Article 5 Admission of collateral with a ‘BBB-’ credit assessment and above as eligible collateral

The Eurosystem’s minimum requirement for the assessment of the credit standard of assets eligible as collateral for the purposes of Eurosystem monetary policy operations shall be a ‘BBB-’ equivalent credit assessment. This change to the credit assessment requirement shall apply to both marketable and non-marketable assets, with the exception of asset-backed securities as described in Section 6.3 of the General Documentation, for which the requirement for high credit standards shall remain unchanged.

An additional haircut of 5 % shall be imposed by the Eurosystem on all eligible assets with a credit assessment below ‘A-’.