17 June 2025

• Eurosystem Collateral Management System marks significant step in harmonisation of collateral management in euro area
• New set-up replaces 20 collateral management systems previously operated by national central banks

The Eurosystem successfully launched its new, unified Eurosystem Collateral Management System (ECMS) on 16 June 2025 after the migration to the new set-up was completed over the weekend of 13-15 June. The ECMS thus becomes the fourth TARGET Service in operation, advancing the Eurosystem’s vision for a unified, efficient and innovative European financial framework.

The ECMS manages assets used as collateral in Eurosystem credit operations. Together with the other TARGET Services, the ECMS will ensure that cash, securities and collateral can flow freely across Europe.

The software and the environment for the new system were delivered by the Deutsche Bundesbank, the Banco de España, the Banque de France and the Banca d’Italia – the four national central…