The European Central Bank will permanently include portfolios of non-financial corporate credit claims into its general collateral framework, with implementation planned for November 2027, ending temporary crisis measures.
The Governing Council of the European Central Bank (ECB) has decided to permanently integrate portfolios of non-financial corporate (NFC) credit claims into its general collateral framework. This follows the initial announcement in November 2024 to phase out temporary collateral measures introduced during the crisis.
Portfolios of NFC credit claims consist of loans granted by banks to non-financial firms, grouped together and used as collateral to obtain liquidity from the Eurosystem. The eligibility criteria and risk control framework will be harmonized with existing criteria for individual credit claims, with some exceptions for credit quality steps, provided diversification criteria are met.
The risk control framework includes valuation haircuts and concentration limits to manage risk. Until technical implementation is completed, existing portfolios will remain eligible under the temporary framework. Credit claims with COVID-19-related public sector guarantees will remain eligible until the end of 2026 unless they meet current general framework requirements. National central banks may decide to terminate temporary ACC frameworks earlier and will communicate relevant details to affected counterparties.
This decision simplifies collateral eligibility across the euro area, ensuring a level playing field for credit institutions. The technical implementation is planned for November 2027 at the earliest.
