Pledge to central banks

The collateral pledge services of Clearstream’s German CSD offer both German and international customers streamlined access to eurosystem liquidity via the Deutsche Bundesbank.

Deutsche Bundesbank either acts as the national central bank (home central bank) for domestic German counterparties, or as the corresponding central bank on behalf of other national central banks under the triparty cross-border model of the Eurosystem.

Eurosystem credit operations are collateralised in accordance with ECB criteria. In addition to German securities, Eurobonds and domestic assets from Austria, Belgium, Finland, France, Italy, the Netherlands, Slovakia, Slovenia and Spain can be pledged.

The link between the ICSD and the German CSD collateral management systems enables customers to merge domestic and international assets into a single collateral pool. To maximise the return on collateral, customers can reuse it, and can onwards-pledge received securities: for example from GC Pooling or triparty collateral management transactions to the Bundesbank. Clearstream automatically allocates and substitutes eligible collateral, thereby ensuring its optimal use.