The ECB updates discounts applied to assets used as collateral in monetary operations
23 Mar 2026
Effective: 22 Jan 2026
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Who is affected:
Credit institutions and banks operating with the Eurosystem and the European Central Bank
Summary
The European Central Bank modifies the valuation haircuts applied to collateral assets in its monetary policy. This affects how banks obtain liquidity from the Eurosystem.
Detailed analysis
PRO
The ECB guideline updates the haircuts or valuation discounts applied to collateral assets used in Eurosystem monetary policy operations. These haircuts determine the percentage discount on the nominal value of assets that banks provide as collateral to obtain financing from the ECB. A modification of these parameters …
Full official title
OJ:L_202600690: Orientación (UE) 2026/690 del Banco Central Europeo, de 22 de enero de 2026, por la que se modifica la Orientación (UE) 2016/65 sobre los recortes de valoración que se utilizan en la aplicación del marco de la política monetaria del Eurosistema (BCE/2015/35) (BCE/2026/2)