ECB permanently integrates NFC loan portfolios into collateral framework, implementation Nov 2027

July 2026

Publication date: 24 July 2026

External Communication

Publication of the 2026 ECB Convergence Report

On 24 June 2026, the ECB published its Convergence Report, assessing progress towards euro adoption in the Czech Republic, Hungary, Poland, Romania, and Sweden. The report was adopted by the General Council of the ECB and prepared in accordance with Article 140 of the Treaty on the Functioning of the European Union.

The ECB Convergence Report was published alongside the report prepared by the European Commission and a related press release.

Market Operations

Publication of the 2025 Bank Treasurer Survey Report

On 18 June 2026, the Governing Council approved the publication of the 2025 Bank Treasurer Survey Report. The survey was conducted between 14 and 29 October 2025, with responses from 184 banks, accounting for approximately 72% of total banking assets and central bank reserves in the euro area.

The survey provides valuable insight into the ongoing monitoring of banks’ liquidity management by gathering systematic views on banks’ expected demand for central bank reserves, including through the use of the Eurosystem’s standard refinancing operations. The report is available on the ECB’s website.

Integration of Portfolios of Non-Financial Corporate Loans in the Eurosystem General Collateral Framework

On 24 June 2026, the Governing Council decided on the eligibility criteria and risk control framework to permanently integrate portfolios of non-financial corporate (NFC) credit claims into the Eurosystem general collateral framework.

This follows the Governing Council’s initial announcement in November 2024 to phase out temporary collateral measures that allowed banks to post a broader range of NFC credit claims as collateral. It marks the final step in phasing out the temporary additional credit claim (ACC) framework and represents a return to a single list of eligible collateral applied across the entire euro area.

Technical implementation is currently planned for November 2027 at the earliest. More detailed information is provided in a related press release and FAQ document available on the ECB’s website.

ECB Indicative Operational Calendars for 2027 and 2028

On 30 June 2026, the ECB published the indicative calendars for the Eurosystem’s regular tender operations and reserve maintenance periods for both 2027 and 2028.

Reclassification of the Financial Subsidiaries of Non-Financial Companies in the Eurosystem Collateral Framework

On 9 July 2026, the Governing Council decided to allocate the financial subsidiaries of non-financial corporate (NFC) issuer groups to haircut category III of the Eurosystem collateral framework, through the creation of a dedicated issuer group category. Entities in this new category will also become eligible debtors for credit claims used as collateral in Eurosystem credit operations.

These changes ensure that financial subsidiaries belonging to the NFC issuer group are subject to the same haircut treatment as their parent undertaking. The legal framework will be amended in due course so that the measure can take effect in November 2026.

Operationalisation of the Enhanced Eurosystem Repo Facility for Central Banks

On 15 July 2026, the Governing Council approved the detailed operational parameters for the implementation of the enhanced Eurosystem repo facility for central banks (EUREP), following its earlier decision of February 2026. The Council also adopted Guideline ECB/2026/17.