For the purpose of monetary policy implementation within the Eurosystem, the Banco de Portugal has three IT systems to support its interaction with monetary policy counterparties located in Portugal: SITENDER – the Tender System, COLMS – the Collateral and Operations Management System and TEB – the Credit Claims Handling System.
SITENDER is used to conduct open market operations through tender procedures. It allows the user to:
- view the tender conditions;
- participate in tenders, i.e. to make bids;
- view the results of the tender.
COLMS is used to manage collateral, monetary policy operations, intraday credit lines and the Interbank Clearing System (Sistema de Compensação Interbancária – SICOI) guarantee lines. It allows the user to:
- access the Eurosystem's standing facilities;
- process the cash settlement of monetary policy operations in TARGET PT;
- manage collateral for Eurosystem credit operations;
- manage the TARGET-PT intraday credit line;
- monitor monetary policy operations, collateral, the TARGET-PT intraday credit line and the SICOI guarantee line
Access to the Eurosystem’s standing facilities is subject to the opening of specific accounts with the Central Liquidity Management (CLM) service, one for the deposit facility and another one for the marginal lending facility. The CLM is a component of TARGET.
TEB makes it possible to assess eligibility and manage credit claims provided as collateral, keeping COLMS permanently updated with all relevant information on these claims.
Access to SITENDER, COLMS and TEB requires subscription of the respective service on the BPnet portal, the Banco de Portugal’s extranet for operational communication with the financial community.
The operational requirements for credit institutions to access monetary policy operations depend on the type of operation involved:
- Access to the deposit facility requires opening a specific CLM account for this purpose (access to the facility via COLMS is possible for monetary policy counterparties that have access to this application);
- Access to the marginal lending facility requires opening a specific CLM account for this purpose, as well as having access to COLMS;
- Access to both liquidity-absorbing and liquidity-providing open market operations requires access to SITENDER and COLMS.
Access to TEB is mandatory for counterparties wishing to use credit claims as collateral.