29 November 2024

• Changes aim to preserve broad collateral framework and enhance its singleness
• Preparatory work launched on integration of pools of certain credit claims into general collateral framework
• Further step in gradually phasing out temporary collateral easing measures

The Governing Council of the European Central Bank (ECB) today decided on measures that aim to enhance the harmonisation, flexibility and risk efficiency of the collateral framework. Since the global financial crisis, the Eurosystem has operated two collateral frameworks: the general framework, which is permanent, and a temporary one, which comprised crisis-related collateral easing measures. Today’s adjustments contribute to returning to a harmonised single list of collateral available to all counterparties, irrespective of their location in the euro area.

More specifically, and also in line with the Governing Council’s objective to maintain a broad collateral framework as communicated on 13 March 2024 in…