ECB tightens collateral rules, moving to second-best ratings for private assets from November

The ECB has published amendments to its monetary policy implementation and haircut guidelines, consolidating four separately announced decisions into binding form effective 30 November 2026. The changes touch how private sector collateral is rated, how haircuts are calibrated, and which COVID-era instruments remain eligible. Treasury and collateral teams at euro area banks need to know what posts, at what haircut, from when.

• Second-best external rating replaces first-best for private sector collateral from 30 November 2026; euro area public sector assets retain the first-best rule.
• Haircut schedule updated, refining own-used or retained assets and adding granularity to individual credit claims by amortisation type.
• COVID-19 guaranteed credit claims eligible only until end-2026; NFC financial subsidiaries reassigned to haircut category III.

Executive summary

The European Central Bank published amendments to its guidelines on the implementation of monetary policy in the Eurosystem, applicable as of 30 November 2026 as part of a regular review. The amendments are set out in Guidelines ECB/2026/26 and ECB/2026/27,…

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