This credit risk is mitigated by the use of collateral . The use of adequate collateral .

Links become eligible for Eurosystem credit operations if they fulfil the Eurosystem 's nine user standards .

Evolution of the custody arrangement for international debt securities and their eligibility in Eurosystem credit operations

Assessment of securities settlement systems against user standards for Eurosystem credit operations

( ii ) Non paper based credit transfers credit transfers which the payer submits without the use of paper forms , i.e. electronically .

impose suspension of the use of credit ratings with effect throughout the Community

Where the Governing Council of the ECB has deemed these links eligible for use in Eurosystem credit operations they represent a valid alternative to the CCBM .

( ii ) Non paper based credit transfers credit transfers which the payer submits without the use of paper forms , i.e. electronically .

The expansion in the use of credit risk transfer products , and especially credit derivatives , intensified in 2002 .

Assessment of links between securities settlement systems against user standards for Eurosystem credit operations

These recommendations will have to be implemented to make the system fully eligible for use in Eurosystem credit operations .

Links become eligible for Eurosystem credit operations if they fulfil the Eurosystem 's user standards ( see Section 4 of Chapter 4 ) .

Use of the euro

and ( ii ) their rights arising from banking secrecy rules that would otherwise prevent or restrict the ability of the creditor of the credit claim to provide information on the credit claim or the debtor for the purposes of using the credit claim as collateral .

STATISTICS ON THE USE OF CROSSBORDER COLLATERAL Statistics on the use of cross border collateral for Eurosystem credit operations are published on the ECB 's website ( www.ecb.int ) .

Vendors of ERP systems or software for payments also have a role to play in bringing SEPA to corporates , public administrations and SMEs .

Undrawn credit lines ( e.g. undrawn facilities of revolving credit claims ) , current account overdrafts and letters of credit ( which authorise the use of credit but are not credit claims per se ) are not eligible .

Eligibility of debt instruments issued by the European Financial Stability Facility ( EFSF ) for use as collateral in Eurosystem credit operations

The use of more than one credit assessment source or system should be supported by the existence of an adequate business case .

The main credit assessment source chosen is expected to cover the largest number of submitted debtors by the counterparty .

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1.1 USING THE CCBM

Where the Governing Council of the European Central Bank ( ECB ) has deemed these links eligible for use in Eurosystem credit operations , they represent a valid alternative to the CCBM .

The use of more than one credit assessment source or system should be supported by the existence of an adequate business case .

Use of eligible assets deposited in country B by a counterparty established in country A in order to obtain credit from the national central bank of country A.

How a counterparty based in Spain can use eligible assets issued and deposited in Italy to obtain credit from the Banco de España

where other assets are used , they should carry little or no credit risk and little or no liquidity risk .

Insofar as the ECB 's Governing Council has deemed such links eligible for use in Eurosystem credit operations , they represent a valid alternative to the CCBM .

Use of the ECB 's name and logo

Furthermore , the Eurosystem would welcome the abolition of national restrictions on the use of SCT , such as the requirement to use pricing options other than SHARE for certain payments .

standard tenders and for accessing the standing facilities .

The CCB provides the necessary information to the HCB on the delivery and eligibility of the securities , while the HCB processes that information , conducts the valuation process ( including margin calls and valuation haircuts ) and provides liquidity to the counterparty ( by Chart How a counterparty based in Spain can use eligible assets issued and deposited in Italy to obtain credit from the Banco de España

Undrawn credit lines ( e.g. undrawn facilities of revolving credit loans ) , current account overdrafts and letters of credit ( which authorise the use of credit but are not bank loans per se ) are not eligible .

Chart 1 How a counterparty based in Spain can use eligible assets issued and deposited in Italy to obtain credit from the Banco de España

The CCBM framework has also been revised in order to allow for the integration of new euro area countries . In this context , the CCBM Agreement with Banka Slovenije was signed on 21 December 2006 .

In particular , the use of their credit assessments is subject to the availability to the Eurosystem of information on these assessments , as well as information for the comparison and the assignment ( mapping ) of the assessments with the ECAF credit quality steps and the credit quality threshold and for the implementation of performance monitoring ( see Section 6.3.5 ) .

The need for an efficient use of coins , including appropriate ordering by commercial banks , has been underlined in discussions between NCBs and credit sector associations .

( 8 ) The use of credit ratings for other than regulatory purposes is already provided for in the proposed regulation ( see Article 4 , second paragraph , of the proposed regulation ) .

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On 16 October 2008 the Governing Council assessed new custody arrangements for international debt securities and their eligibility in Eurosystem credit operations .

Financial penalties for cases of non compliance with the rules for the use of assets which are considered eligible only for intraday credit purposes are only foreseen within the TARGET legal framework .

Tier two assets may be marketable or non marketable debt instruments or they may consist of equities .

The possibility of making direct use of macroeconomic data or variables in the supervisory early warning process will be further investigated . Drawing on actual experience , which is for the time being confined to a limited number of countries , some organisational approaches have been explored to determine practical ways in which macroprudential analysis could be conducted at the national level , with a view to promoting the more widespread performance of this activity .

Release of credit