Eligibility criteria

Detailed rules governing the individual eligibility criteria for eligible assets can be found in Part Four of Guideline (EU) 2015/510 of the European Central Bank of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60), as last amended, and in the Bundesbank’s General Terms and Conditions (see right-hand column). 

Please note that only some of these eligibility criteria are listed below. In addition to these criteria, all other relevant provisions set out in Guideline (EU) 2015/510 and the Bundesbank’s General Terms and Conditions need to be complied with, as well.

If you have any questions concerning the collateral framework, our contact persons for eligible assets are available at any time.

Selected eligibility criteria for marketable assets

Type of asset

Euro-denominated senior debt instruments

Type of issuer or guarantor

Central banks of Member States, public sector entities, agencies, credit institutions, (non-)financial corporations, multilateral development banks or international organisations

Place of establishment of the issuer or guarantor

Generally in the EEA or in a non-EEA G10 country; guarantors generally established in the EEA

Place of issue

Generally in the EEA

Acceptable markets

Admitted to trading on a regulated market or admitted to trading on a non-regulated market accepted by the ECB

Settlement procedures

Settlement in the euro area; centrally deposited in book-entry form at an organisation which fulfils the ECB’s minimum requirements

Credit standards

Must be met by the asset and the issuer or guarantor according to the ECAF

Selected eligibility criteria for non-marketable assets

Type of asset

Non-subordinated euro-denominated credit claims and Schuldscheindarlehen

Type of debtor or guarantor

Non-financial corporations, public sector entities, multilateral development banks, international organisations

Place of establishment of the debtor or guarantor

In the Euro area

Settlement procedures

Eurosystem procedures

For Bundesbank counterparties: MACCs

Credit standards

Must be met by the debtor or guarantor according to the ECAF

Governing laws

The credit claim agreement and the agreement between the counterparty and the home NCB mobilising the credit claim as collateral shall both be governed by the law of a Member State whose currency is the euro

There shall be no more than two governing laws in total that apply to the (i) counterparty, (ii) creditor, (iii) debtor, (iv) co-debtors (if relevant), (v) claim as such, and (vi) assignment as collateral

Minimum size of submissions

For domestic use: laid down by the home NCB, but with a minimum size threshold of €25,000 (Bundesbank: no minimum size threshold at present). For cross-border use: Generally €500,000 in the Eurosystem

Temporary eligibility criteria

In response to the 2008 financial crisis, temporary measures were introduced for the first time alongside the general criteria governing eligible assets. These temporary measures currently include the acceptance of assets denominated in foreign currency (USD, GBP, JPY) and measures designed to expand the use of credit claims, such as the expansion of the framework for additional credit claims (ACCs).