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Collateral rating shift

Private sector assets will use second-best ratings for collateral eligibility and haircuts. Euro area public sector assets keep first-best ratings.

Sources: [1]

Risk framework update

The haircut schedule is updated with refined own-used asset treatment and granular credit claim amortisation types.

Sources: [1]

Subsidiary alignment

Financial subsidiaries of non-financial corporate groups move to haircut category III with their parent NFCs.

Sources: [1]

Temporary phase-out

COVID-19 guaranteed credit claims remain eligible only until end of 2026.

Sources: [1]

Guideline details

Changes appear in Guidelines ECB/2026/26 and ECB/2026/27 following four Governing Council decisions.

Sources: [1]

Sources

  1. European Central Bank — ECB amends monetary policy implementation guidelines as part of regular review ↗

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