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Collateral

Liquidity-providing operations of the Eurosystem monetary policy must be based on adequate collateral.

The Eurosystem accepts two types of assets: marketable assets and non-marketable assets. As a rule, no distinction is made between the two asset classes with regard to the quality of the assets and their eligibility for the various types of operations.

The eligibility criteria and the rules for the use of collateral are defined in ECB Guidelines and in Banco de Portugal Instructions (see Related pages). 

The assets eligible for monetary policy liquidity-providing operations may also be used to guarantee intraday credit.

The list of eligible marketable assets is published on the ECB’s website (see Related pages).

Eligible assets are subject to risk control measures in order to protect the Eurosystem against the risk of financial loss if these assets have to be realised owing to the default of a counterparty.

Eurosystem counterparties may use eligible assets on a cross-border basis, i.e. they may borrow from the central bank of the Member State in which they are established by making use of assets that can be settled in any Securities Settlement System considered eligible by the Eurosystem for that purpose.

For information on the operational and legal aspects concerning the cross-border use by Portuguese counterparties of non-marketable assets (credit claims governed by the Law of other euro area countries), please refer to the ECB’s website.

For further information on the operational and legal aspects concerning the cross-border use by non-Portuguese counterparties of non-marketable assets (credit claims governed by Portuguese Law), please see Related documents.

Questions related to eligible assets can be channelled to Banco de Portugal, by using the following e-mail address: collateral.management.helpdesk@bportugal.pt.


Reporting to European DataWarehouse

Credit institutions must report to the European DataWarehouse information on the credit claims underlying the additional credit claims portfolios used as collateral in Eurosystem credit operations.

This reporting obligation is defined in Instruction Nr 7/2012 of Banco de Portugal. 

Reporting shall be made in accordance with the templates provided in this page.

For additional enquiries, please send an e-mail to:

Banco de Portugal – Issues related to assets eligibility and scores: 

collateral.management.helpdesk@bportugal.pt

collateral.risk.issues@bportugal.pt 

European Central Bank – Issues related to templates (questions on contents of the fields):

Eligible-Assets.hotline@ecb.europa.eu 

European DataWarehouse – Issues related to the reporting format (questions on xml files):

enquiries@eurodw.eu