The introduction of a “single list” of eligible collateral common to all Eurosystem credit operations on January 1, 2007, replaced the two-tier framework in place until then. Euro area credit claims (i.e. bank loans) have become eligible for use as collateral under the single list, provided they fulfill conditions specified by the ECB. Even though credit claims are more complex than marketable securities in legal as well as administrative terms, their mobilization by Austrian banks as collateral in credit operations with the Oesterreichische Nationalbank (OeNB) has surged since the beginning of 2007. Moreover, the conditions for the cross-border use of credit claims have been adapted for the new single framework; these procedures and euro area enlargement upon Slovenia’s accession lead to the expectation that the cross-border use of credit claims by OeNB counterparties in credit operations with the OeNB will increase. JEL classification: E5, K1
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Volume (Year): (2007) Issue (Month): 2 (August 2007) Pages: 80-92 Download reference. The following formats are available: HTML
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