur field subsequ amend implement relev member state eurosystem suspend revok counterparti suspend expel membership payment system arrang payment monetari polici transact made foreign exchang swap transact suspend expel membership secur settlement system settlement eurosystem monetari polici transact measur refer articl direct ec relat take pursuit busi credit institut subsequ amend counterparti relat revers transact counterparti fail compli provis risk control measur relat repurchas transact counterparti fail pai purchas price repurchas price fail deliv purchas repurchas asset relat collateralis loan counterparti fail deliv asset reimburs credit applic date payment deliveri relat foreign exchang swap transact fix term deposit counterparti fail pai euro amount relat foreign exchang swap transact fail pai foreign currenc amount applic date payment occurr event default materi defin claus relat counterparti agreement conclud purpos manag foreign reserv fund member eurosystem counterparti fail provid relev inform caus sever consequ ncb concern counterparti fail perform oblig arrang revers transact foreign exchang swap transact capabl remedi remedi failur maximum dai case collateralis transact maximum dai foreign exchang swap transact notic ncb requir event default occur relat counterparti agreement member eurosystem enter purpos effect monetari polici oper respect member eurosystem exercis close transact agreement reason event default event automat event automat event automat discretionari perfect servic notic default notic default provid quot grace period quot maximum busi dai rectifi event question event default discretionari provis exercis discret provid certainti effect exercis relev contractu regulatori arrang appli ncb ensur event default occur ncb entitl exercis remedi suspens counterparti access open market oper termin outstand agreement transact demand acceler perform claim matur conting addit ncb entitl exercis remedi deposit counterparti ncb set claim counterparti suspend perform oblig counterparti claim counterparti satisfi claim default interest claim indemn loss sustain consequ default counterparti addit relev contractu regulatori arrang appli ncb ensur event default occur ncb legal posit realis asset provid collater undu delai entitl ncb realis credit provid counterparti settl neg balanc promptli relev contractu regulatori arrang appli ncb ensur ncb obtain relev inform counterparti relat eurosystem monetari polici oper relev contractu regulatori arrang appli ncb provid notic commun written electron form relev contractu regulatori arrang appli ncb provid certainti notic commun effect period effect long alter econom effect arrang confirm deliv promptli check promptli relev contractu regulatori arrang appli ncb provid right oblig counterparti assign charg dealt counterparti prior written consent ncb relev contractu regulatori arrang appli ncb provid ncb identifi counterparti right oblig aris transact allow relationship ncb ecb aris cross border elig asset oper effect counterparti act network institut relev contractu arrang appli ncb stipul govern law relev contractu regulatori arrang appli ncb transact arrang cross border elig asset requir member state ncb situat place disput resolut prejudic compet court justic european commun offici court member state deposit arrang settlement take pai fix term deposit take place dai ecb announc deposit oper ii addit minimum common featur revers transact featur common revers transact date revers leg transact fix time enter transact relev contractu regulatori arrang appli ncb defin quot busi dai quot relat oblig make payment dai relev part target oper effect payment relat oblig deliv asset dai secur settlement system deliveri made open busi place deliveri relev secur effect mechan chang euro amount euro rate ecb daili euro foreign exchang refer rate spot rate exchang ecb busi dai dai convers made sale euro purchas currenc featur exclus repurchas transact sale elig asset euro cash simultan agreement sell back euro cash equival asset time oblig sell back equival asset defin equival asset issuer form part issu irrespect date issu ident type nomin amount descript asset comparison made asset respect comparison made convert redenomin call made thereon definit equival modifi case convers asset convert case call made asset equival asset paid asset provid seller paid buyer sum equal call case redenomin asset equival asset origin asset redenomin sum monei equal differ asset redenomin event default entitl ncb termin close outstand transact materi provis set point relev contractu regulatori arrang appli ncb provis relat net aim achiev econom effect equival set occurr event default repurchas date transact deem immedi occur subject provis equival margin asset immedi deliver perform respect oblig parti regard deliveri asset payment repurchas price repurchas asset effect accord provis altern repurchas transact termin default market valu repurchas asset equival margin asset transfer repurchas price paid parti establish ncb transact repurchas date ii basi sum establish calcul made ncb repurchas date due parti sum due parti set sum due net balanc payabl parti claim valu lower amount net balanc due payabl dai relev part target oper effect payment purpos calcul sum denomin euro convert euro relev date rate calcul accord point quot default market quot mean regard asset date market asset default valuat time calcul basi repres price busi dai preced valuat date ii absenc repres price asset busi dai preced valuat date trade price trade price ncb defin price take account price identifi asset refer market iii case asset market exist reason method valuat iv ncb sold default valuat time asset equival asset market price net proce sale deduct reason cost fee expens incur connect sale calcul made amount determin ncb relev contractu regulatori arrang appli ncb includ provis substitut collater arrang ensur complianc requisit risk control measur maintain relev contractu regulatori arrang appli ncb includ provis margin paid return cash provis made oblig return provid margin satisfi cash amount interest attribut featur exclus collateralis loan arrang asset provid collateralis loan arrang pledg legal realis prior claim asset concern parti includ liquid author case insolv interven successfulli claim asset pledg absenc fraud right attach ncb legal posit realis econom asset pledg context liquid provid oper pre circumst materi set point reflect circumst ncb treat counterparti default repurchas arrang collateralis loan arrang possibl oper enter intradai basi extend overnight oper iii addit minimum common featur foreign exchang swap arrang transact constitut simultan spot forward sale purchas euro foreign currenc relev contractu regulatori arrang appli ncb includ provis time mechan transfer payment date forward sale purchas fix time enter transact relev contractu regulatori arrang appli ncb defin foreign currenc spot rate forward rate transfer date retransf date accord quot foreign currenc quot law currenc euro quot spot rate quot mean relat specif transact rate calcul accord point appli convert euro amount amount foreign currenc relev transact parti oblig transfer transfer date payment euro amount rate set confirm quot forward rate quot mean rate calcul accord point appli convert euro amount amount foreign currenc parti oblig transfer retransf date payment euro amount rate set confirm defin relev contractu regulatori arrang appli ncb quot retransf foreign currenc amount quot mean amount foreign currenc requir purchas euro amount retransf date quot transfer date quot mean regard transact date time date transfer euro amount parti effect avoid doubt date time date parti agre settlement transfer euro amount occur quot retransf date quot mean regard transact date time date parti retransf euro amount relev contractu regulatori arrang appli ncb provid event point lead close outstand transact provid close includ termin net place event default entitl ncb termin close outstand transact materi provis set point relev contractu regulatori arrang appli ncb provis relat net aim achiev econom effect equival set event default occur transact deem termin replac valu euro retransf foreign currenc amount establish ncb basi replac valu amount preserv ncb econom equival payment requir basi sum establish calcul made ncb retransf date due parti sum due parti convert accord point euro set sum due net balanc payabl parti claim valu lower amount net balanc due payabl dai relev part target oper effect payment