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Collateral

Eurosystem and collateral

In line with its statute, the Eurosystem provides credit only against adequate collateral. Typically, collateral refers to marketable financial securities, such as bonds, or other types of assets, such as non-marketable assets or cash. The term “eligible asset” is used for assets that are accepted as collateral by the Eurosystem.

The eligibility of assets is assessed by the national central banks according to the criteria specified in the Eurosystem legal framework for monetary policy instruments. This consists of the “General framework” and the “Temporary framework”. The Temporary framework complements, amends or overrules the General framework.

Search for eligible marketable assets

All marketable eligible assets are listed in the eligible asset database, which the ECB updates on a daily basis. The simplest way to check if an asset is eligible is to search the eligible asset database using various criteria. You can also use the tools available in the download area.

Looking for an eligible asset that is not listed in the eligible assets database?

If you think an asset fulfils the Eurosystem eligibility criteria but cannot find it using the online database search functions or in the download area, please contact the relevant national central bank of the country in which the asset is admitted to trading.

Looking for more information on an asset?

For general questions on assets, please contact the relevant national central bank of the country in which the asset is admitted to trading.

Contact information for the national central banks.

Looking for statistics on collateral?

A wide range of data on collateral used in the context of Eurosystem credit operations is publicly available.

Eurosystem collateral data

Key dates

1 January 2018

Requirement that only those credit claims be mobilised as collateral for Eurosystem credit operations in which the set-off risk has been excluded or significantly mitigated: ECB amends Guidelines relating to the Eurosystem’s monetary policy implementation

1 July 2017

Minimum disclosure requirements for covered bond ratings issued by credit rating agencies accepted in the Eurosystem credit assessment framework (ECAF): ECB amends Guidelines relating to the Eurosystem’s monetary policy implementation

1 January 2017

Update of haircuts for marketable and non-marketable assets and Introduction of graduated haircuts for eligible ABS based on Weighted Average Life (WAL) as calculated from expected cash flows: ECB reviews its risk control framework for collateral assets

Change to collateral eligibility criteria and risk control measures applicable to senior unsecured debt instruments issues by credit institutions: Changes to collateral eligibility criteria and risk control measures for unsecured bank bonds ECB amends Guidelines relating to the Eurosystem’s monetary policy implementation

Amending rules on acceptable coupon structures to make certain assets with negative cash flows eligible: ECB amends Guidelines relating to the Eurosystem’s monetary policy implementation

1 May 2016

Cash-flow generating assets to be originated by an originator incorporated in the European Economic Area (EEA). The originator, or an intermediary incorporated in the EEA, will sell these assets to the special purchase vehicle (SPV). Assets not fulfilling the required criteria will be phased out (see: Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework, as amended)

25 November 2015

ECB publishes two Guidelines relating to changes in the General Documentation

31 August 2015

ECB publishes a Guideline amending the General Documentation on monetary policy implementation