Projects will introduce methodologies and organisational decisions , faciUtating to collate and convert the existing credit transfer system into the European credit transfer system (ECTS).

Development of infra and inter university credit transfer system compatible with the ECTS.

Intra Eurosystem claims ( )

Claims equivalent to the transfer of foreign reserves

Claims equivalent to the transfer of foreign reserves ( )

The introduction of modular systems and credit transfer systems

Claims equivalent to the transfer of foreign reserves )

Intra Eurosystem claims claims equivalent to the transfer of foreign reserves ( only NCBs balance sheet )

Development of quality assurance systems

A retail payment system is a funds transfer system which handles a large volume of payments of relatively low value in such

University management. Quality assurance system and quality control. Mutual recognition of diplomas. Institutional contracts. Introduction of credit transfer system (ECTS). Participation in Thematic networks of Socrates.

The European Credit Transfer System is a system of academic credit allocation and transfer which has been developed experimentally over recent years in the European Union and introduced on a wide scale within the Socrates Erasmus programme.

Securities held for monetary policy purposes 7.2 . Other securities General government debt denominated in euro Other assets

Open market operation an operation executed on the initiative of the central bank in the financial markets involving one of the following transactions ( 1 ) buying or selling assets outright ( spot or forward ) ( 2 ) buying or selling assets under a repurchase agreement

Intra Eurosystem claims )

Intra Euro system claims ( )

Participating interest in the ECB Claims equivalent to the transfer of foreign reserves Claims related to promissory notes backing the issuance of ECB debt certificates Other claims with the Eurosystem ( net )

The mass transfer dominates the evolution of the system.

The transfer of ownership of the claims should be made prior to any refinancing operation , since the stock of claims is managed by the Banque de France as a pool of collateral that can be used for any credit operation .

Legal and technical prerequisites In order to use French private claims as collateral in their refinancing operations counterparties must meet the following legal and technical conditions they must sign a bilateral agreement with the Banque de France

Quick tenders are executed within a time frame of one hour and are restricted to a limited set of counterparties .

Solvency risk the risk of loss owing to the failure ( bankruptcy ) of an issuer of a financial asset or to the insolvency of the counterparty . Standard tender a tender procedure used by the Eurosystem in its regular open market operations .

Strip ( separate trading of interest and principal ) a zero coupon bond created in order to trade separately the claims on particular cash flows of a security and the principal of the same instrument .

The Eurosystem offers two overnight standing facilities the marginal lending facility and the deposit facility . Start date the date on which the first leg of a monetary policy operation is settled .

Standard tender a tender procedure used by the Eurosystem in its regular open market operations . Standard tenders are carried out within a time frame of 24 hours .

Settlement agent an institution that manages the settlement process ( e.g. the determination of settlement positions , monitoring the exchange of payments , etc .) for transfer systems or other arrangements that require settlement . Settlement risk a general term used to designate the risk that settlement in a transfer system will not take place as expected .

Solvency risk the risk of loss owing to the failure ( bankruptcy ) of an issuer of a financial asset or to the insolvency of the counterparty . Standard tender a tender procedure used by the Eurosystem in its regular open market operations .

RTGS ( real time gross settlement ) system a settlement system in which processing and settlement take place on an order by order basis ( without netting ) in real time ( continuously ) .

Credit system, recognition of diplomas, academic and scientific degrees

Loans 9,2

Standing facility a central bank facility available to counterparties at their own initiative . The ESCB will offer two overnight standing facilities the marginal lending facility and the deposit facility .

Establishing teaching quality assurance systems

b ) Monitoring of the stock of claims by the Banque de France Between transfer dates , the Banque de France monitors the eligibility of the claims and deletes from the database all claims that have reached maturity or have become ineligible .

Settlement date the date on which a transaction is settled . The settlement might take place on the same day as the trade ( same day settlement ) or can occur one or several days after the trade ( the settlement date is specified as the trade date ( T ) the settlement lag ) .

The 'Credit System' was implemented for the first time on September 14, 2002 in version 0.19a.

Factors affecting throughput The throughput of a communication system will be limited by a huge number of factors.

Settlement date the date on which a transaction is settled . The settlement might take place on the same day as the trade ( same day settlement ) or can occur one or several days after the trade ( the settlement date is specified as the trade date ( T ) the settlement lag ) .

Structural operation an open market operation executed by the Eurosystem mainly in order to adjust the structural liquidity position of the financial sector vis à vis the Eurosystem .

Solvency risk the risk of loss owing to the failure ( bankruptcy ) of an issuer of a financial asset or to the insolvency of the counterparty .

Moreover , the mobilisation of private claims is made by transfer of full title to the Banque de France .

ECB The implementation of monetary policy in the euro area September 2006 ANNEX 2 Standardised deduction the fixed percentage of the amount outstanding of debt securities with an agreed maturity of up to two years ( including money market paper ) which can be deducted from the reserve base by the issuers which cannot present evidence that such outstanding amount is held by other institutions subject to the minimum reserve system of the Eurosystem , by the ECB or by a national central bank .

Securities settlement system a system which permits the transfer of securities either free of charge or against payment . 1

The start date corresponds to the purchase date for operations based on repurchase agreements and foreign exchange swaps . Strip ( separate trading of interest and principal ) a zero coupon bond created in order to trade separately the claims on particular cash flows of a security and the principal of the same instrument .

Start date the date on which the first leg of a monetary policy operation is settled . The start date corresponds to the purchase date for operations based on repurchase agreements and foreign exchange swaps .

Multi purpose prepaid card a stored value card which can be used for a wide range of purposes and which has the potential to be used on a national or international scale , but which may sometimes be restricted to a certain area . A reloadable multi purpose prepaid card is also known as an electronic purse ( see also electronic money ) .