Guideline (EU) 2024/3132 of the European Central Bank of 14 November 2024 repealing Guideline (EU) 2024/3130 amending Guideline (EU) 2015/510 on the implementation of the Eurosystem monetary policy framework (ECB/2024/23) and amending Guideline (EU) 2015/510 (ECB/2014/60) (ECB/2024/37)

Guideline (EU) 2024/3130 (ECB/2024/23) is hereby repealed.

‘1 This Guideline sets out uniform rules for the implementation of the single monetary policy by the Eurosystem throughout the Member States whose currency is the euro. Rules on the mobilisation and management of collateral are laid down in Guideline (EU) 2024/3129 of the European Central Bank (ECB/2024/22).

‘1 The maturity of credit extended under the marginal lending facility shall be overnight. The credit shall be repaid on the next day on which TARGET is open.’

‘2 Payment orders relating to the participation in open market liquidity-providing operations or use of the marginal lending facility shall only be settled after the final transfer of the eligible assets as collateral to the operation.’

‘1 The Eurosystem shall endeavour to settle transactions related to its open market operations at the same time in all Member States whose currency is the euro with all counterparties that have provided sufficient eligible assets as collateral in accordance with the settlement procedures specified in Article 9 of Guideline (EU) 2024/3129 (ECB/2024/22). However, owing to operational constraints and technical features (e.g. of SSSs), the timing within the day of the settlement of open market operations may differ across the Member States whose currency is the euro.’

‘1 The Eurosystem shall endeavour to settle open market operations executed by means of standard tender procedures on the first day following the trade day on which TARGET is open.’

‘1 Without prejudice to the requirements laid down in this Chapter and in Guideline (EU) 2024/3129 (ECB/2024/22), additional provisions relating to settlement may be laid down in the contractual or regulatory arrangements applied by the NCBs, or the ECB, for the specific monetary policy instrument.’

‘2 The end-of-day procedures are specified in the documentation relating to the TARGET framework and in Guideline (EU) 2024/3129 (ECB/2024/22).’

‘1 The Eurosystem shall apply a single framework for eligible assets common to all Eurosystem credit operations as laid down in this Guideline and shall manage such assets in accordance with Guideline (EU) 2024/3129 (ECB/2024/22).’

‘4 Where counterparties provide eligible assets as collateral, the home NCB shall use pooling to maintain these assets in accordance with Article 3 of Guideline (EU) 2024/3129 (ECB/2024/22).’

‘1 The ECB shall publish an updated list of eligible marketable assets on its website, in accordance with the methodologies indicated on its website and shall update it every day on which TARGET is operational. Marketable assets included on the list of eligible marketable assets become eligible for use in Eurosystem credit operations upon their publication on the list. As an exception to this rule, in the specific case of debt instruments with same-day value settlement, the Eurosystem may grant eligibility from the date of issue.’

‘4 In order to be eligible, debt instruments shall have a quantity expressed in face amount (FAMT).’

‘1 In order to be eligible, debt instruments shall be issued in the EEA with a CSD operating (i) an eligible SSS or (ii) an SSS with an eligible link to an eligible SSS.’

‘1 The settlement procedures applicable to the mobilisation of marketable assets as collateral are specified in Guideline (EU) 2024/3129 (ECB/2024/22). In order to be eligible, debt instruments shall be transferable in book-entry form and settled under the law of a Member State whose currency is the euro such that the perfection and realisation of collateral is subject to the law of a Member State whose currency is the euro.’

‘1 In order to be eligible, debt instruments shall be issued by an issuer established in the EEA or in a non-EEA G10 country, subject to the exceptions in paragraphs 3a to 6 of this Article and in paragraph 4 of Article 81a. For marketable assets with more than one issuer, this requirement shall apply to each issuer.

2 In order to be eligible, guarantors of debt instruments shall be established in the EEA, unless a guarantee is not used to establish the compliance of that debt instrument with the credit quality requirements for specific debt instruments, subject to the exceptions laid down in paragraphs 3a and 4. The possibility to use an ECAI guarantor rating to establish compliance with the relevant credit quality requirements for specific debt instruments is laid down in Article 84.’

For the purpose of ECAI issuer and guarantor ratings, foreign currency ratings shall be acceptable. If the asset is denominated in the domestic currency of the issuer, the local currency issuer rating shall also be acceptable. If the asset is denominated in the domestic currency of the guarantor, the local currency guarantor rating shall also be acceptable.’

Credit claims shall be handled in accordance with the Eurosystem procedures laid down in the relevant national documentation of the NCBs, where applicable, in accordance with Guideline (EU) 2024/3129 (ECB/2024/22).’

Counterparties may use eligible assets on a cross-border basis throughout the euro area for all types of Eurosystem credit operations in accordance with the procedures applicable to the mobilisation of eligible assets as collateral specified in Guideline (EU) 2024/3129 (ECB/2024/22).’

1 This Guideline shall take effect on the day of its notification to the NCBs.

2 The NCBs shall take the necessary measures to comply with this Guideline and apply them from 16 June 2025. They shall notify the ECB of the texts and means relating to those measures by 4 December 2024 at the latest.

This Guideline is addressed to all Eurosystem central banks.