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ECB sets eligibility rules for corporate-credit collateral in euro system
The ECB said technical implementation for the new integration of non-financial corporate credit claims into its general collateral framework is planned for November 2027 at the earliest.
The European Central Bank published a package of updates from its Governing Council on 24 June 2026, including a Convergence Report on euro adoption progress in the Czech Republic, Hungary, Poland, Romania and Sweden, prepared under Article 140 of the EU Treaty and issued alongside an European Commission report and related materials.
Separately, the ECB approved the publication of its 2025 Bank Treasurer Survey Report. The survey, conducted between 14 and 29 October 2025, collected responses from 184 banks representing about 72% of total banking assets and central bank reserves in the euro area, focusing on banks’ expected demand for central bank reserves and liquidity management through Eurosystem standard refinancing operations.
The ECB also decided to permanently integrate portfolios of non-financial corporate credit claims into the Eurosystem general collateral framework. The move follows a November 2024 announcement to phase out temporary collateral measures that had allowed banks to post a broader range of NFC credit claims, and it marks the final step in ending the temporary additional credit claim, or ACC, framework. The ECB said this will return the euro area to a single list of eligible collateral, with technical implementation planned for November 2027 at the earliest.
In addition, the ECB published indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods for 2027 and 2028 on 30 June 2026. On 9 July 2026, the Governing Council decided to allocate the financial subsidiaries of an NFC issuer group to haircut category III by creating a dedicated issuer group category, and said those entities will become eligible debtors for credit claims used as collateral in Eurosystem credit operations.