EMS ( European Monetary System ) established in 1979 in accordance with the Resolution of the European Council on the establishment of the EMS and related matters of 5 December 1978 .

( 51 ) A link between two SSSs consists of a set of procedures and arrangements for the cross border transfer of securities through a bookentry process .

( 1 ) A link between two SSSs consists of a set of procedures and arrangements for the crossborder transfer of securities through a book entry process .

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 .

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 .

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 .

They must be transferable in book entry form .

they must be transferable in book entry form ,

Loss sharing rule ( or loss sharing agreement ) an agreement between participants in a transfer system or a clearing house arrangement regarding the allocation of any loss arising when one or more participants fail to fulfil their obligations

The eligibility of debt instruments issued under an issuance programme is assessed on the basis of an individual rating for each particular issue within that programme .

The main components of the EMS were the ECU the exchange rate and intervention mechanism ( ERM )

The maintenance period for Eurosystem minimum reserves would be one month , starting on a fixed day of each month ( e.g. the maintenance period may start on the 24th calendar day of each month and end on the 23rd calendar day of the following month ) .

As this change is a book entry transfer of business between sectors and instrument classes and does not represent a transaction , an adjustment must be introduced to remove its impact from the flows statistics .

As this change is a book entry transfer of business between sectors and instrument classes and does not represent a transaction , an adjustment must be introduced to remove its impact from the flow statistics .

As this change is a book entry transfer of business between sectors and instrument classes and does not represent a transaction , an adjustment must be introduced to remove its impact from the flow statistics . 2 .

Link between securities settlement systems procedures and arrangements between securities settlement systems ( SSSs ) for the transfer of securities through a book entry process .

Funds transfer system ( FTS ) a formal arrangement , based on private contract or statute law , with multiple membership , common rules and standardised arrangements , for the transmission and settlement of money obligations arising between the members .

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

SETTLEMENT PROCEDURES The debt instrument must be transferable in book entry form .

The debt instrument must be transferable in book entry form .

Settlement procedures The debt instrument must be transferable in book entry form .

SETTLEMENT PROCEDURES The debt instrument must be transferable in book entry form .

The CPU then sends commands to a peripheral device to initiate transfer of data.

Bluetooth Transfer

Amount of transfer

Transfer of banknotes

Handover of the site

Control transfers.

Maintenance periods begin on the settlement day of the first main refinancing operation following the meeting of the Governing Council at which the monthly assessment of the monetary policy stance is pre scheduled .

APPENDIX 2 Lump sum allowance a fixed amount which an institution deducts in the calculation of its reserve requirement within the minimum reserve framework of the Eurosystem . Main refinancing operation a regular open market operation executed by the Eurosystem in the form of a reverse transaction .

Horizontal gene transfer In general, organisms can inherit genes in two ways vertical gene transfer and horizontal gene transfer.

Glade Clipboard

The Downloading in Progress

Amount of transfer ( EUR )

Claim equivalent to the foreign reserve assets transferred to the ECB , on 31 December 2008 ( EUR )

European Parliament a Community institution that comprises 732 representatives of the citizens of the Member States as of the parliamentary term 2004 2009 . It contributes to the legislative process , although with different prerogatives according to the procedures through which EU law is to be enacted .

Variation margin ( marking to market ) a certain level of the market value of the underlying assets used in the Eurosystem 's liquidity providing reverse transactions that the Eurosystem requires to be maintained over time .

Variation margin ( marking to market ) The Eurosystem requires a certain level of the market value of the underlying assets used in its liquidity providing reverse transactions to be maintained over time .

Clipboard Manager

Clipboard format

SSS A Transfer instruction

Securitisation and loan transfer

Variation margin ( marking to market ) a certain level of the market value of the underlying assets used in the Eurosystem 's liquidity providing reverse trans actions that the Eurosystem requires to be maintained over time .