Temporarily eligible additional credit claims (ACC)
On 22 April 2020, the Governing Council of the ECB decided to maintain, until September 2021, the eligibility of marketable assets and of the issuers of such assets that fulfilled minimum credit quality requirements pursuant to Guideline (EU) 2015/510 on 7 April 2020. This applies in the event of a deterioration of these ratings decided by the credit rating agencies accepted in the Eurosystem, as long as the ratings remain within credit quality steps (CQSs) 4 or 5.
In order to adjust the treatment of marketable and non-marketable assets, the Deutsche Bundesbank will also accept as collateral for Eurosystem monetary policy refinancing operations in the period from 12 October 2020 to 29 September 2021, subject to certain conditions, credit claims for which the debtor does not meet the requirements of Section V number 10(4) of the Deutsche Bundesbank’s General Terms and Conditions. The eligibility and usability of the ACCs as collateral for Eurosystem monetary policy refinancing operations with the Deutsche Bundesbank will be governed by the provisions of the “Besondere Geschäftsbedingungen der Deutschen Bundesbank für die Zulässigkeit von zusätzlichen Kreditforderungen” (only available in German language), which are available for download in the “Legal basis” section.
If you wish to use ACCs as collateral for monetary policy refinancing operations with the Deutsche Bundesbank, you must first submit the application to use ACCs (Form 5500-4) available for download in the “Forms” section. This form must be signed by two representatives of your institution who are authorised signatories for all business transactions and sent by post to the address given on the application form.
For further information on ACCs at the Deutsche Bundesbank, please refer to our customer information dated 9 October 2020 in the “Current issues and circulars” section.