ECB amends monetary policy implementation guidelines

  • First step in gradually phasing out the pandemic collateral easing measures introduced in April 2020
  • Eligibility criteria of sustainability-linked bonds and asset-backed securities (ABSs) further clarified
  • Eurosystem collateral framework adapted in light of the Covered Bond Directive

The European Central Bank (ECB) today published amendments to its guidelines on the implementation of monetary policy in the Eurosystem.

The amended guidelines make the following changes:

  • The first step in gradually phasing out the pandemic collateral easing measures introduced in April 2020 as announced on 24 March 2022.
  • Clarification of the eligibility criteria for sustainability-linked bonds and asset-backed securities (ABSs), as decided by the Governing Council on 4 February and 17 June 2021, respectively.
  • Provisions that apply in the event of the activation of the Enhanced Contingency Solution (ECONS) under the TARGET2 system.
  • Alignment of the Eurosystem’s collateral framework with the requirements set out in Directive (EU) 2019/2162 of the European Parliament and of the Council (Covered Bond Directive), as well as with the amendments introduced by Regulation (EU) 2019/2160 of the European Parliament and of the Council.
  • Phasing out the option to accept certain marketable assets issued by non-euro area G10 central governments in their national currency as collateral, as this option was never used.

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