Since June 16, 2025, all eligible collateral for monetary policy credit operations in the Eurosystem has been managed centrally via the ECMS. Access to the ECMS is exclusively via ESMIG; previous access channels such as Bundesbank-CAP or SWIFT are no longer available. The Deutsche Bundesbank will continue to use its own MACCs system to manage credit claims. The familiar delivery channels for submitting collateral will remain in place, with settlement taking place via T2S. The business relationships between the national central banks and their counterparties will remain unchanged.

In the ECMS, counterparty pools (collateral accounts) are maintained for each business partner, which bundle the total value of the collateral deposited. In this way, the Deutsche Bundesbank ensures that all borrowing is covered by eligible collateral at all times (pooling procedure).

The Deutsche Bundesbank maintains custody accounts and collateral pools (collateral accounts) in its local collateral management system, which are used to collateralize other transactions such as BBk proprietary transactions and deposit protection.