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Collateral

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Assets that are pledged to the Eurosystem as security for its central bank credit operations are called "collateral". To be accepted, these assets must fulfil certain criteria, i.e. be "eligible". This section helps counterparties to find out which assets can be used and how to submit them.

For details, see the Guideline of the ECB on monetary policy instruments and procedures of the Eurosystem ("General documentation").

Frequently asked questions

Find the answers to your questions in our FAQs on the measures to support bank lending and money market activity, announced by the ECB in a Press release on 8 December 2011.

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Recent developments

18 May 2012: Publication of three additional templates with loan-by-loan information requirements for asset-backed securities (ABSs)
28 Feb 2012: Eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations
9 Feb 2012: ECB’s Governing Council approves eligibility criteria for additional credit claims
22 Dec 2011: Publication of SME taxonomy and revised SME template
16 Dec 2011: Publication of revised RMBS template and taxonomy
21 Nov 2011: Publication of RMBS taxonomy
6 Oct 2011: 2011 Technical workshops on the provision of loan-level data
21 Sep 2011: ECB publishes an updated version of the General Documentation
7 Jul 2011: ECB announces change in eligibility of debt instruments issued or guaranteed by the Portuguese government
29 Apr 2011: ECB introduces loan-by-loan information requirements for CMBSs and SME transactions
31 Mar 2011: ECB announces the suspension of the rating threshold for debt instruments of the Irish government
18 Mar 2011: Acceptance of Coface rating tool for the purposes of the Eurosystem credit assessment framework by the Governing Council
4 Feb 2011: ECB publishes an updated version of the General Documentation
16 Dec 2010: ECB refines the framework for the implementation of monetary policy in the euro area
16 Dec 2010: ECB introduces ABS loan-by-loan information requirements in the Eurosystem collateral framework
9 Oct 2010: New provisions for the framework for implementation of monetary policy in the euro area
28 Jul 2010: ECB reviews risk control measures in its collateral framework
03 May 2010: ECB announces change in eligibility of debt instruments issued or guaranteed by the Greek government
23 Apr 2010: Eurosystem launches preparatory work on the establishment of loan-level information requirements for ABSs in its collateral framework
08 Apr 2010: ECB introduces graduated valuation haircuts for lower-rated assets in its collateral framework as of 1 January 2011
20 Nov 2009: ECB amends rating requirements for asset-backed securities in Eurosystem credit operations
07 May 2009: Longer-term refinancing operations
20 Jan 2009: Adjustment of risk control measures for newly issued asset-backed securities and for uncovered bank bonds
26 Nov 2008: Press release on changes to the temporary expansion of the eligibility of collateral
17 Nov 2008: Press release on syndicated loans and related diligence matters
12 Nov 2008: Further technical specifications for the temporary expansion of the collateral framework
15 Oct 2008: Measures to further expand the collateral framework and enhance the provision of liquidity
04 Sep 2008: Biennial review of the risk control measures in Eurosystem credit operations
02 Jan 2008: Marketable assets located in Cyprus and Malta
18 Dec 2007: Go-live of DBRS eligibility for purposes of the Eurosystem credit assessment framework on 1 January 2008
30 Oct 2007: Amendments to "The implementation of monetary policy in the euro area General documentation on Eurosystem monetary policy instruments and procedures"
25 May 2007: Residence criteria for assets eligible as collateral for eurosystem credit operations further details
25 May 2007: Amendment to calendar for the phasing-out of marketable tier two assets
23 Feb 2007: Credit assessment for covered bank bonds to be treated like other marketable assets
01 Jan 2007: Marketable assets located in Slovenia
13 Jun 2006: New global notes
13 Jan 2006: Asset-backed securities

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