The Management of Collateral in Eurosystem Credit Operations (Amending) Directive 2026

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O.J. Part III(I)
No. 6011, 27.3.2026

C.D.R. 163/2026

Number 163

DIRECTIVE AMENDING THE DIRECTIVE OF THE CENTRAL BANK OF CYPRUS OF 6 JUNE 2025 ON THE COLLATERAL MANAGEMENT SYSTEM OF THE EUROSYSTEM FOR THE PURPOSES OF COMPLIANCE OF THE CENTRAL BANK OF CYPRUS WITH THE PROVISIONS OF THE GUIDELINE OF THE EUROPEAN CENTRAL BANK OF 22 JANUARY 2026 ECB/2026/4

THE LAWS ON THE CENTRAL BANK OF CYPRUS OF 2002 TO 2024

Directive under sections 20(3)(b), 39 and 43

The Central Bank of Cyprus, exercising the powers conferred upon it by sections 20(3)(b), 39 and 43 of the Laws on the Central Bank of Cyprus of 2002 to 2024, as amended by 138(I)/2002 166(I)/2003 34(I)/2007 86(I)/2013 103(I)/2013 66(I)/2014 139(I)/2014 144(I)/2014 107(I)/2016 170(I)/2017 114(I)/2024, issues this Directive regarding the collateral management system of the Eurosystem.

Short Title 1. This Directive shall be cited as the Collateral Management System of the Eurosystem (Amending) Directive of 2026 and shall be read together with the Collateral Official Gazette, Management System of the Eurosystem Directive of 2025 (hereinafter referred to as the
Appendix "Basic Directive") and the Basic Directive and this Directive shall be referred to
Third (I): together as the Collateral Management System of the Eurosystem Directives of 2025 to 06.06.2025. (C.D.R. 149/2025).

Amendment 2. Subparagraph (3) of paragraph 1 of the Basic Directive is amended by deleting of paragraph point (b) thereof. 1 of the Basic Directive.

Amendment 3. Paragraph 2 of the Basic Directive is amended as follows:
paragraph a) by replacing the definitions of the following terms with the following new 2 of the Basic definitions:
Directive.
"cross-border mobilisation" means the provision as collateral- (a) of marketable assets- (i) held in a Member State other than the Member State of establishment of the relevant CB, (ii) issued in a Member State other than the Member State of establishment of the relevant CB and held in the Member State of establishment of the relevant CB; (b) of credit claims governed by law other than the law of the country of establishment of the relevant CB, (c) of additional credit claims governed by law other than the law of the country of establishment of the collateral-taking NCB;" "domestic mobilisation" means- (a) in the case of marketable assets, the provision as collateral of an asset that is issued and held in a CSD located in the country of establishment of the relevant CB, (b) in the case of credit claims and additional credit claims, the provision as collateral of credit claims and additional credit claims governed by the law of the country of establishment of the relevant CB;" "retain booking mode" means the booking in the securities account of the counterparty of marketable assets provided as collateral;" "transfer booking mode" means the delivery from the securities account of the counterparty to the securities account of the NCB of marketable assets provided as collateral;" "asset account" means- (a) in relation to the provision of marketable assets as collateral- (i) an account opened by the NCB in its books, (ii) an account opened in the books of a securities settlement system or another NCB acting as a correspondent central bank, (b) in relation to the provision of non-marketable assets as collateral- (i) an account opened by the NCB in its books, (ii) an account opened in the books of another NCB acting as a correspondent central bank, and those of the above accounts opened in an institution other than the relevant central bank are called "external asset accounts", while those of the above accounts opened in the books of the relevant central bank are called "internal asset accounts";" "direct access mobilisation" means the provision as collateral of marketable assets which the NCB receives in a securities account held in a CSD located in a country other than its country of establishment;" "additional credit claim" or "ACC" means an additional credit claim which is acceptable under Article 4 of Guideline ECB/2014/31;" "collateral pooling" means the functional method used by NCBs for holding collateral provided by a counterparty, under which the counterparty provides collateral to the NCB to secure a credit facility granted by it, and the individual acceptable assets are not linked to a specific Eurosystem credit operation;" b) by deleting the definition of the following terms:
"non-marketable covered bond backed by acceptable credit claims", "non-marketable mortgage-backed security".

Amendment 4. Paragraph 3 of the Basic Directive is amended as follows:
paragraph a) by replacing subparagraph (3) thereof with the following new 3 of the Basic subparagraph (3):
Directive.
"(3) The CBC may open external asset accounts and inform counterparties accordingly to receive in such accounts marketable assets provided by the counterparties as collateral; such accounts are opened only in acceptable SSSs." b) by amending subparagraph (4) thereof with the following new point (a):
"(a) marketable assets;"
(ii) by replacing point (b) thereof with the following new point (b):
"(b) non-marketable assets".

Amendment 5. Paragraph 4 of the Basic Directive is amended as follows:
paragraph a) by deleting the words "and DECC" as referred to in subparagraph (1) 4 of the Basic thereof. Directive. b) by replacing subparagraph (7) thereof with the following new subparagraph (7):

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"(7). The provision of credit claims as collateral is effected through TARGET2 only to secure Eurosystem credit operations. It is understood that through TARGET2 the provision of additional credit claims or fixed term deposits, as collateral, is not effected."

Amendment 6. Paragraph 5 of the Basic Directive is amended as follows:
paragraph a) by deleting the words "and DECC" and "and the DECC as referred to in 5 of the Basic the title and subparagraphs (2), (5), (6) and (7) thereof Directive. b) by deleting the words "or DECC" as referred to in subparagraphs (1) and (3) thereof.

Amendment 7. Paragraph 6 of the Basic Directive is amended as follows:
paragraph a) by replacing the title thereof with the following new title:
6 of the Basic "Provision and withdrawal of non-marketable assets as Directive. collateral." b) by replacing subparagraph (10) thereof with the following new subparagraph (10):
"(10). The provision and withdrawal of ACC portfolios, as collateral, are carried out in accordance with the procedures prescribed by the CBC."

Amendment 8. Paragraph 7 of the Basic Directive is amended by deleting the words "and DECC" paragraph as referred to in subparagraphs (1)(a) and (2) thereof. 7 of the Basic Directive.

Amendment 9. Paragraph 8 of the Basic Directive is amended by deleting the words "and DECC" paragraph as referred to in subparagraph (4) thereof. 8 of the Basic Directive.

Amendment 10. Paragraph 9 of the Basic Directive is amended by replacing subparagraph paragraph (3) thereof with the following new subparagraph (3):
9 of the Basic " (3) With regard to counterparties with access to intraday credit in Directive. TARGET, the total value of the collateral portfolio of the counterparty intended for securing Eurosystem credit operations but neither required for securing Eurosystem monetary policy operations nor set aside, is made available to the counterparty as a credit line in subparagraph (4)."

Amendment 11. Paragraph 10 of the Basic Directive is amended by deleting the words "or DECC" paragraph as referred to in subparagraphs (1), (6), (8) and (11) thereof. 10 of the Basic Directive.

Amendment 12. Paragraph 12 of the Basic Directive is amended as follows:
paragraph a) by deleting the words "and the DECC" as referred to in subparagraph (1) 12 of the Basic thereof. Directive. b) by replacing subparagraph (2) thereof with the following new subparagraph (2):
"(2) With regard to credit claims and ACCs, provided as collateral, the CBC or, in the case of collateral provided through TARGET2, the correspondent CB, decides on the imposition of a fee in case of imposition of fees, the amount of the transaction fee and the service fee is determined by the CBC or, in the case of collateral provided through TARGET2, by the correspondent CB."

Entry into 13. This Directive shall enter into force on 30 March 2026. force.