The European Central Bank (ECB) has published three new guidelines on: implementation of the Eurosystem monetary policy; valuation haircuts; and additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral. The new guidelines introduce changes to the monetary policy implementation framework including:
- implements previously announced changes to the eligibility criteria for unsecured bank bonds
- adjusts haircuts for floating rate assets and risk control measures for retained covered bonds with extendible maturities
- amends criteria on interest payment structures for eligible credit claims and other technical changes related to the collateral framework