ICSDSInternational Conference on Systems, Development and Self-Organization
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In addition, a U.S.-based entity of a foreign banking group participating in the TAF could be different from the entity that owns the assets deposited in the ICSDs (for example, European Union-based).
In contrast, most of the assets in the ICSDs that are eligible to be used as collateral in the TAF are also eligible for the European Central Bank dollar facility.
(14) Foreign-owned but globally oriented banks reported that legal and operational issues could hinder the use of eligible assets deposited with the ICSDs. In particular, the one-off legal preparatory work that is needed to pledge these assets in the TAF could have initially delayed foreign banks' participation in the facility.
In order to participate in the TAF, a credit institution could pledge assets located in the United States, or assets located in an International Central Securities Depository (ICSD), such as Euroclear Bank (Belgium) and Clearstream Banking Luxembourg.
In particular, the lendable value for a given amount of euro-denominated assets located in an ICSD was typically higher in the twenty-eight-day TAF than in any European Central Bank dollar auction.
In fact, a bank would be able to borrow more against euro-denominated assets located in an ICSD in the eighty-four-day ECB dollar auctions than in the TAF.