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ECB The implementation of monetary policy in the euro area November 2008 Glossary

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The ESCB will use repurchase agreements with a fixed maturity in its reverse transactions .

Cross border settlement a settlement which takes place in a country other than the country or countries in which one or both of the parties to the trade are located . Custodian an entity which undertakes the safekeeping and administration of securities and other financial assets on behalf of others .

Day count convention the convention regulating the number of days included in the calculation of interest on credits .

Day count convention the convention regulating the number of days included in the calculation of interest on credits .

Custodian an entity which undertakes the safekeeping and administration of securities and other financial assets on behalf of others .

financial instruments ) occurs if , and only if , the final transfer of another asset ( or other assets ) occurs .

Dematerialisation the elimination of physical certificates or documents of title which represent ownership of financial assets so that the financial assets exist only as accounting records .

Day count convention the convention regulating the number of days included in the calculation of interest on credits .

M5 Custodian an entity which undertakes the safekeeping and administration of securities and other financial assets on behalf of others . Day count convention the convention regulating the number of days included in the calculation of interest on credits .

Delivery versus payment or delivery against payment system a mechanism in an exchangefor value settlement system which ensures that the final transfer of assets ( securities or other Glossary

Counterparty the opposite party in a financial transaction ( e.g. in a transaction with the central bank ) .

Day count convention the convention regulating the number of days included in the calculation of interest on credits .

Custodian an entity which undertakes the safekeeping and administration of securities and other financial assets on behalf of others .

Depository an agent with the primary role of recording securities either physically or electronically and keeping records of the ownership of the securities . Dutch auction see single rate auction .

Delivery versus payment or delivery against payment system a mechanism in an exchange for value settlement system which ensures that the final transfer of assets ( securities or other financial instruments ) occurs if , and only if , the final transfer of another asset ( or other assets ) occurs .

Day count convention the convention regulating the number of days included in the calculation of interest on credits .

Deposit facility a standing facility of the Eurosystem which counterparties may use to make overnight deposits remunerated at a pre specified interest rate .

Interest rate swap a contractual agreement to exchange cash flows representing streams of periodic interest payments with a counterparty either in one currency or , in the case of cross currency transactions , in two different currencies .

Usually no actual delivery takes place the contract is normally closed out before the agreed maturity .

75 Custodian an institution that undertakes the safekeeping and administration of securities and other financial assets on behalf of others .

Currency hedge transaction an agreement entered into between the issuer and a hedge counterparty , pursuant to which a portion of the currency risk arising from the receipt of cash flows in non euro currency is mitigated by swapping the cash flows for euro currency payments to be made by the hedge counterparty , including any guarantee by the hedge counterparty of those payments .

B Transaction costs costs that are identifiable as related to the specific transaction .

M7 Currency hedge transaction an agreement entered into between the issuer and a hedge counterparty , pursuant to which a portion of the currency risk arising from the receipt of cash flows in non euro currency is mitigated by swapping the cash flows for euro currency payments to be made by the hedge counterparty , including any guarantee by the hedge counterparty of those payments .

and ( c ) accepted as a means of payment by undertakings other than the issuer . Cross border settlement a settlement which takes place in a country other than the country or countries in which one or both of the parties to the trade are located .

and ( c ) accepted as a means of payment by undertakings other than the issuer . Cross border settlement a settlement which takes place in a country other than the country or countries in which one or both of the parties to the trade are located .

The draft Regulation does not contain an explicit reference date from which the proposed rules are to be applied .

Custodian an institution that undertakes the safekeeping and administration of securities and other financial assets on behalf of others .

Delivery versus payment ( DVP ) system a mechanism in an exchange for value settlement system that ensures that the final transfer of an asset occurs if and only if the final transfer of another ( other ) asset ( s ) occurs . Dematerialisation the elimination of physical certificates or documents of title which represent ownership of financial assets so that the financial assets exist only as accounting records .

Delivery versus payment system ( DVP ) a mechanism in an exchange for value settlement system that ensures that the final transfer of an asset occurs if and only if the final transfer of another ( other ) asset ( s ) occurs .

Extended Custodial Inventory ( ECI ) programme a programme which consists of a depot outside the euro area managed by a commercial bank in which euro banknotes are held in custody on behalf of the Eurosystem for the supply and receipt of euro banknotes .

Transmission date ( 3 ) Reference date ( 2 ) Day Date

Transmission date ( 2 ) Reference date ( 1 ) Day Date

Custodian an entity which undertakes the safekeeping and administration of securities and other financial assets on behalf of others .

Delivery versus payment ( DVP ) or delivery against payment system a mechanism in an exchange for value settlement system which ensures that the final transfer of assets ( securities or other financial instruments ) occurs if , and only if , the final transfer of another asset ( or other assets ) occurs .

Monthly reporting Transmission date ( 2 ) Reference date ( 1 ) Day Date Reference date ( 1 )

For the year 2002 , the following timetable shows which template is recommended to be used and when .

This was the date on which , in principle , all restrictions on the movement of capital between Member States were to be abolished .

For the year 2005 , the following timetable shows which template is recommended to be used and when .