Summary of legal instruments used in the euro area
For marketable assets and debt instruments backed by eligible credit claims
(DECCs)[1], in countries where the CCB offers two instruments (pledge and repo), the HCB generally chooses the instrument that it wishes to use, while also taking into account the preferences of the CCB[2].
Collateralisation methods/techniques supported by the central bank
1) Where applicable, i.e. in case eligible DECCs are issued in the respective NCBs' local CSD.
2) Excluding Irish Mortgage-Backed Promissory Notes which are earmarked against specific credit provisions.
3) In the case of Ireland, the pledge is affected by a fixed charge.
4) Although the pledge is the collateralisation technique preferred by the Banco de Portugal for the mobilisation of collateral deposited in Interbolsa, the repo can be used if required by the HCB/foreign counterparty.
5) Counterparties wanting to use the pledge technique must open an account in the Slovak SSS’s registration system.
6) In order to use pledge, counterparties must open accounts in Croatian CSD (SKDD).
[1] DECCs are considered as non-marketable assets in the Eurosystem collateral framework; however, procedurally they are mobilised in the same way as marketable assets but only via the standard CCBM.
[2] As regards triparty services, counterparties should be aware that the pledge with pooling collateralisation technique is used for all triparty models. Euroclear France using Model 3 also supports the repo technique for its counterparties.
CCBM information for counterparties - Summary of legal instruments used in the euro area 1
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