Market Link Guide – Ireland – Government debt securities
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 |
a. CSD Regulation (EU) No 909/2014, Article 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 as Euroclear Bank participant holds an individually segregated account for CBL | 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 | Yes | Please see details in Settlement services |
Hold and Release | No | |
Recycling | Yes | Please see details in Settlement services |
Bilateral cancellation | Yes | Please see details in Settlement services |
Settlement penalty fees | Yes | Please see details in Settlement services |
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 | Yes | |
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 2 November 2023. 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 | The custodian is not established under local law, but under U.S. law. Under U.S. law, it is not customary to give an opinion on insolvency, as there is no central register of bankruptcies or similar procedures. |
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 | The custodian has committed to a record keeping period of at least 7 years and 10 years in relation to records of securities held by the custodian. |