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O ESCB may select a limited...

Автор: olegj от 3-05-2013, 11:32

O ESCB may select a limited...

o ESCB may select a limited number of counterparties for this type of operation; o accepted as collateral assets in both the first and second category. 4. Structural reverse operations are the prerogative of the ESCB and shall be effected by the issue of debt certificates, reverse transactions, purchase and sale of assets under a simple forward. These operations are carried out on the open market in order to adjust the structural position of the ESCB in the private sector. They are characterized by the following features: o implemented to provide liquidity; o held regularly or irregularly; o have a maturity date, which a priori is not regulated; o conducted on the basis of standard tenders; o be decentralized through the national central banks; o all counterparties that meet the general criteria can apply for participation in this type of operations; o accepted as collateral assets in both the first and second category. First-class assets include marketable debt instruments that meet the general criteria of reliability set the ECB for all the "euro zone".

O ESCB may select a limited...

Assets of the second class - this market and non-market debt instruments, securities and non-marketable financial instruments, reliability criteria are established by the national central banks in accordance with the requirements of the ECB. From the viewpoint of reliability when monetary policy differences between the tools of both classes do not (with the exception that a second class of assets not used in simple EMU forward transactions). The bulk of the assets (75%) used in the operations of the EMU, represented by government securities, the securities issued by credit institutions accounted for 18%, the corporate sector - 4%, 3% of the remaining issued by the national central banks. The interest rate on the main refinancing operations of the first was set at 3%. At present (October 11, 2000.

), This value is 4.75%. The specific features and are deposit-loan operations of the ESCB, which play an important role in the regulation of liquidity of banking institutions. ESCB offers two permanent types of operations: o additional credit operations", allowing credit institutions to attract the maximum loan overnight NCBs in order to achieve the necessary level of intraday liquidity against collateral of own assets at a predetermined interest rate (the interest rate will then be possible for the market day loans); o deposit transactions" that enable banking institutions to place the accounts of NCBs overnight deposits bearing interest at a predetermined interest rate (it should be noted that it will be able to earn a little bit - the interest rate will fall to mark the lowest possible for the market). These operations should be read together as a single system by which banks may replenish their liquidity, or, conversely, to reduce it in the short term, on condition overnight.

Deposit and lending operations of the ECB held at the initiative of banking institutions. In carrying out anti-inflationary policy of the ESCB and relies on a tool such as minimum reserve requirements for credit institutions.

O ESCB may select a limited...

These requirements serve two interrelated functions: stabilization of money market interest rates and influence the structure of the banking system's liquidity. The mechanism of the minimum reserve requirement leaves considerable scope for regulating the liquidity position of banks by market methods on a daily basis, allows for short-term arbitrage transactions and maintain an appropriate level of profitability.

O ESCB may select a limited...

This is achieved by the fact that the reserve requirements of the ESCB credit institutions should be made based on the average for the month, and not the daily position. The corresponding month begins with the 24th calendar day of each month and ends on the 23rd day of the following month. The system of minimum reserve requirements, which operates in the "euro zone", based on the following principles: First, reserve requirements apply to all credit institutions. Second, the reserve requirement for each individual credit institution is established by applying the provisioning rate (currently - 2%) to the obligations in the forms of: 1) overnight deposits, 2) Deposits with agreed maturity or redeemable at notice of up to two years and 3) similar in terms of maturity of the debt securities, 4) money market securities.

Third, in determining the amount of the reserve requirements is provided following the procedure of payments. If a credit institution is unable to provide evidence on the amount of liabilities in the form of debt securities with a maturity of up to two years and money market securities, are allowed to use standard calculation based on 10% of the above commitments. When calculating the final reserve requirements each credit institution may make a deduction from the results obtained under the law in the amount of 100,000 euros.

On stored in the reserve accounts of the ESCB shall bear interest at the average rate for the main refinancing operations - that is, in accordance with market conditions.

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