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Eurosystem collateral framework

The Eurosystem collateral framework is the set of rules on which assets banks can pledge to borrow from euro area central banks, and how they are valued. It covers marketable assets, such as bonds, and non-marketable ones, such as credit claims, with eligibility criteria, valuation haircuts and limits, under Guideline (EU) 2015/510.

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Updated 31 Oct 2026.