Eligibility criteriaChanges following the United Kingdom's withdrawal from the EU Changes to the Eurosystem collateral eligibility rules for asset-backed securities (ABSs)
In order to be eligible as collateral for Eurosystem credit operations, marketable assets must comply with the eligibility criteria as laid down in the "General framework" . Additional temporary measures on collateral eligibility are laid down in the “Temporary framework” , and are applicable until further notice.
|Eligibility criteria||Marketable assets|
|Type of asset|| ECB debt certificates
Other marketable debt instruments:
e.g. Central government debt instruments, Debt instruments issued by central banks, Local and regional government debt instruments, Supranational debt instruments, Covered bank bonds, Credit institutions debt instruments, Debt instruments issued by corporate and other issuers, Asset-backed securities.
|Credit standards||The asset must meet credit quality requirements. The credit quality requirements are assessed using Eurosystem credit assessment framework (ECAF) rules for marketable assets.|
|Place of issue *||EEA|
| Settlement /
| Place of settlement: euro area
Instruments must be centrally deposited in book-entry form with NCBs or an eligible SSS.
|Type of issuer / debtor / guarantors||Central banks
Public sector, Private sector, International and supranational institutions.
|Place of establishment of the issuer * / debtor / guarantor||Issuer: EEA or non-EEA G10 countries
Debtor: EEA Guarantor: EEA
|Acceptable markets||Regulated markets
Non-regulated markets accepted by the ECB
|* or as further specified in the “Temporary framework”|
Changes in collateral eligibility following the United Kingdom's withdrawal from the EU
After the end of the transition period outlined in the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community, the following assets no longer meet the eligibility criteria of the current Eurosystem collateral framework:
- unsecured debt instruments issued by credit institutions or investment firms, or by their closely-linked entities, that are established in the United Kingdom (Article 81a of the “General framework”);
- asset-backed securities whose issuer or originator is established in the United Kingdom (Article 74 of the “General framework”);
- asset-backed securities in which the acquisition of the cash-flow generating assets by the SPV is governed by UK law (Article 75 of the “General framework”);
- asset-backed securities in which clawback rules are governed by UK law (Article 76 of the “General framework”);
- assets denominated in pounds sterling, yen or US dollars whose issuer is established in the United Kingdom (Article 7 of the “Temporary framework”);
- assets with guarantees governed by UK law or where the guarantor is established in the United Kingdom, unless the guarantee is not needed to establish the credit quality requirements for the specific debt instrument (Article 114(4) and Article 70 of the “General framework”);
- credit claims for which the facility agent is a credit institution located in the United Kingdom (Article 104(4) of the “General framework”).
Based on the United Kingdom’s status as a non-EEA G10 country, euro-denominated debt instruments issued by entities established in the United Kingdom, but which do not fall into the categories listed above, will continue to be accepted as eligible collateral (in line with Article 70 of the “General framework”).
Debt instruments listed on the London Stock Exchange must also be admitted to trading on at least one acceptable market as defined by Article 68(1) of the “General framework” in order to remain eligible for collateral purposes, provided all other eligibility criteria are met.
The above list of criteria is non-exhaustive and highlights only the most common features.
Changes to the Eurosystem collateral eligibility rules for asset-backed securities (ABSs)
In relation to changes to the Eurosystem collateral eligibility rules for ABSs, the Governing Council decided that cash-flow generating assets of ABSs will be required to entail full recourse against the obligors.
This change in eligibility requirements for ABSs will be implemented on the occasion of the next regular update of Guideline ECB/2014/60.
Eligibility assessment procedure
Proactive assessment by NCBs once the asset is issued
Prior to the publication on the ECB website in the list of eligible marketable assets, national central banks (NCBs) proactively assess the eligibility of the marketable assets. The NCB of the country where the asset is admitted to trading on a regulated market or traded on a non-regulated market is responsible for the assessment of the eligibility of the marketable asset.
The eligibility assessment process only begins once the asset is issued and all the necessary documentation mentioned below is available to the respective NCB. Both NCBs and ECB do not confirm the eligibility of an asset prior to its issuance.
Once the assessment procedure is completed, the marketable asset will be included in the list of eligible marketable assets provided it complies with the ECB’s eligibility criteria.
In case a marketable asset does not appear on the list of eligible marketable assets, but you believe it should be there, please contact the national central bank of the country in which the asset is admitted to trading on a or traded on an acceptable non-regulated market. In this case, the following information could be provided to the responsible NCB in order to facilitate the assessment procedure:
- Letters of rating from the rating agencies,
- Rating agencies pre-sale reports (not the rating agencies web pages),
- Final offering circulars for the transaction,
- ISIN codes of the security, Reuters/Bloomberg page codes,
- Confirmation of New Global Note (NGN) form, if applicable. (1)
(1) The NGN criterion only applies to international debt instruments in global bearer which are issued through the ICSD’s with XS ISIN codes. The NGN requirement does not pertain to domestic securities issued through domestic CSD’s or individual bearer or global registered international securities.
One eligibility criterion for marketable assets is that the debt instrument must be admitted to trading on a regulated market as defined in the Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, or traded on certain non-regulated markets specified by the ECB.
The European Securities and Markets Authority (ESMA) maintains a list of regulated markets which can be accessed under registers.esma.europa.eu.
The assessment of non-regulated markets is made by the Eurosystem and is based on three principles: safety, transparency, and accessibility.
The three principles are defined by the Eurosystem exclusively in terms of the performance of the Eurosystem’s collateral management function. The selection process is not aimed at assessing the intrinsic quality of the various markets.
- Safety is taken to mean certainty with regard to transactions, in particular certainty on the validity and enforceability of transactions.
- Transparency is taken to mean unimpeded access to information on the market’s rules of procedure and operation, the financial features of the assets, the price formation mechanism, and the relevant prices and quantities (quotes, interest rates, trading volumes, outstanding amounts, etc.).
- Accessibility refers to the Eurosystem’s ability to take part in and have access to the market; a market is accessible for collateral management purposes if its rules of procedure and operation allow the Eurosystem to obtain information and conduct transactions when needed for these purposes. The current list of non-regulated markets which are deemed to comply with these three principles are listed in the table below.
|Country||Name of non-regulated market accepted by the ECB||Code for the List of eligible marketable assets|
|Belgium||The OTC market for Belgian Treasury Bills (BTB)||RMBE05|
|The OTC market for Belgian commercial papers||RMBE06|
|The OTC market for Belgian Strips||RMBE07|
|Euronext Growth Brussels||RMBE10|
|Germany||The unofficial market (“Freiverkehr”) of a German exchange||RMDE11|
|Estonia||The OTC market for Estonian Treasury Bills (ESTB)||RMEE02|
|France||Government securities markets (Bons du Trésor: BTF/OAT)||RMFR03|
|Negotiable European Commercial Paper NEU CP market||RMFR04|
|Negotiable European Medium-Term Notes (formerly BMTN) market||RMFR05|
|Euronext Growth Paris||RMFR06|
|Ireland||Global Exchange Market (GEM)||RMIE02|
|Lithuania||First North Market||RMLT02|
|Austrian Treasury Bill Market (ATB Programme)||RMAT05|
|Austrian Commercial Paper Market (ACP Programme)||RMAT06|
|Portugal||Euronext Growth Lisbon||RMPT08|
|Spain||Mercado Alternativo de Renta Fija (MARF, Alternative Fixed-Income Market)||RMES07|
|Finland||The money market for treasury bills (Finnish Treasury Bill Programme)||RMFI04|
|First North Bond Market Finland||RMFI08|
Updated: 7 December 2022
|Name of agency recognised by the ECB||Compliance with quantitative criteria|
|Action Logement Services (ALS)|
|Agence centrale des organismes de sécurité sociale (ACOSS)|
|Agence de Promotion Immobilière du Brabant wallon (APIBW)|
|Agence Française de Développement (AFD)||yes|
|Agence France Locale (AFL)|
|Agenzia nazionale per l’attrazione degli investimenti e lo sviluppo d’impresa S.p.A. (Invitalia)|
|Assistance Publique-Hôpitaux de Paris (AP-HP)|
|Autobahnen- und Schnellstraßen-Finanzierungs-Aktiengesellschaft (ASFINAG)|
|BNG Bank N.V.||yes|
|Bayerischen Landesbodenkreditanstalt (BayernLabo)|
|Caisse d'Amortissement de la dette sociale (CADES)||yes|
|Caisse des dépôts et consignations (CDC)|
|Cassa del Trentino S.p.A.|
|Cassa Depositi e prestiti S.p.A. (CDP)||yes|
|Caisse Nationale des Autoroutes (CNA)|
|Družba za avtoceste v Republiki Sloveniji, d.d. (DARS)|
|Fondo de Amortización del Déficit Eléctrico, Fondo de Titulización de Activos (FADE)|
|Fonds Du Logement Des Familles Nombreuses De Wallonie Scrl (FLW)|
|Fonds régional bruxellois de refinancement des trésoreries communales (FRTC)|
|Grand Delta Habitat|
|Groupement des Centres Hospitaliers Universitaires (CHU) / Centres Hospitaliers Régionaux (CHR)|
|Halpades Societe Anonyme HLM|
|Hamburgische Investitions- und Förderbank (IFB Hamburg)|
|Housing Finance Agency plc (HFA)|
|Île-de-France Mobilités (previously STIF)|
|Infraestruturas de Portugal S.A. (IP)|
|Instituto Catalán De Finanzas (ICF)|
|Instituto de Crédito Oficial (ICO)|
|Instituto de Finanzas de Cantabria (ICAF)|
|Investitions und Strukturbank Rheinland-Pfalz|
|Investitionsbank Berlin (IBB)|
|Investitionsbank des Landes Brandenburg (ILB)|
|Investitionsbank Schleswig-Holstein (IB.SH)|
|Attistibas finanšu institucija Altum|
|Kreditanstalt für Wiederaufbau (KfW)||yes|
|Kuntarahoitus Oyj/ Municipality Finance PLC (MuniFin)||yes|
|Landeskreditbank Baden-Württemberg - Förderbank (L-Bank)||yes|
|LfA Förderbank Bayern||yes|
|Maisons et cites Soginorpa|
|Malta Development Bank|
|Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO)|
|Nederlandse Waterschapsbank N.V. (NWB Bank)||yes|
|Oesterreichische Kontrollbank A.G. (OeKB)||yes|
|PARPÚBLICA - Participações Públicas S.A. (SGPS)|
|Saarländische Investitions-kreditbank AG|
|Sächsische Aufbaubank – Förderbank (SAB)|
|SID – Slovenska izvozna in razvojna banka, d.d., Ljubljana (SID banka)|
|Slovenská záručná a rozvojová banka, a.s. (SZRB)|
|Slovenski državni holding, d.d. (SDH)|
|Société du Grand Paris (SGP)||yes|
|Société wallonne du crédit social SA (SWCS)|
|Société Wallonne du Logement SA (SWL)|
|Työllisyysrahasto (previously Työttömyysvakuutusrahasto (TVR))|
|UAB Valstybės investicinis kapitalas (VIK)|
|Wirtschafts- und Infrastrukturbank Hessen (WIBank)|
Wohnbau Burgenland GmbH
Recognised supranational issuers
Updated: 10 January 2020
- African Development Bank
- Asian Development Bank
- Asian Infrastructure Investment Bank
- Bank for International Settlements
- Caribbean Development Bank
- Council of Europe Development Bank
- European Atomic Energy Community
- European Bank for Reconstruction and Development
- European Financial Stability Facility
- European Investment Bank
- European Investment Fund
- European Stability Mechanism
- European Union
- Inter-American Development Bank
- International Bank for Reconstruction and Development
- International Development Association
- International Finance Corporation
- International Finance Facility for Immunisation
- International Monetary Fund
- Islamic Development Bank
- Multilateral Investment Guarantee Agency
- Nordic Investment Bank