Through the main refinancing operations the Eurosystem lends funds to its counterparties .

The main counterparts of the US deficit are to be found in Asia and in oil exporting countries .

The main exceptions followed episodes of insufficient bidding by the Eurosystem 's counterparties in the main refinancing operations . Such episodes occurred in February , April , October and November .

Slovenian counterparties were consequently able to participate in the Eurosystem 's main refinancing operations from 3 January 2007 .

relevant contractual or regulator y 2 Collateral arrangements applied by their NCB ( or by the Article 18.1 of the Statute of the ESCB allows ECB ) , so as to ensure the efficient conduct of the ECB and the NCBs to transact in financial Eurosystem monetary policy operations .

All counterparties fulfilling the general eligibility criteria ( as specified in Section 2.1 ) may submit tender bids for the longer term refinancing operations

The Slovenian counterparties of the Eurosystem will be able to participate in the Eurosystem 's main refinancing operations for the first time on 3 January 2007 .

Counterparties

COUNTERPARTIES

All counterparties fulfilling the general eligibility criteria ( as specified in Section 2.1 ) may submit tender bids for the main refinancing operations

all counterparties fulfilling the general eligibility criteria ( as specif ied in Section 2.1 ) may submit bids for the longerterm refinancing operations

all counterparties fulfilling the general eligibility criteria ( as specified in Section 2.1 ) may submit tender bids for the longer term refinancing operations

all counterparties fulfilling the general eligibility criteria ( as specified in Section 2.1 ) may submit bids for the main refinancing operations

CHART V Euro area balance of payments foreign direct investment ( FDI ) by main counterparts ( EUR billions

all counterparties fulfilling the general eligibility criteria ( as specified in Section 2.1 ) may submit bids for the main refinancing operations

all counterparties fulfilling the general eligibility criteria ( as specified in Section 2.1 ) may submit bids for the main refinancing operations

all counterparties fulfilling the general eligibility criteria ( as specified in Section 2.1 ) may submit tender bids for the main refinancing operations

all counterparties fulfilling the general eligibility criteria ( as specified in Section 2.1 ) may submit bids for the main refinancing operations

all counterparties fulfilling the general eligibility criteria ( as specified in Section 2.1 ) may submit bids for the main refinancing operations

The Cypriot and Maltese counterparties of the Eurosystem will be able to participate in the Eurosystem 's main refinancing operations for the first time on 3 January 2008 .

Eligible counterparties

Central counterparties .

Eligible Counterparties

Access at the discretion of counterparties Deposits

Access at the discretion of counterparties Access at the discretion of counterparties

The ECB aims to ensure that counterparties in all Member States can participate in the main and the longer term refinancing operations .

The ECB aims to ensure that counterparties in all Member States can participate in the main and the longer term refinancing operations .

2.3.3 COUNTERPARTIES 41 .

This implies that if the regularly measured market value of the underlying assets falls below a certain level , counterparties have to supply additional assets ( or cash ) .

Reserve base the sum of the eligible balance sheet items ( in particular liabilities ) that constitute the basis for calculating the reserve requirement of a credit institution .

The key functions and activities which are likely to give rise to risks for European markets , investors or counterparties are required to be undertaken by EU established entities , operating subject to harmonised rules .

Access at the discretion of counterparties Access at the discretion of counterparties

other counterparties in the transfer 2 .

Remaining assets ( 1 ) Central counterparties .

CHAPTER 2 Eligible counterparties 2.1 .

Bilateral procedures

Access at the discretion of counterparties Access at the discretion of counterparties

The allotment to the counterparties is

Access at the discretion of counterparties Access at the discretion of counterparties

Box 4.1 Counterparties and collateral 1 Counterparties in which it is established . If a credit institution has establishments ( a head office and branches ) in more than one Member State , each establishment has access to these operations through the NCB of the Member State in which it is located .

However , they did participate in the liquidity absorbing fine tuning operations which were conducted on 2 and 3 January , depositing Euros 0.3 and Euros 0.5 billion with the Eurosystem . On entering the euro area , the central banks of Cyprus and Malta also adopted the collateral ECB Annual Report 2007

Dealing with eligible counterparties ( article 22 ) .....

Three counterparties submit the following bids

Bilateral procedures Standard tenders Bilateral procedures

Overnight Overnight