In contrast to marketable assets , non marketable assets are assessed for eligibility only at the time of their acceptance .

Article 1 Widening of certain eligibility criteria for collateral 1 .

Extension of temporary changes to the rules relating to the eligibility of collateral

Official Journal of the European Union Eligibility criteria Marketable assets ( 1 ) Non marketable assets ( 2 )

In Chapter 6 the eligibility criteria for underlying assets in monetary policy operations are defined .

In Chapter 6 , the eligibility criteria for underlying assets in monetary policy operations are defined .

In Chapter 6 the eligibility criteria for underlying assets in monetary policy operations are defined .

In Chapter 6 , the eligibility criteria for underlying assets in monetary policy operations are defined .

In addition , it is responsible for advising on the minimum required level of credit quality of new asset classes that from time to time are proposed for inclusion in the eligible collateral pool of the Eurosystem .

The eligibility criteria for these assets are set by the NCBs , subject to the minimum eligibility criteria established by the ECB .

2000X0776 EN 01.03.2010 007.001 45 M5 Eligibility criteria Marketable assets ( 1 ) Non marketable assets ( 2 )

Table 4 Eligible assets for Eurosystem monetary policy operations Eligibility criteria Marketable assets ( 1 ) Non marketable assets ( 2 )

However , the respondents call for more transparency with regard to the procedures used to determine the eligibility of assets .

Table 4 Eligible assets for Eurosystem monetary policy operations Eligibility criteria Marketable assets ( 1 ) Non marketable assets ( 2 ) Type of asset

Marketable assets issued by non financial corporations without a rating from an external credit assessment institution ( ECAI ) for the issue , issuer or guarantor are not included in the public list of eligible marketable assets .

Eligibility specifications for underlying assets The ECB establishes , maintains and publishes a list of eligible marketable assets ( 4 ) .

Tier two assets consist of assets which are of particular importance for national financial markets and banking systems and for which eligibility criteria are established by the NCBs , subject to the minimum eligibility criteria established by the ECB .

Tier two consists of assets which are of particular importance for national financial markets and banking systems and for which eligibility criteria are established by the NCBs , subject to minimum eligibility criteria established by the ECB .

The ECB risk management function is responsible for assessing and monitoring the different sources of credit risk information used by the Eurosystem in the assessment of the credit standards used to grant eligibility to financial assets .

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

The eligibility criteria for marketable assets have been kept sufficiently general and , as a result , the collateral framework has remained responsive to market innovations and follows market developments .

Marketable assets issued by non financial corporations without a rating from an external credit assessment institution ( ECAI ) for the issue , issuer or guarantor are not included in the public list of eligible marketable assets .

6.2 ELIGIBILITY SPECIFICATIONS FOR UNDERLYING ASSETS The ECB establishes , maintains and publishes a list of eligible marketable assets .

Eligibility criteria for tier two assets are established by the national central banks in accordance with the minimum eligibility criteria stated below .

Tier two assets have to fulfil the following minimum eligibility criteria ( see also Table 4 )

Eligibility criteria for tier two assets are established by the national central banks in accordance with the minimum eligibility criteria stated below .

Eligibility criteria for tier two assets are established by the national central banks in accordance with the minimum eligibility criteria stated below .

There shall thus be no pre issuance advice .'

Generally speaking , they take the view that one central database with an optimal functionality is required to check the eligibility of assets , particularly when the list of eligible collateral widens .

2000X0776 EN 01.03.2010 007.001 39 M5 6.2.1 .

The following eligibility criteria are applied to other tier one assets ( see also Table 4 )

Eligible assets

to receive credit from the national central bank of the Member State in which the counterparty is established ( see Section 6.6 ) . Table 4 Eligible assets for Eurosystem monetary policy operations Eligibility criteria Type of asset Credit standards Marketable assets 1 ) ECB debt certificates .

Total assets Total assets of branches Total assets of subsidiaries

For underlying assets used in liquidity absorbing reverse open market operations , the eligibility criteria are identical to those applied for underlying assets used in liquidity providing reverse open market operations .

and tier two consists of additional assets , marketable and non marketable , which are of particular importance to national financial markets and banking systems and for which eligibility criteria are established by the national central banks , subject to the minimum eligibility criteria established by the ECB .

The Eurosystem has defined specific eligibility criteria and a specific credit assessment framework for the non marketable assets that are uniform across the euro area in order to ensure that these assets comply with similar collateral standards as marketable assets .

However , as the eligibility of these assets is not assessed in advance of their acceptance , the potential volume of such assets cannot easily be measured .

This implies that all Eurosystem counterparties must be able to use such assets either through links with their domestic SSS or through other eligible arrangements to receive funds from the national central bank of the Member State in which the counterparty is established ( see Section 6.6 ) .

23 or debt instruments with an income flow ( e.g. a coupon payment ) occurring in the period up to the maturity date of the monetary policy operation for which they are being used as underlying assets . All tier two assets must be usable in a crossborder context in the whole euro area .

For these debt instruments , the eligibility status is dependent on the credit assessment of the credit assessment source chosen by the respective counterparty in accordance with the ECAF rules applicable to credit claims as set out in Section 6.3.3 .

Summary table Partner country eligibility for participation per application deadline

Eligible assets General considerations for which eligibility criteria are established by the national central banks , subject to the minimum eligibility criteria established by the ECB .

With regard to the Eurosystem 's collateral framework , the Eurosystem specified in 2006 the eligibility criteria for non marketable assets to be included in the single list of collateral .

The few tier two assets that do not qualify under the eligibility criteria for the single list will be phased out gradually .