Counterparties
The Eurosystem conducts market operations with its monetary policy counterparties, also giving them access to the standing facilities.
In principle, all financially sound credit institutions required to hold minimum reserves with the central bank have the right to act as monetary policy counterparties.
However, in order to ensure the efficient implementation of monetary policy, this right is, in practice, restricted by certain requirements imposed on counterparties by national central banks and the European Central Bank (ECB).
The pool of eligible counterparties for the purposes of the ECB's asset purchase programmes covers the counterparties used by the NCBs in their euro-denominated investment activities, as well as the counterparties of the credit operations.
Finnish banks and Finnish subsidiaries and branches of foreign banks may apply for the right to participate in Eurosystem monetary policy operations through the Bank of Finland.