Section 5 Selected interbank funds transfer systems

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

1 . Participation in selected interbank funds transfer systems

Payments processed by selected interbank funds transfer systems

Payments processed by selected interbank funds transfer systems Tables 8 and 9 comprise data on transactions submitted to and processed in an interbank funds transfer system .

Section 5 Selected interbank funds transfer systems Interbank funds transfer systems ( IFTSs ) are included , whether managed by a central bank or a private operator .

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 ) .

State and local government Social security funds International organisations 7.1 .

Insurance corp. and pension funds Non financial corporations Central government State and local government Social security funds International organisations 7 .

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 .

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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 .

Settlement is the transfer of funds between the payer and the payee ( and between the payer 's bank and the payee 's bank ) .

Internal rate of return shall mean a rate at which the accounting value of a security is equal to the present value of the future cash flow .

Interest rate future shall mean an exchange traded forward contract .

Tables 8 and 9 comprise data on transactions submitted to and processed in an interbank funds transfer system .

NCBs MFIs other than central banks OFIs Insurance corp. and pension funds Non financial corporations Central government State and local government Social security funds International organisations

The ECB would therefore advise specifying that any funds received can only be used for the sole purpose of electronic transfer of funds from the e money holder to its payees .

( d ) cover payments to request the movement of funds between financial institutions related to an underlying customer credit transfer .

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 ) .

M2 Interbank funds transfer systems ( IFTSs ) are included , whether managed by a central bank or a private operator .

Insurance corporations and pension funds comprise non monetary financial corporations and quasi corporations principally engaged in financial interme diation as a consequence of the pooling of risks ( ESA 95 , paragraphs 2.60 2.67 ) .

Loans are funds lent by reporting agents to borrowers that are not evidenced by documents or are represented by a single document ( even if it has become negotiable ) .

A securities trade typically results in the delivery of securities ( securities leg ) and the transfer of cash funds ( cash leg ) .

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 .

the accessing and operation of payment systems for the purposes of transferring , clearing and settling funds , including any instruments and procedures relating to the systems .

Variable rate issues include all coupon paying issues where the coupon or principal is periodically re fixed by reference to an independent interest rate or index .

( c ) the accessing and operation of payment systems for the purposes of transferring , clearing and settling funds , including any instruments and procedures relating to the systems .

2 . the detailed analysis of the structure , activity , performance and competitiveness of pension funds , the development and distribution of total business , patterns of pension funds members , international activities , employment , investments and liabilities .

Treaty the Treaty establishing the European Community ( or EC Treaty ) .

Other equity comprises all transactions in other equity that are not covered by quoted and unquoted shares ( ESA 95 , paragraphs 5.94 5.95 ) .

Once the home central bank has been informed by the correspondent central bank that the collateral has been received , it transfers the funds to the counterparty .

when calculating the own funds at the level of the financial conglomerate , competent authorities shall also take into account the effectiveness of the transferability and availability of the own funds across the different legal entities in the group , given the objectives of the capital adequacy rules

of which fixed rate issues Total NCBs MFIs other than central banks OFIs Insurance corp. and pension funds Non financial corporations Central government State and local government Social security funds International organisations 7.2 .

of which floating rate issues Total NCBs MFIs other than central banks OFIs Insurance corp. and pension funds Non financial corporations Central government State and local government Social security funds International organisations 7.3 .

investment funds broken down by type of investment equity funds ( 11 ) , bond funds ( 12 ) , mixed funds ( 13 ) , real estate funds ( 14 ) and other funds ( 15 )

In this regard , the ECB strongly welcomes the fact that the changes to Article 70 of the proposed banking directive set out in the Council 's general approach will impose requirements with respect to the availability of own funds from the subsidiary to the parent undertaking and remove the requirement that there must be no impediments to the transfer of own funds from the parent undertaking to the subsidiary .

TARGET ( Trans European Automated Real time Gross settlement Express Transfer system ) the real time gross settlement ( RTGS ) system for the euro .

Reserve ratio the ratio defined by the central bank for each category of eligible balance sheet item included in the reserve base .

Transfer of banknotes

Control transfers.

Social security funds Social security funds Social security funds