Ineligible for fundim

Ineligible expenses

The volume of potentially eligible non marketable assets therefore cannot easily be measured .

6.7 Ineligible expenses

Eligible equipment can be of two types

They must be denominated in euro .

This account can be used for all eligible assets held in Euroclear , i.e. including eligible assets transferred to Euroclear through eligible links .

Eligible instruments must not be cumulative , i.e. any unpaid amount should be forfeited and no longer due and payable .

This account can be used for all eligible assets held in Euroclear , i.e. including eligible assets transferred to Euroclear through eligible links .

Eligible guarantees must be unconditional and callable upon first demand .

The model may be used for all eligible assets .

5 Eligible guarantees must be unconditional and callable upon first demand .

( 37 ) Eligible guarantees must be unconditional and callable upon first demand .

All eligible marketable and non marketable assets must be usable in a cross border context throughout the euro area .

ECB The implementation of monetary policy in the euro area September 2006

For this purpose , a legal assessment in a form and with substance acceptable to the Eurosystem will have to be submitted before the assets can be considered eligible .

ECB The implementation of monetary policy in the euro area November 2008 CHAPTER 6 to be submitted before the assets can be considered eligible .

In exceptional circumstances or when required for monetary policy purposes , the ECB may decide to extend CCBM 's closing time until TARGET2 closing time . 6.6.2 LINKS BETWEEN SECURITIES SETTLEMENT SYSTEMS In addition to the CCBM , eligible links between EU SSSs can be used for the cross border transfer of marketable assets .

NCB under the provisions of Article 15 shall be treated as a collateralised , non remunerated loan granted to the eligible counterparties and to be repaid by them in accordance with Article 15 .

JriLiuAju lC that research activities are not eligible for funding.

In addition , only non subordinated tranches 5 are eligible .

4 The Eurosystem is considering whether to make such non marketable assets eligible throughout the euro area .

Specific solutions may be used for non marketable assets or tier two assets with restricted liquidity and special features which cannot be transferred through an SSS . 57 The CCBM may be used to collateralise all kinds of Eurosystem credit operations .

Furthermore , frontloading should only be permitted if eligible counterparties provide the relevant future Eurosystem NCB with sufficient eligible collateral .

For this purpose , a legal opinion in a form and with substance acceptable to the Eurosystem will have to be submitted before the assets can be considered eligible .

10 OJ L 145 of 30 April 2004 , page 1 .

This applies if a counterparty is using assets that are or have become ineligible to secure an outstanding credit .

Between 1 January 2007 and 31 December 2011 an intermediate regime will be in place , allowing each euro area NCB to determine the size threshold above which loans will be eligible for collateral purposes and to decide whether a handling fee should be applied .

48

Securities issued before or on that date will continue to be eligible for use as collateral throughout their lifetime .

Creditworthiness of the debtor Debtors must be financially sound to be eligible .

Eligible costs

ELIGIBLE COUNTRIES

Participants

Eligible Expenses

Eligible expenses

Eligible applicants

Eligible counterparties

Box 8

ELIGIBLE ASSETS

Eligible Counterparties

Eligible assets

6.3.1 SCOPE AND ELEMENTS The Eurosystem credit assessment framework ( ECAF ) defines the procedures , rules and techniques which ensure that the Eurosystem requirement of high credit standards for all eligible assets is met .

to the zero to one year maturity bucket of fixed coupon instruments in the liquidity category to which the instrument is assigned .

Eligible assets may be used on a cross border basis , by means of the correspondent central banking model ( CCBM ) or through eligible links between EU securities settlement systems ( SSS ) , to collateralise all types of Eurosystem credit .