On August 25, 2015, the European Central Bank (ECB) published a report by the European System of Central Banks (ESCB) on the need for any measure to facilitate the access of central counterparties (CCPs) to central bank liquidity facilities under EMIR (the Regulation on over the counter derivative transactions, CCPs and trade repositories) (Regulation 648/2012).

The ESCB considers that the current legal framework that allocates competence to define the conditions for access to central bank facilities to the ESCB under EU law is adequate for ensuring effective CCP access to central bank facilities where the affected central banks deem this appropriate in accordance with their mandates.