Glossary

CCBM

Correspondent Central Banking Model (CCBM): a mechanism established by the European System of Central Banks with the aim of enabling Counterparties to use underlying assets in a cross-border context. In the CCBM, national central banks act as custodians for one another. This means that each national central bank has a securities account in its securities administration for each of the other national central banks (and for the ECB).

Collateral

Securities offered to the Bank by the counterparty partaking in the monetary policy or intra day credit operation.

Correspondent Central Bank

The Central Bank holding the security on behalf of the lending Central Bank.

Counterparty

An institution engaged in Monetary Policy or Intra day credit operations with the Bank - all Counterparties offer the Bank collateral in the form of eligible securities to enable them borrow from the Bank in ECB operations.

Coupon

Coupon Payments due to the Counterparty on foot of their holding of a security with the Bank are paid on the due date following receipt of same from the Issuer.

Denomination

Currency of security.

EA Database

See Eligible Assets Database

ECB

European Central Bank.

Eligible Assets Database

The database maintained by the ECB containing details of all eligible assets in the euro area that may be used by Counterparties in monetary policy or intra day credit operations - this database is online at www.ecb.int and gives such details as nominal amount outstanding, coupon dates, maturity date, coupon rate, type of asset etc.

ESCB

European System of Central Banks (ESCB): refers to the European Central Bank (ECB) and the national central banks of the EU Member States. It should be noted that national central banks of Member States which have not adopted the single currency in accordance with the Treaty retain their powers in the field of monetary policy according to national law and are thus not involved in the conduct of the monetary policy of the Eurosystem.