Decision No. 2025-04 of 5 December 2025 amending Decision No. 2020-02 of 20 April 2020 on additional temporary measures concerning Banque de France refinancing operations and collateral eligibility

Decision No. 2025-04 of 5 December 2025 amending Decision No. 2020-02 of 20 April 2020 on additional temporary measures concerning Banque de France refinancing operations and collateral eligibility

THE GOVERNOR OF THE BANQUE DE FRANCE

Having regard to:

• the Treaty on the Functioning of the European Union, and in particular Article 127(1) and Article 127(2), first indent,
• the Statute of the European System of Central Banks and of the European Central Bank (ECB), and in particular Articles 3.1, first indent, 12.1, 14.3 and 18.2,
• ECB Guideline (EU) 2014/528 of 9 July 2014 on additional temporary measures concerning Eurosystem refinancing operations and the eligibility of collateral and amending Guideline ECB/2007/9 (ECB/2014/31), as amended,
• ECB Guideline (EU) 2015/510 of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60), as amended,
• ECB Guideline (EU) 2022/989 of 2 May 2022 amending Guideline ECB/2014/31 on additional temporary measures concerning Eurosystem refinancing operations and the eligibility of collateral (ECB/2022/19),
• ECB Guideline (EU) 2023/833 of 16 December 2022 amending Guideline ECB/2014/31 on additional temporary measures concerning Eurosystem refinancing operations and the eligibility of collateral (ECB/2022/50),
• the Monetary Agreement between the European Union and the Principality of Monaco of 29 November 2011,
• the Monetary and Financial Code, and in particular Article L. 142-8,
• the Order of 23 March 2020 granting State guarantee to credit institutions and financing companies as well as to lenders referred to in Article L. 548-1 of the Monetary and Financial Code, pursuant to Article 6 of Law No. 2020-289 of 23 March 2020 on the 2020 Finance Bill Supplementary, as amended,
• Decision D-HCSF-2021-7 on the conditions for granting mortgage loans of 29 September 2021,
• the Decision of the Governor of the Banque de France No. 2015-01 of 22 April 2015 on the implementation of the monetary and intraday credit policy of the Banque de France, as amended,
• the Decision of the Governor of the Banque de France No. 2020-02 of 20 April 2020 on additional temporary measures concerning Banque de France refinancing operations and the eligibility of collateral, as amended.

DECIDES

Article 1
Modifications

The Decision of the Governor of the Banque de France No. 2020-02 of 20 April 2020 on additional temporary measures concerning Banque de France refinancing operations and the eligibility of collateral (hereinafter "the Decision") is amended as follows:

1. Article 4 is replaced by the following text:

"Article 4
Additional private claims
The Banque de France shall not accept any private claim that does not meet the Eurosystem eligibility criteria ('additional private claim') as collateral for Eurosystem monetary policy operations."

2. Article 4 (BDF 1) is deleted.

3. In Article 7, paragraph 5 is replaced by the following text:

"Only Articles 1, 3, 7 and 9 of this Decision shall apply to negotiable assets denominated in foreign currencies."

4. Annex BDF bis is deleted.

Article 2
Entry into force and implementation

1. This Decision shall be published in the Official Publication Register of the Banque de France.

2. It shall enter into force on 19 December 2025.

3. This Decision shall apply in the overseas departments and regions, in Saint-Barthélemy, in Saint-Martin, in Saint-Pierre-and-Miquelon as well as in the Principality of Monaco.

Done in Paris, 5 December 2025

The Governor of the Banque de France
François VILLEROY de GALHAU

ANNEX

Annex BDF bis is deleted.