On 13 November 2025, the European Central Bank’s Governing Council approved a review of its risk‑control framework for monetary policy credit operations. The review focuses on strengthening the haircut methodology for both marketable and non‑marketable assets, ensuring the framework remains protective, consistent, and risk‑equivalent across asset classes. Legal amendments will be made before the changes become effective, with an earliest implementation date of November 2026. This timeline allows the Eurosystem and counterparties time for technical preparation. The modifications aim to improve consistency of haircuts across asset classes, making the risk control more protective and risk‑equivalent. A related press release on the ECB’s website provides further details.
© European Central Bank, 2025.
Summary derived from the ECB website (https://www.ecb.europa.eu ).
https://www.ecb.europa.eu/press/govcdec/otherdec/2025/html/ecb.gc251121~4807dec7cf.en.html
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