ECB to integrate non-financial credit claim portfolios into general collateral framework, phasing out temporary measures

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ECB to integrate non-financial credit claim portfolios into general collateral framework, phasing out temporary measures
25 June 2026
- Portfolios of non-financial corporate credit claims to be integrated into general collateral framework
- Implementation planned for November 2027 at the earliest
- Changes are final step in discontinuing temporary crisis-era collateral easing measures
The Governing Council of the European Central Bank (ECB) has decided today on the eligibility criteria and risk control framework to permanently integrate portfolios of non-financial corporate (NFC) credit claims into its general collateral framework. This follows the Governing Council’s initial announcement in November 2024 to phase out temporary collateral measures that allowed banks to post a broader range of NFC credit claims as collateral and marks the final step in phasing out the temporary additional credit claim (ACC) framework.
Portfolios of NFC credit claims are composed of the loans that banks grant to non-financial firms in the real economy. Instead of being used individually as collateral, these loans are grouped together by counterparties and presented as a package to obtain liquidity from the Eurosystem.
The eligibility criteria, mobilisation and handling practices for the credit claims constituting portfolios of NFC credit claims will be mostly harmonised with the existing criteria for individual credit claims, except for the acceptance of a broader range of credit quality steps. This means that certain loans with a credit quality below the requirement for individual credit claims can be included, as long as they meet diversification criteria within the portfolio, as specified in the applicable risk control framework. The risk control framework complements the eligibility criteria with valuation haircuts and a concentration limit to ensure that the portfolios do not bear a higher risk than assets already eligible under the general collateral framework.
Until technical implementation has been completed, existing portfolios of NFC credit claims will continue to be accepted as eligible collateral under the temporary framework. Credit claims benefiting from a COVID-19-related public sector guarantee under the temporary framework will only remain eligible until the end of 2026, unless they meet all requirements of the current general framework. Nonetheless, national central banks may decide to terminate their temporary ACC frameworks earlier. The relevant national central banks will communicate the details to the counterparties affected.
Today’s decision marks the return to a single list of eligible collateral applied across the whole euro area, reducing complexity and ensuring a level playing field for all credit institutions. This means the temporary framework can be discontinued, while ensuring that counterparties can still access Eurosystem credit operations using a wide range of collateral under the general framework. Technical implementation is currently planned for November 2027 at the earliest.
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