Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)

December 2023

Market operations

Review of additional credit claims (ACC) frameworks

On 30 November 2023 the Governing Council approved the discontinuation of short-term debt instruments for use as collateral under the Guideline on temporary collateral measures, as well as of some specific features under the additional credit claims (ACC) framework, with very limited impact. The relevant national central banks (NCBs) will communicate the details to the affected counterparties. The Governing Council also approved the reinstatement of the €25,000 minimum size threshold for credit claims accepted for use as collateral.

Finally, the Governing Council decided to extend the validity of the ACC frameworks with their remaining features, until at least the end of 2024, and in this context recalled that any future changes will be announced with sufficient lead time. NCBs retain the discretion to terminate all or part of their ACC frameworks earlier. In the context of the 2024 update of the applicable legal framework, in particular the update of the General Documentation Guideline and the Guideline on temporary collateral measures, the Governing Council will adopt the legal amendments warranted by these changes, and they will enter into force once the legal acts in question are formally adopted in the course of 2024.

Reinvestments under the pandemic emergency purchase programme (PEPP)

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