CONTENTS INTRODUCTION CHAPTER 1 OVERVIEW OF THE MONETARY POLICY FRAMEWORK 1.1 The European System of Central Banks 1.2 Objectives of the Eurosystem 1.3 Eurosystem monetary policy instruments 1.3.1 Open market operations 1.3.2 Standing facilities 1.3.3 Minimum reserves 1.4 Counterparties 1.5 Underlying assets 1.6 Modifications to the monetary policy framework CHAPTER 2 ELIGIBLE COUNTERPARTIES 2.1 General eligibility criteria 2.2 Selection of counterparties for quick tenders and bilateral operations 2.3 Sanctions in the event of non-compliance with counterparty obligations 2.4 Suspension or exclusion on grounds of prudence or events of default CHAPTER 3 OPEN MARKET OPERATIONS 3.1 Reverse transactions 3.1.1 General considerations 3.1.2 Main refinancing operations 3.1.3 Longer-term refinancing operations 3.1.4 Fine-tuning reverse operations 3.1.5 Structural reverse operations 3.2 Outright transactions 3.3 Issuance of ECB debt certificates 3.4 Foreign exchange swaps 3.5 Collection of fixed-term deposits CHAPTER 4 STANDING FACILITIES 4.1 The marginal lending facility 4.2 The deposit facility 6 CHAPTER 5 PROCEDURES 5.1 Tender procedures 5.1.1 General considerations 5.1.2 Tender operations calendar 5.1.3 Announcement of tender operations 5.1.4 Preparation and submission of bids by counterparties 5.1.5 Tender allotment procedures 5.1.6 Announcement of tender results 5.2 Procedures for bilateral operations 5.3 Settlement procedures 5.3.1 General considerations 5.3.2 Settlement of open market operations 5.3.3 End-of-day procedures CHAPTER 6 ELIGIBLE ASSETS 6.1 General considerations 6.2 Eligibility specifications for underlying assets 6.2.1 Eligibility criteria for marketable assets 6.2.2 Eligibility criteria for nonmarketable assets 6.2.3 Additional requirements for the use of eligible assets 6.3 Eurosystem credit assessment framework 6.3.1 Scope and elements 6.3.2 Establishment of high credit standards for marketable assets 6.3.3 Establishment of high credit standards for non-marketable assets 6.3.4 Acceptance criteria for credit assessment systems 6.3.5 Performance monitoring of credit assessment systems 6.4 Risk control measures 6.4.1 General principles 6.4.2 Risk control measures for marketable assets 6.4.3 Risk control measures for non-marketable assets 6.5 Valuation principles for underlying assets 23 23 23 24 25 26 27 30 31 32 32 32 32
PEATÜKK MENETLUSED 5.1 Pakkumismenetlused 5.1.1 Üldist 5.1.2 Pakkumisoperatsioonide ajakava 5.1.3 Pakkumisoperatsioonide väljakuulutamine 5.1.4 Osapoolte ettevalmistused pakkumisteks ja pakkumiste esitamine 5.1.5 Pakkumiste jaotamise kord 5.1.6 Tulemuste väljakuulutamine 5.2 Kahepoolsete operatsioonide kord 5.3 Arvelduskord 5.3.1 Üldist 5.3.2 Avaturuoperatsioonide arveldamine 5.3.3 Päevalõpukord 6 . PEATÜKK KÕLBLIKUD VARAD 6.1 Üldist 6.2 Alusvara kõlblikkuse määratlus 6.2.1 Turustatavate varade kõlblikkuskriteeriumid 6.2.2 Turustamatute varade kõlblikkuskriteeriumid 6.2.3 Täiendavad nõuded kõlblike varade kasutamisel 6.3 Eurosüsteemi laenutagatiste hindamisraamistik 6.3.1 Reguleerimisala ja osad 6.3.2 Turustatavate varade kõrgetele krediidistandarditele vastavuse määramine 6.3.3 Turustamatute varade kõrgetele krediidistandarditele vastavuse määramine 6.3.4 Laenutagatiste hindamissüsteemide vastuvõetavuskriteeriumid 6.3.5 Laenutagatiste hindamissüsteemide tulemusseire 6.4 Riskiohjemeetmed 6.4.1 Üldpõhimõtted 6.4.2 Turustatavate varade riskiohjemeetmed 6.4.3 Turustamatute varade riskiohjemeetmed 23 23 23 24 25