Until they come back again, as a wise elderly or a trusted maid .

Such a system can operate on a real time gross settlement , gross settlement or net settlement basis .

To this end , the Pact prescribes that Member States specify medium term budgetary objectives .

Eurosystem staff projections are published in June and December whereas ECB staff projections are published in March and September .

Section 1 Settlement media Settlement media are assets or claims on assets which are used for payments .

M2 Section 1 Settlement media Settlement media are assets or claims on assets which are used for payments .

IIS dissolution o r liquidauon shall not give rise to any imposition .'

Its dissolution or liquidation shall not give rise to any imposition .

ANNEX 2 Lump sum allowance a fixed amount which an institution deducts in the calculation of its reserve requirement within the minimum reserve framework of the Eurosystem . Main refinancing operation a regular open market operation executed by the Eurosystem in the form of a reverse transaction .

They normally end on the day preceding the similar settlement day in the following month .

Maintenance period the period over which compliance with reserve requirements is calculated . The ECB publishes a calendar of the reserve main tenance periods at least three months before the start of each year .

Under special circumstances , the published calendar may be amended , depending , among other things , on changes in the schedule of Governing Council meetings .

Main refinancing operations are conducted through weekly standard tenders and normally have a maturity of one week . Maintenance period the period over which compliance with reserve requirements is calculated .

ECB The implementation of monetary policy in the euro area September 2006 81

Settlement agent an institution that manages the settlement process ( e.g. the determination of settlement positions , monitoring the exchange of payments , etc .) for transfer systems or other arrangements that require settlement . Settlement risk a general term used to designate the risk that settlement in a transfer system will not take place as expected .

Delivery versus payment ( DVP ) system a mechanism in an exchange for value settlement system that ensures that the final transfer of an asset occurs if and only if the final transfer of another ( other ) asset ( s ) occurs . Dematerialisation the elimination of physical certificates or documents of title which represent ownership of financial assets so that the financial assets exist only as accounting records .

Delivery versus payment system ( DVP ) a mechanism in an exchange for value settlement system that ensures that the final transfer of an asset occurs if and only if the final transfer of another ( other ) asset ( s ) occurs .

Internal rate of return shall mean a rate at which the accounting value of a security is equal to the present value of the future cash flow .

Delivery versus payment ( DVP ) or delivery against payment system a mechanism in an exchange for value settlement system which ensures that the final transfer of assets ( securities or other financial instruments ) occurs if , and only if , the final transfer of another asset ( or other assets ) occurs .

Standard 10 Cash settlement assets Assets used to settle payment obligations arising from securities transactions should carry little or no credit or liquidity risk .

Thus , the fact that there is no alternative system or payment arrangement available to settle retail payments or that the respective system achieves a high degree of market penetration should warrant close attention .

Settlement risk the risk that settlement in a transfer system will not take place as expected , usually owing to a party defaulting on one or more settlement obligations .

Included are equities and debt securities ( bonds and notes , and money market instruments ) , excluding amounts recorded in direct investment or reserve assets . Price stability the maintenance of price stability is the primary objective of the Eurosystem .

If they so request , settlement banks shall be notified of the successful settlement via a SWIFT MT 900 or MT 910 message .

If they so request , settlement banks shall be notified of successful settlement via a SWIFT MT 900 or 910 message .

If they so request , settlement banks shall be notified of successful settlement via a SWIFT MT 900 or MT 910 message .

Multi purpose prepaid card a stored value card which can be used for a wide range of purposes and which has the potential to be used on a national or international scale , but which may sometimes be restricted to a certain area . A reloadable multi purpose prepaid card is also known as an electronic purse ( see also electronic money ) .

If they so request , settlement banks shall be notified of the successful settlement via a SWIFT MT 900 or MT 910 message .'

If they so request , settlement banks shall be notified of successful settlement via a SWIFT MT 900 or 910 message .'

The ASs shall be notified on completion or failure of the settlement .

ASs shall be notified on completion or failure of the settlement .

Net settlement system ( NSS ) a funds transfer system , the settlement operations of which are completed on a bilateral or multilateral net basis . Quick tender a tender procedure to be used by the ESCB for fine tuning operations when it is deemed desirable to have a rapid impact on the liquidity situation in the market .

Interest rate future shall mean an exchange traded forward contract .

RTGS ( real time gross settlement ) system a settlement system in which processing and settlement take place on an order by order basis ( without netting ) in real time ( continuously ) .

Credit to euro area residents a broad measure of the financing of non Monetary Financial Institution ( MFI ) euro area residents ( including general government and the private sector ) provided by the MFI sector .

If they so request , settlement banks shall be notified of successful settlement via a SWIFT MT 900 or MT 910 message .

Central securities depository ( CSD ) an entity which holds and administers securities or other financial assets , holds the issuance accounts and enables transactions to be processed by book entry .

Bilateral procedure a procedure whereby the central bank deals directly with only one or a few counterparties , without making use of tender procedures .

Central securities depository ( CSD ) an entity which holds and administers securities or other financial assets , holds the issuance accounts , and enables transactions to be processed by book entry .

In this regard , payments on the asset backed securities depend primarily on the cash flows generated by the assets in the underlying pool and other rights designed to assure timely payment , such as liquidity facilities , guarantees or other features generally known as credit enhancements .

for settlement .

and settl .

for 3 ) settlement .

The reality, unfortunately, is a little different, and it has a lot to do with trust, or a lack of it.

Collateral assets pledged as a guarantee for the repayment of loans ( e.g. which credit institutions receive from central banks ) , as well as assets sold ( e.g. to central banks by credit institutions ) as part of repurchase agreements .