Non-marketable assets
Eligibility criteria
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" .
Two types of non-marketable assets are eligible as collateral: fixed-term deposits from eligible counterparties and, credit claims.
Moreover, as part of the temporary collateral framework, additional credit claims as collateral in Eurosystem credit operations since 2012. The additional temporary measures on collateral eligibility are laid down in the “Temporary framework”. Starting in March 2022, and later in November 2024, the Governing Council of the European Central Bank decided on a gradual phasing-out of the temporary collateral easing measures. Details of the temporary collateral measures implemented by NCBs can be found on the respective websites: the Bank of Greece, the Banco de España, the Banca d'Italia, Lietuvos bankas, the Oesterreichische Nationalbank, the Banco de Portugal, and Banka Slovenije.
| Eligibility criteria | Non-marketable assets | |
|---|---|---|
| Type of asset | Credit claims | 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. | |
| Handling procedures | Eurosystem procedures | Not applicable |
| Type of debtor / guarantors | Public sector | |
| Non-financial corporations | ||
| International and supranational institutions | ||
| Place of establishment of the debtor or guarantor | Euro area | |
| Currency | Euro | Euro |
| Minimum size | Minimum size threshold at the time of submission of the credit claim | 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 |
| 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. | ||
| Cross-border use | Yes | |
Eligibility assessment procedure
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) 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