The European Central Bank has set the eligibility criteria and risk control framework to permanently bring portfolios of non-financial corporate credit claims into the Eurosystem’s general collateral framework. The move completes the phaseout of temporary crisis-era collateral easing measures and is the final step in discontinuing the temporary additional credit claim framework. In practice, it allows banks to continue using packaged portfolios of loans to non-financial firms as collateral in Eurosystem credit operations under permanent rules rather than a temporary regime. The new framework largely aligns the eligibility, mobilisation and handling of credit claims in these portfolios with the existing rules for individual credit claims. One key difference is that portfolios may include a broader range of credit quality steps than individual credit claims, provided diversification requirements are met. To keep the risk profile in line with assets already accepted under the general framework, the ECB will apply valuation haircuts and a concentration limit. The decision also restores a single list of eligible collateral across the euro area. Existing portfolios of non-financial corporate credit claims will remain eligible under the temporary framework until technical implementation is complete, which is planned for November 2027 at the earliest. Credit claims that benefit from a COVID-19-related public sector guarantee under the temporary framework will remain eligible only until the end of 2026 unless they satisfy all requirements of the current general framework. National central banks may end their temporary additional credit claim frameworks earlier and will inform affected counterparties.
European Central Bank2026-06-25
European Central Bank sets permanent collateral rules for portfolios of corporate credit claims with implementation from November 2027 at the earliest
The European Central Bank has adopted permanent eligibility and risk control rules to integrate portfolios of non-financial corporate credit claims into its general collateral framework, completing the withdrawal of temporary crisis-era collateral measures. The framework broadly mirrors the rules for individual credit claims but allows a wider range of credit quality within diversified portfolios, subject to haircuts and concentration limits. Technical implementation is planned for November 2027 at the earliest, while some COVID-19-guaranteed claims will cease to be eligible after the end of 2026 unless they meet the general framework.