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 Central Bank of Ireland's Documentation on Monetary Policy Instruments and Procedures (the 'MPIPs'). All monetary policy counterparties of the Central Bank are required to execute the MPIPs Agreement. For further details on counterparty eligibility, see Part Three of the Central Bank's MPIPs.

• Legal Documentation

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.

• Reserves Requirements

Counterparties shall provide the Central 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 [email protected].

A step by step guide on the process to become a Eurosystem eligible monetary policy counterparty of the Central Bank of Ireland is set out in the document below.