Regulatory Alerts2025-04-16
Decision No. 2025-02 of 16 April 2025 on the management of collateral in Eurosystem credit operations
The Governor of the Bank of France issued Decision No. 2025-02 to establish harmonized national and cross-border rules for mobilizing and managing eligible collateral for Eurosystem credit operations. The decision mandates the use of the Eurosystem Collateral Management System (ECMS) as the single platform for collateral mobilization, while specifying exceptions for certain private credit claims and retail mortgage-backed instruments managed outside this system. It further defines key operational terms, account structures, and the 'common pool' reserve mechanism to ensure consistent implementation of the European Central Bank's collateral framework.
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