The Governing Council of the European Central Bank on 14 February 2026 decides to enhance the Eurosystem repo facility for central banks (EUREP) to offer standing access, in principle, to all central banks unless excluded for reasons such as money laundering, terrorist financing or sanctions, with changes to apply from the third quarter of 2026.
The update aims to make euro liquidity provision more flexible and geographically broader to mitigate spillovers and support smooth transmission of euro area monetary policy amid heightened geopolitical and financial‑system uncertainty; EUREP complements existing ECB swap lines and will provide backstop euro funding against high‑quality euro‑denominated collateral subject to appropriate risk mitigants.
🧭 FAQs
• What change did the ECB make to EUREP and where is it headquartered? The ECB (Frankfurt) broadened EUREP to provide standing access to central banks globally, subject to exclusions.
• When do the EUREP changes take effect in the euro area? The enhanced EUREP framework applies from the third quarter of 2026.
• What collateral and safeguards apply to EUREP operations locally? EUREP provides funding against high‑quality euro‑denominated collateral with appropriate risk mitigants and exclusion for AML, terrorism financing or sanctions.
• How does EUREP relate to existing ECB swap lines in the EU? EUREP complements ECB swap lines, which remain unchanged under the updated framework.
