Article 23
General requirements for the management of intraday credit risk
1.
For the purposes of management of intraday credit risk, a CSD-banking service provider shall:
(a)
specify how it assesses the design and operation of its credit risk management framework relating to all the activities listed in Section C of the Annex to Regulation (EU) No 909/2014;
(b)
only grant credit lines that are unconditionally cancellable at any time by the CSD-banking service provider and without prior notice to the borrowing participants of the securities settlement system operated by the CSD;
(c)
where a bank guarantee referred to in Article 16 is used in interoperable links, a CSD-banking service provider shall assess and analyse the interconnectedness that may arise from having the same participants providing that bank guarantee.
2.
The following exposures are exempt from the application of Articles 9 to 15 and 24:
(a)
exposures to the members of the European System of Central Banks and other Member States' bodies performing similar functions and other Union public bodies charged with or intervening in the management of the public debt;
(b)
exposures to one of the multilateral development banks listed in Article 117(2) of Regulation (EU) No 575/2013;
(c)
exposures to one of the international organisations listed in Article 118 of Regulation (EU) No 575/2013;
(d)
exposures to public sector entities within the meaning of Article 4(8) of Regulation (EU) No 575/2013 where they are owned by central governments and have explicit arrangements provided by central governments guaranteeing their credit exposures;
(e)
exposures to third country central banks that are denominated in the domestic currency of that central bank provided that the Commision has adopted an implementing act in accordance with Article 114(7) of Regulation (EU) No 575/2013 confirming that this third country is considered as applying supervisory and regulatory arrangements at least equivalent to those applied in the Union.