24 July 2026

• Eurosystem has started onboarding process of non-euro area central banks to enhanced repo facility (EUREP), with drawings possible as of Q4 2026
• EUREP to be implemented by five national central banks and coordinated by the ECB

The Governing Council of the European Central Bank (ECB) today decided on the operational features and onboarding for the enhanced EUREP announced on 14 February. The new facility supports the smooth transmission of monetary policy and also reinforces the international role of the euro. It will be operated by five national central banks (the Deutsche Bundesbank, the Banco de España, the Banque de France, the Banca d’Italia, De Nederlandsche Bank) under the coordination of the ECB.

Onboarded central banks will receive euro liquidity in the form of loans against high-quality euro-denominated collateral, priced at the main refinancing operations (MRO) rate plus a spread set by the Governing Council to preserve the backstop character of the…