On August 25, 2015, the European Central Bank published a report of the European System of Central Banks, which is comprised of the ECB and the national central banks of all EU Member States, on whether a measure should be included in the European Market Infrastructure Regulation which would facilitate the access of CCPs to central bank liquidity facilities. The report is required as part of the European Commission's Review of EMIR. Under EMIR, there are no requirements for the provision of central bank liquidity facilities to CCPs. The decision whether to offer such facilities is left to each central bank's discretion. This framework is in line with the Treaty on the Functioning of the European Union and the Statute of the ESCB. The ESCB does not consider that introducing requirements in EMIR for CCP access to central bank facilities is appropriate to address any potential weaknesses and concludes that the current legal framework is sufficient to ensure access for CCPs to liquidity facilities offered by central banks.
The ESCB report is available at: http://www.ecb.europa.eu/pub/pdf/other/genc-2015-escb-reporten.pdf?a9e9416bb391b8515616e4fb78570479.
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