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European Central Bank ecb.europa.eu

ECB amends monetary policy implementation guidelines as part of regular review

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Press release

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  • Second-best rating to be introduced for private sector assets as collateral for monetary policy operations
  • Haircut schedule for assets used as collateral to be updated
  • Haircut treatment of securities issued by financial subsidiaries of non-financial corporate groups to be aligned with that of their non-financial corporate parents

    • The European Central Bank (ECB) today published amendments to its guidelines on the implementation of monetary policy in the Eurosystem, applicable as of 30 November 2026 as part of a regular review.

    The amended guidelines introduce several changes, among others those detailed below:

  • As announced on 21 February 2025, the second-best rating issued by external credit assessment institutions will be used to assess the eligibility of private sector assets for use as collateral under the Eurosystem collateral framework and to determine the haircuts to be applied to those assets. This applies to private sector assets such as unsecured bank bonds, covered bank bonds and assets issued by non-financial corporations and the non-euro area public sector. For euro area public sector assets, the first-best rating will continue to apply. For further information, see the FAQs on the use of external ratings in the Eurosystem collateral framework.
  • As announced on 17 November 2025, the ECB conducted a review of its risk control framework for monetary policy credit operations to maintain an adequate level of risk protection, improve consistency and enhance the risk equivalence of assets, while ensuring collateral availability. This includes, among others, an update of the haircut schedule, including refining haircuts for own-used or retained assets and increasing granularity in the haircuts applied to individual credit claims by also considering the type of amortisation on each credit claim.

    • This is an extract. The publication continues at the source.

    Read the original at the source: https://www.ecb.europa.eu//press/pr/date/2026/html/ecb.pr260929~050089e922.en.html

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    European Central Bank — imported from official source
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    https://www.ecb.europa.eu/rss/press.html RSS
    Imported
    September 29, 2026 09:00
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    https://www.ecb.europa.eu//press/pr/date/2026/html/ecb.pr260929~050089e922.en.html

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