Procedure for first-time participation in monetary policy operations.

Step 1

First, please contact your customer service team (KBS). They will provide you with the relevant information on the next steps.

Step 2

In order to collateralise monetary policy operations with marketable assets (securities), you must open an operational safe custody account and a collateral account. 

Step 3

You will also need a TARGET-Bundesbank primary MCA for monetary settlement. Further information regarding the registration can be found under the link below. You can contact the National Service Desk TARGET-Services at + 49 69 9566‑38870. 

Step 4

If you want to submit credit claims – i.e. non-marketable assets – as collateral using the online procedure, you will also require access to MACCs via the Bundesbank’s ExtraNet in addition to a collateral account.

Step 5

You will also need to register with the OpenMarket Tender Operations System (OMTOS).