New rules will use second-best ratings for private assets and revise collateral haircuts from 30 November.
The European Central Bank published amendments to the Eurosystem monetary-policy implementation guidelines on 29 September. They are due to apply from 30 November 2026.
For private-sector assets, the Eurosystem will use the second-best rating from external credit assessment institutions to assess collateral eligibility and set haircuts. The ECB also aligned the treatment of certain financial subsidiaries of non-financial groups with their parent companies, subject to conditions.
The central bank opened a consultation on how its RITS settlement service could support tokenised assets and private money, while saying a retail CBDC lacks a clear public-interest case.
The Financial Policy Committee maintained the countercyclical capital buffer at 2% and highlighted linked market risks.
The Bank of Japan voted 7–2 to raise its money-market operating target to around 1.25%, effective 24 September, and changed rates on two standing facilities.
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