Article 4 Eligible counterparties

The following shall be eligible counterparties for outright transactions under the CBPP3 and for securities lending transactions involving covered bonds held in the CBPP3 Eurosystem portfolios:

1. (a)

   entities that fulfil the eligibility criteria to participate in Eurosystem monetary policy operations pursuant to Article 55 of Guideline (EU) 2015/510 (ECB/2014/60);

2. (b)

   any other counterparties that are used by Eurosystem central banks for the investment of their euro-denominated investment portfolios, including non-euro area counterparties active in the covered bonds markets.