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ECB provides enhanced repo facility for central banks
24 July 2026 Europe
Image: nmann77/stock.adobe.com
The Governing Council of the European Central Bank (ECB) has finalised the operational features and onboarding framework for its enhanced Eurosystem Repo Facility for Central Banks (EUREP), following its initial announcement on 14 February 2026.
Under the updated structure, EUREP will be operated by five national central banks: the Deutsche Bundesbank, Banco de España, Banque de France, Banca d’Italia, and De Nederlandsche Bank.
Through the facility, onboarded central banks can access euro liquidity via loans secured against high-quality euro-denominated collateral.
This will be priced at the ECB’s main refinancing operations (MRO) rate, plus a spread set by the Governing Council to preserve the backstop character of the facility.
The maturity of individual transactions will range from one day to one week, with the option to extend.
The maximum line size for each central bank is €50 billion, supported by risk mitigation measures put in place to protect the Eurosystem
The enhanced facility provides standing access and is in principle open to all central banks and monetary authorities outside the euro area, unless excluded on the grounds of, in particular, money laundering, terrorist financing, or sanctions.
Onboarded central banks can use EUREP funds flexibly, without ex ante restrictions.
Following the completion of the onboarding process, central banks will be able to draw from the facility starting in Q4 2026.
The ECB will publish the total daily amount of liquidity provided under EUREP and swap lines every week.
Under the updated structure, EUREP will be operated by five national central banks: the Deutsche Bundesbank, Banco de España, Banque de France, Banca d’Italia, and De Nederlandsche Bank.
Through the facility, onboarded central banks can access euro liquidity via loans secured against high-quality euro-denominated collateral.
This will be priced at the ECB’s main refinancing operations (MRO) rate, plus a spread set by the Governing Council to preserve the backstop character of the facility.
The maturity of individual transactions will range from one day to one week, with the option to extend.
The maximum line size for each central bank is €50 billion, supported by risk mitigation measures put in place to protect the Eurosystem
The enhanced facility provides standing access and is in principle open to all central banks and monetary authorities outside the euro area, unless excluded on the grounds of, in particular, money laundering, terrorist financing, or sanctions.
Onboarded central banks can use EUREP funds flexibly, without ex ante restrictions.
Following the completion of the onboarding process, central banks will be able to draw from the facility starting in Q4 2026.
The ECB will publish the total daily amount of liquidity provided under EUREP and swap lines every week.
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