Recital 3

(3)Safeguards in relation to the CCP credit facility are necessary to ensure that only eligible CCPs that are financially sound and have in place sound liquidity risk management may access the CCP credit facility. Sound liquidity risk management ensures that eligible CCPs have adequate liquidity risk controls in place, including for crisis scenarios under which eligible CCPs are not expected to resort to the CCP credit facility, or – where such access is available to CCPs authorised as credit institutions under Regulation (EU) No 575/2013 of the European Parliament and of the Council ² – to Eurosystem monetary policy operations. Safeguards on financial soundness and sound liquidity risk management should apply to all eligible CCPs, including those that are authorised as credit institutions under Regulation (EU) No 575/2013.