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FinanceECB: Enhanced repo facility EUREP to launch Q4 2026, max EUR 50 bln per central bank
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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.
Source report
PRESS RELEASE
ECB to Start Implementing Enhanced Repo Facility for Central Banks
24 July 2026
- The Eurosystem has begun the onboarding process for non-euro area central banks to the enhanced repo facility (EUREP), with drawings possible as of Q4 2026.
- EUREP will be implemented by five national central banks and coordinated by the ECB.
The Governing Council of the European Central Bank (ECB) today decided on the operational features and onboarding for the enhanced EUREP, announced on 14 February. The new facility supports the smooth transmission of monetary policy and also reinforces 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, and De Nederlandsche Bank) under the coordination of the ECB.
Onboarded central banks will receive euro liquidity in the form of loans against high-quality euro-denominated collateral, priced at the main refinancing operations (MRO) rate plus a spread set by the Governing Council to preserve the backstop character of the facility. The maturity of a single transaction will range from one day to one week and may be extended. The maximum line size per individual central bank is EUR 50 billion. Appropriate risk mitigants are in place to adequately protect the Eurosystem.
The enhanced facility provides standing access and is, in principle, open to all central banks and monetary authorities outside the euro area, unless excluded on grounds of, in particular, money laundering, terrorist financing, or sanctions. Onboarded central banks can use EUREP funds flexibly, without ex ante restrictions. After completing the onboarding process, central banks will be able to draw from the facility as of Q4 2026.
The ECB will publish the total daily amount of liquidity provided under EUREP and swap lines every week.
For media queries, please contact Clara Martín Marqués, tel.: +49 69 1344 17919.
Notes
- More information on ECB liquidity lines and the new EUREP facility.
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24 July 2026 Guideline (EU) [2026/[XX]] of the European Central Bank of 15 July 2026 on the Eurosystem liquidity facility for non-euro area central banks (ECB/2026/17)
Source
ECB - European Central BankNeutral / independent
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ECB to start implementing enhanced repo facility for central banks