non-marketable assets , auch: unmarketable assets

In particular, it will pay close attention to the functioning of the new framework for non-marketable assets.

Furthermore, specific operational procedures were developed for the safe transfer and mobilisation of non-marketable assets.

The Eurosystem may apply specific solutions for the cross-border use of non-marketable assets.

Finally, from a legal point of view making non-marketable assets eligible requires the adaptation of national legislation in some countries.

For non-marketable assets, the Banque de France uses a pooling system.

All marketable and non-marketable assets can also be used as underlying assets for intraday credit.

In the establishment of high credit standards, the Eurosystem differentiates between marketable and non-marketable assets.

The main division is between marketable components, which can be sold or transferred, and non-marketable assets, which have value only for those who hold them.

All eligible marketable and non-marketable assets must be usable in a cross-border context throughout the euro area.

The single framework comprises two distinct asset classes – marketable assets and non-marketable assets.

Non-marketable assets can be used as underlying assets for reverse open market transactions and the marginal lending facility.

Note: These figures are based on the market value of marketable assets and the book value of non-marketable assets.

However, for the use of non-marketable assets which are not governed by domestic law, the CCBM remains the only option.

Furthermore, in spite of their eligibility, national central banks may decide not to accept the following marketable or non-marketable assets as collateral:

If the national central bank opts for the valuation corresponding to the outstanding amount, the non-marketable assets may be subject to higher haircuts (see Section 6.4.3).

Other categories of currently eligible non-marketable assets are also proposed for inclusion in the single list (Irish mortgage-backed promissory notes and Dutch loans).

The single framework covers marketable and non-marketable assets that fulfil uniform euro area-wide eligibility criteria specified by the Eurosystem.

In order to take account of the specific features of these non-marketable assets, a specific procedure using the CCBM has been set up.

Non-marketable assets governed by the law of another euro area country can be used by counterparties to obtain credit from their HCB.

Official Journal of the European Union Marketable assets (1) Non-marketable assets (2)

Non-marketable assets Non-marketable assets are assigned a value corresponding either to the theoretical price or to the outstanding amount.

Specific procedures for cross-border use have been developed for non-marketable assets, i.e. credit claims and RMBDs (49).

Credit claims must meet the high credit standards specified in the ECAF rules for non-marketable assets, as set out in Section 6.3.3.

Specific solutions may be used for non-marketable assets or tier-two assets with restricted liquidity and special features which cannot be transferred through an SSS (1).

As a second step, the Governing Council has approved the framework for including non-marketable assets from all euro area countries in the Single List of eligible collateral.