Anna 
The European Central Bank (ECB) has announced a permanent update to its collateral framework by formally incorporating portfolios of non-financial corporate (NFC) credit claims. This move follows the earlier decision by the ECB’s Governing Council to phase out temporary collateral measures that expanded eligibility criteria for NFC credit claims. The update also marks the end of the temporary additional credit claim (ACC) framework.
Portfolios of NFC credit claims consist of bundles of loans that banks provide to non-financial companies operating within the real economy. Rather than presenting individual loans as collateral, banks now have the option to group these loans into portfolios and submit them collectively when seeking liquidity from the Eurosystem. The ECB has established clear eligibility standards and a detailed risk control framework for these portfolios. While many rules mirror those applied to individual credit claims, this new approach allows a broader spectrum of credit quality classifications.
This change enables certain loans, which previously failed to meet the strict criteria for individual credit claims, to be included within these diversified portfolios, provided they satisfy the diversification requirements set out in the risk control framework. To manage potential risks, the ECB enforces valuation haircuts and concentration limits, ensuring that these portfolios do not carry higher risks than assets accepted under existing general collateral guidelines.
During the transition period, until the ECB’s technical systems are fully updated, existing NFC credit claim portfolios will remain eligible under the temporary framework. However, credit claims supported by Covid-19-related public sector guarantees will only be accepted until the end of 2026 unless they comply with the comprehensive criteria defined in the general framework. Furthermore, national central banks retain discretion to end their temporary ACC frameworks earlier and will communicate such decisions to relevant counterparties.
This integration restores a harmonized list of eligible collateral across all euro area member states, simplifying procedures and promoting equal treatment among credit institutions. By concluding the temporary framework, the ECB ensures that counterparties have reliable access to Eurosystem credit operations with a broad and stable range of collateral under consistent rules. The technical rollout of these changes is planned for November 2027.
Overall, this development highlights the ECB’s commitment to sustaining a robust and unified collateral framework that underpins financial stability and liquidity provision throughout the eurozone. It carefully balances accommodating a wider variety of credit claims while maintaining stringent risk management standards to safeguard the integrity of Eurosystem operations.
