safe custody account
- A securities account, in most cases, held and managed by the central bank on which credit institutions can place securities deemed suitable to back central bank operations. The securities held on these accounts are finally deposited with the CSD under the name of the national central bank, so that the transfer into a safe custody account results in a transfer between the bank's and the national central bank's account with the CSD. The securities deposited with the national central bank are generally pledged to the National Central Bank as collateral for overnight and intraday Lombard loans.
Euroclear glossary. 2008.
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