1. Japan: City banks, regional banks, regional banks II, trust banks, long-term credit banks, branches of foreign banks, shinkin banks and Norinchukin Bank. Netherlands: All credit institutions with very few exceptions. 3 Spain: All credit institutions. Switzerland: All banks. United Kingdom: All authorised banks except very small ones. United States: Commercial and savings banks;Australia;Banks and industry organisations representing building societies and credit unions (known as
2. 4 All credit institutions established in the BLEU with a credit line with the central bank. 5 Within a quota, special credit/deposit facility at the central rate. 6 Domestically located institutions active in the foreign exchange swap market. 7 Direct clearers (8 banks, 4 non-banks). 8 Jobbers, i.e. core group of primary distributors making the market for government securities (5 dealers and 3 banks); until mid-1995, also main counterparties for outright sales of Treasury bills. 9 Purchase and Resale Agreements (PRAs) for the five investment dealer-jobbers, at Bank rate. 10 Six major banks. 11 All banks established in France can participate, but the bids are transmitted via the 26 principal market operators (OPMs). 12 In practice, with most active banks. 13 All credit institutions subject to reserve requirements. 14 Active money market participants. 15 In addition, any bank may act as counterparty in the sale of liquidity paper used to set a floor to market rates, when necessary. 16 All banks and primary dealers (specialists) in the screen-based market for Treasury bonds (MTS). 17 MTS primary dealers. In addition, the central bank carries out occasional bilateral reversed and outright transactions in Treasury bonds to ensure a smooth functioning of the market or limit bond price fluctuations (mostly with primary dealers). The corresponding impact on liquidity is sterilised. 18 Purchase of bills issued by financial institutions and sales of central bank and financing bills. 19 Money market ("Tanshi") dealers. 20 Money market dealers (6), banks (26) and securities firms (27). 21 Money-market dealers (6), banks (26) and security firms (15). 22 Banks (26) and securities firms (27). 23 Banks (25) and securities firms (36). 24 All credit institutions established in the Netherlands and participating in the quota scheme. 25 Same counterparties as for regular tenders plus foreign central banks. 26 Covert intervention, the central bank selects one of the major banks in turn. 27 All credit institutions subject to reserve requirements. 28 Group of "market makers" in government bond market selected by the central bank on the basis of their level of activity in both government bond and interbank deposit markets. 29 Including seven banks (one located abroad) and four non-banks, all members of the settlement system; fine-tuning deposit transactions (I) through which the central bank injects liquidity are carried out only with Swedish banks (7). 30 In principle, all domestically located banks; in practice, about 15 with the bulk of the operations being done with the three largest. 31 Including bill/floating rate gilts repos. 32 Discount houses, institutions subject to several obligations: expected to offer callable deposit facilities to banks and non-banks, making markets in bills, participating actively in the central bank's money market operations and underwriting the weekly Treasury bill tender. 33 "2.45" and "late-late lending;principle, any member of the Reserve Bank Information and Transfer System (RITS). 2 A roughly equal number of banks and non-banks, out of a total of 136 eligible counterparties (53 banks and 83 non-banks). 3 In principle, all domestic credit institutions under the Austrian Banking Act which are subject to reserve requirements (de facto the number is limited to 60 since only the head institutions of sectoral banks are admitted