Cross-border collateral in Eurosystem credit operations

This section sets out assets used as collateral for Eurosystem credit operations outside of the country of issue.

Cross-border collateral can be used for monetary policy operations or to obtain liquidity in TARGET. It can be mobilised via the correspondent central banking model (CCBM) and eligible links.

In the CCBM, the correspondent central bank (CCB) provides custody services to the home central bank (HCB), who provides the credit.

Links are created when the investor Securities Settlement System (SSS) opens an omnibus account for its clients in the issuer SSS. Only eligible links may be used in Eurosystem credit operations.