Market Link Guide - Ireland - Government debt securities
CSD link as defined under CSDRa
Type of link
Interoperable link (Bridge)
Indirect link via Citibank NA London branch to Euroclear Bank NV/SA
a. CSD Regulation (EU) No 909/2014 art. 2 (29)
For information related to the Bridge please refer to the Link Guide - Bridge.
Euroclear Bank NV/SA
Citibank N.A., London Branch
Country of incorporation
Legal Account name / holder
|Citibank N.A, London Branch as Euroclear Bank participant holds an individually segregated account for CBL|
Clearstream Banking SA
Operational arrangements – indirect link
For operational arrangements related to the Bridge please refer to the Link Guide - Bridge.
Settlement in T2S
Settlement free of payment
Settlement against payment
Eligible settlement currency: Euro (EUR).
Settlement against payment in central bank money account of CBL/CBL customers
CBL holds a cash account with the custodian who settles against payment transactions on behalf of CBL in Commercial Bank Money at Euroclear Bank.
Settlement penalty fees
Only available for Bridge transactions (not via Citibank)
Multi Market Securities
Lending and borrowing
Liquidity Hub Connect
Sale and purchase of rights
Link eligible for use in Eurosystem credit operations
No / Yes
The Bridge has been assessed by the Eurosystem as eligible link.
Moment of entry of instructions
An instruction shall be deemed to be entered into the Euroclear System when it is deemed to be received by Euroclear Bank.
Irrevocability of instructions
Instructions become irrevocable in the Euroclear System at the input deadline provided that no cancellation Instruction has been received before such input deadline.
Settlement finality of instructions
Overnight Securities Settlement Process - upon completion of the processing as a result of which the Instruction is successfully executed
Real-time processing – at the moment of successful execution and the simultaneous credit/debit of accounts
Legal arrangements – indirect link
For legal arrangements related to the Bridge please refer to the Link Guide - Bridge.
The below section is based on the legal opinion obtained by CBL that was issued on 4 August 2020. The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter.
No insolvency proceedings against the custodian
|The custodian is not established under local law, but under U.S. law. Under U.S. law, it is not customary to give an opinion on insolvency, as there is no central register of bankruptcies or similar procedures.|
Custodian’s liability for negligence
Book-entry regime with in rem rights
CBL has a beneficial proprietary interest (as tenant in common) in its pro rata share of securities held by the custodian for its clients in accordance with its interest in securities recorded in and represented by the omnibus account.
Recognition of nominee concept
No right of retention to the custodian
Segregation of assets at the custodian
|Securities are held by Citibank N.A., acting through its London branch with Euroclear Bank that is a Belgian entity (and not an Irish one).|
No right of use
No upper-tier attachments
Insolvency of the custodian with no impact on CBL's rights
Shortfall pro-rated among holders
Settlement finality in case of insolvency
Record keeping of at least 10 years
|The custodian has committed to a record keeping period of at least 7 years and 10 years in relation to records of securities held by the custodian.|