Counterparty Eligibility

In order to be an eligible counterparty for open market operations, a credit institution must satisfy the eligibility criteria set out in Article 55 and 55a of the Bank's Documentation on Monetary Policy Instruments and Procedures (the 'MPIPs'). Certain monetary policy counterparties of the Bank are required to execute the MPIPs Agreement. For further details on counterparty eligibility, see Part Three of the Bank’s MPIPs.

In addition, the ECB requires credit institutions established in the euro are to hold deposits on account with their NCB. These are called minimum or required reserves.

Counterparties shall provide the Bank with contact details (including email addresses) for any communications relating to Eurosystem monetary policy operations and are responsible for ensuring that these contact details are kept up-to-date. These contact details should be sent to