ECB publishes new guidelines on haircuts, collateral, and Eurosystem monetary policy implementation

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

Read the full release


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