25 June 2026

• Portfolios of non-financial corporate credit claims to be integrated into general collateral framework
• Implementation planned for November 2027 at the earliest
• Changes are final step in discontinuing temporary crisis-era collateral easing measures

The Governing Council of the European Central Bank (ECB) has decided today on the eligibility criteria and risk control framework to permanently integrate portfolios of non-financial corporate (NFC) credit claims into its general collateral framework. This follows the Governing Council’s initial announcement in November 2024 to phase out temporary collateral measures that allowed banks to post a broader range of NFC credit claims as collateral and marks the final step in phasing out the temporary additional credit claim (ACC) framework.

Portfolios of NFC credit claims are composed of the loans that banks grant to non-financial firms in the real economy. Instead of being used individually as collateral, these loans are grouped…