The Bank of France announced it will terminate the temporary provisions of its framework for Additional Credit Claims (ACC) that allow certain state-guaranteed private claims to be mobilised as collateral, with effect from 19 December 2025. The measure relates to the Eurosystem’s March 2020 expansion, in response to the COVID-19 crisis, of a temporary collateral framework introduced in 2011 to accept private claims backed by state-guaranteed loans (PGE) granted between 23 March 2020 and 30 June 2022. While these claims were initially widely used by monetary policy counterparties in France, their importance has fallen as PGE have been progressively repaid, and since December 2024 only PGE remained within the ACC crisis framework. The Bank of France said ending the framework will streamline collateral mobilisation for French counterparties by centralising all related processes on the single ECMS tool, and that the change does not affect French banks’ ability to access central bank refinancing.
Bank of France 2025-12-05
Bank of France to end temporary crisis collateral acceptance of state-guaranteed private claims from 19 December 2025
The Bank of France will end the temporary provisions of its Additional Credit Claims framework, which allowed state-guaranteed private claims as collateral, effective 19 December 2025. This follows the Eurosystem's 2020 expansion of the collateral framework in response to COVID-19. The termination aims to streamline collateral processes without impacting French banks' access to central bank refinancing.