14 February 2026

• More effective and flexible euro liquidity provision to support smooth transmission of euro area monetary policy
• Updated facility to provide standing access for broad set of central banks against high-quality euro-denominated collateral
• Changes to apply as of third quarter of 2026

The Governing Council of the European Central Bank (ECB) has decided to enhance the Eurosystem repo facility for central banks (EUREP) to make it more flexible and effective in supporting the smooth transmission of euro area monetary policy.

Under EUREP, the Eurosystem provides backstop euro liquidity to non-euro area central banks against high-quality euro-denominated collateral, with appropriate risk mitigants. The updated framework introduces standing access, in principle, for all central banks, unless excluded on the grounds of, in particular, money laundering, terrorist financing or international sanctions. The framework will enable central banks in jurisdictions outside the euro area to…