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|
|Admitted to trading on a regulated market or admitted to trading on a non-regulated market accepted by the ECB|
|Settlement in the euro area; centrally deposited in book-entry form at an organisation which fulfils the ECB’s minimum requirements|
|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
Eurosystem proceduresFor Bundesbank counterparties: MACCs
|Must be met by the debtor or guarantor according to the ECAF|
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 euroThere 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).