In order to be eligible as collateral for Eurosystem credit operations, non-marketable assets must comply with the eligibility criteria specified in the "General framework".
Three types of non-marketable assets are eligible as collateral: fixed-term deposits from eligible counterparties, credit claims and non-marketable retail mortgage-backed debt instruments (RMBDs).
Moreover, the Governing Council of the European Central Bank (ECB) has approved, for the nine national central banks (NCBs) that have put forward relevant proposals, specific national eligibility criteria and risk control measures for the temporary acceptance of additional credit claims as collateral in Eurosystem credit operations. Details of these specific national measures are made available on the websites of the respective NCBs: the Central Bank of Ireland, the Bank of Greece, the Banco de España, the Banque de France, the Banca d'Italia, the Central Bank of Cyprus, the Oesterreichische Nationalbank, the Banco de Portugal and Banka Slovenije. The additional temporary measures on collateral eligibility are laid down in the “Temporary framework”.
Schematic overview (further details are set out in the General Documentation)
|Eligibility criteria||Non-marketable assets|
|Type of asset||Credit claims||RMBDs||Fixed-term deposits from eligible counterparties|
|Credit standards||The debtor / guarantor must meet high credit standards. The creditworthiness is assessed using Eurosystem credit assessment framework (ECAF) rules for credit claims.||The asset must meet high credit standards. The high credit standards are assessed using ECAF rules for RMBDs.|
|Handling procedures||Eurosystem procedures||Eurosystem procedures||Not applicable|
|Type of debtor / guarantors||Public sector||Credit institutions that are eligible counterparties|
|International and supranational institutions|
|Place of establishment of the debtor or guarantor||Euro area||Euro area|
|Minimum size||Minimum size threshold at the time of submission of the credit claim||Not applicable||Not applicable|
|- for domestic use: choice of the NCB;|
|- for cross-border use: common threshold of € 500,000.|
|Governing laws related to credit claims||Governing law for credit claim agreement and mobilisation: law of a Member State of the euro area.||Not applicable||Not applicable|
|The total number of different laws applicable to|
|(i) the counterparty,|
|(ii) the creditor,|
|(iii) the debtor,|
|(iv) the guarantor (if relevant),|
|(v) the credit claim agreement and|
|(vi) the mobilisation agreement|
|shall not exceed two.|
For non-marketable assets, the ECB will neither publish a list of eligible non-marketable assets nor a list of eligible debtors/guarantors. The NCBs are responsible for assessing the eligibility of non-marketable assets (i.e. credit claims and retail mortgage-backed debt instruments (RMBDs)) in accordance with the eligibility criteria for non-marketable assets set out in the "General framework".
For the eligibility assessment, the NCBs determine the procedures in order to carry out the eligibility checks. To check whether a non-marketable asset is eligible, please contact the NCB.