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

Market operations

ECB Decision implementing the interim emissions reduction target framework for corporate bond holdings under the asset purchase programme (APP) and the temporary pandemic emergency purchase programme (PEPP)

On 1 October 2025 the Governing Council adopted Decision ECB/2025/30 amending Decision (EU) 2016/948 on the implementation of the corporate sector purchase programme (ECB/2016/16). The Decision legally implements the interim emissions reduction target framework for APP and PEPP corporate bond holdings. More detailed information was provided by the ECB in its June 2025 report entitled “Climate-related financial disclosures of Eurosystem assets held for monetary policy purposes and of the ECB’s foreign reserves”.

ECB Decision on transitional provisions for the application of minimum reserves by the European Central Bank following the introduction of the euro in Bulgaria

On 13 October 2025 the ECB announced the adoption of Decision ECB/2025/33 on transitional provisions for the application of minimum reserve by the European Central Bank following the introduction of the euro in Bulgaria. As of 1 January 2026, credit institutions and branches of credit institutions located in Bulgaria will be subject to the Eurosystem’s minimum reserve requirements. Given that the regular reserve maintenance period runs from 23 December 2025 to 10 February 2026, transitional provisions are necessary to ensure that the relevant credit institutions are integrated smoothly into the Eurosystem’s minimum reserve system without placing a disproportionate burden on them. In line with previous practice regarding countries adopting the euro, the Decision provides for a transitional maintenance period for the imposition of minimum reserve requirements on credit institutions located in Bulgaria extending from 1 January to 10 February 2026. A related press release is available on the ECB’s website.