Official Journal of the European Communities Table 2 Earmarking system

In an earmarking system ( I 1 ) , a margin call is effected when

In earmarking systems , the substitution of underlying assets may be permitted by national central banks .

Depending on the jurisdiction , national central banks may require margin calls to be effected either through the supply of additional assets or by means of cash payments .

In an earmarking system ( I 1 ) , a margin call is effected when Mt τ k .

3 ) The pooling is used for non marketable assets , the earmarking for marketable assets .

In both earmarking and pooling systems , margin calls shall ensure that the relation expressed in ( 1 ) above is reestablished .

By contrast , in an earmarking system , each credit operation is linked to specific identifiable assets .

By contrast , in an earmarking system , each credit operation is linked to specific identifiable assets ,

In both earmarking and pooling systems , margin calls shall ensure that the relation expressed in ( 1 ) above is re established .

Table 2 Earmarking system Outstanding transactions Accrued interest Total amount to be covered Lower trigger amount Upper trigger amount Adjusted market value

Within the minimum reserve framework of the Eurosystem , the reserve requirement of a credit institution is calculated by multiplying the reserve ratio for each category of items in the reserve base with the amount of those items on the institution 's balance sheet .

Yes Yes Yes Yes Yes Yes Yes Yes Yes No No No No No No No No No No No

In an earmarking system ( I 1 ) , a margin call is effected when Mt s k LiYt s ( the counterparty pays the margin call to the national central bank )

In addition , institutions deduct a lump sum allowance from their reserve requirement . Residual maturity the time remaining until the maturity date of a debt instrument .

Settlement date the date on which a transaction is settled .

Reverse transaction an operation whereby the national central bank buys or sells assets under a repurchase agreement or conducts credit operations against collateral . RTGS ( real time gross settlement ) system a settlement system in which processing and settlement take place on an order by order basis without netting continuously in real time .

In support of conservation and scientific goals, whale shark photos are publicly sourced and then used for individual identification.

The same sequence of transactions is used in this example as in the above example illustrating an earmarking system .

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1 ) When acting as HCB , the Banque de France uses an earmarking system the repo technique for marketable assets .

Earmarking system First , it is assumed that the transactions are carried out with a national central bank using a system where underlying assets are earmarked for each transaction .

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The margin call of Euros 1,178,398 occurring on 30 July 2004 is identical in this example to the one required in the earmarking system case .

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