Assets accepted as collateral
Assets accepted as collateral in Eurosystem refinancing operations are classified into two categories, depending on whether or not they are marketable (on a financial market).
Eligible marketable assets are debt instruments issued by corporates, public issuers (i.e. sovereign, supranational or local and regional authorities) and banks: senior unsecured bonds, covered bonds or asset-backed securities (ABS).
Non-marketable assets correspond to bank loans pledged directly by monetary policy counterparties (credit claims). Debtors and guarantors of eligible credit claims are non-financial corporations, public sector entities (excluding public finance companies), multilateral development banks and international organisations. The Banque de France will also accept residential loans granted to private individuals until 30 June 2023.
Not all assets belonging to categories accepted as collateral are actually eligible and they must comply with eligibility criteria in terms of their simplicity and quality in order to protect the Eurosystem's balance sheet. These criteria relate to their credit quality, structure and repayment terms and are harmonised at the Eurosystem level.
Every day, new assets are analysed by Banque de France staff, who assess whether or not they meet all the criteria set out in the collateral framework. Assets complying with all criteria are deemed "eligible" and may be pledged as collateral in refinancing operations. The list of eligible marketable securities is updated on a daily basis and is publicly available on the Banque de France and ECB websites.