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In order to be eligible as collateral for Eurosystem credit operations, non-marketable assets must comply with the eligibility criteria specified in section 6.2.2 of the General Documentation. Two types of non-marketable assets are eligible as collateral: credit claims and non-marketable retail mortgage-backed debt instruments (RMBDs).
| Eligibility criteria | Non-marketable assets | |
|---|---|---|
| Type of asset | Credit claims | RMBDs |
| Credit standards | The debtor / guarantor must meet high credit standards. The creditworthiness is assessed using Eurosystem credit assessment framework (ECAF) rules for credit claims. | The asset must meet high credit standards. The high credit standards are assessed using ECAF rules for RMBDs. |
| Handling procedures | Eurosystem procedures | Eurosystem procedures |
| Type of debtor / guarantors | Public sector | Credit institutions that are eligible counterparties |
| Non-financial corporations | ||
| International and supranational institutions | ||
| Place of establishment of the debtor or guarantor | Euro area | Euro area |
| Currency | Euro | Euro |
| Minimum size | Minimum size threshold at the time of submission of the credit claim. | Not applicable |
| Between 1 January 2007 and 31 December 2011: | ||
| - for domestic use: choice of the NCB; | ||
| - for cross-border use: common threshold of € 500,000. * | ||
| As from 1 January 2012: | ||
| common minimum threshold of € 500,000 throughout the euro area. | ||
| Governing laws related to credit claims | Governing law for credit claim agreement and mobilisation: law of a Member State of the euro area. | Not applicable |
| The total number of different laws applicable to | ||
| (i) the counterparty, | ||
| (ii) the creditor, | ||
| (iii) the debtor, | ||
| (iv) the guarantor (if relevant), | ||
| (v) the credit claim agreement and | ||
| (vi) the mobilisation agreement | ||
| shall not exceed two. | ||
| Cross-border use | Yes | Yes |
* The Banque centrale du Luxembourg (BcL) will apply the common minimum threshold for cross-border use as from 1 January 2008 at the latest. Until then, BcL will apply a minimum threshold of €1,000,000.
For details, see the
For non-marketable assets, the ECB will neither publish a list of eligible non-marketable assets nor a list of eligible debtors/guarantors. The NCBs are responsible for assessing the eligibility of non-marketable assets (i.e. credit claims and retail mortgage-backed debt instruments (RMBDs)) in accordance with the eligibility criteria for non-marketable assets set out in Section 6.2.2 of the General Documentation.
For the eligibility assessment, the NCBs determine the procedures in order to carry out the eligibility checks. To check whether a non-marketable asset is eligible, please contact the NCB.
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