The European Central Bank has amended its guidelines for implementing monetary policy in the Eurosystem, with the changes due to take effect on 30 March 2026.
The updated rules include new provisions allowing some entities in bank resolution to regain access to Eurosystem monetary policy operations under conditions set out by supervisors, the European Central Bank announced on Tuesday.
Access will be reinstated for entities subject to a resolution scheme based on an “open bank resolution” strategy, meaning a bank continues operating while it is being restructured, the ECB said.
It added that one condition is confirmation from the supervisory authority that the counterparty meets minimum regulatory own funds requirements.
The ECB also confirmed that some temporary asset types will be incorporated into its general collateral framework, while others will no longer be accepted as collateral, following an announcement made on 29 November 2024.
Collateral rules and climate factor
A “climate factor” will be introduced to protect the Eurosystem against potential falls in collateral values linked to adverse climate-related transition shocks, with the measure applying from 15 June 2026, according to the ECB.
Collateral is the financial asset banks pledge to central banks to secure funding in monetary policy operations.
The amended guidelines also broaden the types of international debt instruments that can be used as Eurosystem collateral, including those issued in fully dematerialised form — meaning held electronically rather than via physical global notes — provided they meet other eligibility criteria.
The Eurosystem will keep the right to check that such instruments do not create material risks that could affect its rights as collateral holder.
