The principles of Community law, primary legislation and the provisions of the Bank’s Statute protect the absolute autonomy of the Bank in the performance of its institutional functions from possible influence by its shareholders. However, the criteria for share ownership appear obsolete and do not ensure a sufficiently broad distribution of shares.
The repo market performs the function of a funding market. Similarly, interest rate derivative markets enable management of risk. Comprehensive directions covering both OTC and exchange-traded derivatives were issued in 2019 rationalising the regulations for eligible institutions, permissible instruments, exposure limits and reporting. Futures and options have been introduced. Efforts to make the markets deep and liquid remain ongoing.