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ECB sets plan to expand euro-area collateral eligibility for credit claims
The ECB approved permanent rules to fold non-financial corporate credit-claim portfolios into the Eurosystem general collateral framework, with technical implementation planned for November 2027 at the earliest.
The European Central Bank published a set of Governing Council decisions and updates, including a June 24 convergence report on euro adoption progress in the Czech Republic, Hungary, Poland, Romania and Sweden, prepared under Article 140 of the EU Treaty. In other updates, the ECB approved publication of the 2025 Bank Treasurer Survey Report, which was conducted between Oct. 14 and Oct. 29, 2025 and drew responses from 184 banks covering about 72% of total banking assets and central bank reserves in the euro area, according to the ECB.
The ECB also decided on eligibility criteria and a risk control framework to permanently integrate portfolios of non-financial corporate credit claims into the Eurosystem general collateral framework, continuing the process that began with a November 2024 announcement to phase out temporary collateral measures. Under the decision, the ECB said the change is the final step in phasing out its temporary additional credit claim framework, returning to a single list of eligible collateral across the euro area, with technical implementation planned for November 2027 at the earliest.
The ECB said it will publish indicative calendars for Eurosystem regular tender operations and reserve maintenance periods for 2027 and 2028, and on July 9, 2026 it decided to allocate the financial subsidiaries of an NFC issuer group to haircut category III through a dedicated issuer group category, making those entities eligible debtors for credit claims used in Eurosystem credit operations.