a bank appointed by the borrower as its agent for a new issue of securities when no trustee has been appointed. Its functions include those of a principal paying agent and a number of the clerical functions but none of the fiduciary responsibilities of a trustee
In accordance with Article 104 of the Treaty, overdrafts or any other type of credit facility with the ECB or with the national central banks in favour of Community institutions or bodies, central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of Member States shall be prohibited, as shall the purchase directly from them by the ECB or national central banks of debt instruments. 21.2. The ECB and national central banks may act as fiscal agents for the entities referred to in 21.1.
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