The European Central Bank published a set of Governing Council updates spanning market infrastructure, legislative advice, statistics, corporate governance and banking supervision. The package includes a status update indicating the Eurosystem Collateral Management System is progressing towards its rescheduled 16 June 2025 go-live date, while Eurosystem-wide testing has identified remaining challenges. On banking supervision, the Governing Council did not object to notifying the European Banking Authority that, for significant institutions under the ECB’s direct supervision, the ECB intends to comply by 30 December 2025 with the EBA Guidelines on internal policies, procedures and controls to ensure implementation of Union and national restrictive measures (EBA/GL/2024/14 and EBA/GL/2024/15), which set common EU standards for governance and controls in this area. Separately, the ECB adopted its Annual Report 2024 for publication on 28 April 2025 and presentation to the European Parliament’s Committee on Economic and Monetary Affairs, issued opinions on a proposal to shorten the EU settlement cycle by amending Regulation (EU) No 909/2014 and on eliminating or reducing payment service provider charges, made recommendations to the Council of the European Union on the external auditors of Lietuvos bankas and Latvijas Banka, and approved updates to securities holdings statistics reporting agents and publication of the 2024 Quality Report on euro area and national quarterly financial accounts. The ECMS status update reflects project information up to end-February 2025, and the quality report is to be made available on the ECB’s website in due course.

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