Decision No. 2026-04 amending Decision No. 2025-02 on collateral management in Eurosystem credit operations

Decision No. 2026-04 of March 25, 2026 amending Decision No. 2025-02 of April 16, 2025 on collateral management in Eurosystem credit operations

THE GOVERNOR OF THE BANQUE DE FRANCE

Having regard to:

• the Treaty on the Functioning of the European Union, and in particular Article 127(2),
• the Statute of the European System of Central Banks and of the European Central Bank (ESCB/ECB Statute), and in particular Articles 3.1, 9.2, 12.1, 14.3, 17, 18.2, the first subparagraph of Article 20, and Article 22,
• ECB Guideline (EU) 2024/3129 of August 13, 2024 on collateral management in Eurosystem credit operations (ECB/2024/22), as amended,
• ECB Guideline (EU) 2015/510 of December 19, 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60), as amended,
• ECB Guideline (EU) 2014/528 of July 9, 2014 on additional temporary measures concerning Eurosystem refinancing operations and collateral eligibility and amending ECB Guideline 2007/9 (ECB/2014/31), as amended,
• ECB Guideline (EU) 2026/692 of January 22, 2026 amending Guideline (EU) 2024/3129 on collateral management in Eurosystem credit operations (ECB/2026/4),
• the Monetary Agreement between the European Union and the Principality of Monaco of November 29, 2011,
• the Monetary and Financial Code, and in particular Article L. 142-8,
• the Governor of the Banque de France Decision No. 2015-01 of April 22, 2015 on the implementation of the Banque de France's monetary policy and intraday credit, as amended,
• the Governor of the Banque de France Decision No. 2020-02 of April 20, 2020 on additional temporary measures concerning the Banque de France's refinancing operations and collateral eligibility, as amended.

HEREBY DECIDES:

Article 1
Modifications

The Governor of the Banque de France Decision No. 2025-02 of April 16, 2025 on collateral management in Eurosystem credit operations (hereinafter "the Decision") is amended as follows:

1. Article 1, paragraph 3 is deleted.

2. Article 2 is amended as follows:
   a) point 1) is deleted; b) point 2) is replaced by the following text:
   "2) 'asset account': a) with regard to the mobilization of negotiable assets: i) an account opened by a NCB in its own books; ii) an account opened in the books of a securities settlement system or another NCB acting as a correspondent central bank; and b) with regard to the mobilization of non-negotiable assets: i) an account opened by an NCB in its own books; ii) an account opened in the books of another NCB acting as a correspondent central bank. Accounts opened with an entity other than the central bank of the home country are referred to as 'external asset accounts', those opened in the books of the central bank of the home country are referred to as 'internal asset accounts';" c) point 8) is replaced by the following text:
   "8) 'collateral', all eligible negotiable and non-negotiable assets and cash under the Governor's Decision No. 2015-01 of April 22, 2015 to secure Eurosystem credit operations or mobilized for any other purpose listed in Annex III to this Decision;" d) point 21) is replaced by the following text:
   "21) 'cross-border mobilization', the mobilization: a) of negotiable assets: i) held in a Member State other than that of the central bank of the home country; and ii) issued in a Member State other than that of the central bank of the home country and held in the Member State of the central bank of the home country; or b) of private claims governed by a law other than that of the country in which the central bank of the home country is established;" e) point 22) is replaced by the following text:
   "22) 'direct access mobilization', the mobilization of negotiable assets when the Banque de France receives these assets on a securities account it holds with a CSD located in a country other than that in which it is established;" f) point 24) is replaced by the following text:
   "24) 'national mobilization', a) with regard to negotiable assets, the mobilization of an asset issued and held with a CSD located in France; and b) with regard to private claims, the mobilization of private claims governed by French law;" g) point 25) is replaced by the following text:
   "25) 'eligible assets', negotiable and non-negotiable assets eligible under the Governor's Decision No. 2015-01;" h) point 39) is replaced by the following text:
   "39) 'negotiable assets', the following: negotiable assets as defined in Article 2, point 3), of the Governor's Decision No. 2015-01;" i) point 42) is replaced by the following text:
   "42) 'non-negotiable asset', a non-negotiable asset as defined in Article 2, point 4), of the Governor's Decision No. 2015-01;" j) point 43) is deleted; k) point 44) is replaced by the following text:
   "44) 'common reserve', the operational method used by the Banque de France to hold collateral mobilized by counterparties, whereby the counterparty makes collateral available to the Banque de France to secure the Banque de France's credit and in which individual eligible assets are not linked to any specific Eurosystem credit operation;" l) point 47) is deleted; m) point 48) is replaced by the following text:
   "48) 'retention accounting method', the retention of negotiable assets that are mobilized as collateral on a securities account of the counterparty;" n) point 51) is replaced by the following text:
   "51) 'transfer accounting method', the delivery of negotiable assets that are mobilized as collateral from a securities account of the counterparty to a securities account of the NCB;"

3. Article 3 is amended as follows:
   a) paragraph 3 is replaced by the following text:
   "3. To receive negotiable assets as collateral from counterparties, the Banque de France opens external asset accounts in the following eligible securities settlement system: Euroclear France." b) in paragraph 4, point a) is replaced by the following text:
   "a) negotiable assets;" c) in paragraph 4, point b) is replaced by the following text:
   "b) non-negotiable assets."

4. Article 4 is amended as follows:
   a) in paragraph 1, the reference "and the OCT" is deleted; b) paragraph 5 is replaced by the following text:
   "5. For the purpose of mobilizing private claims as collateral, the Banque de France requires counterparties to mobilize these assets on an asset account designated by the Banque de France." c) paragraph 7 is replaced by the following text:
   "7. Private claims are mobilized as collateral through the CCBM only to secure Eurosystem credit operations. Time deposits are not mobilized as collateral through the CCBM."

5. Article 5 is amended as follows:
   a) in the title and in paragraphs 2, 5, 6 and 7, the references "and the OCT", "and the OCTs" and "and of OCTs" are deleted; b) in paragraphs 1 and 3, the reference "or the OCTs" is deleted;

6. Article 6 is amended as follows:
   a) the title is replaced by the following text:
   "Mobilization and demobilization of non-negotiable assets" b) paragraph 1 is replaced by the following text:
   "1. When a counterparty seeks to register or mobilize private claims as collateral or to demobilize them, the Banque de France performs validation checks, as defined by the Eurosystem and set out in the document entitled 'Collateral management in Eurosystem credit operations - information for Eurosystem counterparties' published on the ECB website, in accordance with that document, on the registration, mobilization or demobilization instructions transmitted by the counterparty concerned, before accepting a registration, mobilization or demobilization request." c) paragraph 2 is replaced by the following text:
   "2. A counterparty wishing to mobilize a claim as collateral must first register this private claim with the Banque de France or, in the case of mobilization through the CCBM, with the CCB. In both cases, the Banque de France requires the counterparty to provide, at a minimum, as part of the registration procedure, a set of basic data elements, as defined by the Eurosystem and set out in the document entitled 'Collateral management in Eurosystem credit operations - information for Eurosystem counterparties' published on the ECB website." d) paragraph 3 is replaced by the following text:
   "3. Without prejudice to the obligation incumbent on counterparties under Article 101, paragraph 1, point a), iv), of the Governor's Decision No. 2015-01, the Banque de France requires counterparties to send updates of the basic data elements relating to mobilized private claims provided in accordance with paragraph 2, on the next business day following any modification of said elements." e) paragraph 10 is deleted;

7. In Article 7, paragraph 1, point a), and paragraph 2, the references "and the OCT" and "and of OCT" are deleted;

8. In Article 8, paragraph 4, the reference "and of OCT" is deleted;

9. In Article 9, paragraph 3 is replaced by the following text:
   "3. For counterparties that have access to intraday credit in TARGET, any collateral value in the counterparty's common collateral reserve dedicated to posting collateral for Eurosystem credit operations that is neither required to secure Eurosystem monetary policy operations nor reserved, is made available as a credit line in accordance with paragraph 4."

10. In Article 10, paragraphs 1, 6, 8 and 11, the references "or the OCTs" and "or to the OCTs" are deleted;

11. Article 12 is amended as follows:
    a) in paragraph 1, the reference "and the OCT" is deleted; b) paragraph 2 is replaced by the following text:
    "2. With regard to private claims mobilized as collateral, the Banque de France or, in the case of collateral mobilized through the CCBM, the CCB, determines whether fees are to be charged. When fees are charged, the level of transaction and service fees is determined by the Banque de France or, in the case of collateral mobilized through the CCBM, by the CCB."

Article 2
Entry into force and implementation

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

2. It enters into force on March 30, 2026.

3. This Decision is applicable in the overseas departments and regions, in Saint-Barthélemy, in Saint-Martin, in Saint-Pierre-and-Miquelon and in the Principality of Monaco.

Done in Paris, March 25, 2026

The Governor of the Banque de France
François VILLEROY de GALHAU