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.
Risk framework update
The haircut schedule is updated with refined own-used asset treatment and granular credit claim amortisation types.
Subsidiary alignment
Financial subsidiaries of non-financial corporate groups move to haircut category III with their parent NFCs.
Temporary phase-out
COVID-19 guaranteed credit claims remain eligible only until end of 2026.
Guideline details
Changes appear in Guidelines ECB/2026/26 and ECB/2026/27 following four Governing Council decisions.
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