The European Central Bank (ECB) has initiated the onboarding process for non-euro area central banks to access the enhanced Eurosystem Repo Facility (EUREP), with liquidity draws available from Q4 2026. The facility, operated by five national central banks (Deutsche Bundesbank, Banco de España, Banque de France, Banca d’Italia, De Nederlandsche Bank) under ECB coordination, provides euro liquidity through loans secured by high-quality euro-denominated collateral. Loans are priced at the main refinancing operations (MRO) rate plus a spread set by the ECB Governing Council. Transaction maturities range from one day to one week, with potential extensions. Each central bank may access up to EUR 50 billion. The facility is open to all non-euro area central banks and monetary authorities, except those excluded for money laundering, terrorist financing, or sanctions. Onboarded institutions can use funds flexibly without pre-approval. The ECB will publish weekly data on EUREP liquidity and swap lines.
© European Central Bank, 2025.
Summary derived from the ECB website (https://www.ecb.europa.eu ).
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