The European Central Bank announced the launch of the enhanced EUREP for non-euro area central banks, with onboarding starting and drawings possible from Q4 2026, supported by five national central banks.
The Eurosystem has begun onboarding non-euro area central banks to the enhanced repo facility (EUREP), with drawings available from the fourth quarter of 2026.
The facility will be implemented by five national central banks: the Deutsche Bundesbank, the Banco de España, the Banque de France, Banca d’Italia, and De Nederlandsche Bank, under the coordination of the ECB.
Onboarded central banks will receive euro liquidity through loans against high-quality euro-denominated collateral, priced at the main refinancing operations (MRO) rate plus a spread set by the ECB Governing Council. The maturity of transactions will range from one day to one week, with possible extensions. The maximum line size per central bank is EUR 50 billion. Risk mitigation measures are in place to protect the Eurosystem.
The enhanced facility offers standing access and is generally open to all central banks and monetary authorities outside the euro area, unless excluded due to concerns such as money laundering, terrorist financing, or sanctions. Once onboarded, central banks can use EUREP funds flexibly without prior restrictions. Drawings from the facility will be available starting in Q4 2026.
The ECB will publish weekly data on the total daily liquidity provided under EUREP and swap lines.
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