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Home > International Finance > Cooperation with Other Central Banks > Principal Terms and Conditions concerning the Operation of Securities Custody Accounts (S) for Foreign Central Banks and International Organizations
March 26, 1999 (April 1, 1999)
Revision:November 14, 2003 (January 19, 2004)
January 23, 2009 (February 4, 2009)
* Date of implementation in brackets
The Bank of Japan (hereinafter the "BOJ") shall provide foreign central banks (including institutions equivalent thereto) and international organizations with Securities Custody Accounts (S). The operational procedures of the Securities Custody Accounts (S) shall be managed under the following terms and conditions (hereinafter these "Principal Terms and Conditions").
Counterparties shall be selected from among foreign central banks (including institutions equivalent thereto) and international organizations holding yen accounts (hereinafter the "Yen Account" or the "Yen Accounts" depending on context) with the BOJ.
The BOJ shall record eligible Japanese government securities (hereinafter the "Eligible JGSs") obtained by the Counterparties in the Securities Custody Accounts (S).
The BOJ shall receive the Eligible JGSs that have been delivered to the Counterparties in their relevant Securities Custody Account (S).
On behalf of the Counterparties, the BOJ shall receive in the relevant Yen Account of the Counterparties the principal and coupon payments of the Eligible JGSs recorded in their Securities Custody Accounts (S).
Upon individual instructions from the Counterparties, the BOJ shall deliver the Eligible JGSs from their Securities Custody Accounts (S) to the specified parties.
No commissions shall be charged in relation to the services provided by the BOJ under these Principal Terms and Conditions.
All out-of-pocket expenses, excluding charges for communications between the Counterparties and the BOJ, shall be debited to the relevant Yen Account of the Counterparties.
Both the Counterparties and the BOJ shall be entitled to terminate their agreements concerning the Securities Custody Accounts (S) at any time, upon giving notice to such effect.
These Principal Terms and Conditions shall be governed by and construed in accordance with the laws of Japan.