ECB to start implementing enhanced repo facility for central banks
On 24 July 2026, the European Central Bank (ECB) announced the operational features and onboarding process for its enhanced repo facility (EUREP), initially announced on 14 February 2026. The facility aims to support smooth monetary policy transmission and reinforce the international role of the euro. It will be operated by five national central banks (Deutsche Bundesbank, Banco de España, Banque de France, Banca d’Italia, De Nederlandsche Bank) under ECB coordination. Onboarded non-euro area central banks will receive euro liquidity loans against high-quality euro-denominated collateral, priced at the main refinancing operations (MRO) rate plus a spread. Single transaction maturities range from one day to one week, with possible extensions. The maximum line size per central bank is EUR 50 billion. The facility is open to all non-euro area central banks unless excluded due to money laundering, terrorist financing, or sanctions. Drawings will be possible as of Q4 2026. The ECB will publish total daily liquidity amounts provided under EUREP and swap lines weekly.
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