Official Journal of the European Union

3 ) lending or borrowing against underlying assets as collateral

This framework will cover bank loans and non marketable retail mortgage backed debt instruments .

These are all retired old people.

( iii ) lending or borrowing against underlying assets as collateral

16 6.2.2 ELIGIBILITY CRITERIA FOR NON MARKETABLE ASSETS Two types of non marketable assets are eligible as collateral in the single framework for eligible assets credit claims and non marketable retail mortgage backed debt instruments ( RMBDs ) .

Since August 2000 , the Central Bank and Financial Services Authority of Ireland has been authorised to open such an account with Euroclear . This account can be used for all eligible assets held in Euroclear , i.e. including eligible assets transferred to Euroclear through eligible links .

This is due , for example , to the aggregation of various instruments within the currently defined maturity bands and the aggregation of secured and unsecured loans within the same category .

The most important instrument is the reverse transaction ( applicable on the basis of repurchase agreements or collateralised loans ) .

This operation consists of the issue of securities by the MFI creditor that are backed by loans on the books of that institution .

The high credit standards are assessed using ECAF rules for marketable assets . 3 ) Non marketable assets 2 ) Credit claims .

conduct credit operations with credit institutions and other market participants, with lending being based on adequate collateral.

conduct credit operations with credit institutions and other market participants , with lending being based on adequate collateral .

The most important instrument is reverse transactions ( applicable on the basis of repurchase agreements or collateralised loans ) .

conduct credit operations with credit institutions and other market participants , with lending being based on adequate collateral .

conduct credit operations with credit institutions and other market participants , with lending being based on adequate collateral .

conduct credit operations with credit institutions and other market participants , with lending being based on adequate collateral .

The most important instrument is the reverse transaction ( applicable on the basis of repurchase agreements or collateralised loans ) .

This framework will apply to bank loans and to non marketable retail mortgage backed debt instruments ( NRMDs ) ( see also the press release of 5 August 2004 ) .

There was, however, a distinction between senior and junior members.

It comprises loans secured on residential property that are used for the purpose of house purchase and other loans for house purchase made on a personal basis or secured against other forms of assets .

13 6.2.2 ELIGIBILITY CRITERIA FOR NON MARKETABLE ASSETS Two types of non marketable assets are eligible as collateral in the single framework for eligible assets credit claims and non marketable retail mortgage backed debt instruments ( RMBDs ) .

Handling procedures The credit claim must be handled according to the Eurosystem procedures as defined in the respective national documentation .

In particular , all lending to credit institutions must be collateralised as required by Article 18 of the Statute of the ESCB .

A third decision making body of the ECB is the General Council . EU Council a body made up of representatives of the governments of the Member States , normally the Ministers responsible for the matters under consideration ( therefore often referred to as the Council of Ministers ) .

Non marketable retail mortgage backed debt instruments are assets that stop short of fully fledged securitisation .

The Governing Council has also decided that non marketable retail mortgage backed debt instruments , which currently only include Irish mortgage backed promissory notes , shall be included in the Single List .

Loans Loans Loans Non MFIs Loans Loans Non MFIs Loans Loans Non MFIs Loans Loans Non MFIs Loans Loans Non MFIs Loans Loans Non MFIs Loans Loans Non MFIs Loans Loans Non MFIs Loans

Differences remain in collateral practices , not only for loans , but also for bank overdrafts .

In particular , these documents specify whether the HCB will base its operations on repos , collateralised loans ( e.g. pledges over assets ) or both .

Corresponding to other euro area fiches Mortgage loans secured by residential real estate , with variable interest rates Variable rate housing loans BISM .

Specific procedures for cross border use have been developed for non marketable assets , i.e. credit claims and RMBDs ( 49 ) .

Specific procedures for cross border use have been developed for non marketable assets , i.e. credit claims and RMBDs .

NonMFIs NonMFIs NonMFIs NonMFIs

Domestic Loans

NON MARKETABLE RETAIL MORTGAGE BACKED DEBT INSTRUMENTS The high credit standards for non marketable RMBDs must meet the Eurosystem 's credit quality threshold .

NON MARKETABLE RETAIL MORTGAGE BACKED DEBT INSTRUMENTS The high credit standards for non marketable RMBDs must meet the Eurosystem 's credit quality threshold .

Specific procedures for cross border use have been developed for nonmarketable assets , i.e. credit claims and RMBDs ( 21 ) .

This operation consists of an MFI creditor issuing securities that are backed by loans on its books Asset backed issues are not considered to be securitisation in the ESA 95 ( 1 ) .

Reverse repurchase agreements are recorded as collateralised loans on the asset side of the Balance Sheet but are not included in the ECB 's security holdings . They give rise to interest income in the Profit and Loss Account .

This method has been chosen by the Banque de France , the Central Bank and Financial Services Authority of Ireland and De Nederlandsche Bank for the mobilisation of , respectively , French private claims ( claims governed by French law on debtors established in France ) , Irish mortgage backed promissory notes , and Dutch private claims and bills of exchange . 3

Reverse repurchase agreements are recorded as collateralised loans on the asset side of the Balance Sheet but are not included in the ECB 's security holdings . They give rise to interest income in the Profit and Loss Account .

Loans Loans

Banks Banks Loans Loans

Other residents