Information from the ECB
Documents and information on the ECMS
New policies for collateral mobilisation and settlement
On 13 April 2021, the Governing Council decided important changes that will be valid with the go-live of ECMS. One is the TARGET2-Securities (T2S) settlement policy, according to which Eurosystem monetary policy counterparties will be required to mobilise collateral for use in Eurosystem credit operations into accounts held by euro area national central banks (NCBs) in central securities depositories (CSDs) that participate in T2S. Furthermore the elimination of fees for the mobilisation of marketable assets as collateral via the Correspondent Central Banking Model (CCBM).
Collateral management in Eurosystem credit operations
Counterparties may receive credit from their home central bank (HCB) only if they provide eligible marketable or non-marketable collateral. The mobilisation of this collateral to the respective home central bank and the subsequent processing of the collateral until its return to the counterparty is referred to as collateral management. The document "Collateral management in Eurosystem credit operations" informs the Eurosystem’s counterparties about the main processes, procedures, and regulations related to the mobilisation and management of collateral in Eurosystem credit operations.