ECB to implement enhanced repo facility for non-euro area central banks

The Eurosystem has begun onboarding non-euro area central banks to the enhanced repo facility (EUREP). Drawings will be possible starting from the fourth quarter of 2026.

The facility will be implemented by five national central banks: the Deutsche Bundesbank, the Banco de España, the Banque de France, the Banca d’Italia, and De Nederlandsche Bank. The process is coordinated by the European Central Bank (ECB).

Under the new arrangement, onboarded central banks will receive euro liquidity through loans against high-quality euro-denominated collateral. The loans will be priced at the main refinancing operations (MRO) rate plus a spread set by the ECB Governing Council. The maturity of each transaction will range from one day to one week, with possible extensions. The maximum line size per central bank is EUR 50 billion. Risk mitigation measures are in place to protect the Eurosystem.

The enhanced EUREP provides standing access and is open to all central banks and monetary authorities outside the euro area, unless excluded due to reasons such as money laundering, terrorist financing, or sanctions. Once onboarded, central banks can use the facility flexibly without prior restrictions.

The ECB will publish weekly data on the total daily liquidity provided under EUREP and swap lines.

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