ECB updates monetary policy implementation guidelines effective November 2026

The European Central Bank (ECB) has published amendments to its guidelines on the implementation of monetary policy in the Eurosystem, which will be effective from 30 November 2026. These amendments are part of a regular review process.

Key changes include:

• Introduction of a second-best rating for private sector assets used as collateral, assessed by external credit assessment institutions, applicable from 21 February 2025. First-best ratings will continue to apply for euro area public sector assets. Details are available in the ECB FAQs on external ratings.
• Update of the haircut schedule following a review conducted on 17 November 2025, including refined haircuts for own-used or retained assets and increased granularity based on the type of amortisation of credit claims.
• Temporary eligibility of credit claims benefiting from COVID-19-related public sector guarantees will end on 31 December 2026, as announced on 25 June 2026.
• Amendments on 24 July 2026 allocate the financial subsidiaries of non-financial corporate issuer groups to the same haircut category as their parent companies, specifically category III, aligning collateral treatment and climate factors.

The guidelines are published as ECB/2026/26 and ECB/2026/27 in English on the ECB website and will be available in all 24 official EU languages in the Official Journal of the European Union.

For media inquiries, contact Lena-Sophie Demuth at +49 162 2952316.