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Charlotte Bakker

28 April 2022
Economic Bulletin Issue 3, 2022
The gradual phasing-out of the pandemic collateral easing measures in three steps between July 2022 and March 2024 will restore the Eurosystem’s pre-pandemic risk tolerance in its collateral framework, while avoiding cliff effects in collateral availability. The collateral easing measures introduced in April 2020 facilitated banks’ access to Eurosystem credit operations by adding around €285 billion of collateral, playing an important role in supporting the provision of credit to the economy during the coronavirus (COVID-19) pandemic. The ECB will continue to waive the minimum credit quality requirement for Greek government bonds (GGBs), allowing national central banks (NCBs) to accept them as collateral at least as long as reinvestments in such bonds under the pandemic emergency purchase programme (PEPP) continue.
JEL Code
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
E65 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Studies of Particular Policy Episodes
G01 : Financial Economics→General→Financial Crises