중앙은행여신과 적격담보제도에 관한 법적 연구 - 은행의 대출채권을 중심으로 -

The 2008 global financial crisis and the recent failure of Silicon Valley Bank in 2023 have highlighted the crucial role of central banks in maintaining financial stability. In this context, the scope of eligible collateral accepted by central banks to provide liquidity as lenders of last resort has expanded to include non-marketable assets, such as credit claims. The Bank of Korea has recently announced in a press release its intention to include credit claims as eligible collateral for its credit operations. However, the current laws present practical hurdles for the Bank of Korea in utilizing credit claims as collateral. In light of the above, this article examines how credit claims are being used as eligible collaterals within the Eurosystem in order to gain useful insights. The basic principles underlying the Bank of Koreaʼs collateral system of credit claims should include, inter alia, the necessity and urgency of emergency lending, and the need to maintain confidentiality. Under these basic principles, the Bank of Koreaʼs loan collateral system should (i) adopt a pooled system approach to achieve legislative objectives, (ii) establish appropriate disclosure schemes to protect interested parties and (iii) address the issues related to the transfer of security interests along with the collateralized credit claims. Further, counterparties should ensure that they comply with the negative covenants under the relevant financing documents, particularly those related to credit claims being provided as collateral in favor of the Bank of Korea. These basic principles and approaches specified in this article will help lay the foundation for a future research encompassing a detailed review and analysis of specific legislative measures.