The Governing Council of the European Central Bank (ECB) has approved, for seven national central banks (NCBs), i.e. Central Bank of Ireland, Banco de España, Banque de France, Banca d’Italia, Central Bank of Cyprus, Oesterreichische Nationalbank and Banco de Portugal, that have put forward relevant proposals, specific national eligibility criteria and risk control measures for the temporary acceptance of additional credit claims as collateral in Eurosystem credit operations. Eurosystem NCBs continue to work on developing specific national eligibility criteria for additional credit claims.
These developments follow up on the decision of the Governing Council of 8 December 2011 to increase collateral availability by allowing Eurosystem NCBs, as a temporary solution, to accept additional performing credit claims as collateral.
The general Eurosystem eligibility criteria for credit claims, as stipulated in the publication “The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures” remain unchanged.
Details about the approved Central Bank of Cyprus’ proposal will be made available on the Central Bank of Cyprus’ website. Central Bank of Cyprus’ counterparties may contact the Monetary Policy Implementation Section of the Central Bank of Cyprus (tel: 22714415 and 22714319, e.mail: mopis@centralbank.cy) to obtain further details on the specific national eligibility criteria for additional credit claims.