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href="/mopo/eaec/markets/html/index.bg.html">Финансови пазари</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.bg.html">Финансови посредници</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.bg.html">Икономическо многообразие</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.bg.html">Пазар на труда</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.bg.html">Контактни групи за пазарите</a><a href="#" class="subpages" title="toggle subpages for Контактни групи за пазарите"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.bg.html">Контактна група за пазарите на облигации (BMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.bg.html">Контактна група за паричния пазар (MMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.bg.html">Контактна група за пазара на дългови емисии 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мерки</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.bg.html">Контактни групи за финансова стабилност</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.bg.html">Статистика</a><a href="#" class="subpages" title="toggle subpages for Статистика"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Статистика</div> <p>Достъп до всички статистически данни на ЕЦБ и съпътстваща информация</p><a href="/stats/html/index.en.html">Обзор на темата за статистиката в ЕЦБ</a><hr> <div class="nav-title">Преки връзки</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Най-важните числа</a></li> <li><a href="https://data.ecb.europa.eu/">Порталът за данни на ЕЦБ</a></li> <li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html">Всички услуги, свързани с данни</a></li> </ul> </div><a 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href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.bg.html">Референтни лихвени проценти</a><a href="#" class="subpages" title="toggle subpages for Референтни лихвени проценти"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.bg.html">Работна група за безрисковите лихвени проценти в евро</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.bg.html">Инфлация</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.bg.html">Криви на доходността в еврозоната</a></li><li class="clearfix"><span>Всички статистически данни и общи въпроси</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.bg.html">Всички основни статистически данни</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.bg.html">Всички услуги за данни</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.bg.html">Отчитане на данни и стандарти</a><a href="#" class="subpages" title="toggle subpages for Отчитане на данни и стандарти"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.bg.html">Рамка за управление и качество</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.bg.html">Сътрудничество и стандарти</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.bg.html">Отчитане на данни от банките</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.bg.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.bg.html">Въпроси и отговори за AnaCredit</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.bg.html">Публични консултации</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.bg.html">Диалог с банковия сектор за статистиката на ЕСЦБ и интегрирано отчитане</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.bg.html">SDMX – модел за обмен на статистически данни</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.bg.html">INEXDA - мрежа за подробни данни</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.bg.html">За еврото</a><a href="#" class="subpages" title="toggle subpages for За еврото"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">За еврото</div> <p>Всичко, което трябва да знаете за нашата обща парична единица</p><a href="/euro/html/index.en.html">Обзор на темата за еврото</a><hr> <div class="nav-title">Преки връзки</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Професионално боравещи с пари в брой</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Статистика за банкнотите и монетите</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Обменни курсове на еврото</a></li> </ul> </div><a href="/euro/digital_euro/progress/html/index.en.html" class="item image"> <img src="/euro/digital_euro/shared/img/Digital Euro_Website_Homepage-Box-eurosign_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Втори доклад за напредъка по подготвителния етап за цифрово евро</div> <div class="image-date">2 декември 2024 г.</div></a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.bg.html">Цифрово евро</a><a href="#" class="subpages" title="toggle subpages for Цифрово евро"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.bg.html">Характеристики</a><a href="#" class="subpages" title="toggle subpages for Характеристики"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.bg.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.bg.html">Как функционира</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.bg.html">Защо ни е нужно</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.bg.html">График и напредък</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.bg.html">Подробна информация</a><a href="#" class="subpages" title="toggle subpages for Подробна информация"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.bg.html">Управление и участие на заинтересованите страни</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.bg.html">Технически документи и изследвания</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.bg.html">Правилник за схемата</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.bg.html">Често задавани въпроси</a></li></ul></li><li class="clearfix"><span>Парите в брой</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.bg.html">Стратегия на Евросистемата за парите в брой</a><a href="#" class="subpages" title="toggle subpages for Стратегия на Евросистемата за парите в брой"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.bg.html">Роля на парите в брой</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.bg.html">Емитиране и обращение</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.bg.html">Достъп до и приемане на пари в брой</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.bg.html">Често задавани въпроси</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.bg.html">Банкноти</a><a href="#" class="subpages" title="toggle subpages for Банкноти"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.bg.html">Бъдещите банкноти</a><a href="#" class="subpages" title="toggle subpages for Бъдещите банкноти"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.bg.html">Процес на изготвяне на новия дизайн</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.bg.html">Сегашните банкноти</a><a href="#" class="subpages" title="toggle subpages for Сегашните банкноти"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.bg.html">Купюри</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.bg.html">Елементи на дизайна</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.bg.html">Защитни елементи</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.bg.html">Мерки за борба с фалшифицирането</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.bg.html">Производство и наличности на банкноти</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.bg.html">Повредени и изцапани с мастило банкноти</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.bg.html">Околна среда, здраве и безопасност</a><a href="#" class="subpages" title="toggle subpages for Околна среда, здраве и безопасност"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.bg.html">Продуктов отпечатък върху околната среда</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.bg.html">Научноизследователска и развойна дейност</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.bg.html">Изображения и правила за възпроизвеждане</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.bg.html">Информационни и обучителни материали</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.bg.html">Монети</a><a href="#" class="subpages" title="toggle subpages for Монети"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.bg.html">2 €</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.bg.html">1 €</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.bg.html">50 цента</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.bg.html">20 цента</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.bg.html">10 цента</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.bg.html">5 цента</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.bg.html">2 цента</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.bg.html">1 цент</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.bg.html">Общи страни на монетите</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.bg.html">Възпоменателни монети от 2 €</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.bg.html">Защитни елементи</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.bg.html">Колекционерски монети</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.bg.html">Присъединяване към еврозоната</a><a href="#" class="subpages" title="toggle subpages for Присъединяване към еврозоната"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.bg.html">Хърватия (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.bg.html">Литва (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.bg.html">Латвия (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.bg.html">Естония (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.bg.html">Словакия (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.bg.html">Кипър (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.bg.html">Малта (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.bg.html">Словения (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.bg.html">Първоначално преминаване към еврото (2002)</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.bg.html">Обмяна на национална валута</a><a href="#" class="subpages" title="toggle subpages for Обмяна на национална валута"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.bg.html">Австрия</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.bg.html">Белгия</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.bg.html">Хърватия</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.bg.html">Кипър</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.bg.html">Естония</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.bg.html">Финландия</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.bg.html">Франция</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.bg.html">Германия</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.bg.html">Гърция</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.bg.html">Ирландия</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.bg.html">Италия</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.bg.html">Латвия</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.bg.html">Литва</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.bg.html">Люксембург</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.bg.html">Малта</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.bg.html">Нидерландия</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.bg.html">Португалия</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.bg.html">Словакия</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.bg.html">Словения</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.bg.html">Испания</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.bg.html">За хора с увредено зрение</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/pub/html/index.bg.html">Изследвания</a><a href="#" class="subpages" title="toggle subpages for Изследвания"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Изследвания</div> <p>Задълбочени изследвания и експертни анализи в широк спектър от теми и области</p><a href="/pub/html/index.en.html">Обзор на темата за научните изследвания в ЕЦБ</a> <hr> <div class="nav-title">Преки връзки</div> <ul>  <li><a href="/press/conferences/html/index.en.html">Конференции и семинари</a></li> <li><a href="/pub/economic-research/programmes/html/index.en.html">Възможности за изследователи</a></li> </ul> </div><a href="/press/research-publications/resbull/html/index.en.html" class="item image"> <img src="/pub/html/index/research-bulletin_2560x800.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Изследователски бюлетин</div> </a></div></div><ul><li class="has-subpages"><a href="/pub/economic-research/html/index.bg.html">Икономически изследвания</a><a href="#" class="subpages" title="toggle subpages for Икономически изследвания"></a><ul><li class="has-subpages"><a href="/pub/economic-research/research_agenda/html/index.bg.html">Изследователска програма</a><a href="#" class="subpages" title="toggle subpages for Изследователска програма"></a><ul><li class="clearfix"><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.bg.html">Парична политика, стратегия и провеждане</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.bg.html">Фискална политика и управление в икономическия и паричен съюз</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/international/html/index.bg.html">Международна макроикономика и финанси</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/real_sector/html/index.bg.html">Реален сектор и микроикономически анализи</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/forecasting/html/index.bg.html">Прогнози и анализ на бизнес цикъла</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/macro-finance/html/index.bg.html">Макрофинанси, системен риск и макропруденциална политика</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/financial_institutions/html/index.bg.html">Финансови институции, микропруденциална политика, финансови пазари и плащания</a></li></ul></li><li class="has-subpages"><a href="/pub/economic-research/programmes/html/index.bg.html">Възможности за изследователи</a><a href="#" class="subpages" title="toggle subpages for Възможности за изследователи"></a><ul><li class="clearfix"><a href="/pub/economic-research/programmes/duisenberg/html/index.bg.html">Стипендиантска програма „Вим Дуйзенберг“</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/visitors/html/index.bg.html">Гостуващи изследователи</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/lamfalussy/html/index.bg.html">Стипендиантска програма „Ламфалуси“</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/graduate/html/index.bg.html">Лятна програма за наскоро завършили висшисти</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/traineeship/html/index.bg.html">Програма за студентски изследователски стажове</a></li></ul></li></ul></li><li class="has-subpages"><a href="/pub/legal-research/html/index.bg.html">Правни изследвания</a><a href="#" class="subpages" title="toggle subpages for Правни изследвания"></a><ul><li class="clearfix"><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.bg.html">Правни конференции и семинари</a></li><li class="clearfix"><a href="/pub/legal-research/legal-research-programme/html/index.bg.html">Програма за правни изследвания</a></li></ul></li><li class="has-subpages"><a href="/pub/research/html/index.bg.html">Научни доклади</a><a href="#" class="subpages" title="toggle subpages for Научни доклади"></a><ul><li class="clearfix"><a href="/pub/research/authors/html/index.bg.html">Доклади по автори</a></li></ul></li><li class="clearfix"><a href="/pub/researchers/html/index.bg.html">Изследователите в ЕЦБ</a></li><li class="clearfix"><a href="/pub/research-networks/html/index.bg.html">Изследователски мрежи</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/press/html/index.bg.html">Публикации</a><a href="#" class="subpages" title="toggle subpages for Публикации"></a><div class="nav-first-level-wrap -nav-in-first-column"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Публикации</div><a href="/press/pubbydate/html/index.en.html">Разгледайте всички новини и публикации</a><hr> </div> </div><ul><li><span>Новини</span></li><li><a href="/press/pr/html/index.bg.html">Прессъобщения</a></li><li><a href="/press/stats/html/index.bg.html">Статистически прессъобщения</a></li><li><a href="/press/key/html/index.bg.html">Речи</a></li><li><a href="/press/inter/html/index.bg.html">Интервюта</a></li><li><a href="/press/blog/html/index.bg.html">Блог на ЕЦБ</a></li><li><a href="/press/tvservices/html/index.bg.html">Подкаст и излъчване в интернет</a></li><li><a href="/press/intro/html/index.bg.html">Ново в областта на плащанията</a></li><li><a href="/press/contacts/html/index.bg.html">Данни за контакт за медиите</a></li></ul></div><ul><li class="clearfix"><span>Публикации</span></li><li class="has-subpages"><a href="/press/govcdec/html/index.bg.html">Решения на Управителния съвет</a><a href="#" class="subpages" title="toggle subpages for Решения на Управителния съвет"></a><ul><li class="clearfix"><a href="/press/govcdec/mopo/html/index.bg.html">Решения по паричната политика</a></li><li class="clearfix"><a href="/press/govcdec/otherdec/html/index.bg.html">Други решения</a></li></ul></li><li class="clearfix"><a href="/press/accounts/html/index.bg.html">Съобщения за заседанията по паричната политика</a></li><li class="has-subpages"><a href="/press/economic-bulletin/html/index.bg.html">Икономически бюлетин</a><a href="#" class="subpages" title="toggle subpages for Икономически бюлетин"></a><ul><li class="clearfix"><a href="/press/economic-bulletin/articles/html/index.bg.html">Статии</a></li><li class="clearfix"><a href="/press/economic-bulletin/focus/html/index.bg.html">Централна тема</a></li><li class="clearfix"><a href="/press/economic-bulletin/mb/html/index.bg.html">Месечен бюлетин</a></li></ul></li><li class="clearfix"><a href="/press/projections/html/index.bg.html">Макроикономически прогнози</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/html/index.bg.html">Годишни доклади и финансови отчети</a><a href="#" class="subpages" title="toggle subpages for Годишни доклади и финансови отчети"></a><ul><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/html/index.bg.html">Годишен доклад</a><a href="#" class="subpages" title="toggle subpages for Годишен доклад"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.bg.html">Годишен отчет</a></li><li 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title="toggle subpages for Нашите ценности"></a><ul><li class="clearfix"><a href="/ecb/our-values/independence/html/index.bg.html">Независимост</a></li><li class="clearfix"><a href="/ecb/our-values/transparency/html/index.bg.html">Прозрачност</a></li><li class="clearfix"><a href="/ecb/our-values/accountability/html/index.bg.html">Отчетност</a></li><li class="has-subpages"><a href="/ecb/our-values/ethics/html/index.bg.html">Професионална етика в ЕЦБ</a><a href="#" class="subpages" title="toggle subpages for Професионална етика в ЕЦБ"></a><ul><li class="clearfix"><a href="/ecb/our-values/ethics/enmo/html/index.bg.html">Мрежа на многостранни организации за професионална етика (ENMO)</a></li></ul></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/html/index.bg.html">Нашата история, изкуство и култура</a><a href="#" class="subpages" title="toggle subpages for Нашата история, изкуство и култура"></a><ul><li class="has-subpages"><a 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рамка</a></li></ul></li><li class="has-subpages"><a href="/ecb/climate/html/index.bg.html">ЕЦБ и изменението на климата</a><a href="#" class="subpages" title="toggle subpages for ЕЦБ и изменението на климата"></a><ul><li class="clearfix"><a href="/ecb/climate/our-climate-and-nature-plan/html/index.bg.html">Нашият план за климата и природата</a></li><li class="clearfix"><a href="/ecb/climate/climate-related-financial-disclosures/html/index.bg.html">Финансови оповестявания, свързани с климата</a></li><li class="clearfix"><a href="/ecb/climate/managing_mitigating_climatel_risk/html/index.bg.html">Управление на рисковете, свързани с климата</a></li><li class="clearfix"><a href="/ecb/climate/green_transition/html/index.bg.html">Подкрепа за зеления преход</a></li><li class="clearfix"><a href="/ecb/climate/wider_action/html/index.bg.html">Стимулиране на действия в по-широк план</a></li><li class="clearfix"><a href="/ecb/climate/our_approach/html/index.bg.html">Нашият подход</a></li><li 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не е налично на български език.</div> <div class="title"> <h1>Collateral management harmonisation </h1> </div> <div class="section"> <p> Part of the Eurosystem’s mandate is to foster European financial market integration and promote a truly domestic single market in Europe. Harmonised collateral management processes are a key prerequisite for achieving this. Yet, barriers and obstacles still exist on account of fragmented legacy standards, structural constraints and complex and diverse market practices. </p> <h2>What is SCoRE? </h2> <p>In order to address this fragmentation, the Eurosystem’s <a href="/paym/groups/ami/html/index.en.html" data-label="английски">Advisory Group on Market Infrastructures for Securities and Collateral (AMI-SeCo)</a> is working towards developing a <a href="/paym/intro/publications/pdf/ecb.AMI-SeCo_Collateral_Management_Harmonisation.pdf">Single Collateral Management Rulebook for Europe (SCoRE)</a>, which defines common rules for managing collateral.</p> <img src="/paym/integration/collateral/shared/img/5_Guiding_Principles_horizontal.svg" alt="Harmonised collateral management processes" class="mobile-hidden"> <img src="/paym/integration/collateral/shared/img/5_Guiding_Principles_mobile.svg" alt="Harmonised collateral management processes" class="mobile-only"> <p>The harmonised collateral management processes laid down in SCoRE will ultimately make it easier for:</p> <ul> <li><strong>market participants</strong> to move their securities and collateral safely and efficiently between EU countries, without friction or restrictions;</li> <li><strong>investors</strong> to buy securities in any EU country and use them as collateral in the same or any other EU country;</li> <li><strong>banks</strong> to move collateral and securities quickly to where they are needed.</li> </ul> <p>It will also lead to:</p> <ul> <li><strong>increased efficiency</strong>, by enabling collateral management across Europe from a single account using the same procedures;</li> <li><strong>lower costs</strong>, as a single rulebook will allow market participants to implement a single set of procedures;</li> <li><strong>interoperability</strong>, resulting from common messaging based on a common set of data across financial market infrastructures;</li> <li><strong>lower risk</strong> in managing securities and collateral as a result of the standardisation of processes;</li> <li><strong>a level playing field</strong> for all market participants across Europe;</li> <li><strong>increased reach</strong> beyond domestic markets. </li> </ul> </div> <div class="teasers -three-columns -upper-blue -top-arrow"> <div class="upper"> <h2>What activities are covered?</h2> <p>The AMI-SeCo identified ten areas where further harmonisation was needed.</p> </div> <div class="lower"> <div class="container"> <div class="box"> <div class="header"> <div class="title">Triparty Collateral Management</div> <div class="icon -three-people_solid"></div> </div> <div class="content-box"> <p> Harmonisation of triparty collateral management workflows and messaging in order to facilitate interoperable processes allowing collateral mobility across triparty agents. </p> </div> </div> <div class="box"> <div class="header"> <div class="title">Corporate Actions</div> <div class="icon -monetary-policy_solid"></div> </div> <div class="content-box"> <p> Harmonisation of Corporate Actions processes, workflows and messaging by reinforcing existing harmonisation standards or adding new harmonisation standards (taking into account specific considerations from a collateral management perspective). </p> </div> </div> <div class="box"> <div class="header"> <div class="title">Taxation Processes</div> <div class="icon -newsletter_solid"></div> </div> <div class="content-box"> <p> Harmonisation of tax processing in the context of collateral management (taking into account identification of parties in collateralised transactions). </p> </div> </div> <div class="box"> <div class="header"> <div class="title">Bilateral Collateral Management</div> <div class="icon -hands_solid"></div> </div> <div class="content-box"> <p> Harmonisation of workflows for bilateral collateral management (covering non-cleared OTC derivatives and securities financing). Interoperability and leverage of existing infrastructures and market platforms. </p> </div> </div> <div class="box"> <div class="header"> <div class="title">Margin Calls</div> <div class="icon -money_solid"></div> </div> <div class="content-box"> <p> Interoperability and leverage of existing infrastructures and market platforms for margin processes. </p> </div> </div> <div class="box"> <div class="header"> <div class="title">Billing Processes</div> <div class="icon -calculator_solid"></div> </div> <div class="content-box"> <p> Harmonisation of billing procedures, workflows and messaging. </p> </div> </div> <div class="box"> <div class="header"> <div class="title">Cut-Off Times</div> <div class="icon -clock_solid"></div> </div> <div class="content-box"> <p> Minimum requirements for end-of-day cut off times to avoid possible different value dats in cross-infrastructure transactions in different markets, which may create frictions for market participants active in different markets. </p> </div> </div> <div class="box"> <div class="header"> <div class="title">Collateral Dynamic and Static Data</div> <div class="icon -documents"></div> </div> <div class="content-box"> <p> Harmonisation of data exchanges to ensure that information / data is available where necessary. Market practices needed for use of data. </p> </div> </div> <div class="box"> <div class="header"> <div class="title">Sourcing of Collateral</div> <div class="icon -loupe"></div> </div> <div class="content-box"> <p> Miminum requirements for sourcing/movement of collateral across Europe. </p> </div> </div> <div class="box"> <div class="header"> <div class="title">Non-Euro Collateral</div> <div class="icon -euro"></div> </div> <div class="content-box"> <p> Market practices for the handling of non-euro denominated collateral (including related corporate action processes). </p> </div> </div> </div> </div> </div> <div class="section"> <h2>What standards have been agreed?</h2> <p>Standards have already been agreed in three of these areas: </p> <h3>Triparty Collateral Management</h3> <p>A single triparty model for Europe with common processes for interaction between all major European triparty service providers and their participants, including the Eurosystem, using ISO 20022 messaging. </p> <a href="/press/intro/publications/pdf/ecb.amiseco202106_tripartycollateralmanagement.bg.pdf" data-label="английски">Triparty Collateral Management: Single Collateral Management Rulebook for Europe</a> <h3>Billing Processes</h3> <p>A single set of rules for the transmission of billing information by post-trade service providers related to custody and collateral management, including the alignment of billing frequency and dates and using ISO 20022 messaging. </p> <a href="/press/intro/publications/pdf/ecb.amiseco202106_scorebillingprocessesrulebook.bg.pdf" data-label="английски">Billing Processes: Single Collateral Management Rulebook for Europe</a> <h3>Corporate Actions</h3> <p>A first set of harmonised business processes and workflows for debt instruments, foreseeing the use of ISO 20022 messaging. Work on other instruments, such as equities, is ongoing. </p> <a href="/press/intro/publications/pdf/ecb.amiseco202312_corporateactions.bg.pdf" data-label="английски">Corporate Actions: Single Collateral Management Rulebook for Europe</a> <p> The AMI-SeCo has also defined a <a href="/paym/intro/publications/pdf/ecb.AMI-SeCo_Monitoring_Framework.pdf">framework for monitoring</a> the implementation of the standards. Work to define standards in the remaining areas is ongoing.</p> </div> <div class="teasers -three-columns -upper-blue -top-arrow"> <div class="upper"> <h2>How are we moving towards harmonisation?</h2> <p>A dedicated taskforce (CMH-TF) under the AMI-SeCo brings market participants together to define common rules for managing collateral in Europe. There are three steps in the SCoRE process, from defining to implementing the standards.</p> </div> <div class="lower"> <div class="container"> <div class="box"> <div class="header"> <div class="title">Define</div> <div class="icon -meeting"></div> </div> <div class="content-box"> <p>Define market-wide standards with industry players</p> </div> </div> <div class="box"> <div class="header"> <div class="title">Plan</div> <div class="icon -newsletter"></div> </div> <div class="content-box"> <p>Ask them for a plan for adoption of the Standards within agreed timelines</p> </div> </div> <div class="box"> <div class="header"> <div class="title">Implement</div> <div class="icon -loupe"></div> </div> <div class="content-box"> <p>Monitor their progress against the plans</p> </div> </div> </div> </div> </div> <div class="see-also-boxes -two-columns"> <div class="headline">SEE ALSO</div> <h2>Find out more about related content</h2> <div class="container"> <div class="content-box"> <h3>The 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