EIOPA · 648
648
- Regulation
- (EU) No 2015/2450 - templates for the submission of information to the supervisory authorities
- Article
- 35
- Submitted
- 2016-05-27
- Answered
- 2019-09-18
Question
Which CIC code is the most appropriate for overnight deposits. Shall it be XT72 or XT73?
Answer
Overnight deposits XT73 for the following reason: In overnight market transactions lenders lend funds only overnight, i.e. the borrower must repay the borrowed funds plus interest at the start of the business the next day.
Typically this type of transactions occur in the morning after the start of the business day and are finalised the next morning. For that period in time, i.e. overnight, the lender does not have access to the borrowed funds, so that it should be XT73 as categorisation.
This Q&A is published by European Insurance and Occupational Pensions Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.
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