In case of a longer-term TARGET incident, the Deutsche Bundesbank may grant loans as part of the emergency settlement (Enhanced Contingency Solution/ ECONS) covered by sufficient collateral. In addition to marketable assets, non-marketable assets under German law in MACCs can be used onward. Further details of this regulation can be found in the current General Terms and Conditions/BBk, section V No 25.

All eligible credit claims that are permitted for monetary policy operations are eligible for the assignment in respect to this specific security purpose. The related assets are held in a separate TARGET-Contingency-Pool (Pool-ID 201) in MACCs. Usage of the TARGET-Contingency-Pool can be applied for at Deutsche Bundesbank by submitting a specific assignment declaration in relation to the specific security purpose. 

In case of the assignment of non-marketable collateral for ECONS loans, please contact the support team credit claims.