Betekenis van:
monetary standard

Voorbeeldzinnen

1. In this Standard, monetary amounts are denominated in ‘currency units’ (CU).
2. The Eurosystem’s minimum requirement for the assessment of the credit standard of assets eligible as collateral for the purposes of Eurosystem monetary policy operations shall be a ‘BBB-’ equivalent credit assessment.
3. For ‘portfolio investment assets’ and ‘other investment’ the breakdown of reports according to institutional sectors follows the standard components of the IMF comprising (i) monetary authorities, (ii) MFIs (excluding central banks), (iii) general government and (iv) other sectors.
4. Amendments should be made to Guideline ECB/2000/7 of 31 August 2000 on monetary policy instruments and procedures of the Eurosystem [1] to allow access to Eurosystem open market operations and standing facilities by credit institutions which, in view of their specific institutional nature under Community law, are subject to scrutiny of a standard comparable to supervision by competent national authorities,
5. The Governing Council considers the programme to be appropriate, so that, from a credit risk management perspective, the marketable debt instruments issued by the Greek Government or guaranteed by the Greek Government retain a quality standard sufficient for their continued eligibility as collateral for Eurosystem monetary policy operations, irrespective of any external credit assessment.
6. Guideline ECB/2009/10 of 7 May 2009 amending Guideline ECB/2000/7 on monetary policy instruments and procedures of the Eurosystem [1] allows access to Eurosystem open market operations and standing facilities by credit institutions which, in view of their specific institutional nature under Community law, are subject to scrutiny of a standard comparable to supervision by competent national authorities.
7. However, financially sound institutions subject to non-harmonised national supervision of a comparable standard can also be accepted as counterparties, e.g. branches established in the euro area of institutions that have their head office outside the European Economic Area (EEA).Counterparties must fulfil any operational criteria specified in the relevant contractual or regulatory arrangements applied by the respective national central bank (or the ECB), so as to ensure the efficient conduct of Eurosystem monetary policy operations.
8. Normal time frame for the operational steps in standard tenders (times are stated in ECB time (CET)) 2. Normal time frame for the operational steps in quick tenders 3. The correspondent central banking model 4. Links between securities settlement systems Tables 1. Eurosystem monetary policy operations 2. Normal trade days for the main and the longer-term refinancing operations 3. Normal settlement dates for Eurosystem open market operations
9. The Governing Council has also assessed, from a Eurosystem credit risk management perspective, the effects of such a programme on the securities issued by the Greek Government. The Governing Council considers the programme to be appropriate, so that, from a credit risk management perspective, the marketable debt instruments issued by the Greek Government or guaranteed by the Greek Government retain a quality standard sufficient for their continued eligibility as collateral for Eurosystem monetary policy operations, irrespective of any external credit assessment.
10. Standard tenders are carried out within a time frame of 24 hours. All counterparties fulfilling the general eligibility criteria are entitled to submit bids in standard tenders. 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. Standing facility: a central bank facility available to counterparties at their own initiative. The Eurosystem offers two overnight standing facilities: the marginal lending facility and the deposit facility. Start date: the date on which the first leg of a monetary policy operation is settled.
11. Single rate auction (Dutch auction): an auction in which the allotment interest rate (or price/swap point) applied for all satisfied bids is equal to the marginal interest rate. 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. Standard tender: a tender procedure used by the Eurosystem in its regular open market operations. Standard tenders are carried out within a time frame of 24 hours. All counterparties fulfilling the general eligibility criteria are entitled to submit bids in standard tenders. 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. Standing facility: a central bank facility available to counterparties at their own initiative. The Eurosystem offers two overnight standing facilities: the marginal lending facility and the deposit facility. 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.
12. Eurosystem business day: any day on which the ECB and at least one national central bank are open for the purpose of conducting Eurosystem monetary policy operations. Eurosystem credit assessment framework (ECAF): the set of procedures, rules and techniques that ensures that the Eurosystem’s requirement of high credit standards for all eligible assets is met. In the establishment of high credit standards, the Eurosystem differentiates between marketable and non-marketable assets. In the assessment of the credit standard of eligible assets, the Eurosystem takes into account credit assessment information from credit assessment systems belonging to one of four sources, namely external credit assessment institutions (ECAIs), NCBs’ in-house credit assessment systems (ICASs), counterparties’internal ratings-based (IRB) systems or third-party providers’ rating tools (RTs).
13. Eurosystem business day: any day on which the ECB and at least one national central bank are open for the purpose of conducting Eurosystem monetary policy operations. Eurosystem credit assessment framework (ECAF): the set of procedures, rules and techniques that ensures that the Eurosystem’s requirement of high credit standards for all eligible assets is met. In the establishment of high credit standards, the Eurosystem differentiates between marketable and non-marketable assets. In the assessment of the credit standard of eligible assets, the Eurosystem takes into account credit assessment information from credit assessment systems belonging to one of four sources, namely external credit assessment institutions (ECAIs), NCBs’ in-house credit assessment systems (ICASs), counterparties’internal ratings-based (IRB) systems or third-party providers’ rating tools (RTs). In addition, in the assessment of the credit standard, the Eurosystem takes into account institutional criteria and features that guarantee similar protection for the instrument holder such as guarantees. The Eurosystem’s benchmark for establishing its minimum requirement for high credit standards (credit quality threshold) is defined in terms of a ‘single A’ credit assessment.