It remains for each central bank to determine for itself which facilities (e.g. credit, deposit and settlement services) it wishes to offer to CCPs (and other market infrastructures).
The ESCB believes it is important for national competent authorities to continue to examine and, where appropriate, seek improvements with respect to EU CCP liquidity risk management, namely in light of regulatory developments regarding stress testing (in the context of relevant CPMI-IOSCO work) and recovery and resolution (in the context of relevant EU legislation, CPMI-IOSCO and FSB work). However, and without prejudice to the above-mentioned legal aspect of central bank independence, it does not consider that introducing requirements in EMIR regarding CCP access to central bank facilities would be the appropriate means to address potential weaknesses, as first, central banks need to control the financial risk for themselves (and ultimately for their stakeholders and their currency), and second, an automatic right to central bank liquidity would create moral hazard on an extraordinary scale, rather than more robust liquidity risk management of CCPs authorised in the EU. The ESCB considers that the current legal framework which allocates competence to define the conditions for access to central bank facilities to the ESCB under primary Union law is adequate for ensuring effective CCP access to central bank facilities where the concerned central banks may deem this appropriate in accordance with their mandates.
Since the entry into force of the Regulation, no guidance has been issued at Union or international level on the possible requirements for CCP access to central bank facilities. On the contrary, it is acknowledged that the use of central bank services or credit is subject to the relevant legal framework and the policies and discretion of the relevant central bank.
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