Market Link Guide - Ireland - Government debt securities

27.08.2019

Key features

CSD link as defined under CSDRa

Yes

Type of link

Interoperable link (Bridge)

Indirect link via Citibank NA London branch to Euroclear Bank NV/SA

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a. CSD Regulation (EU) No 909/2014 art. 2 (29)


For information related to the Bridge please refer to the Link Guide - Bridge.


CSD

Custodian

Name

Euroclear Bank NV/SA

Citibank N.A., London Branch

FATCA GIIN

1X6QDZ.00000.LE.056

NXUTG8.00000.BR.826

LEI

549300OZ46BRLZ8Y6F65

E57ODZWZ7FF32TWEFA76

Country of incorporation

Belgium

The U.S.A.

Account type

Omnibus account

Omnibus account

Legal Account name / holder

Citibank N.A London Branch. There is no individually segregated account at Euroclear Bank

Clearstream Banking SA

Operational arrangements – indirect link

For operational arrangements related to the Bridge please refer to the Link Guide - Bridge.

 

Yes/No

Remarks

Settlement in T2S

No


Settlement free of payment

Yes

 

Settlement against payment

Yes

Eligible settlement currency: Euro (EUR).

Settlement against payment in central bank money account of CBL/CBL customers

No

CBL holds a cash account with the custodian who settles against payment transactions on behalf of CBL in Commercial Bank Money at Euroclear Bank.

Bridge settlement

Yes

 

Shaping facility

No

 

Partial settlement

No

 

Settlement penalty fees

No

 

Pre-matching

Yes

 

Back-to-back processing

Yes

Only available for Bridge transactions (not via Citibank)

Allegements

No

 

Automatic compensation

No

 

Registered securities

Yes

 

Multi Market Securities

No

 

Lending and borrowing

Yes

 

Proxy voting

No

 

Investment Funds

No

 

Liquidity Hub Connect

No

 

Sale and purchase of rights

No

 

Repo services

Yes

 

Market restrictions

No

 

FTT

No

 

Daily reconciliation

Yes

 

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 6 June 2019. 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

Confirmed

Custodian’s liability for negligence

Confirmed

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

Confirmed

No right of retention to the custodian

Confirmed

Segregation of assets at the custodian

Confirmed

No right of use

Confirmed

No upper-tier attachments

Confirmed

Insolvency of the custodian with no impact on CBL's rights 

Confirmed

Shortfall pro-rated among holders

Confirmed

Settlement finality in case of insolvency

Confirmed

Record keeping of at least 10 years

Local law does not regulate retention periods.