The European Central Bank has amended its guidelines on monetary policy, effective from March 30, 2026, including measures on collateral eligibility and access reinstatement for resolution entities.
The European Central Bank (ECB) has published amendments to its guidelines on the implementation of monetary policy in the Eurosystem, which will take effect on 30 March 2026.
The amendments include the conditional reinstatement of access to Eurosystem monetary policy operations for entities subject to an open bank resolution scheme, provided they meet certain conditions such as compliance with regulatory minimum own funds requirements.
As announced on 29 November 2024, some temporary asset types will be integrated into the general collateral framework, while others will be discontinued, to enhance collateral framework harmonisation.
To mitigate risks from climate-related transition shocks, a climate factor will be introduced, effective from 15 June 2026. This measure was announced on 29 July 2025.
International debt instruments issued through international central securities depositories in dematerialised or non-physical form will be eligible as collateral, provided they meet all other criteria. The Eurosystem may verify that such instruments do not pose material risks affecting its rights as collateral holder.
Guidelines ECB/2026/1, ECB/2026/2, ECB/2026/3, and ECB/2026/4 are available on the ECB’s website and will be published in 23 EU languages in the Official Journal of the European Union.
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