Collateral management in Eurosystem credit operations : information for Eurosystem counterparties : May 2024

Eligible counterparties may only obtain credit from the central bank of the country in which they are based - their home central bank (HCB) - by mobilising eligible marketable and non-marketable assets as collateral. The process by which these assets are mobilised (transferred) to their HCB, and any subsequent handling of the collateral until it is given back to the counterparty, is referred to as collateral management. The purpose of this document is to provide Eurosystem counterparties ("counterparties") with information on the key processes, procedures and arrangements involved in the mobilisation and management of collateral in Eurosystem credit operations. The accompanying legal framework for the mobilisation and management of collateral is set out in the Guideline on the management of collateral in Eurosystem credit operations1 (Collateral Management Guideline).