The Governing Council of the ECB has decided to permanently integrate portfolios of loans to non-financial companies into the collateral framework of the Eurosystem. The measure, which replaces the temporary additional credit framework, will technically come into effect from November 2027.
The European Central Bank (ECB) has taken a definitive step towards normalising its collateral policy by deciding to permanently integrate portfolios of loans to non-financial companies (NFC) into the general collateral framework of the Eurosystem. The decision, adopted on June 24, 2026, marks the end of the temporary additional credit framework (ACC) that was implemented during the crisis to facilitate bank financing.
According to the institution, the integration will take place once the technical requirements are completed, which are expected to be developed by November 2027 at the earliest. From that moment on, banks in the euro area will be able to use these loans as collateral in Eurosystem credit operations on a permanent basis, under a unique set of eligibility criteria and risk control.
The decision is part of the process of withdrawing temporary measures adopted during the pandemic and the energy crisis. In November 2024, the ECB had already announced its intention to gradually eliminate the ACC framework, which allowed entities to use a wider range of NFC loans as collateral. Now, with this integration, the return to a single list of collateral assets applicable across the euro area is completed.
The ECB has published a frequently asked questions (FAQ) document to detail the eligibility criteria and risk control framework. Among the key aspects, it is established that NFC loans must meet homogeneous credit quality and documentation requirements across all euro countries.
The measure directly affects Spanish banks and those in the rest of the euro area, which had until now used the temporary ACC framework to obtain liquidity. With the permanent integration, entities will need to adapt their systems and processes to comply with the new requirements before November 2027.
The ECB emphasises that this decision does not imply a tightening of conditions, but rather a normalisation. Banks that were already using the ACC framework will be able to continue doing so as long as the loans meet the new criteria. However, the institution recommends that entities review their NFC loan portfolios to ensure they are eligible.
The integration of NFC loans as permanent collateral is a demonstration of the ECB's confidence in the quality of these assets and their ability to provide liquidity to the banking system. For non-financial companies, the measure does not have a direct impact, but an indirect one, as it facilitates bank financing by reducing the cost of obtaining liquidity for the entities.
The technical implementation timeline, set for November 2027, gives banks time to adapt. The ECB has indicated that detailed technical specifications will be published in the coming months and the corresponding legal framework will be amended.
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