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Credit Claims as Eligible Collateral for Eurosystem Credit Operations

Author

Listed:
  • Birgit Sauerzopf

    (Oesterreichische Nationalbank)

Abstract

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.

Suggested Citation

  • Birgit Sauerzopf, 2007. "Credit Claims as Eligible Collateral for Eurosystem Credit Operations," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 2, pages 80-92.
    • Handle: RePEc:onb:oenbmp:y:2007:i:2:b:4
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    File URL: https://www.oenb.at/dam/jcr:1eefd64d-ca7a-4b6a-b670-16f2b08a1e0f/mop_2007_2_sauerzopf_tcm16-59022.pdf
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    Citations

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    Cited by:

    1. Jean Barthélémy & Vincent Bignon & Benoît Nguyen, 2017. "Monetary policy, illiquid collateral and bank lending during the European sovereign debt crisis," Economie et Statistique / Economics and Statistics, Institut National de la Statistique et des Etudes Economiques (INSEE), issue 494-495-4, pages 111-130.
    2. repec:prs:ecsecs:estat_0336-1454_2017_num_494_1_10784 is not listed on IDEAS
    3. Jung-Hyun Ahn & Vincent Bignon & Régis Breton & Antoine Martin, 2016. "Liquidity, Collateral Quality, and Negative Interest Rate," Staff Reports 763, Federal Reserve Bank of New York.
    4. J. Barthélemy & V. Bignon & B. Nguyen, 2017. "Illiquid Collateral and Bank Lending during the European Sovereign Debt Crisis," Working papers 631, Banque de France.
    5. Rebecca McCaughrin & Mr. Simon T Gray & Alexandre Chailloux, 2008. "Central Bank Collateral Frameworks: Principles and Policies," IMF Working Papers 2008/222, International Monetary Fund.

    More about this item

    Keywords

    credit claims; single list; assignment for security purposes.;
    All these keywords.

    JEL classification:

    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K1 - Law and Economics - - Basic Areas of Law

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