Result of the public consultation on measures to improve the collateral framework of the Eurosystem

On 11 June 2003 the Eurosystem launched a public consultation on the measures to improve the collateral framework of the Eurosystem, and the public was invited to react by 15 September 2003.

Market participants actively participated in the consultation procedure, in many cases co-ordinating their answers within representative bodies, submitting 59 responses in total.

The European Central Bank (ECB) is publishing today a “summary” of the answers to this public consultation. In general, market participants expressed overall support to the proposal of gradually implementing a single list of eligible collateral throughout the euro area. Further details on the general orientation of the replies are spelled out in the “summary”. The views expressed in this “summary” reflect the opinion of the financial sector industry, as spelt out in the consultation, and should not in any way be attributed to the Eurosystem. The Eurosystem will take into account such views when considering measures to improve the collateral framework.

In many of the replies received, the respondents requested the inclusion in the Eurosystem collateral framework of debt instruments denominated in other G10 currencies. This issue is currently being discussed among G10 central banks, and the Eurosystem will consider at a later stage the opportunity to accept such collateral.