ECB removes need for governing council to approve CCP facility
New “automatic” facility will require safeguards that are “still being implemented”, bank says
Central clearing counterparties (CCPs) will no longer need to seek approval from the European Central Bank’s governing council to access its dedicated credit facility.
In a statement on April 30, the ECB said CCPs would still need to meet the relevant requirements within the Target framework if they were to have access to the facility.
The bank added that it would be introducing new safeguards to ensure that “only eurozone CCPs that are financially sound and have sound liquidity management” could
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