ECB to Start Implementing Enhanced Repo Facility (EUREP) for Non-Euro Area Central Banks
On 24 July 2026, the European Central Bank (ECB) announced the operational features and onboarding process for its enhanced repo facility (EUREP), first announced on 14 February 2026. The facility aims to support smooth monetary policy transmission and reinforce the international role of the euro. EUREP 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. Non-euro area central banks that complete onboarding can draw euro liquidity in the form of loans against high-quality euro-denominated collateral, priced at the main refinancing operations (MRO) rate plus a spread. Single transaction maturity ranges from one day to one week, with a maximum line size of EUR 50 billion per central bank. The facility is open to all central banks outside the euro area unless excluded due to money laundering, terrorist financing, or sanctions. Drawings will be possible starting Q4 2026. The ECB will publish total daily liquidity provided under EUREP and swap lines weekly.
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