Since the ECMS was introduced on June 16, 2025, the management of eligible collateral for monetary policy credit operations for all Eurosystem central banks has been integrated on a central technical platform. Monetary policy counterparties have access to the ECMS via a single gateway, and thus to a simpler and more efficient procedure for mobilising collateral.

The ECMS largely replaces the nationally operated applications for managing monetary policy collateral. However, the Deutsche Bundesbank continues to use its national MACCs system for the administration of credit claims. The business relationship between the National Central Banks and their counterparties will not change with the ECMS go-live.

As with all TARGET services (T2 (consisting of CLM and RTGS), T2S, TIPS and ECMS), the connection to the ECMS is established via the Eurosystem Single Market Infrastructure Gateway (ESMIG). For technical communication, the use of a network provider accredited and approved by the Eurosystem is mandatory for both U2A and A2A access. Counterparties can either connect to the ECMS themselves via ESMIG or use the technical access of a third party.

Queries and orders for the counterparty pools (collateral accounts) managed in the ECMS are to be initiated exclusively via ESMIG. The access channels (Bundesbank-CAP or the previous form of SWIFT access) are no longer available. The current delivery channels for collateral (domestic and links via Clearstream Banking AG and the CCBM) can still be used, with settlement generally taking place in T2S. Triparty systems can also continue to be used for the submission of collateral.

Customer information

The Deutsche Bundesbank manages the counterparty pool (collateral account) required for the posting of monetary policy collateral for its monetary policy counterparties and is thus centrally involved in the implementation of the Eurosystem's operational monetary policy. Operational monetary policy includes, among other things, liquidity-providing and liquidity-absorbing open market operations, which the Deutsche Bundesbank conducts with counterparties established or resident in Germany within the scope of its responsibilities.

The Deutsche Bundesbank provides its monetary policy counterparties with the counterparty pools and counterparty asset accounts ((disposition) securities accounts) required for the posting of monetary policy collateral (marketable and non-marketable assets) in ECMS. In the counterparty pool, the valued collateral portfolio is compared with the total utilization. A free collateral value is transferred to the primary main cash account (MCA account) managed in TARGET-Bundesbank as a variable or, if desired, as a maximum credit line.

As part of the collateralisation of Eurosystem credit operations, the Deutsche Bundesbank uses the so-called pool procedure. The advantage of this procedure is that the collateral value of all collateral submitted (collateral position) is pooled in a counterparty pool (collateral account) and individual eligible collateral is not allocated to specific monetary policy operations. A counterparty's credit utilisation (credit position) must be adequately covered by eligible collateral at all times.

The Deutsche Bundesbank maintains further collateral accounts (for BBk own-account transactions and deposit protection purposes).