CINXE.COM

<!DOCTYPE html> <html lang="bg"> <head> <meta charset="utf-8"> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Regular.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-SemiBold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/opensans_fixed/OpenSans-Bold.woff2" as="font" crossorigin> <link rel="preload" href="/shared/dist/fonts/ecb-iconset/ECB-icon-set.woff2" as="font" crossorigin> <link rel="icon" href="/fav.ico" sizes="16x16"> <link rel="icon" href="/favicon-16.png" sizes="16x16"> <link rel="icon" href="/favicon-32.png" sizes="32x32"> <link rel="icon" href="/favicon-64.png" sizes="64x64"> <link rel="icon" href="/favicon-128.png" sizes="128x128"> <link rel="icon" href="/favicon-192.png" sizes="192x192"> <link rel="icon" href="/favicon-256.png" sizes="256x256"> <link rel="shortcut icon" href="/favicon-196.png" sizes="196x196"> <link rel="apple-touch-icon" href="/favicon-152.png" sizes="152x152"> <link rel="apple-touch-icon" href="/favicon-180.png" sizes="180x180"> <title>Marketable assets</title> <meta name = "citation_title" content="Marketable assets"> <meta name = "citation_online_date" content="11 April 2024"> <meta property="article:published_time" content="2024-04-11"> <link rel="canonical" href="https://www.ecb.europa.eu/mopo/coll/standards/marketable/html/index.en.html"> <meta name="author" content="European Central Bank"> <meta name="description" content="Европейската централна банка (ЕЦБ) е централната банка на държавите от Европейския съюз, които са приели еврото. Нейната основна задача е да поддържа ценова стабилност в еврозоната, като по този начин запазва покупателната способност на единната валута."> <meta name="viewport" content="width=device-width, initial-scale=1.0, viewport-fit=cover"> <script> var ECB = {}; ECB.currentLanguage = 'bg'; ECB.isoLocalLanguageName = 'Български'; ECB.isLive = true; ECB.version = '2728911'; ECB.navigationVersion = '1732551482'; ECB.clientTimeError = 1733047666 - (new Date().getTime()); ECB.availableLanguages = [{"en": "English"}]; </script> <link rel="stylesheet" href="/shared/dist/css/main-ecb.min.css?2728911" media="all"> <meta name="twitter:card" content="summary"> <meta name="twitter:site" content="@ecb"> <meta name="explainerDate" content="1 януари 1970 г."> <meta property="og:type" content="article"> <meta property="og:type" content="website"> <meta property="og:title" content="Marketable assets"> <meta property="og:url" content="https://www.ecb.europa.eu/mopo/coll/standards/marketable/html/index.bg.html"> <meta property="og:image:secure_url" content="https://www.ecb.europa.eu/mopo/coll/standards/marketable/html?d41d8cd98f00b204e9800998ecf8427e"> <meta property="og:image" content="https://www.ecb.europa.eu/mopo/coll/standards/marketable/html?d41d8cd98f00b204e9800998ecf8427e" > <meta property="og:image:width" content="1200"> <meta property="og:image:height" content="600"> <meta property="og:site_name" content="European Central Bank"> <noscript> <style> .accordion .content-box { display: block; } </style> </noscript> <script type="text/javascript"> /*! ecb - v2.0.0 - European Central Bank */ var ECB=window.ECB||{};ECB.fast=ECB.fast||{},ECB.slow=ECB.slow||{},ECB.supports=ECB.supports||{},ECB.fast.annexSwap=function(){var t,e,n=document.querySelector(".section-press .address-box + .definition-list");n&&(t=(e=(t=(e=(t=n.previousElementSibling).previousElementSibling)&&e.classList.contains("related-topics")?e:t).previousElementSibling)&&e.classList.contains("footnotes")?e:t).parentNode.insertBefore(n,t)},ECB.fast.attribution=function(n){var t=n.style.backgroundImage||n.src;t=(t=t.replace('url("',"")).replace('")',""),n.src&&(n=n.closest("picture"));t&&!function(t){t=t.replace('url("',"");var e=document.location.protocol+"//"+document.location.hostname;return(-1!==t.indexOf("http")||-1!==t.indexOf('url("//'))&&!t.startsWith(e)}(t)&&ECB.fast.exif.getArtist(t,function(t){var e;0<t.length&&!n.classList.contains("-attribution")&&(n.classList.add("-attribution"),n.insertAdjacentHTML("beforeend",'<span class="attribution"><span class="attribution-details">'+(t.startsWith("©")?"":"© ")+t+'</span> <button aria-label="Photographer"></button></span>'),(e=n.querySelector(".attribution button")).addEventListener("click",function(t){return e.parentElement.classList.toggle("-active"),t.preventDefault(),t.stopPropagation(),!1}))})},ECB.fast.authorMove=function(){let t=document.getElementById("side-authors");var e;t&&(e=Array.from(document.querySelectorAll("aside > *")).reduce(function(t,e){return t+e.clientHeight},0),t.style.marginTop=Math.max(110,e)+50+"px")},ECB.fast.connector=function(t){function e(t){t.classList.contains("-gradient-upper")&&(i="-gradient-upper"),t.classList.contains("-dark-grey")&&(o="-dark-grey"),t.classList.contains("-light-grey-blue")&&(i="-transparent-light-grey",o="-transparent-blue");var e="<div class='upper-connection "+i+"'></div> <div class='lower-connection "+o+"'></div>";t.insertAdjacentHTML("afterend",e)}function a(t,e){return t.classList.contains(e)}function n(t,e){for(var n=0;n<e.length;n++)if(a(t,e[n]))return 1}var r=(t=t||document).querySelectorAll(".connector"),i="-transparent-blue",o="-light-blue";if(0<r.length)e(r[r.length-1]);else{var s=Array.from(t.querySelectorAll(".contact-box, .see-also-boxes, .carousel, .promo-box, .contact-box, .explainer-box"));if(s.length){var l=s[0],c=l.previousElementSibling;if(c&&"DIV"==c.tagName&&!a(c,"title")){for(var u=l.nextElementSibling,g=!1;null!=u;)a(u,"in-this-section")||"SCRIPT"==u.tagName||"STYLE"==u.tagName||(-1==s.indexOf(u)?g=!0:g&&(c=(l=u).previousElementSibling,g=!1)),u=u.nextElementSibling;g||(c.classList.add("connector"),n(c,["section","intro","boxes","accordion","definition-list","tags"])&&c.classList.add("-gradient-upper"),n(c,["jumbo-box"])&&a(c,"-dark-blue")&&c.classList.add("-light-grey-blue"),a(l,".carousel")||c.classList.add("-dark-grey"),e(c))}}}},ECB.fast.exif=function(){function i(t,e,n){return function(t,e,n){var a,r,i,o="";for(n=e+n;e<n;)switch((a=t.getUint8(e++))>>4){case 0:case 1:case 2:case 3:case 4:case 5:case 6:case 7:o+=String.fromCharCode(a);break;case 12:case 13:r=t.getUint8(e++),o+=String.fromCharCode((31&a)<<6|63&r);break;case 14:r=t.getUint8(e++),i=t.getUint8(e++),o+=String.fromCharCode((15&a)<<12|(63&r)<<6|(63&i)<<0)}return o}(t,e,n)}function o(t,e,n){if("exif"!=i(t,e,4).toLowerCase())return!1;var a,e=e+(n?8:6);if(18761==t.getUint16(e))a=!1;else{if(19789!=t.getUint16(e))return!1;a=!0}return 42==t.getUint16(e+2,!a)&&(!((n=t.getUint32(e+4,!a))<8)&&function(t,e,n,a){for(var r,i=t.getUint16(n,!a),o=0;o<i;o++)if(315===t.getUint16(r=n+12*o+2,!a))return s(t,r,e,a);return""}(t,e,e+n,a))}var s=function(t,e,n,a){var r=t.getUint32(e+4,!a),n=t.getUint32(e+8,!a)+n;return i(t,4<r?n:e+8,r-1)};return{getArtist:function(t,e){function n(t){t=function(t){var e=new DataView(t),n=!1;if(1380533830==e.getUint32(0)&&1464156752==e.getUint32(8)&&1448097880==e.getUint32(12)){if(!(e.getUint8(20)&8))return!1;n=!0}else if(255!=e.getUint8(0)||216!=e.getUint8(1))return!1;var a=2,r=t.byteLength;if(n)for(a=16;a<r;){if(a+=e.getUint32(a,!0)+4,"EXIF"==i(e,a,4))return o(e,a,!0,e.getUint32(a,!0));a+=4}else for(;a<r;){if(255!=e.getUint8(a))return!1;if(225==e.getUint8(a+1))return o(e,a+4,!1,e.getUint16(a+2));a+=2+e.getUint16(a+2)}}(t);e.call(window,t||"")}var a=new XMLHttpRequest;a.onload=function(){200!=this.status&&0!==this.status||n(a.response),a=null},a.open("GET",t,!0),a.responseType="arraybuffer",a.send(null)}}}(),ECB.fast.isLoading=function(){for(var t=document.querySelectorAll(".-is-loading"),e=0;e<t.length;e++)t[e].insertAdjacentHTML("afterbegin","<div class='is-busy'> Loading ... </div>")},ECB.fast.langLinks=function(){if(ECB.fast.isEuLanguage=!!document.querySelector("#language-values a[lang="+ECB.currentLanguage+"]:not([specialLang])"),ECB.fast.isEuLanguage&&"en"!=ECB.currentLanguage)for(var t=document.querySelectorAll("a:not([lang]"),n=/\.[a-z]{2,3}(\.(html|pdf)([\?#].*)?)$/,e=0;e<t.length;e++){var a=t[e];a.hasAttribute("href")&&-1===a.getAttribute("href").indexOf(":")&&function(t){let e=t.getAttribute("href").match(n);return!!(e&&0<e.length)&&"en"==e[0].substr(1,2)}(a)&&a.setAttribute("href",a.getAttribute("href").replace(n,"."+ECB.currentLanguage+"$1"))}},ECB.fast.langSwitch=function(){var e,n;ECB.isLive&&(e=localStorage.getItem("lastLanguage"),(n=function(t){if(t&&ECB.currentLanguage!=t){t=document.querySelector("#language-values>a[lang="+t+"]");return t&&(document.location.href=t.href),!0}return!1})(e)||window.addEventListener("storage",function(t){"lastLanguage"==t.key&&t.newValue!=e&&n(t.newValue)}))},ECB.fast.loadImages=function(t){var n,e=t;t||(e=document);var a=function(t){var e=ECB.supports.webp&&t.getAttribute("data-image-webp")?t.getAttribute("data-image-webp"):t.getAttribute("data-image"),n=t;n.style.backgroundImage="url('"+e+"')",t.classList.contains("-inner")||ECB.fast.attribution(n),n.classList.add("loaded")};window.IntersectionObserver&&(n=new IntersectionObserver(function(t){for(var e=0;e<t.length;e++)t[e].isIntersecting&&(a(t[e].target),n.unobserve(t[e].target))},{rootMargin:"50%"}));for(var r=e.querySelectorAll("[data-image]"),i=0;i<r.length;i++)r[i].classList.contains("fast")||r[i].classList.contains("coin-cropper")||!n?a(r[i]):n.observe(r[i]);for(var o=e.querySelectorAll("picture img"),i=0;i<o.length;i++)ECB.fast.attribution(o[i])},ECB.fast.pageTitle=function(){var t=document.querySelector("main>.title h1");t&&0<t.innerText.length&&(document.title=t.innerText)},ECB.fast.random=function(t){Element.prototype.matches||(Element.prototype.matches=Element.prototype.msMatchesSelector||Element.prototype.webkitMatchesSelector);for(var e=(!t?document:t).querySelectorAll(".random"),n=0;n<e.length;n++){e[n].querySelectorAll(".random-item");var a=[];Array.prototype.slice.call(e[n].children).map(function(t){t.matches(".random-item")&&a.push(t)});var r=Math.floor(Math.random()*a.length);e[n].classList.contains("-daily")&&(r=(new Date).getDate()%a.length),a[r].classList.add("active");for(var i=0;i<a.length;i++)i!=r&&e[n].removeChild(a[i])}},ECB.fast.supportCheck=function(e){var n=new Image;n.onload=function(t){"load"==t.type&&1==n.width&&(document.documentElement.classList.add("webp"),ECB.supports.webp=!0),e&&e()},n.onerror=function(){e&&e()},n.src="data:image/webp;base64,UklGRiQAAABXRUJQVlA4IBgAAAAwAQCdASoBAAEAAwA0JaQAA3AA/vuUAAA="},ECB.fast.tempFixes=function(){!function(t,e){for(var n=document.querySelectorAll(t),a=0;a<n.length;a++)e(n[a])}(".table .wrapper h3",function(t){var e=t.parentElement.parentElement,n=document.createElement("div");n.classList.add("header"),n.innerHTML='<div class="title">'+t.innerHTML+"</div>",t.parentElement.removeChild(t),e.prepend(n)})},ECB.fast.supportCheck(function(){function t(){ECB.jsForContentOnly||ECB.fast.pageTitle(),ECB.fast.tempFixes(),ECB.fast.random(),ECB.fast.loadImages(),ECB.fast.langLinks(),ECB.fast.connector(),ECB.fast.annexSwap(),ECB.fast.isLoading(),ECB.fast.authorMove()}"loading"!==document.readyState?t():window.addEventListener("DOMContentLoaded",t)}); </script> <script type="text/javascript" async src="/shared/dist/js/slow.min.js?v=2728911"></script> </head> <body class="project-ecb section-mopo sub-coll sub-standards sub-marketable "> <div id="skip-links"> <div class="skip-links-content"> <span>Skip to:</span> <a href="#navwrapper"><span class="sr-only">Skip to </span>navigation</a> <a href="#main-content"><span class="sr-only">Skip to </span>content</a> <a href="#ecb-doc-footer"><span class="sr-only">Skip to </span>footer</a> </div> </div> <header id="ecb-doc-header" class="v2"> <div class="headerHolder"> <button id="toggle-sticky-nav" aria-haspopup="true" ></button> <div class="logo-name"> <a href="/home/html/index.bg.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_name.bg.svg" alt="European Central Bank - eurosystem"> </a> </div> <div class="logo-name-mobile"> <a href="/home/html/index.bg.html" alt="Go to our homepage"> <img src="/shared/img/logos_mobile/ECB_Eurosystem_OneLineLogo_Mobile_BG.svg" alt="European Central Bank - eurosystem"> </a> </div> <div id="language-selector-holder" role="button" title="Select language"> <div id="language-selector"></div> <div id="language-selected" aria-haspopup="true"><i></i><span class="ecb-full">BG</span></div> <div id="language-values"> <a href="index.bg.html" class="selected" lang="bg" title="Български"><span class="ecb-full">Български</span></a><a href="index.cs.html" lang="cs" title="Čeština"><span class="ecb-full">Čeština</span></a><a href="index.da.html" lang="da" title="Dansk"><span class="ecb-full">Dansk</span></a><a href="index.de.html" lang="de" title="Deutsch"><span class="ecb-full">Deutsch</span></a><a href="index.el.html" lang="el" title="Eλληνικά"><span class="ecb-full">Eλληνικά</span></a><a href="index.en.html" class="available" lang="en" title="English"><span class="ecb-full">English</span></a><a href="index.es.html" lang="es" title="Español"><span class="ecb-full">Español</span></a><a href="index.et.html" lang="et" title="Eesti keel"><span class="ecb-full">Eesti keel</span></a><a href="index.fi.html" lang="fi" title="Suomi"><span class="ecb-full">Suomi</span></a><a href="index.fr.html" lang="fr" title="Français"><span class="ecb-full">Français</span></a><a href="index.ga.html" lang="ga" title="Gaeilge"><span class="ecb-full">Gaeilge</span></a><a href="index.hr.html" lang="hr" title="Hrvatski"><span class="ecb-full">Hrvatski</span></a><a href="index.hu.html" lang="hu" title="Magyar"><span class="ecb-full">Magyar</span></a><a href="index.it.html" lang="it" title="Italiano"><span class="ecb-full">Italiano</span></a><a href="index.lt.html" lang="lt" title="Lietuvių"><span class="ecb-full">Lietuvių</span></a><a href="index.lv.html" lang="lv" title="Latviešu"><span class="ecb-full">Latviešu</span></a><a href="index.mt.html" lang="mt" title="Malti"><span class="ecb-full">Malti</span></a><a href="index.nl.html" lang="nl" title="Nederlands"><span class="ecb-full">Nederlands</span></a><a href="index.pl.html" lang="pl" title="Polski"><span class="ecb-full">Polski</span></a><a href="index.pt.html" lang="pt" title="Português"><span class="ecb-full">Português</span></a><a href="index.ro.html" lang="ro" title="Română"><span class="ecb-full">Română</span></a><a href="index.sk.html" lang="sk" title="Slovenčina"><span class="ecb-full">Slovenčina</span></a><a href="index.sl.html" lang="sl" title="Slovenščina"><span class="ecb-full">Slovenščina</span></a><a href="index.sv.html" lang="sv" title="Svenska"><span class="ecb-full">Svenska</span></a> </div> </div> <button id="hamburger" aria-haspopup="true" > Menu <div class="icon"> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> <div class="line-outer"> <div class="line-inner"></div> </div> </div> </button> <div class="logo"> <a href="/home/html/index.bg.html" alt="Go to our homepage"> <img src="/shared/img/logo/logo_only.svg" alt="our logo, a yellow Euro sign surrounded by yellow stars centered in a dark blue circle resting on a dark blue base"> </a> </div> <nav id="navwrapper" role="navigation" aria-label="Main navigation"><div id="mainnav"><ul><li class="has-subpages -section" aria-expanded="false"><a href="/mopo/html/index.bg.html">Парична политика и пазари</a><a href="#" class="subpages" title="toggle subpages for Парична политика и пазари"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Парична политика и пазари</div> <p>Нашата стратегия на паричната политика, инструментите, които използваме, и тяхното въздействие</p><a href="/mopo/html/index.en.html">Обзор на темата за паричната политика и пазарите</a><hr> <div class="nav-title">Преки връзки</div> <ul> <li><a href="/ecb/educational/explainers/tell-me/html/what-is-monetary-policy.en.html">Какво представлява паричната политика?</a></li> <li><a href="/mopo/strategy/strategy-review/html/index.en.html">Преглед на стратегията</a></li> <li><a href="/mopo/implement/app/html/index.en.html">Програми за закупуване на активи</a></li> </ul> </div><a href="/press/press_conference/html/index.en.html" class="item image"> <img src="/press/tvservices/html/index/ECB press conference place holder new_2560x1440.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Последната пресконференция за паричната политика</div> <div class="image-date">17 октомври 2024 г.</div> </a></div></div><ul><li class="has-subpages"><a href="/mopo/intro/html/index.bg.html">Въведение</a><a href="#" class="subpages" title="toggle subpages for Въведение"></a><ul><li class="clearfix"><a href="/mopo/intro/benefits/html/index.bg.html">Полза от ценовата стабилност</a></li><li class="clearfix"><a href="/mopo/intro/role/html/index.bg.html">Обхват на паричната политика</a></li><li class="clearfix"><a href="/mopo/intro/transmission/html/index.bg.html">Трансмисионен механизъм</a></li></ul></li><li class="clearfix"><a href="/mopo/decisions/html/index.bg.html">Решения, изявления и съобщения</a></li><li class="has-subpages"><a href="/mopo/strategy/html/index.bg.html">Стратегия на паричната политика</a><a href="#" class="subpages" title="toggle subpages for Стратегия на паричната политика"></a><ul><li class="clearfix"><a href="/mopo/strategy/strategy-review/html/index.bg.html">Преглед на стратегията</a></li><li class="clearfix"><a href="/mopo/strategy/medium-term-orientation/html/index.bg.html">Средносрочна ориентация</a></li><li class="clearfix"><a href="/mopo/strategy/pricestab/html/index.bg.html">Инфлационна цел 2%</a></li></ul></li><li class="has-subpages"><a href="/mopo/devel/html/index.bg.html">Икономически, парични и финансови анализи</a><a href="#" class="subpages" title="toggle subpages for Икономически, парични и финансови анализи"></a><ul><li class="clearfix"><a href="/mopo/devel/ecana/html/index.bg.html">Икономически анализ</a></li><li class="clearfix"><a href="/mopo/devel/monan/html/index.bg.html">Паричен и финансов анализ</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/html/index.bg.html">Инструменти</a><a href="#" class="subpages" title="toggle subpages for Инструменти"></a><ul><li class="has-subpages"><a href="/mopo/implement/omo/html/index.bg.html">Операции на открития пазар</a><a href="#" class="subpages" title="toggle subpages for Операции на открития пазар"></a><ul><li class="clearfix"><a href="/mopo/implement/omo/tltro/html/index.bg.html">Целеви операции по дългосрочно рефинансиране (TLTRO)</a></li></ul></li><li class="has-subpages"><a href="/mopo/implement/app/html/index.bg.html">Програми за закупуване на активи</a><a href="#" class="subpages" title="toggle subpages for Програми за закупуване на активи"></a><ul><li class="clearfix"><a href="/mopo/implement/app/lending/html/index.bg.html">Отдаване в заем на ценни книжа</a></li></ul></li><li class="clearfix"><a href="/mopo/implement/pepp/html/index.bg.html">Програма за закупуване на активи в условията на извънредна ситуация, причинена от пандемия</a></li><li class="clearfix"><a href="/mopo/implement/sf/html/index.bg.html">Улеснения с постоянен достъп</a></li><li class="has-subpages"><a href="/mopo/implement/mr/html/index.bg.html">Минимални резерви</a><a href="#" class="subpages" title="toggle subpages for Минимални резерви"></a><ul><li class="clearfix"><a href="/mopo/implement/mr/two-tier/html/index.bg.html">Двустепенна система</a></li></ul></li></ul></li><li class="has-subpages"><a href="/mopo/international-market-operations/html/index.bg.html">Операции на международния пазар</a><a href="#" class="subpages" title="toggle subpages for Операции на международния пазар"></a><ul><li class="clearfix"><a href="/mopo/international-market-operations/liquidity_lines/html/index.bg.html">Линии на централната банка за ликвидност в евро</a></li></ul></li><li class="clearfix"><a href="/mopo/ela/html/index.bg.html">Спешна помощ за осигуряване на ликвидност</a></li><li class="clearfix"><a href="/mopo/liq/html/index.bg.html">Анализ на ликвидността</a></li><li class="has-subpages -section"><a href="/mopo/coll/html/index.bg.html">Обезпечения</a><a href="#" class="subpages" title="toggle subpages for Обезпечения"></a><ul><li class="has-subpages -section"><a href="/mopo/coll/standards/html/index.bg.html">Критерии за допустимост и оценка</a><a href="#" class="subpages" title="toggle subpages for Критерии за допустимост и оценка"></a><ul><li class="clearfix -current"><a href="/mopo/coll/standards/marketable/html/index.bg.html">Търгуеми активи</a></li><li class="clearfix"><a href="/mopo/coll/standards/nonmarketable/html/index.bg.html">Нетъргуеми активи</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/assets/html/index.bg.html">Списък на допустимите търгуеми активи</a><a href="#" class="subpages" title="toggle subpages for Списък на допустимите търгуеми активи"></a><ul><li class="clearfix"><a href="/mopo/coll/assets/guide/html/index.bg.html">Ръководство за потребителите</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/coll/html/index.bg.html">Набавяне на обезпечение</a><a href="#" class="subpages" title="toggle subpages for Набавяне на обезпечение"></a><ul><li class="clearfix"><a href="/mopo/coll/coll/ccbm/html/index.bg.html">МКОЦБ</a></li><li class="clearfix"><a href="/mopo/coll/coll/eligiblesss/html/index.bg.html">Допустими ССЦК</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.bg.html">Допустими връзки</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.bg.html">Допустими тристранни агенти</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/risk/html/index.bg.html">Редуциране на риска</a><a href="#" class="subpages" title="toggle subpages for Редуциране на риска"></a><ul><li class="clearfix"><a href="/mopo/coll/risk/ecaf/html/index.bg.html">Рамка на Евросистемата за кредитна оценка</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.bg.html">Контрол на риска</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.bg.html">Категории на дисконтиране</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.bg.html">Оценка</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.bg.html">Инициатива на равнище кредит</a><a href="#" class="subpages" title="toggle subpages for Инициатива на равнище кредит"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.bg.html">Образци за данни</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.bg.html">Изисквания за допустимост</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.bg.html">Често задавани въпроси</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.bg.html">Контакти</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.bg.html">Структура на икономиката на еврозоната</a><a href="#" class="subpages" title="toggle subpages for Структура на икономиката на еврозоната"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.bg.html">Икономическа политика</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.bg.html">Фискални политики</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.bg.html">Външна търговия</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.bg.html">Ефективни обменни курсове</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.bg.html">Финансова структура</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.bg.html">Финансови пазари</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.bg.html">Финансови посредници</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.bg.html">Икономическо многообразие</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.bg.html">Пазар на труда</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.bg.html">Контактни групи за пазарите</a><a href="#" class="subpages" title="toggle subpages for Контактни групи за пазарите"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.bg.html">Контактна група за пазарите на облигации (BMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.bg.html">Контактна група за паричния пазар (MMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.bg.html">Контактна група за пазара на дългови емисии (DIMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.bg.html">Група на ЕЦБ на мениджърите на операции (ECB OMG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.bg.html">Контактна група за чуждестнанните валути (FXCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.bg.html">Диалог с институционалните инвеститори</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/paym/html/index.bg.html">Плащания и финансова стабилност</a><a href="#" class="subpages" title="toggle subpages for Плащания и финансова стабилност"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Плащания и финансова стабилност</div> <p>Поглед към работата ни в областта на финансовата стабилност и платежната инфраструктура</p><a href="/paym/html/index.en.html">Обзор на темата за плащанията и финансовата стабилност</a><hr> <div class="nav-title">Преки връзки</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Цифрово евро</a></li> <li><a href="/press/intro/html/index.en.html">Новини в сферата на плащанията</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET за професионалисти – документи и връзки</a></li> </ul> </div><a href="/pub/financial-stability/fsr/html/index.en.html" class="item image"> <img src="/paym/financial-stability/html/index/fsr_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Най-новото издание на Преглед на финансовата стабилност</div> <div class="image-date">16 май 2024 г.</div></a></div></div><ul><li class="clearfix"><span>Плащания</span></li><li class="has-subpages"><a href="/paym/target/html/index.bg.html">Услуги в TARGET</a><a href="#" class="subpages" title="toggle subpages for Услуги в TARGET"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.bg.html">Общи характеристики</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.bg.html">Т2</a><a href="#" class="subpages" title="toggle subpages for Т2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.bg.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.bg.html">Управление</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.bg.html">T2S</a><a href="#" class="subpages" title="toggle subpages for T2S"></a><ul><li class="clearfix"><a href="/paym/target/t2s/governance/html/index.bg.html">Управление</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.bg.html">Факти и числа</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.bg.html">Ценообразуване</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.bg.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/governance/html/index.bg.html">Управление</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.bg.html">Факти и числа</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.bg.html">Включване в системата</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.bg.html">Система за управление на обезпеченията в Евросистемата</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.bg.html">TARGET за професионалисти - документи и връзки</a><a href="#" class="subpages" title="toggle subpages for TARGET за професионалисти - документи и връзки"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.bg.html">Общи характеристики, документи и връзки</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.bg.html">Т2 - документи и връзки</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.bg.html">T2S - документи и връзки</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.bg.html">TIPS - документи и връзки</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.bg.html">ECMS - документи и връзки</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.bg.html">Интеграция и иновации</a><a href="#" class="subpages" title="toggle subpages for Интеграция и иновации"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.bg.html">Технологии на децентрализирания регистър</a><a href="#" class="subpages" title="toggle subpages for Технологии на децентрализирания регистър"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.bg.html">Изследвания</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.bg.html">Плащания на дребно</a><a href="#" class="subpages" title="toggle subpages for Плащания на дребно"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.bg.html">Стратегия за плащанията на дребно</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.bg.html">ЕЦБ като катализатор</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.bg.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.bg.html">Незабавни плащания</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.bg.html">Хармонизация на управлението на обезпечения</a><a href="#" class="subpages" title="toggle subpages for Хармонизация на управлението на обезпечения"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.bg.html">Прилагане</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.bg.html">Често задавани въпроси</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.bg.html">Киберустойчивост</a><a href="#" class="subpages" title="toggle subpages for Киберустойчивост"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.bg.html">Инфраструктури на финансовите пазари</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.bg.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.bg.html">Надзор</a><a href="#" class="subpages" title="toggle subpages for Надзор"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.bg.html">Платежни системи</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.bg.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.bg.html">Електронни плащания</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.bg.html">Системи за сетълмент на ценни книжа и централни контрагенти</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.bg.html">Доставчици на критично важни услуги</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.bg.html">Кореспондентски банки и банки попечители</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.bg.html">Форум SecuRe Pay</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.bg.html">Услуги по управление на резервите</a><a href="#" class="subpages" title="toggle subpages for Услуги по управление на резервите"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.bg.html">Основни аспекти</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.bg.html">Спектър на услугите</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.bg.html">Професионално боравещи с пари в брой</a><a href="#" class="subpages" title="toggle subpages for Професионално боравещи с пари в брой"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.bg.html">Обработка на пари в брой</a><a href="#" class="subpages" title="toggle subpages for Обработка на пари в брой"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.bg.html">Устройства за проверка на банкноти</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.bg.html">Връщане в обращение на евробанкноти</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.bg.html">Спецификации на общ сензорен интерфейс (ОСИ)</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.bg.html">Акредитация на производителите на банкноти</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.bg.html">Контактни групи за плащанията</a><a href="#" class="subpages" title="toggle subpages for Контактни групи за плащанията"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.bg.html">Консултативни групи за пазарните инфраструктури</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.bg.html">Съвет за еврокиберустойчивост</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.bg.html">Съвет за плащания на дребно в евро</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.bg.html">Европейски форум за иновации в плащанията</a></li></ul></li><li class="clearfix"><span>Финансова стабилност</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.bg.html">Въведение в темата за финансовата стабилност</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.bg.html">Макропруденциални мерки</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.bg.html">Контактни групи за финансова стабилност</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.bg.html">Статистика</a><a href="#" class="subpages" title="toggle subpages for Статистика"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Статистика</div> <p>Достъп до всички статистически данни на ЕЦБ и съпътстваща информация</p><a href="/stats/html/index.en.html">Обзор на темата за статистиката в ЕЦБ</a><hr> <div class="nav-title">Преки връзки</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Най-важните числа</a></li> <li><a href="https://data.ecb.europa.eu/">Порталът за данни на ЕЦБ</a></li> <li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html">Всички услуги, свързани с данни</a></li> </ul> </div><a href="/press/blog/date/2024/html/ecb.blog20240418~2240ea1850.en.html" class="item image"> <img src="/press/blog/date/2024/html//ecb.blog20240418~2240ea1850/ecb.blog20240418~2240ea1850.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">БЛОГ НА ЕЦБ – По-добри данни: как изменението на климата засяга банките</div> <div class="image-date">18 април 2024 г.</div></a></div></div><ul><li class="clearfix"><span>Най-четени страници</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.bg.html">Обменни курсове на еврото</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.bg.html">Основни лихвени проценти на ЕЦБ</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.bg.html">Краткосрочен лихвен процент в евро (€STR)</a><a href="#" class="subpages" title="toggle subpages for Краткосрочен лихвен процент в евро (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.bg.html">Референтни лихвени проценти</a><a href="#" class="subpages" title="toggle subpages for Референтни лихвени проценти"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.bg.html">Работна група за безрисковите лихвени проценти в евро</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.bg.html">Инфлация</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.bg.html">Криви на доходността в еврозоната</a></li><li class="clearfix"><span>Всички статистически данни и общи въпроси</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.bg.html">Всички основни статистически данни</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.bg.html">Всички услуги за данни</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.bg.html">Отчитане на данни и стандарти</a><a href="#" class="subpages" title="toggle subpages for Отчитане на данни и стандарти"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.bg.html">Рамка за управление и качество</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.bg.html">Сътрудничество и стандарти</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.bg.html">Отчитане на данни от банките</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.bg.html">AnaCredit</a><a href="#" class="subpages" title="toggle subpages for AnaCredit"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/anacredit/questions/html/index.bg.html">Въпроси и отговори за AnaCredit</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.bg.html">Публични консултации</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.bg.html">Диалог с банковия сектор за статистиката на ЕСЦБ и интегрирано отчитане</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.bg.html">SDMX – модел за обмен на статистически данни</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.bg.html">INEXDA - мрежа за подробни данни</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.bg.html">За еврото</a><a href="#" class="subpages" title="toggle subpages for За еврото"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">За еврото</div> <p>Всичко, което трябва да знаете за нашата обща парична единица</p><a href="/euro/html/index.en.html">Обзор на темата за еврото</a><hr> <div class="nav-title">Преки връзки</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Професионално боравещи с пари в брой</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Статистика за банкнотите и монетите</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Обменни курсове на еврото</a></li> </ul> </div><a href="/euro/digital_euro/progress/html/index.en.html" class="item image"> <img src="/euro/digital_euro/shared/img/Digital Euro_Website_Homepage-Box-eurosign_1000x750.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Първи доклад за напредъка по подготвителния етап за цифрово евро</div> <div class="image-date">24 юни 2024 г.</div></a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.bg.html">Цифрово евро</a><a href="#" class="subpages" title="toggle subpages for Цифрово евро"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.bg.html">Характеристики</a><a href="#" class="subpages" title="toggle subpages for Характеристики"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.bg.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.bg.html">Как функционира</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.bg.html">Защо ни е нужно</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.bg.html">График и напредък</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.bg.html">Подробна информация</a><a href="#" class="subpages" title="toggle subpages for Подробна информация"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.bg.html">Управление и участие на заинтересованите страни</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.bg.html">Технически документи и изследвания</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.bg.html">Правилник за схемата</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.bg.html">Често задавани въпроси</a></li></ul></li><li class="clearfix"><span>Парите в брой</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.bg.html">Стратегия на Евросистемата за парите в брой</a><a href="#" class="subpages" title="toggle subpages for Стратегия на Евросистемата за парите в брой"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.bg.html">Роля на парите в брой</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.bg.html">Емитиране и обращение</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.bg.html">Достъп до и приемане на пари в брой</a></li><li class="clearfix"><a href="/euro/cash_strategy/faqs/html/index.bg.html">Често задавани въпроси</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/html/index.bg.html">Банкноти</a><a href="#" class="subpages" title="toggle subpages for Банкноти"></a><ul><li class="has-subpages"><a href="/euro/banknotes/future_banknotes/html/index.bg.html">Бъдещите банкноти</a><a href="#" class="subpages" title="toggle subpages for Бъдещите банкноти"></a><ul><li class="clearfix"><a href="/euro/banknotes/future_banknotes/redesign/html/index.bg.html">Процес на изготвяне на новия дизайн</a></li></ul></li><li class="has-subpages"><a href="/euro/banknotes/current/html/index.bg.html">Сегашните банкноти</a><a href="#" class="subpages" title="toggle subpages for Сегашните банкноти"></a><ul><li class="clearfix"><a href="/euro/banknotes/current/denominations/html/index.bg.html">Купюри</a></li><li class="clearfix"><a href="/euro/banknotes/current/design/html/index.bg.html">Елементи на дизайна</a></li><li class="clearfix"><a href="/euro/banknotes/current/security/html/index.bg.html">Защитни елементи</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/ac/html/index.bg.html">Мерки за борба с фалшифицирането</a></li><li class="clearfix"><a href="/euro/banknotes/production/html/index.bg.html">Производство и наличности на банкноти</a></li><li class="clearfix"><a href="/euro/banknotes/damaged/html/index.bg.html">Повредени и изцапани с мастило банкноти</a></li><li class="has-subpages"><a href="/euro/banknotes/environmental/html/index.bg.html">Околна среда, здраве и безопасност</a><a href="#" class="subpages" title="toggle subpages for Околна среда, здраве и безопасност"></a><ul><li class="clearfix"><a href="/euro/banknotes/environmental/pef/html/index.bg.html">Продуктов отпечатък върху околната среда</a></li></ul></li><li class="clearfix"><a href="/euro/banknotes/research/html/index.bg.html">Научноизследователска и развойна дейност</a></li><li class="clearfix"><a href="/euro/banknotes/images/html/index.bg.html">Изображения и правила за възпроизвеждане</a></li><li class="clearfix"><a href="/euro/banknotes/info/html/index.bg.html">Информационни и обучителни материали</a></li></ul></li><li class="has-subpages"><a href="/euro/coins/html/index.bg.html">Монети</a><a href="#" class="subpages" title="toggle subpages for Монети"></a><ul><li class="clearfix"><a href="/euro/coins/2euro/html/index.bg.html">2 €</a></li><li class="clearfix"><a href="/euro/coins/1euro/html/index.bg.html">1 €</a></li><li class="clearfix"><a href="/euro/coins/50cents/html/index.bg.html">50 цента</a></li><li class="clearfix"><a href="/euro/coins/20cents/html/index.bg.html">20 цента</a></li><li class="clearfix"><a href="/euro/coins/10cents/html/index.bg.html">10 цента</a></li><li class="clearfix"><a href="/euro/coins/5cents/html/index.bg.html">5 цента</a></li><li class="clearfix"><a href="/euro/coins/2cents/html/index.bg.html">2 цента</a></li><li class="clearfix"><a href="/euro/coins/1cent/html/index.bg.html">1 цент</a></li><li class="clearfix"><a href="/euro/coins/common/html/index.bg.html">Общи страни на монетите</a></li><li class="clearfix"><a href="/euro/coins/comm/html/index.bg.html">Възпоменателни монети от 2 €</a></li><li class="clearfix"><a href="/euro/coins/security/html/index.bg.html">Защитни елементи</a></li><li class="clearfix"><a href="/euro/coins/collect/html/index.bg.html">Колекционерски монети</a></li></ul></li><li class="has-subpages"><a href="/euro/changeover/html/index.bg.html">Присъединяване към еврозоната</a><a href="#" class="subpages" title="toggle subpages for Присъединяване към еврозоната"></a><ul><li class="clearfix"><a href="/euro/changeover/croatia/html/index.bg.html">Хърватия (2023)</a></li><li class="clearfix"><a href="/euro/changeover/lithuania/html/index.bg.html">Литва (2015)</a></li><li class="clearfix"><a href="/euro/changeover/latvia/html/index.bg.html">Латвия (2014)</a></li><li class="clearfix"><a href="/euro/changeover/estonia/html/index.bg.html">Естония (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.bg.html">Словакия (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.bg.html">Кипър (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.bg.html">Малта (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.bg.html">Словения (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.bg.html">Първоначално преминаване към еврото (2002)</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.bg.html">Обмяна на национална валута</a><a href="#" class="subpages" title="toggle subpages for Обмяна на национална валута"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.bg.html">Австрия</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.bg.html">Белгия</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.bg.html">Хърватия</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.bg.html">Кипър</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.bg.html">Естония</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.bg.html">Финландия</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.bg.html">Франция</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.bg.html">Германия</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.bg.html">Гърция</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.bg.html">Ирландия</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.bg.html">Италия</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.bg.html">Латвия</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.bg.html">Литва</a></li><li class="clearfix"><a href="/euro/exchange/lu/html/index.bg.html">Люксембург</a></li><li class="clearfix"><a href="/euro/exchange/mt/html/index.bg.html">Малта</a></li><li class="clearfix"><a href="/euro/exchange/nl/html/index.bg.html">Нидерландия</a></li><li class="clearfix"><a href="/euro/exchange/pt/html/index.bg.html">Португалия</a></li><li class="clearfix"><a href="/euro/exchange/slovakia/html/index.bg.html">Словакия</a></li><li class="clearfix"><a href="/euro/exchange/sl/html/index.bg.html">Словения</a></li><li class="clearfix"><a href="/euro/exchange/es/html/index.bg.html">Испания</a></li></ul></li><li class="clearfix"><a href="/euro/visually/html/index.bg.html">За хора с увредено зрение</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/pub/html/index.bg.html">Изследвания</a><a href="#" class="subpages" title="toggle subpages for Изследвания"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Изследвания</div> <p>Задълбочени изследвания и експертни анализи в широк спектър от теми и области</p><a href="/pub/html/index.en.html">Обзор на темата за научните изследвания в ЕЦБ</a> <hr> <div class="nav-title">Преки връзки</div> <ul>  <li><a href="/press/conferences/html/index.en.html">Конференции и семинари</a></li> <li><a href="/pub/economic-research/programmes/html/index.en.html">Възможности за изследователи</a></li> </ul> </div><a href="/press/research-publications/resbull/html/index.en.html" class="item image"> <img src="/pub/html/index/research-bulletin_2560x800.jpg" width="357" height="179" loading="lazy" style="object-fit:cover"> <div class="image-caption">Изследователски бюлетин</div> </a></div></div><ul><li class="has-subpages"><a href="/pub/economic-research/html/index.bg.html">Икономически изследвания</a><a href="#" class="subpages" title="toggle subpages for Икономически изследвания"></a><ul><li class="has-subpages"><a href="/pub/economic-research/research_agenda/html/index.bg.html">Изследователска програма</a><a href="#" class="subpages" title="toggle subpages for Изследователска програма"></a><ul><li class="clearfix"><a href="/pub/economic-research/research_agenda/monetary_policy/html/index.bg.html">Парична политика, стратегия и провеждане</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/fiscal_policy/html/index.bg.html">Фискална политика и управление в икономическия и паричен съюз</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/international/html/index.bg.html">Международна макроикономика и финанси</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/real_sector/html/index.bg.html">Реален сектор и микроикономически анализи</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/forecasting/html/index.bg.html">Прогнози и анализ на бизнес цикъла</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/macro-finance/html/index.bg.html">Макрофинанси, системен риск и макропруденциална политика</a></li><li class="clearfix"><a href="/pub/economic-research/research_agenda/financial_institutions/html/index.bg.html">Финансови институции, микропруденциална политика, финансови пазари и плащания</a></li></ul></li><li class="has-subpages"><a href="/pub/economic-research/programmes/html/index.bg.html">Възможности за изследователи</a><a href="#" class="subpages" title="toggle subpages for Възможности за изследователи"></a><ul><li class="clearfix"><a href="/pub/economic-research/programmes/duisenberg/html/index.bg.html">Стипендиантска програма „Вим Дуйзенберг“</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/visitors/html/index.bg.html">Гостуващи изследователи</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/lamfalussy/html/index.bg.html">Стипендиантска програма „Ламфалуси“</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/graduate/html/index.bg.html">Лятна програма за наскоро завършили висшисти</a></li><li class="clearfix"><a href="/pub/economic-research/programmes/traineeship/html/index.bg.html">Програма за студентски изследователски стажове</a></li></ul></li></ul></li><li class="has-subpages"><a href="/pub/legal-research/html/index.bg.html">Правни изследвания</a><a href="#" class="subpages" title="toggle subpages for Правни изследвания"></a><ul><li class="clearfix"><a href="/pub/legal-research/legal-conferences-and-seminars/html/index.bg.html">Правни конференции и семинари</a></li><li class="clearfix"><a href="/pub/legal-research/legal-research-programme/html/index.bg.html">Програма за правни изследвания</a></li></ul></li><li class="has-subpages"><a href="/pub/research/html/index.bg.html">Научни доклади</a><a href="#" class="subpages" title="toggle subpages for Научни доклади"></a><ul><li class="clearfix"><a href="/pub/research/authors/html/index.bg.html">Доклади по автори</a></li></ul></li><li class="clearfix"><a href="/pub/researchers/html/index.bg.html">Изследователите в ЕЦБ</a></li><li class="clearfix"><a href="/pub/research-networks/html/index.bg.html">Изследователски мрежи</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/press/html/index.bg.html">Публикации</a><a href="#" class="subpages" title="toggle subpages for Публикации"></a><div class="nav-first-level-wrap -nav-in-first-column"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Публикации</div><a href="/press/pubbydate/html/index.en.html">Разгледайте всички новини и публикации</a><hr> </div> </div><ul><li><span>Новини</span></li><li><a href="/press/pr/html/index.bg.html">Прессъобщения</a></li><li><a href="/press/stats/html/index.bg.html">Статистически прессъобщения</a></li><li><a href="/press/key/html/index.bg.html">Речи</a></li><li><a href="/press/inter/html/index.bg.html">Интервюта</a></li><li><a href="/press/blog/html/index.bg.html">Блог на ЕЦБ</a></li><li><a href="/press/tvservices/html/index.bg.html">Подкаст и излъчване в интернет</a></li><li><a href="/press/intro/html/index.bg.html">Ново в областта на плащанията</a></li><li><a href="/press/contacts/html/index.bg.html">Данни за контакт за медиите</a></li></ul></div><ul><li class="clearfix"><span>Публикации</span></li><li class="has-subpages"><a href="/press/govcdec/html/index.bg.html">Решения на Управителния съвет</a><a href="#" class="subpages" title="toggle subpages for Решения на Управителния съвет"></a><ul><li class="clearfix"><a href="/press/govcdec/mopo/html/index.bg.html">Решения по паричната политика</a></li><li class="clearfix"><a href="/press/govcdec/otherdec/html/index.bg.html">Други решения</a></li></ul></li><li class="clearfix"><a href="/press/accounts/html/index.bg.html">Съобщения за заседанията по паричната политика</a></li><li class="has-subpages"><a href="/press/economic-bulletin/html/index.bg.html">Икономически бюлетин</a><a href="#" class="subpages" title="toggle subpages for Икономически бюлетин"></a><ul><li class="clearfix"><a href="/press/economic-bulletin/articles/html/index.bg.html">Статии</a></li><li class="clearfix"><a href="/press/economic-bulletin/focus/html/index.bg.html">Централна тема</a></li><li class="clearfix"><a href="/press/economic-bulletin/mb/html/index.bg.html">Месечен бюлетин</a></li></ul></li><li class="clearfix"><a href="/press/projections/html/index.bg.html">Макроикономически прогнози</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/html/index.bg.html">Годишни доклади и финансови отчети</a><a href="#" class="subpages" title="toggle subpages for Годишни доклади и финансови отчети"></a><ul><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/html/index.bg.html">Годишен доклад</a><a href="#" class="subpages" title="toggle subpages for Годишен доклад"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/annual-accounts/html/index.bg.html">Годишен отчет</a></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/annual/balance/html/index.bg.html">Баланс на Евросистемата</a><a href="#" class="subpages" title="toggle subpages for Баланс на Евросистемата"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/annual/balance/mpo/html/index.bg.html">Операции по паричната политика</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/annual-reports-financial-statements/wfs/html/index.bg.html">Седмични финансови отчети</a><a href="#" class="subpages" title="toggle subpages for Седмични финансови отчети"></a><ul><li class="clearfix"><a href="/press/annual-reports-financial-statements/wfs/dis/html/index.bg.html">Дезагрегирани данни</a></li></ul></li></ul></li><li class="has-subpages"><a href="/press/financial-stability-publications/html/index.bg.html">Публикации за финансовата стабилност</a><a href="#" class="subpages" title="toggle subpages for Публикации за финансовата стабилност"></a><ul><li class="has-subpages"><a href="/press/financial-stability-publications/fsr/html/index.bg.html">Преглед на финансовата стабилност</a><a href="#" class="subpages" title="toggle subpages for Преглед на финансовата стабилност"></a><ul><li class="clearfix"><a href="/press/financial-stability-publications/fsr/special/html/index.bg.html">Специални теми и карета</a></li></ul></li><li class="clearfix"><a href="/press/financial-stability-publications/macroprudential-bulletin/html/index.bg.html">Макропруденциален бюлетин</a></li></ul></li><li class="has-subpages"><a href="/press/research-publications/html/index.bg.html">Научни публикации</a><a href="#" class="subpages" title="toggle subpages for Научни публикации"></a><ul><li class="clearfix"><a href="/press/research-publications/resbull/html/index.bg.html">Изследователски бюлетин</a></li><li class="clearfix"><a href="/press/research-publications/working-papers/html/index.bg.html">Поредица „Работни материали“</a></li><li class="clearfix"><a href="/press/research-publications/discussion-papers/html/index.bg.html">Дискусионни материали</a></li><li class="clearfix"><a href="/press/research-publications/occasional-papers/html/index.bg.html">Поредица „Тематични материали“</a></li><li class="clearfix"><a href="/press/research-publications/legal-working-papers/html/index.bg.html">Поредица „Правни работни материали“</a></li><li class="clearfix"><a href="/press/research-publications/statistics-papers/html/index.bg.html">Статистически материали</a></li></ul></li><li class="has-subpages"><a href="/press/other-publications/html/index.bg.html">Други публикации</a><a href="#" class="subpages" title="toggle subpages for Други публикации"></a><ul><li class="clearfix"><a href="/press/other-publications/mep-letters/html/index.bg.html">Писма до членове на Европейския парламент</a></li><li class="clearfix"><a href="/press/other-publications/convergence/html/index.bg.html">Доклад за конвергенцията</a></li><li class="clearfix"><a href="/press/other-publications/ire/html/index.bg.html">Международната роля на еврото</a></li></ul></li><li class="clearfix"><span>Събития и календари</span></li><li class="has-subpages"><a href="/press/press_conference/html/index.bg.html">Пресконференция за паричната политика</a><a href="#" class="subpages" title="toggle subpages for Пресконференция за паричната политика"></a><ul><li class="clearfix"><a href="/press/press_conference/monetary-policy-statement/html/index.bg.html">Изявления за паричната политика</a></li><li class="clearfix"><a href="/press/press_conference/visual-mps/html/index.bg.html">Най-важното от изявленията за паричната политика</a></li></ul></li><li class="has-subpages"><a href="/press/conferences/html/index.bg.html">Конференции и семинари</a><a href="#" class="subpages" title="toggle subpages for Конференции и семинари"></a><ul><li class="has-subpages"><a href="/press/conferences/ecbforum/html/index.bg.html">Форум за централнобанковата дейност</a><a href="#" class="subpages" title="toggle subpages for Форум за централнобанковата дейност"></a><ul><li class="clearfix"><a href="/press/conferences/ecbforum/YE_competition/html/index.bg.html">Награда за млади икономисти</a></li><li class="clearfix"><a href="/press/conferences/ecbforum/previous_fora/html/index.bg.html">Минали събития</a></li></ul></li><li class="clearfix"><a href="/press/conferences/civil_society_engagement/html/index.bg.html">Диалог с гражданското общество</a></li></ul></li><li class="has-subpages"><a href="/press/calendars/html/index.bg.html">Календари</a><a href="#" class="subpages" title="toggle subpages for Календари"></a><ul><li class="clearfix"><a href="/press/calendars/weekly/html/index.bg.html">Седмичен календар</a></li><li class="clearfix"><a href="/press/calendars/mgcgc/html/index.bg.html">Заседания на Управителния съвет и Генералния съвет</a></li><li class="has-subpages"><a href="/press/calendars/statscal/html/index.bg.html">Статистически календари</a><a href="#" class="subpages" title="toggle subpages for Статистически календари"></a><ul><li class="clearfix"><a href="/press/calendars/statscal/mfm/html/index.bg.html">Пари, банкова дейност и финансови пазари</a></li><li class="clearfix"><a href="/press/calendars/statscal/eaa/html/index.bg.html">Икономически и финансови тенденции по институционални сектори в еврозоната</a></li><li class="clearfix"><a href="/press/calendars/statscal/ext/html/index.bg.html">Външни транзакции и позиции</a></li><li class="clearfix"><a href="/press/calendars/statscal/ges/html/index.bg.html">Цени, производство, търсене и труд</a></li><li class="clearfix"><a href="/press/calendars/statscal/gf/html/index.bg.html">Държавни финанси</a></li><li class="clearfix"><a href="/press/calendars/statscal/sps/html/index.bg.html">Надзорна и пруденциална статистика</a></li></ul></li><li class="clearfix"><a href="/press/calendars/caleu/html/index.bg.html">Тръжни операции на Евросистемата</a></li><li class="clearfix"><a href="/press/calendars/reserve/html/index.bg.html">Период на поддържане на резервите</a></li></ul></li></ul></div></li><li class="clearfix -ssm" aria-expanded="false"><a href="https://www.bankingsupervision.europa.eu/home/html/index.bg.html">Банков надзор<i class="external"></i></a></li></ul></div><div id="topnav"><ul><li class="has-subpages" aria-expanded="false"><a href="/ecb/html/index.bg.html">За ЕЦБ</a><a href="#" class="subpages" title="toggle subpages for За ЕЦБ"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">За ЕЦБ</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/ecb/all-about-us/html/index.bg.html">Всичко за нас</a></li><li class="has-subpages"><a href="/ecb/decisions/html/index.bg.html">Нашето ръководство</a><a href="#" class="subpages" title="toggle subpages for Нашето ръководство"></a><ul><li class="clearfix"><a href="/ecb/decisions/eb/html/index.bg.html">Изпълнителен съвет</a></li><li class="clearfix"><a href="/ecb/decisions/govc/html/index.bg.html">Управителен съвет</a></li><li class="clearfix"><a href="/ecb/decisions/genc/html/index.bg.html">Генерален съвет</a></li><li class="clearfix"><a href="/ecb/decisions/ssm/html/index.bg.html">Надзорен съвет</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/html/index.bg.html">Нашата организация</a><a href="#" class="subpages" title="toggle subpages for Нашата организация"></a><ul><li class="has-subpages"><a href="/ecb/orga/escb/html/index.bg.html">ЕЦБ, ЕСЦБ и Евросистемата</a><a href="#" class="subpages" title="toggle subpages for ЕЦБ, ЕСЦБ и Евросистемата"></a><ul><li class="clearfix"><a href="/ecb/orga/escb/ecb-mission/html/index.bg.html">Мисията на ЕЦБ</a></li><li class="clearfix"><a href="/ecb/orga/escb/eurosystem-mission/html/index.bg.html">Мисията на Евросистемата</a></li><li class="clearfix"><a href="/ecb/orga/escb/strategic-intents/html/index.bg.html">Стратегическите цели</a></li><li class="clearfix"><a href="/ecb/orga/escb/organisational-principles/html/index.bg.html">Организационните принципи</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/html/index.bg.html">Задачи</a><a href="#" class="subpages" title="toggle subpages for Задачи"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/monpol/html/index.bg.html">Парична политика</a></li><li class="clearfix"><a href="/ecb/orga/tasks/statistics/html/index.bg.html">Статистика</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/stability/html/index.bg.html">Финансова стабилност и макропруденциална политика</a><a href="#" class="subpages" title="toggle subpages for Финансова стабилност и макропруденциална политика"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/stability/tasks/html/index.bg.html">Задачи</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/strategy/html/index.bg.html">Стратегия</a></li><li class="clearfix"><a href="/ecb/orga/tasks/stability/framework/html/index.bg.html">Институционална рамка</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/euro/html/index.bg.html">Банкноти</a></li><li class="clearfix"><a href="/ecb/orga/tasks/paym/html/index.bg.html">Плащания и ценни книжа</a></li><li class="has-subpages"><a href="/ecb/orga/tasks/europe/html/index.bg.html">Европейски отношения</a><a href="#" class="subpages" title="toggle subpages for Европейски отношения"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/europe/cooperation/html/index.bg.html">Европейско сътрудничество</a></li><li class="clearfix"><a href="/ecb/orga/tasks/europe/emu/html/index.bg.html">Икономическо управление в ИПС</a></li></ul></li><li class="has-subpages"><a href="/ecb/orga/tasks/international/html/index.bg.html">Международни въпроси</a><a href="#" class="subpages" title="toggle subpages for Международни въпроси"></a><ul><li class="clearfix"><a href="/ecb/orga/tasks/international/institutions/html/index.bg.html">Международни отношения и анализ</a></li><li class="clearfix"><a href="/ecb/orga/tasks/international/financialarchitecture/html/index.bg.html">Международно сътрудничество на централни банки</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/tasks/reserves/html/index.bg.html">Валутни резерви и собствени средства</a></li><li class="clearfix"><a href="/ecb/orga/tasks/forex/html/index.bg.html">Валутни операции</a></li></ul></li><li class="clearfix"><a href="/ecb/orga/orgachart/html/index.bg.html">Организационна структура на ЕЦБ</a></li><li class="clearfix"><a href="/ecb/orga/capital/html/index.bg.html">Капиталов алгоритъм</a></li><li class="clearfix"><a href="/ecb/orga/governance/html/index.bg.html">Корпоративно управление</a></li></ul></li><li class="has-subpages"><a href="/ecb/our-values/html/index.bg.html">Нашите ценности</a><a href="#" class="subpages" title="toggle subpages for Нашите ценности"></a><ul><li class="clearfix"><a href="/ecb/our-values/independence/html/index.bg.html">Независимост</a></li><li class="clearfix"><a href="/ecb/our-values/transparency/html/index.bg.html">Прозрачност</a></li><li class="clearfix"><a href="/ecb/our-values/accountability/html/index.bg.html">Отчетност</a></li><li class="has-subpages"><a href="/ecb/our-values/ethics/html/index.bg.html">Професионална етика в ЕЦБ</a><a href="#" class="subpages" title="toggle subpages for Професионална етика в ЕЦБ"></a><ul><li class="clearfix"><a href="/ecb/our-values/ethics/enmo/html/index.bg.html">Мрежа на многостранни организации за професионална етика (ENMO)</a></li></ul></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/html/index.bg.html">Нашата история, изкуство и култура</a><a href="#" class="subpages" title="toggle subpages for Нашата история, изкуство и култура"></a><ul><li class="has-subpages"><a href="/ecb/history-arts-culture/history/html/index.bg.html">История</a><a href="#" class="subpages" title="toggle subpages for История"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/history/25-year-anniversary-of-the-ecb/html/index.bg.html">25 години ЕЦБ</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/emu/html/index.bg.html">Икономически и паричен съюз</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/enlargement/html/index.bg.html">Разширяване на ЕС</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/history/ec/html/index.bg.html">Европейски съюз</a></li></ul></li><li class="has-subpages"><a href="/ecb/history-arts-culture/archives/html/index.bg.html">Архив</a><a href="#" class="subpages" title="toggle subpages for Архив"></a><ul><li class="clearfix"><a href="/ecb/history-arts-culture/archives/cog/html/index.bg.html">Комитет на управителите</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emcf/html/index.bg.html">Европейски фонд за парично сътрудничество</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/delors/html/index.bg.html">Комисията Делор</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/emi/html/index.bg.html">Европейски паричен институт</a></li><li class="clearfix"><a href="/ecb/history-arts-culture/archives/european/html/index.bg.html">Европейска централна банка</a></li></ul></li><li class="clearfix"><a href="/ecb/history-arts-culture/artsculture/html/index.bg.html">Изкуство и култура</a></li></ul></li><li class="has-subpages"><a href="/ecb/legal/html/index.bg.html">Нашата правна рамка</a><a href="#" class="subpages" title="toggle subpages for Нашата правна рамка"></a><ul><li class="clearfix"><a href="/ecb/legal/faqs/html/index.bg.html">EUR-Lex - Често задавани въпроси</a></li><li class="clearfix"><a href="/ecb/legal/fsla/html/index.bg.html">Институционална рамка</a></li></ul></li><li class="has-subpages"><a href="/ecb/climate/html/index.bg.html">ЕЦБ и изменението на климата</a><a href="#" class="subpages" title="toggle subpages for ЕЦБ и изменението на климата"></a><ul><li class="clearfix"><a href="/ecb/climate/our-climate-and-nature-plan/html/index.bg.html">Нашият план за климата и природата</a></li><li class="clearfix"><a href="/ecb/climate/climate-related-financial-disclosures/html/index.bg.html">Финансови оповестявания, свързани с климата</a></li><li class="clearfix"><a href="/ecb/climate/managing_mitigating_climatel_risk/html/index.bg.html">Управление на рисковете, свързани с климата</a></li><li class="clearfix"><a href="/ecb/climate/green_transition/html/index.bg.html">Подкрепа за зеления преход</a></li><li class="clearfix"><a href="/ecb/climate/wider_action/html/index.bg.html">Стимулиране на действия в по-широк план</a></li><li class="clearfix"><a href="/ecb/climate/our_approach/html/index.bg.html">Нашият подход</a></li><li class="clearfix"><a href="/ecb/climate/green/html/index.bg.html">Опазване на околната среда</a></li><li class="clearfix"><a href="/ecb/climate/climate/html/index.bg.html">Недостатъчна степен на застраховане срещу климатичен риск</a></li></ul></li><li class="clearfix"><a href="/ecb/sanctions/html/index.bg.html">Санкции, налагани от ЕЦБ</a></li><li class="has-subpages"><a href="/ecb/jobsproc/html/index.bg.html">Обществени поръчки</a><a href="#" class="subpages" title="toggle subpages for Обществени поръчки"></a><ul><li class="clearfix"><a href="/ecb/jobsproc/tenders/html/index.bg.html">Процедури за обществени поръчки</a></li><li class="clearfix"><a href="/ecb/jobsproc/archive/html/index.bg.html">Архив</a></li><li class="clearfix"><a href="/ecb/jobsproc/sourcing/html/index.bg.html">Електронна платформа за обществени поръчки</a></li></ul></li><li class="has-subpages"><a href="/ecb/access_to_documents/html/index.bg.html">Достъп до документи</a><a href="#" class="subpages" title="toggle subpages for Достъп до документи"></a><ul><li class="clearfix"><a href="/ecb/access_to_documents/document/html/index.bg.html">Публичен регистър на документи</a></li></ul></li><li class="has-subpages"><a href="/ecb/contacts/html/index.bg.html">Данни за контакт</a><a href="#" class="subpages" title="toggle subpages for Данни за контакт"></a><ul><li class="clearfix"><a href="/ecb/contacts/address/html/index.bg.html">Адрес</a></li><li class="clearfix"><a href="/ecb/contacts/working-hours/html/index.bg.html">Официални неработни дни в ЕЦБ</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/ecb-and-you/html/index.bg.html">ЕЦБ за гражданите</a><a href="#" class="subpages" title="toggle subpages for ЕЦБ за гражданите"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">ЕЦБ за гражданите</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/ecb-and-you/educational/html/index.bg.html">Всичко по темата „ЕЦБ за гражданите“</a></li><li class="clearfix"><a href="/ecb-and-you/explainers/html/index.bg.html">ЕЦБ обяснява</a></li><li class="clearfix"><a href="/ecb-and-you/test-your-knowledge/html/index.bg.html">Проверете знанията си</a></li><li class="has-subpages"><a href="/ecb-and-you/youth-initiatives/html/index.bg.html">Инициативи за младите хора</a><a href="#" class="subpages" title="toggle subpages for Инициативи за младите хора"></a><ul><li class="clearfix"><a href="/ecb-and-you/youth-initiatives/girls_it_bootcamp/html/index.bg.html">Тренировъчен лагер за ИТ за момичета</a></li></ul></li><li class="clearfix"><a href="/ecb-and-you/everyone-needs-stability/html/index.bg.html">Всеки се нуждае от стабилност</a></li><li class="clearfix"><a href="/ecb-and-you/ecb_and_you/html/index.bg.html">Телевизионни предавания „ЕЦБ за гражданите“</a></li><li class="clearfix"><a href="/ecb-and-you/ask_us/html/index.bg.html">Попитайте ни!</a></li><li class="has-subpages"><a href="/ecb-and-you/visits/html/index.bg.html">Посетете ни!</a><a href="#" class="subpages" title="toggle subpages for Посетете ни!"></a><ul><li class="clearfix"><a href="/ecb-and-you/visits/premises/html/index.bg.html">Главна сграда</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/careers/html/index.bg.html">Кариери</a><a href="#" class="subpages" title="toggle subpages for Кариери"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"> <div class="item"> <div class="title">Кариери</div> <hr> </div> </div></div><ul><li class="clearfix"><a href="/careers/all-about-careers/html/index.bg.html">Всичко по темата „Кариери“</a></li><li class="clearfix"><a href="/careers/vacancies/html/index.bg.html">Свободни позиции</a></li><li class="has-subpages"><a href="/careers/working-at-the-ecb/html/index.bg.html">За нас</a><a href="#" class="subpages" title="toggle subpages for За нас"></a><ul><li class="clearfix"><a href="/careers/working-at-the-ecb/about/html/index.bg.html">За ЕЦБ</a></li><li class="clearfix"><a href="/careers/working-at-the-ecb/employee-portraits/html/index.bg.html">Запознайте се с наши колеги</a></li><li class="clearfix"><a href="/careers/working-at-the-ecb/life-in-frankfurt/html/index.bg.html">Животът във Франкфурт</a></li></ul></li><li class="has-subpages"><a href="/careers/why-we-value-diversity/html/index.bg.html">Защо ценим многообразието</a><a href="#" class="subpages" title="toggle subpages for Защо ценим многообразието"></a><ul><li class="clearfix"><a href="/careers/why-we-value-diversity/women/html/index.bg.html">Жените в ЕЦБ</a></li><li class="clearfix"><a href="/careers/why-we-value-diversity/diversity-networks/html/index.bg.html">Мрежи за многообразие</a></li></ul></li><li class="has-subpages"><a href="/careers/what-we-offer/html/index.bg.html">Какво предлагаме</a><a href="#" class="subpages" title="toggle subpages for Какво предлагаме"></a><ul><li class="clearfix"><a href="/careers/what-we-offer/benefits/html/index.bg.html">Финансови условия и кариера</a></li><li class="has-subpages"><a href="/careers/what-we-offer/contract/html/index.bg.html">Видове договори</a><a href="#" class="subpages" title="toggle subpages for Видове договори"></a><ul><li class="clearfix"><a href="/careers/what-we-offer/contract/fixed/html/index.bg.html">Срочен договор</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/short/html/index.bg.html">Краткосрочен договор</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/escb/html/index.bg.html">ЕСЦБ/МО</a></li><li class="clearfix"><a href="/careers/what-we-offer/contract/other/html/index.bg.html">Други</a></li></ul></li><li class="clearfix"><a href="/careers/what-we-offer/traineeship/html/index.bg.html">Стаж</a></li><li class="clearfix"><a href="/careers/what-we-offer/graduate/html/index.bg.html">Програма за наскоро завършили висшисти</a></li><li class="clearfix"><a href="/careers/what-we-offer/wecs/html/index.bg.html">Стипендия „Жени в икономиката“</a></li><li class="clearfix"><a href="/careers/what-we-offer/ukrainian-scholarship/html/index.bg.html">Стипендия на ЕЦБ за висшисти от Украйна</a></li></ul></li><li class="has-subpages"><a href="/careers/before-you-apply/html/index.bg.html">Как да станете част от екипа ни</a><a href="#" class="subpages" title="toggle subpages for Как да станете част от екипа ни"></a><ul><li class="clearfix"><a href="/careers/before-you-apply/how-to-apply/html/index.bg.html">Как да подадете кандидатурата си</a></li><li class="clearfix"><a href="/careers/before-you-apply/how-we-hire/html/index.bg.html">Как наемаме служители</a></li><li class="has-subpages"><a href="/careers/before-you-apply/newcomers/html/index.bg.html">Вашата кандидатура е избрана. Какво следва?</a><a href="#" class="subpages" title="toggle subpages for Вашата кандидатура е избрана. Какво следва?"></a><ul><li class="clearfix"><a href="/careers/before-you-apply/newcomers/fixed-term/html/index.bg.html">Служители на срочен договор</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/short-term/html/index.bg.html">Служители на краткосрочен договор</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/trainee/html/index.bg.html">Стажанти</a></li><li class="clearfix"><a href="/careers/before-you-apply/newcomers/cost-free/html/index.bg.html">Командировани служители</a></li></ul></li></ul></li><li class="clearfix"><a href="/careers/faq/html/index.bg.html">Често задавани въпроси</a></li></ul></div></li></ul></div></nav> <div id="page-actions"> <div class="ecb-quickSearch" style="width:100%;"> <form role="search" method="get" style="width:100%;display:flex" onsubmit="return false"> <input type="text" name="search" class="addsearch" id="searchInput" maxlength="300" aria-label="Search" alt="Search" autocomplete="off" /> <a href="#" id="searchButton">Search</a> </form> </div> </div> <button id="toggle-mobile-nav" aria-expanded="false" aria-controls="navwrapper"><span class="sr-only">Menu</span></button> </div> <div id="ecb-breadcrumbscontainer"><div id="ecb-breadcrumbwrapper"><nav id="ecb-breadcrumbs"></nav></div></div> </header> <div id="ecb-mainnavwrapper" style="display: none !important;"></div> <div id="addSearch-container-full"> <div class="blue-bg"> <div class="arrow-top"></div> <div class="section filter-radio"> <div class="tabs-container -white-blue"> <input id="searchAll" name="search-tab-group" type="radio" checked="" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="all"> <label for="searchAll" class="count-hits-all">НЕЗАВИСИМО КОГА <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchMonth" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="month"> <label for="searchMonth" class="count-hits-month">ПРЕЗ ПОСЛЕДНИЯ МЕСЕЦ <span class="count-hits"></span></label> <div class="spacer"></div> <input id="searchYear" name="search-tab-group" type="radio" onClick="ECB.slow.addSearchApi.filterDate(this.value);" value="year"> <label for="searchYear" class="count-hits-year">ПРЕЗ ПОСЛЕДНАТА ГОДИНА <span class="count-hits"></span></label> </div> <div class="tabs-search-options-head"> <div id="text-search-options" class="title-option">Възможности за търсене</div> <div id="text-image-preview" class="title-option hidden">Изглед на страницата</div> </div> </div> <div class="arrow-bottom"></div> <div class="filter-selection form"> <div class="form-content"> <form> <div> <label for="dropdownSuggestions">Сортиране по</label> <div id="dropdownFilter" class="dropdown"><span class="icon"></span><select onchange="ECB.slow.addSearchApi.filterDate(this.value)" id="searchFilterDate"> <option value="all" class="count-hits-all">НЕЗАВИСИМО КОГА</option> <option value="month" class="count-hits-month">ПРЕЗ ПОСЛЕДНИЯ МЕСЕЦ</option> <option value="year" class="count-hits-year">ПРЕЗ ПОСЛЕДНАТА ГОДИНА</option> </select> </div> </div> <div> <label for="dropdownSuggestions" class="space-top">Предложения</label> <div id="dropdownSuggestions" class="dropdown"><span class="icon"></span><select onchange="ECB.slow.addSearchApi.initSearch(this.value)" id="searchSuggestion"> <option></option> </select> </div> </div> </form> </div> </div> </div> <div class="white-bg"> <div class="section"> <div class="result-main-panel"><div id="addsearch-api-results"></div> <div class="addsearch-legends-categories"><span id="adcat_home">Начална страница</span> <span id="adcat_press">Медии</span> <span id="adcat_explainers">ЕЦБ обяснява</span> <span id="adcat_pub">Изследвания и публикации</span> <span id="adcat_stats">Статистика</span> <span id="adcat_mopo">Парична политика</span> <span id="adcat_euro">Еврото</span> <span id="adcat_paym">Плащания и пазари</span> <span id="adcat_career">Кариери</span></div> </div> <div class="result-side-panel"> <div id="addsearch-sidemenu"> <div id="result-suggestions"><span>Предложения</span><div id="suggestions-container"> </div> </div> <div id="result-sortBy"><span>Сортиране по</span><div id="sortby-radio-container"> <div class="addsearch-sortby-radiogroup"> <label> <input id="sort-by-relevance" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('relevance')" data-field="relevance" data-order="desc" value="" checked="">Релевантност</label> <label> <input id="sort-by-date" type="radio" name="sortby-radio-container" onclick="ECB.slow.addSearchApi.sortBy('date')" data-field="date" data-order="desc" value="">Дата</label> </div> </div> </div> </div> <div id="addsearch-image-container"><a href="#" class="no-icon" target="_blank"><img src="" id="addsearch-image" /></a></div> </div> </div> </div> </div> <div id="main-wrapper" > <div class="header fast image-attribution -small" data-image-webp="/mopo/shared/img/header.webp" data-image="/mopo/shared/img/header.jpg"> <div data-image="/mopo/shared/img/header.jpg" data-image-webp="/mopo/shared/img/header.webp" ></div> </div> <aside aria-label="Social media sharing and related content (if available)"> <div id="ecb-social-sharing" class="" tab-index="2"> <ul class="-links"> <li class="-print"><a href="javascript:window.print()" title="Print page"></a></li> </ul> <div class="-separator"></div> <ul class="-links"> <li class="-twitter"><a href="javascript:window.open('https://twitter.com/intent/tweet?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on X"></a></li> <li class="-facebook"><a href="javascript:window.open('https://www.facebook.com/sharer/sharer.php?u='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on Facebook"></a></li> <li class="-linkedin"><a href="javascript:window.open('https://www.linkedin.com/shareArticle?url='+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''),'_blank','width=600,height=400,menubar=no')" title="Share on LinkedIn"></a></li> <li class="-email"><a href="javascript:window.open('mailto:?subject=I would like to share this link with you&body=Link to the website of the European Central Bank: '+location.protocol + '//' + location.host + location.pathname+((document.location.search.search(/\?youtubeID=[a-zA-Z0-9_-]+$/)!=-1&&document.location.search)||''))" title="Share by Email"></a></li> </ul> </div> </aside> <main > <div class="toBeUpdated" id="language-not-available">Съдържанието не е налично на български език.</div> <div class="title"> <h1>Marketable assets</h1> </div> <div class="section"> <h2>Eligibility criteria</h2> <a href="#dgbank">Eligibility of debt instruments issued on the basis of DG Bank-Umwandlungsgesetz</a> <p> In order to be eligible as collateral for Eurosystem credit operations, marketable assets must comply with the eligibility criteria as laid down in the <a href="https://eur-lex.europa.eu/search.html?VV=true&CT_4_CODED=c_726ab1b3&SUBDOM_INIT=ECB_ACTS&DB_AUTHOR=ecb&DTS_SUBDOM=ECB_ACTS&typeOfActStatus=OTHER&type=advanced&DTC=false&isEcbCourtSearch=null&orFM_CODEDGroup=FM_CODED%3DDEC_ENTSCHEID%2CFM_CODED%3DDEC%2CFM_CODED%3DREG%2CFM_CODED%3DGUIDELINE&sortOneOrder=desc&sortOne=DD&DTS_DOM=EU_LAW&REP=REP&lang=en" title="About › Legal framework › Monetary policy and Operations › Monetary policy instruments">"General framework"</a> . Additional temporary measures on collateral eligibility are laid down in the <a title="About › Legal framework › Monetary policy and Operations › Monetary policy instruments" href="https://eur-lex.europa.eu/search.html?VV=true&CT_4_CODED=c_594e5232&SUBDOM_INIT=ECB_ACTS&DB_AUTHOR=ecb&DTS_SUBDOM=ECB_ACTS&typeOfActStatus=OTHER&type=advanced&DTC=false&isEcbCourtSearch=null&orFM_CODEDGroup=FM_CODED%3DDEC_ENTSCHEID%2CFM_CODED%3DDEC%2CFM_CODED%3DREG%2CFM_CODED%3DGUIDELINE&sortOneOrder=desc&sortOne=DD&DTS_DOM=EU_LAW&REP=REP&lang=en">“Temporary framework” </a> , and are applicable until further notice. </p> </div> <div class="table"> <div class="header"> <div class="title">Schematic overview (further details are set out in the General Documentation)</div> </div> <div class="wrapper"> <table> <thead> <tr> <th>Eligibility criteria</th> <th>Marketable assets</th> </tr> </thead> <tbody> <tr> <td>Type of asset</td> <td> ECB debt certificates <br> Other marketable debt instruments: <br> e.g. Central government debt instruments, Debt instruments issued by central banks, Local and regional government debt instruments, Supranational debt instruments, Covered bank bonds, Credit institutions debt instruments, Debt instruments issued by corporate and other issuers, Asset-backed securities.</td> </tr> <tr> <td>Credit standards</td> <td> The asset must meet credit quality requirements. The credit quality requirements are assessed using Eurosystem credit assessment framework <a href="/mopo/coll/elisss/html/index.bg.html" data-label="английски" title="Payments & Markets › Collateral›Risk mitigation › ECAF">(ECAF)</a> rules for marketable assets. </td> </tr> <tr> <td> Place of issue <sup>*</sup> </td> <td>EEA</td> </tr> <tr> <td> Settlement / <br>handling procedures</td> <td> Place of settlement: euro area <br> Instruments must be centrally deposited in book-entry form with NCBs or an <a href="/mopo/coll/coll/eligiblesss/html/index.bg.html" data-label="английски" title="">eligible SSS</a>.</td> </tr> <tr> <td>Type of issuer / debtor / guarantors</td> <td>Central banks <br> Public sector, Private sector, International and supranational institutions.</td> </tr> <tr> <td>Place of establishment of the issuer <sup>*</sup> / debtor / guarantor</td> <td>Issuer: EEA or non-EEA G10 countries <br>Debtor: EEA Guarantor: EEA</td> </tr> <tr> <td>Acceptable markets</td> <td>Regulated markets <br>Non-regulated markets accepted by the ECB</td> </tr> <tr> <td>Currency<sup>*</sup></td> <td>Euro</td> </tr> <tr> <td>Cross-border use</td> <td>Yes</td> </tr> </tbody> <tfoot> <tr> <td colspan="2"><sup>*</sup> or as further specified in the <a href="https://eur-lex.europa.eu/search.html?VV=true&CT_4_CODED=c_594e5232&SUBDOM_INIT=ECB_ACTS&DB_AUTHOR=ecb&DTS_SUBDOM=ECB_ACTS&typeOfActStatus=OTHER&type=advanced&DTC=false&isEcbCourtSearch=null&orFM_CODEDGroup=FM_CODED%3DDEC_ENTSCHEID%2CFM_CODED%3DDEC%2CFM_CODED%3DREG%2CFM_CODED%3DGUIDELINE&sortOneOrder=desc&sortOne=DD&DTS_DOM=EU_LAW&REP=REP&lang=en">“Temporary framework”</a> </td> </tr> </tfoot> </table> </div> </div> <div class="section"> <h3 id="dgbank">Eligibility of debt instruments issued on the basis of DG Bank-Umwandlungsgesetz</h3> <p>Debt instruments issued on the basis of the DG Bank-Umwandlungsgesetz do not qualify as European Economic Area legislative covered bonds, as defined in the <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014O0060-20220708&qid=1672648949142">General Documentation</a> (Article 2 (24a)). </p> <p>Therefore, on 29 December 2022 the Governing Council decided that these instruments should be removed from the list of eligible assets on 28 February 2023 and, hence, cannot be used as collateral as of 1 March 2023. This period will provide counterparties that have been using the instruments as collateral for Eurosystem credit operations sufficient time to replace them.</p> <h2>Eligibility assessment procedure</h2> <h3>Proactive assessment by NCBs once the asset is issued</h3> <p> Prior to the publication on the ECB website in the list of eligible marketable assets, national central banks (NCBs) proactively assess the eligibility of the marketable assets. The NCB of the country where the asset is admitted to trading on a regulated market or traded on a non-regulated market is responsible for the assessment of the eligibility of the marketable asset. </p> <p> The eligibility assessment process only begins once the asset is issued and all the necessary documentation mentioned below is available to the respective NCB. Both NCBs and ECB do not confirm the eligibility of an asset prior to its issuance. </p> <p> Once the assessment procedure is completed, the marketable asset will be included in the list of eligible marketable assets provided it complies with the ECB’s eligibility criteria. </p> <p>If a marketable asset does not appear on the list of eligible marketable assets but you believe it should be there, please <a href="https://www.ecb.europa.eu/paym/coll/contacts/html/index.en.html">contact the NCB</a> of the country where the asset is admitted to trading on a regulated market or on an acceptable non-regulated market. To facilitate the assessment procedure, it might be helpful to provide the responsible NCB with the following information:<br></p> <ul> <li>rating letter from the credit rating agencies;</li> <li>rating agencies’ pre-sale reports (not their web pages); </li> <li>final offering circular for the transaction;</li> <li>ISIN code of the security; Reuters/Bloomberg page codes;</li> <li>confirmation of the form of the notes and the common safekeeper for international debt instruments issued through the international central securities depositories (ICSDs).<sup>(1)</sup></li> </ul> <p> <sup>(1)</sup> International debt instruments in global bearer form which are issued through the ICSDs (in practice, usually with XS ISIN codes) must be issued solely in the form of new global notes (NGNs). However, those in global registered form must be issued under the new safekeeping structure (NSS) for international debt instruments. Securities issued through national CSDs are not subject to NGN or NSS requirements. </p> <h2>Acceptable markets</h2> <p> One eligibility criterion for marketable assets is that the debt instrument must be admitted to trading on a regulated market as defined in the Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, or traded on certain non-regulated markets specified by the ECB. </p> <h3>Regulated markets</h3> <p>The European Securities and Markets Authority (ESMA) maintains a list of regulated markets which can be accessed under <a href="https://registers.esma.europa.eu/publication/searchRegister?core=esma_registers_upreg">registers.esma.europa.eu.</a></p> <h3>Non-regulated markets</h3> <p> The assessment of non-regulated markets is made by the Eurosystem and is based on three principles: safety, transparency, and accessibility. </p> <p> The three principles are defined by the Eurosystem exclusively in terms of the performance of the Eurosystem’s collateral management function. The selection process is not aimed at assessing the intrinsic quality of the various markets. </p> <ul> <li> Safety is taken to mean certainty with regard to transactions, in particular certainty on the validity and enforceability of transactions. </li> <li> Transparency is taken to mean unimpeded access to information on the market’s rules of procedure and operation, the financial features of the assets, the price formation mechanism, and the relevant prices and quantities (quotes, interest rates, trading volumes, outstanding amounts, etc.). </li> <li> Accessibility refers to the Eurosystem’s ability to take part in and have access to the market; a market is accessible for collateral management purposes if its rules of procedure and operation allow the Eurosystem to obtain information and conduct transactions when needed for these purposes. The current list of non-regulated markets which are deemed to comply with these three principles are listed in the table below. </li> </ul> </div> <div class="table"> <div class="header"> <div class="title"><p>Current list of non-regulated markets accepted by the ECB (updated: 11 April 2024)</p></div> </div> <div class="wrapper"> <table> <thead> <tr> <th>Country</th> <th>Name of non-regulated market accepted by the ECB</th> <th>Code for the List of eligible marketable assets</th> </tr> </thead> <tbody> <tr> <th>EU</th> <td>STEP market</td> <td>RMEU01</td> </tr> <tr> <th rowspan="4">Belgium</th> <td>The OTC market for Belgian Treasury Bills (BTB)</td> <td>RMBE05</td> </tr> <tr> <td>The OTC market for Belgian commercial papers</td> <td>RMBE06</td> </tr> <tr> <td>The OTC market for Belgian Strips</td> <td>RMBE07</td> </tr> <tr> <td>Euronext Growth Brussels</td> <td>RMBE10</td> </tr> <tr> <th>Germany</th> <td>The unofficial market (“Freiverkehr”) of a German exchange</td> <td>RMDE11</td> </tr> <tr> <th>Estonia</th> <td>The OTC market for Estonian Treasury Bills (ESTB)</td> <td>RMEE02</td> </tr> <tr> <th rowspan="4">France</th> <td>Government securities markets (Bons du Trésor: BTF/OAT) </td> <td>RMFR03</td> </tr> <tr> <td>Negotiable European Commercial Paper NEU CP market</td> <td>RMFR04</td> </tr> <tr> <td>Negotiable European Medium-Term Notes (formerly BMTN) market</td> <td>RMFR05</td> </tr> <tr> <td>Euronext Growth Paris</td> <td>RMFR06</td> </tr> <tr> <th>Ireland</th> <td>Global Exchange Market (GEM)</td> <td>RMIE02</td> </tr> <tr> <th rowspan="4">Italy</th> <td>EuroTLX</td> <td>RMIT08</td> </tr> <tr> <td>SSO Bondvision</td> <td>RMIT09</td> </tr> <tr> <td>ExtraMOT</td> <td>RMIT10</td> </tr> <tr> <td><p>Vorvel</p></td> <td>RMIT11</td> </tr> <tr> <th>Lithuania</th> <td>First North Market</td> <td>RMLT02</td> </tr> <tr> <th>Luxembourg</th> <td>EuroMTF</td> <td>RMLU02</td> </tr> <tr> <th>Netherlands</th> <td>MTS Netherlands</td> <td>RMNL04</td> </tr> <tr> <th rowspan="3">Austria</th> <td>Vienna MTF</td> <td>RMAT03</td> </tr> <tr> <td>Austrian Treasury Bill Market (ATB Programme)</td> <td>RMAT05</td> </tr> <tr> <td>Austrian Commercial Paper Market (ACP Programme)</td> <td>RMAT06</td> </tr> <tr> <th>Portugal</th> <td>Euronext Growth Lisbon</td> <td>RMPT08</td> </tr> <tr> <th rowspan="2">Slovenia</th> <td>MTS Slovenia</td> <td>RMSI02</td> </tr> <tr> <td>SI ENTER</td> <td>RMSI03</td> </tr> <tr> <th>Spain</th> <td>Mercado Alternativo de Renta Fija (MARF, Alternative Fixed-Income Market)</td> <td>RMES07</td> </tr> <tr> <th rowspan="3">Finland</th> <td> The money market for treasury bills (Finnish Treasury Bill Programme) </td> <td>RMFI04</td> </tr> <tr> <td>MTS Finland</td> <td>RMFI05</td> </tr> <tr> <td><p>First North Finland</p></td> <td>RMFI08</td> </tr> </tbody> </table> </div> </div> <div class="section"> <h2>Recognised agencies</h2> </div> <div class="table"> <div class="header"> <div class="title"><p>Updated: 11 April 2024</p></div> </div> <div class="wrapper"> <table> <thead> <tr> <th>Name of agency recognised by the ECB</th> <th>Compliance with quantitative criteria</th> </tr> </thead> <tbody> <tr> <td>Action Logement Services (ALS)</td> <td> </td> </tr> <tr> <td>ADIF-Alta Velocidad </td> <td> </td> </tr> <tr> <td>Agence centrale des organismes de sécurité sociale (ACOSS)</td> <td> </td> </tr> <tr> <td>Agence de Promotion Immobilière du Brabant wallon (APIBW)</td> <td> </td> </tr> <tr> <td>Agence Française de Développement (AFD)</td> <td>yes</td> </tr> <tr> <td>Agence France Locale (AFL)</td> <td> </td> </tr> <tr> <td>Agenzia nazionale per l’attrazione degli investimenti e lo sviluppo d’impresa S.p.A. (Invitalia)</td> <td> </td> </tr> <tr> <td>Alliade Habitat</td> <td> </td> </tr> <tr> <td>Assistance Publique-Hôpitaux de Paris (AP-HP)</td> <td> </td> </tr> <tr> <td>Autobahnen- und Schnellstraßen-Finanzierungs-Aktiengesellschaft (ASFINAG)</td> <td> </td> </tr> <tr> <td>Batigère</td> <td> </td> </tr> <tr> <td>BNG Bank N.V.</td> <td>yes</td> </tr> <tr> <td>Bayerischen Landesbodenkreditanstalt (BayernLabo)</td> <td> </td> </tr> <tr> <td>Bpifrance Financement</td> <td>yes</td> </tr> <tr> <td>Bremer Aufbau-Bank</td> <td> </td> </tr> <tr> <td>Caisse d'Amortissement de la dette sociale (CADES)</td> <td>yes</td> </tr> <tr> <td>Caisse des dépôts et consignations (CDC) </td> <td> </td> </tr> <tr> <td>Cassa del Trentino S.p.A.</td> <td> </td> </tr> <tr> <td>Cassa Depositi e prestiti S.p.A. (CDP)</td> <td>yes</td> </tr> <tr> <td>Caisse Nationale des Autoroutes (CNA)</td> <td> </td> </tr> <tr> <td>CDC Habitat</td> <td> </td> </tr> <tr> <td>Clairsienne</td> <td> </td> </tr> <tr> <td>Clesence</td> <td> </td> </tr> <tr> <td>Družba za avtoceste v Republiki Sloveniji, d.d. (DARS)</td> <td> </td> </tr> <tr> <td>Finlombarda S.p.A.</td> <td> </td> </tr> <tr> <td>Finnvera PLC</td> <td> </td> </tr> <tr> <td>Fondo de Amortización del Déficit Eléctrico, Fondo de Titulización de Activos (FADE)</td> <td></td> </tr> <tr> <td>Fonds Du Logement Des Familles Nombreuses De Wallonie Scrl (FLW)</td> <td> </td> </tr> <tr> <td>Fonds régional bruxellois de refinancement des trésoreries communales (FRTC)</td> <td> </td> </tr> <tr> <td>Grand Delta Habitat</td> <td> </td> </tr> <tr> <td>Groupement des Centres Hospitaliers Universitaires (CHU) / Centres Hospitaliers Régionaux (CHR)</td> <td> </td> </tr> <tr> <td>Halpades Societe Anonyme HLM</td> <td> </td> </tr> <tr> <td>Hamburgische Investitions- und Förderbank (IFB Hamburg)</td> <td> </td> </tr> <tr> <td>Housing Finance Agency plc (HFA)</td> <td> </td> </tr> <tr> <td>Île-de-France Mobilités (previously STIF)</td> <td> </td> </tr> <tr> <td>Infrabel SA</td> <td> </td> </tr> <tr> <td>Infraestruturas de Portugal S.A. (IP)</td> <td> </td> </tr> <tr> <td>IN'LI</td> <td> </td> </tr> <tr> <td>Instituto Catalán De Finanzas (ICF)</td> <td> </td> </tr> <tr> <td>Instituto de Crédito Oficial (ICO)</td> <td> </td> </tr> <tr> <td>Instituto de Finanzas de Cantabria (ICAF)</td> <td> </td> </tr> <tr> <td>Investitions und Strukturbank Rheinland-Pfalz</td> <td> </td> </tr> <tr> <td>Investitionsbank Berlin (IBB)</td> <td><p> yes</p></td> </tr> <tr> <td>Investitionsbank des Landes Brandenburg (ILB)</td> <td> </td> </tr> <tr> <td>Investitionsbank Schleswig-Holstein (IB.SH)</td> <td> </td> </tr> <tr> <td>Investitionsbank Sachsen-Anhalt</td> <td> </td> </tr> <tr> <td>Attistibas finanšu institucija Altum</td> <td> </td> </tr> <tr> <td>Kreditanstalt für Wiederaufbau (KfW)</td> <td>yes</td> </tr> <tr> <td>Kuntarahoitus Oyj/ Municipality Finance PLC (MuniFin)</td> <td>yes</td> </tr> <tr> <td>Landesförderinstitut Mecklenburg-Vorpommern</td> <td> </td> </tr> <tr> <td>Landeskreditbank Baden-Württemberg - Förderbank  (L-Bank)</td> <td>yes</td> </tr> <tr> <td>Landwirtschaftliche Rentenbank</td> <td>yes</td> </tr> <tr> <td>LfA Förderbank Bayern</td> <td> yes</td> </tr> <tr> <td>Maisons et cites Soginorpa</td> <td> </td> </tr> <tr> <td>Malta Development Bank</td> <td> </td> </tr> <tr> <td>NBank</td> <td> </td> </tr> <tr> <td>Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO)</td> <td> </td> </tr> <tr> <td>Nederlandse Waterschapsbank N.V. (NWB Bank)</td> <td>yes</td> </tr> <tr> <td>Néolia</td> <td> </td> </tr> <tr> <td>NRW.BANK</td> <td>yes</td> </tr> <tr> <td>ÖBB-Infrastruktur A.G.</td> <td></td> </tr> <tr> <td>Oesterreichische Kontrollbank A.G. (OeKB)</td> <td>yes</td> </tr> <tr> <td>PARPÚBLICA - Participações Públicas S.A. (SGPS)</td> <td> </td> </tr> <tr> <td>Saarländische Investitions-kreditbank AG</td> <td> </td> </tr> <tr> <td>Sächsische Aufbaubank – Förderbank (SAB)</td> <td> </td> </tr> <tr> <td>SFIL S.A.</td> <td> yes</td> </tr> <tr> <td>SID – Slovenska izvozna in razvojna banka, d.d., Ljubljana (SID banka)</td> <td> </td> </tr> <tr> <td>Slovenská záručná a rozvojová banka, a.s. (SZRB)</td> <td> </td> </tr> <tr> <td>Slovenski državni holding, d.d. (SDH)</td> <td> </td> </tr> <tr> <td>SNCF Réseau</td> <td>yes</td> </tr> <tr> <td>Société du Grand Paris (SGP)</td> <td>yes</td> </tr> <tr> <td>Société wallonne du crédit social SA (SWCS)</td> <td> </td> </tr> <tr> <td>Société Wallonne du Logement SA (SWL)</td> <td> </td> </tr> <tr> <td>Thüringer Aufbaubank</td> <td> </td> </tr> <tr> <td>Työllisyysrahasto (previously Työttömyysvakuutusrahasto (TVR))</td> <td> </td> </tr> <tr> <td>UAB Valstybės investicinis kapitalas (VIK)</td> <td> </td> </tr> <tr> <td>Unédic</td> <td>yes</td> </tr> <tr> <td>Valloire Habitat</td> <td> </td> </tr> <tr> <td>Vilogia</td> <td> </td> </tr> <tr> <td>Wirtschafts- und Infrastrukturbank Hessen (WIBank)</td> <td> </td> </tr> <tr> <td><p>Wohnbau Burgenland GmbH</p></td> <td></td> </tr> </tbody> </table> </div> </div> <div class="section"> <h2>Recognised supranational issuers</h2> <p>Updated: 10 January 2020</p> <ul> <li>African Development Bank</li> <li>Asian Development Bank</li> <li>Asian Infrastructure Investment Bank</li> <li>Bank for International Settlements</li> <li>Caribbean Development Bank</li> <li>Council of Europe Development Bank</li> <li>European Atomic Energy Community</li> <li>European Bank for Reconstruction and Development</li> <li>European Financial Stability Facility</li> <li>European Investment Bank</li> <li>European Investment Fund</li> <li>European Stability Mechanism</li> <li>European Union</li> <li>Inter-American Development Bank</li> <li>International Bank for Reconstruction and Development</li> <li>International Development Association</li> <li>International Finance Corporation</li> <li>International Finance Facility for Immunisation</li> <li>International Monetary Fund</li> <li>Islamic Development Bank</li> <li>Multilateral Investment Guarantee Agency</li> <li>Nordic Investment Bank</li> </ul> </div> <div class="in-this-section" id="pages-in-section-holder"> <h3>Всички страници в този раздел</h3> <div class="content-box"> </div> </div> </main> </div> <div id="feedback" class="hidden"> <div class="content-box"> <div class="initial"> <div class="title">Хареса ли Ви тази страница?</div><a class="button -inverted-color" id="feedback-yes">Да</a> <a class="button -inverted-color" id="feedback-no">Не</a></div> <div class="second hidden"> <div class="title">Какво не Ви хареса?</div><a class="button -inverted-color" id="feedback-broken">Страницата не се отваря</a> <a class="button -inverted-color" id="feedback-content">Информацията не е полезна</a> <a class="button -inverted-color" id="feedback-design">Дизайнът не е привлекателен</a> <a class="button -inverted-color" id="feedback-other">Друго</a></div> <div class="final hidden"> <div class="title">Благодарим за обратната информация!</div> </div> </div> </div> <footer id="ecb-doc-footer"> <div class="ecb-footerTop"> <div class="sitemap"><a href="/home/sitedir/html/index.en.html" title="Карта на уебсайта">Карта на уебсайта</a></div> <div class="socialLinks"><a class="inline-link" href="/home/socialmedia/html/index.en.html" title="Официални канали в социалните медии">СЛЕДВАЙТЕ НИ</a> <a href="http://twitter.com/ecb" class="twitter" title="X"></a> <a href="https://www.linkedin.com/company/european-central-bank" class="linkedin" title="LinkedIn"></a> <a href="https://www.instagram.com/europeancentralbank/" class="instagram" title="Instagram"></a> <a href="https://www.youtube.com/user/ecbeuro" class="youtube" title="YouTube"></a> <a href="https://www.flickr.com/photos/europeancentralbank/sets/" class="flickr" title="Flickr"></a> <a href="https://soundcloud.com/europeancentralbank" class="soundcloud" title="Soundcloud"></a> <a href="/rss" class="rss" title="RSS информация"></a></div> </div><div class="ecb-footerBottom"><p><span>Авторско право 2024, </span>Европейска централна банка</p> <div class="ecb-serviceNavigation"> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Полезни връзки</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/careers/vacancies/html/index.en.html">Работете с нас</a></li> <li><a href="/services/glossary/html/index.en.html">Речник</a></li> <li><a href="/services/links/html/index.en.html">Други институции</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Как да използвате нашия уебсайт</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/disclaimer/html/index.en.html">Декларация за отказ от отговорност и авторско право</a></li> <li><a href="/services/data-protection/privacy-statements/website/html/index.en.html">Декларация за защита на личните данни</a></li> <li><a href="/services/languagepolicy/html/index.en.html">Езикова политика</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Административни политики</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/data-protection/html/index.en.html">Защита на данните</a></li> <li><a href="/ecb/access_to_documents/html/index.en.html">Достъп до документи</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Данни за контакт</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/contacts/html/index.en.html">Данни за контакт</a></li> <li><a href="/services/contacts/address/html/index.en.html">Адрес</a></li> <li><a href="/services/contacts/working-hours/html/index.en.html">Работно време</a></li> </ul> </div> </div> </div> </div>  </footer> <style> [data-count]{ position: relative; } [data-count]::after{ position: absolute; right: -20px; bottom: 0px; display: block; content: attr(data-count); color: rgba(255, 255, 255, 0.8); text-shadow: 0 0 8px black; font-size: 11px; } body.hideCount [data-count]::after{ display: none; } </style> <script> (function(){ let addedCount = false; let addCount = function(){ let list = document.querySelectorAll("h2,h3,h4,p,a"); for(var i = 0; i < list.length; i++){ let item = list[i]; item.setAttribute("data-count",item.textContent.length); } } document.onkeypress = function(e){ if(e.ctrlKey && e.code == "KeyM"){ if(addedCount){ document.body.classList.add('hideCount'); addedCount = false; }else{ document.body.classList.remove('hideCount'); addCount(); addedCount = true; } } } })(); </script> <link rel="stylesheet" href="/shared/dist/css/print.min.css?2728911" media="print"> <div class="ecb-cookieConsent hidden" id="cookieConsent"> <div class="initial"> <h2>В нашия уебсайт се използват бисквитки</h2> <p>Ние се стремим непрестанно да подобряваме този уебсайт за нашите потребители. За тази цел използваме анонимни данни, които се получават чрез бисквитки.<br> <a href="/home/data-protection/privacy-statements/website/html/index.bg.html" class="arrow">Научете повече за това как използваме бисквитки</a></p> <div class="consentButtons initial cf"><a class="check linkButton linkButtonLarge floatLeft highlight-medium">Разбирам и приемам използването на бисквитки</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">Не приемам използването на бисквитки</a></div> </div> <div class="accepted hidden"> <div style="background-image:url(/shared/nav/svg/cookies_accepted.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Благодарим Ви!</h2> </div> <div class="refused hidden"> <div style="background-image:url(/shared/nav/svg/cookies_refused.svg);width:100px;height:100px;margin:auto" class="img"></div> <h2>Благодарим Ви!</h2> </div> <div class="updated hidden"> <h2>Ние актуализирахме политиката си за защита на личните данни</h2> <p>Ние се стремим непрестанно да подобряваме този уебсайт за нашите потребители. За тази цел използваме анонимни данни, които се получават чрез бисквитки.<br> <a href="/home/data-protection/privacy-statements/website/html/index.bg.html" class="arrow">Вижте промените в нашата политика за защита на личните данни</a></p> <div class="consentButtons updated cf"><a class="check linkButton linkButtonLarge floatLeft highlight-medium">Разбирам и приемам използването на бисквитки</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">Не приемам използването на бисквитки</a></div> </div> <div class="expired hidden"> <h2>Вашите настройки за бисквитките са изтекли</h2> <p>Ние се стремим непрестанно да подобряваме този уебсайт за нашите потребители. За тази цел използваме анонимни данни, които се получават чрез бисквитки.<br> <a href="/home/data-protection/privacy-statements/website/html/index.bg.html" class="arrow">Научете повече за това как използваме бисквитки</a></p> <div class="consentButtons expired cf"><a class="check linkButton linkButtonLarge floatLeft highlight-medium">Разбирам и приемам използването на бисквитки</a> <a class="cross linkButton linkButtonLarge floatRight highlight-extra-light">Не приемам използването на бисквитки</a></div> </div> </div> <div class="cookieBlockedMessage template hidden"> <div class="cookieBlockedContentHolder"> <div class="mainCookieBlockedMessage">Този елемент изисква използването на бисквитки.</div><a href="/home/data-protection/privacy-statements/website/html/index.bg.html" class="button">Политика за защита на личните данни</a></div> </div> <script src="/shared/js/analytics/pa_events.js?v=2605151" data-siteID="638441" data-collectDomain="https://qfknbhm.pa-cd.com"></script> <script src="/shared/dist/js/ieBlock.min.js" defer></script> </body> </html>