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Wertpapierabwicklungssysteme</a></li><li class="clearfix"><a href="/mopo/coll/coll/ssslinks/html/index.de.html">Zugelassene Verbindungen</a></li><li class="clearfix"><a href="/mopo/coll/coll/triparty/html/index.de.html">Zugelassene Triparty Agents</a></li></ul></li><li class="has-subpages -section"><a href="/mopo/coll/risk/html/index.de.html">Risikominderung</a><a href="#" class="subpages" title="toggle subpages for Risikominderung"></a><ul><li class="clearfix -current"><a href="/mopo/coll/risk/ecaf/html/index.de.html">ECAF</a></li><li class="clearfix"><a href="/mopo/coll/risk/riskcontrol/html/index.de.html">Risikokontrolle</a></li><li class="clearfix"><a href="/mopo/coll/risk/liquidity/html/index.de.html">Haircut-Kategorien</a></li><li class="clearfix"><a href="/mopo/coll/risk/valuation/html/index.de.html">Bewertung</a></li></ul></li><li class="has-subpages"><a href="/mopo/coll/loanlevel/html/index.de.html">Initiative zur Erfassung von Einzelkreditdaten</a><a href="#" class="subpages" title="toggle subpages for Initiative zur Erfassung von Einzelkreditdaten"></a><ul><li class="clearfix"><a href="/mopo/coll/loanlevel/transmission/html/index.de.html">Schema für die Meldung von Daten</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/implementation/html/index.de.html">Zulassungskriterien</a></li><li class="clearfix"><a href="/mopo/coll/loanlevel/faq/html/index.de.html">Häufig gestellte Fragen</a></li></ul></li><li class="clearfix"><a href="/mopo/coll/contacts/html/index.de.html">Kontaktdaten</a></li></ul></li><li class="has-subpages"><a href="/mopo/eaec/html/index.de.html">Wirtschaftsstruktur im Euroraum</a><a href="#" class="subpages" title="toggle subpages for Wirtschaftsstruktur im Euroraum"></a><ul><li class="clearfix"><a href="/mopo/eaec/ecopolicy/html/index.de.html">Wirtschaftspolitik</a></li><li class="clearfix"><a href="/mopo/eaec/fiscal/html/index.de.html">Finanzpolitik</a></li><li class="clearfix"><a href="/mopo/eaec/trade/html/index.de.html">Außenhandel</a></li><li class="clearfix"><a href="/mopo/eaec/eer/html/index.de.html">Effektive Wechselkurse</a></li><li class="clearfix"><a href="/mopo/eaec/structure/html/index.de.html">Finanzstruktur</a></li><li class="clearfix"><a href="/mopo/eaec/markets/html/index.de.html">Finanzmärkte</a></li><li class="clearfix"><a href="/mopo/eaec/intermediaries/html/index.de.html">Finanzintermediäre</a></li><li class="clearfix"><a href="/mopo/eaec/diversity/html/index.de.html">Wirtschaftliche Vielfalt</a></li><li class="clearfix"><a href="/mopo/eaec/labour/html/index.de.html">Arbeitsmarkt</a></li></ul></li><li class="has-subpages"><a href="/mopo/market-contact-groups/html/index.de.html">Marktkontaktgruppen</a><a href="#" class="subpages" title="toggle subpages for Marktkontaktgruppen"></a><ul><li class="clearfix"><a href="/mopo/market-contact-groups/bmcg/html/index.de.html">Bond Market Contact Group (BMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/mmcg/html/index.de.html">Money Market Contact Group (MMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/dimcg/html/index.de.html">Debt Issuance Market Contact Group (DIMCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/omg/html/index.de.html">Operations Managers Group der EZB (ECB OMG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/fxcg/html/index.de.html">Foreign Exchange Contact Group (FXCG)</a></li><li class="clearfix"><a href="/mopo/market-contact-groups/iid/html/index.de.html">Institutional Investor Dialogue (IID)</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/paym/html/index.de.html">Zahlungsverkehr und Finanzstabilität</a><a href="#" class="subpages" title="toggle subpages for Zahlungsverkehr und Finanzstabilität"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Zahlungsverkehr und Finanzstabilität</div> <p>Einblicke in unsere Arbeit in den Bereichen Finanzstabilität sowie Zahlungsverkehr- und Marktinfrastrukturen</p><a href="/paym/html/index.en.html">Zahlungsverkehr und Finanzstabilität – ein Überblick</a><hr> <div class="nav-title">Direktzugriff</div> <ul> <li><a href="/euro/digital_euro/html/index.en.html">Der digitale Euro</a></li> <li><a href="/press/intro/html/index.en.html">Nachrichten und Veranstaltungen zum Zahlungsverkehr</a></li> <li><a href="/paym/target/target-professional-use-documents-links/html/index.en.html">TARGET für professionelle Nutzer – Dokumente und Links</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">Aktueller Finanzstabilitätsbericht</div> <div class="image-date">16. Mai 2024</div></a></div></div><ul><li class="clearfix"><span>Zahlungsverkehr</span></li><li class="has-subpages"><a href="/paym/target/html/index.de.html">TARGET-Dienste</a><a href="#" class="subpages" title="toggle subpages for TARGET-Dienste"></a><ul><li class="clearfix"><a href="/paym/target/coco/html/index.de.html">Gemeinsame Funktionsmerkmale</a></li><li class="has-subpages"><a href="/paym/target/t2/html/index.de.html">T2</a><a href="#" class="subpages" title="toggle subpages for T2"></a><ul><li class="clearfix"><a href="/paym/target/t2/facts/html/index.de.html">Facts and figures</a></li><li class="clearfix"><a href="/paym/target/t2/governance/html/index.de.html">Governance</a></li></ul></li><li class="has-subpages"><a href="/paym/target/t2s/html/index.de.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.de.html">Governance</a></li><li class="clearfix"><a href="/paym/target/t2s/facts/html/index.de.html">Zahlen und Fakten</a></li><li class="clearfix"><a href="/paym/target/t2s/pricing/html/index.de.html">Preisgestaltung</a></li></ul></li><li class="has-subpages"><a href="/paym/target/tips/html/index.de.html">TIPS</a><a href="#" class="subpages" title="toggle subpages for TIPS"></a><ul><li class="clearfix"><a href="/paym/target/tips/crossborder/html/index.de.html">Cross-border payments</a></li><li class="clearfix"><a href="/paym/target/tips/governance/html/index.de.html">Governance</a></li><li class="clearfix"><a href="/paym/target/tips/facts/html/index.de.html">Zahlen und Fakten</a></li><li class="clearfix"><a href="/paym/target/tips/onboarding/html/index.de.html">Onboarding</a></li></ul></li><li class="clearfix"><a href="/paym/target/ecms/html/index.de.html">ECMS</a></li><li class="has-subpages"><a href="/paym/target/target-professional-use-documents-links/html/index.de.html">TARGET für professionelle Nutzer – Dokumente und Links</a><a href="#" class="subpages" title="toggle subpages for TARGET für professionelle Nutzer – Dokumente und Links"></a><ul><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/coco/html/index.de.html">Professionelle Nutzer</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2/html/index.de.html">T2 – Dokumente und Links</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/t2s/html/index.de.html">Professionelle Nutzung</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/tips/html/index.de.html">Professionelle Nutzung</a></li><li class="clearfix"><a href="/paym/target/target-professional-use-documents-links/ecms/html/index.de.html">Professionelle Nutzung</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/integration/html/index.de.html">Integration und Innovation</a><a href="#" class="subpages" title="toggle subpages for Integration und Innovation"></a><ul><li class="has-subpages"><a href="/paym/integration/distributed/html/index.de.html">Distributed-Ledger-Technologien</a><a href="#" class="subpages" title="toggle subpages for Distributed-Ledger-Technologien"></a><ul><li class="clearfix"><a href="/paym/integration/distributed/exploratory/html/index.de.html">Sondierungsarbeiten</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/retail/html/index.de.html">Massenzahlungen</a><a href="#" class="subpages" title="toggle subpages for Massenzahlungen"></a><ul><li class="clearfix"><a href="/paym/integration/retail/retail_payments_strategy/html/index.de.html">Strategie für Massenzahlungen</a></li><li class="clearfix"><a href="/paym/integration/retail/ecb/html/index.de.html">Katalysatorfunktion der EZB</a></li><li class="clearfix"><a href="/paym/integration/retail/sepa/html/index.de.html">SEPA</a></li><li class="clearfix"><a href="/paym/integration/retail/instant_payments/html/index.de.html">Sofortzahlungen</a></li></ul></li><li class="has-subpages"><a href="/paym/integration/collateral/html/index.de.html">Harmonisierung des Sicherheitenmanagements</a><a href="#" class="subpages" title="toggle subpages for Harmonisierung des Sicherheitenmanagements"></a><ul><li class="clearfix"><a href="/paym/integration/collateral/implementation/html/index.de.html">Umsetzung</a></li><li class="clearfix"><a href="/paym/integration/collateral/faq/html/index.de.html">Häufig gestellte Fragen</a></li></ul></li></ul></li><li class="has-subpages"><a href="/paym/cyber-resilience/html/index.de.html">Cyberresilienz</a><a href="#" class="subpages" title="toggle subpages for Cyberresilienz"></a><ul><li class="clearfix"><a href="/paym/cyber-resilience/fmi/html/index.de.html">Finanzmarktinfrastrukturen</a></li><li class="clearfix"><a href="/paym/cyber-resilience/tiber-eu/html/index.de.html">TIBER-EU</a></li></ul></li><li class="has-subpages"><a href="/paym/pol/html/index.de.html">Überwachung</a><a href="#" class="subpages" title="toggle subpages for Überwachung"></a><ul><li class="clearfix"><a href="/paym/pol/systems/html/index.de.html">Zahlungssysteme</a></li><li class="clearfix"><a href="/paym/pol/target2-securities/html/index.de.html">TARGET2-Securities</a></li><li class="clearfix"><a href="/paym/pol/instr/html/index.de.html">Elektronische Zahlungen</a></li><li class="clearfix"><a href="/paym/pol/clearing/html/index.de.html">Wertpapierabwicklungssysteme und zentrale Gegenparteien</a></li><li class="clearfix"><a href="/paym/pol/critical/html/index.de.html">Kritische Dienstleister</a></li><li class="clearfix"><a href="/paym/pol/correspondent-and-custodian-banks/html/index.de.html">Korrespondenz- und Depotbanken</a></li><li class="clearfix"><a href="/paym/pol/forum/html/index.de.html">SecuRe Pay-Forum</a></li></ul></li><li class="has-subpages"><a href="/paym/erms/html/index.de.html">Währungsreservenverwaltung</a><a href="#" class="subpages" title="toggle subpages for Währungsreservenverwaltung"></a><ul><li class="clearfix"><a href="/paym/erms/aspects/html/index.de.html">Wesentliche Aspekte</a></li><li class="clearfix"><a href="/paym/erms/service/html/index.de.html">Leistungsspektrum</a></li></ul></li><li class="has-subpages"><a href="/paym/cashprof/html/index.de.html">Personen, die mit Bargeld arbeiten</a><a href="#" class="subpages" title="toggle subpages for Personen, die mit Bargeld arbeiten"></a><ul><li class="has-subpages"><a href="/paym/cashprof/cashhand/html/index.de.html">Bargeldbearbeitung</a><a href="#" class="subpages" title="toggle subpages for Bargeldbearbeitung"></a><ul><li class="clearfix"><a href="/paym/cashprof/cashhand/devices/html/index.de.html">Geräte zur Echtheitsprüfung</a></li><li class="clearfix"><a href="/paym/cashprof/cashhand/recycling/html/index.de.html">Wiederausgabe von Euro-Banknoten</a></li></ul></li><li class="clearfix"><a href="/paym/cashprof/cdispec/html/index.de.html">CDI-Spezifikationen</a></li><li class="clearfix"><a href="/paym/cashprof/accreditation/html/index.de.html">Zulassung von Banknotenherstellern</a></li></ul></li><li class="has-subpages"><a href="/paym/groups/html/index.de.html">Kontaktgruppen Zahlungsverkehr</a><a href="#" class="subpages" title="toggle subpages for Kontaktgruppen Zahlungsverkehr"></a><ul><li class="clearfix"><a href="/paym/groups/ami/html/index.de.html">Beratergruppen zu Marktinfrastrukturen</a></li><li class="clearfix"><a href="/paym/groups/euro-cyber-board/html/index.de.html">Euro Cyber Resilience Board</a></li><li class="clearfix"><a href="/paym/groups/erpb/html/index.de.html">Euro Retail Payments Board (ERPB)</a></li><li class="clearfix"><a href="/paym/groups/efip/html/index.de.html">European Forum for Innovation in Payments (EFIP)</a></li></ul></li><li class="clearfix"><span>Finanzstabilität</span></li><li class="clearfix"><a href="/paym/financial-stability/html/index.de.html">Finanzstabilität – Einleitung</a></li><li class="clearfix"><a href="/paym/macroprudential-measures/html/index.de.html">Makroprudenzielle Maßnahmen</a></li><li class="clearfix"><a href="/paym/financial_stability_contact_groups/html/index.de.html">Kontaktgruppen Finanzstabilität</a></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/stats/html/index.de.html">Statistik</a><a href="#" class="subpages" title="toggle subpages for Statistik"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Statistiken</div> <p>Zugang zu allen Statistiken der EZB und Hintergrundinformationen</p><a href="/stats/html/index.en.html">Statistiken bei der EZB – ein Überblick</a><hr> <div class="nav-title">Direktzugriff</div> <ul> <li><a href="https://data.ecb.europa.eu/main-figures">Wichtige Zahlen</a></li> <li><a href="https://data.ecb.europa.eu/">Data Portal der EZB</a></li> <li><a href="/stats/ecb_statistics/accessing-our-data/html/index.en.html">Alle Datendienste</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">DER EZB-BLOG – Bessere Daten: Auswirkungen des Klimawandels auf die Banken</div> <div class="image-date">18. April 2024</div></a></div></div><ul><li class="clearfix"><span>Häufiger Zugriff</span></li><li class="clearfix"><a href="/stats/euro-exchange-rates/html/index.de.html">Euro-Wechselkurse</a></li><li class="clearfix"><a href="/stats/key-ecb-interest-rates/html/index.de.html">EZB-Leitzinsen</a></li><li class="has-subpages"><a href="/stats/euro-short-term-rates/html/index.de.html">Euro Short-Term Rate (€STR)</a><a href="#" class="subpages" title="toggle subpages for Euro Short-Term Rate (€STR)"></a><ul><li class="has-subpages"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/html/index.de.html">Referenzzinssätze</a><a href="#" class="subpages" title="toggle subpages for Referenzzinssätze"></a><ul><li class="clearfix"><a href="/stats/euro-short-term-rates/interest_rate_benchmarks/WG_euro_risk-free_rates/html/index.de.html">Arbeitsgruppe zu risikofreien Zinssätzen im Euroraum</a></li></ul></li></ul></li><li class="clearfix"><a href="/stats/inflation/html/index.de.html">Inflation</a></li><li class="clearfix"><a href="/stats/euro-area-yield-curves/html/index.de.html">Zinsstrukturkurven des Euroraums</a></li><li class="clearfix"><span>Alle Statistiken und Hintergrund</span></li><li class="clearfix"><a href="/stats/all-key-statistics/html/index.de.html">Alle wichtigen Statistiken</a></li><li class="clearfix"><a href="/stats/accessing-our-data/html/index.de.html">Zugang zu unseren Daten</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/html/index.de.html">Wesentliche Merkmale</a><a href="#" class="subpages" title="toggle subpages for Wesentliche Merkmale"></a><ul><li class="clearfix"><a href="/stats/ecb_statistics/governance_and_quality_framework/html/index.de.html">Governance und Qualitätsrahmen</a></li><li class="clearfix"><a href="/stats/ecb_statistics/co-operation_and_standards/html/index.de.html">Zusammenarbeit und Standards</a></li><li class="clearfix"><a href="/stats/ecb_statistics/reporting/html/index.de.html">Datenmeldungen der Banken</a></li><li class="has-subpages"><a href="/stats/ecb_statistics/anacredit/html/index.de.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.de.html">AnaCredit: Fragen und Antworten</a></li></ul></li><li class="clearfix"><a href="/stats/ecb_statistics/consultations/html/index.de.html">Öffentliche Konsultationen</a></li><li class="clearfix"><a href="/stats/ecb_statistics/dialogue/html/index.de.html">Banking Industry Dialogue zu ESZB-Statistiken und integrierter Berichterstattung</a></li><li class="clearfix"><a href="/stats/ecb_statistics/sdmx/html/index.de.html">SDMX – Modell zum Austausch statistischer Daten</a></li><li class="clearfix"><a href="/stats/ecb_statistics/inexda/html/index.de.html">INEXDA – Netzwerk granularer Daten</a></li></ul></li></ul></div></li><li class="has-subpages" aria-expanded="false"><a href="/euro/html/index.de.html">Der Euro</a><a href="#" class="subpages" title="toggle subpages for Der Euro"></a><div class="nav-first-level-wrap"><div class="nav-featured-wrap"><div class="nav-featured"><div class="item"> <div class="title">Der Euro</div> <p>Das Wichtigste über unsere gemeinsame Währung</p><a href="/euro/html/index.en.html">Der Euro – ein Überblick</a><hr> <div class="nav-title">Direktlinks</div> <ul> <li><a href="/paym/cashprof/html/index.en.html">Personen, die mit Bargeld arbeiten</a></li> <li><a href="/stats/policy_and_exchange_rates/banknotes+coins/html/index.en.html">Statistiken zu Banknoten und Münzen</a></li> <li><a href="/stats/policy_and_exchange_rates/euro_reference_exchange_rates/html/index.en.html">Euro-Wechselkurse</a></li> </ul> </div><a href="/stats/ecb_surveys/space/html/ecb.space2024~19d46f0f17.en.html" class="item image"> <img src="/euro/shared/img/cover.png" width="357" height="179" loading="lazy" style="object-fit:cover"><div class="image-caption">Studie zum Zahlungsverhalten der Verbraucherinnen und Verbraucher im Euroraum für 2024 (SPACE)</div> <div class="image-date">19. Dezember 2024</div></a></div></div><ul><li class="has-subpages"><a href="/euro/digital_euro/html/index.de.html">Digitaler Euro</a><a href="#" class="subpages" title="toggle subpages for Digitaler Euro"></a><ul><li class="has-subpages"><a href="/euro/digital_euro/features/html/index.de.html">Merkmale</a><a href="#" class="subpages" title="toggle subpages for Merkmale"></a><ul><li class="clearfix"><a href="/euro/digital_euro/features/privacy/html/index.de.html">Digital euro and privacy</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/how-it-works/html/index.de.html">Wie ein digitaler Euro funktioniert</a></li><li class="clearfix"><a href="/euro/digital_euro/why-we-need-it/html/index.de.html">Warum wir einen digitalen Euro brauchen</a></li><li class="clearfix"><a href="/euro/digital_euro/progress/html/index.de.html">Zeitplan und Fortschritte</a></li><li class="has-subpages"><a href="/euro/digital_euro/timeline/html/index.de.html">Ausführliche Informationen</a><a href="#" class="subpages" title="toggle subpages for Ausführliche Informationen"></a><ul><li class="clearfix"><a href="/euro/digital_euro/timeline/stakeholder/html/index.de.html">Governance und Einbindung von Akteuren</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/profuse/html/index.de.html">Technische Dokumentation und Forschungsarbeit</a></li><li class="clearfix"><a href="/euro/digital_euro/timeline/rulebook/html/index.de.html">Regelwerk für das System</a></li></ul></li><li class="clearfix"><a href="/euro/digital_euro/faqs/html/index.de.html">Häufig gestellte Fragen</a></li></ul></li><li class="clearfix"><span>Bargeld</span></li><li class="has-subpages"><a href="/euro/cash_strategy/html/index.de.html">Bargeldstrategie des Eurosystems</a><a href="#" class="subpages" title="toggle subpages for Bargeldstrategie des Eurosystems"></a><ul><li class="clearfix"><a href="/euro/cash_strategy/cash_role/html/index.de.html">Rolle des Bargelds</a></li><li class="clearfix"><a href="/euro/cash_strategy/issuance/html/index.de.html">Ausgabe und Umlauf</a></li><li class="clearfix"><a href="/euro/cash_strategy/acceptance-cash/html/index.de.html">Zugang zu Bargeld und seine Akzeptanz</a></li><li 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href="/euro/changeover/estonia/html/index.de.html">Estland (2011)</a></li><li class="clearfix"><a href="/euro/changeover/slovakia/html/index.de.html">Slowakei (2009)</a></li><li class="clearfix"><a href="/euro/changeover/cyprus/html/index.de.html">Zypern (2008)</a></li><li class="clearfix"><a href="/euro/changeover/malta/html/index.de.html">Malta (2008)</a></li><li class="clearfix"><a href="/euro/changeover/slovenia/html/index.de.html">Slowenien (2007)</a></li><li class="clearfix"><a href="/euro/changeover/2002/html/index.de.html">Erste Euro-Bargeldumstellung (2002)</a></li></ul></li><li class="has-subpages"><a href="/euro/exchange/html/index.de.html">Umtausch von nationalem Bargeld</a><a href="#" class="subpages" title="toggle subpages for Umtausch von nationalem Bargeld"></a><ul><li class="clearfix"><a href="/euro/exchange/au/html/index.de.html">Österreich</a></li><li class="clearfix"><a href="/euro/exchange/be/html/index.de.html">Belgien</a></li><li class="clearfix"><a href="/euro/exchange/hr/html/index.de.html">Kroatien</a></li><li class="clearfix"><a href="/euro/exchange/cy/html/index.de.html">Zypern</a></li><li class="clearfix"><a href="/euro/exchange/et/html/index.de.html">Estland</a></li><li class="clearfix"><a href="/euro/exchange/fi/html/index.de.html">Finnland</a></li><li class="clearfix"><a href="/euro/exchange/fr/html/index.de.html">Frankreich</a></li><li class="clearfix"><a href="/euro/exchange/de/html/index.de.html">Deutschland</a></li><li class="clearfix"><a href="/euro/exchange/gr/html/index.de.html">Griechenland</a></li><li class="clearfix"><a href="/euro/exchange/ir/html/index.de.html">Irland</a></li><li class="clearfix"><a href="/euro/exchange/it/html/index.de.html">Italien</a></li><li class="clearfix"><a href="/euro/exchange/lv/html/index.de.html">Lettland</a></li><li class="clearfix"><a href="/euro/exchange/lt/html/index.de.html">Litauen</a></li><li class="clearfix"><a 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Deutsch verfügbar.</div> <div class="title"> <h1>Eurosystem credit assessment framework (ECAF)</h1> </div> <div class="section"> <h2>Objective: meeting high credit standards</h2> <p> The Eurosystem credit assessment framework (ECAF) mitigates the credit risk of collateral used in monetary policy operations, together with appropriate valuation and risk control measures. The ECAF defines the procedures, rules and techniques which ensure that the Eurosystem requirement of high credit standards for all eligible assets is met. </p> <p> In addition, the Eurosystem applies greater valuation <a href="/services/glossary/html/glossh.de.html" data-label="Englisch" title="Glossary entries">haircuts</a> to eligible (i.e. high quality) assets which are nevertheless of relatively lower credit quality according to the ECAF, aiming at risk equivalence across all eligible assets. </p> <h2>Drawing on four sources</h2> <p> To assess the credit quality of eligible assets, the Eurosystem takes into account information ‒ ratings or probabilities of default ‒ from credit assessment systems belonging to one of four sources: </p> <ul> <li>external credit assessment institutions (ECAIs)</li> <li>national central banks’ in-house credit assessment systems (ICASs)</li><li>national central banks’ statistical in-house credit assessment systems (S-ICASs)</li> <li>counterparties’ internal ratings-based (IRB) systems</li> </ul> <p> It is for the Eurosystem to determine whether an issue, issuer, debtor or guarantor fulfils the Eurosystem’s credit quality requirements on the basis of any information that it may consider relevant for ensuring the adequate risk protection of the Eurosystem. </p> </div> <div class="table"> <div class="header"> <div class="title">List of credit assessment systems accepted by the Eurosystem<p>Last update: 4 February 2025</p></div> </div> <div class="wrapper"> <table> <thead> <tr> <th>Credit assessment source</th> <th>Credit assessment system / provider</th> <th>Coverage</th> </tr> </thead> <tbody> <tr> <td rowspan="5">ECAI</td> <td><p>Morningstar DBRS </p></td> <td> Eligible assets / issuers / debtors / guarantors from EEA or non-EEA G10 countries </td> </tr> <tr> <td class="padding-left-zero"><p>Fitch Ratings</p></td> <td> Eligible assets / issuers / debtors / guarantors from EEA or non-EEA G10 countries </td> </tr> <tr> <td class="padding-left-zero">Moody’s</td> <td> Eligible assets / issuers / debtors / guarantors from EEA or non-EEA G10 countries </td> </tr> <tr> <td class="padding-left-zero"><p>S&P Global Ratings </p></td> <td> Eligible assets / issuers / debtors / guarantors from EEA or non-EEA G10 countries </td> </tr> <tr> <td class="padding-left-zero"> <p>Scope Ratings*</p> </td> <td> <p> Eligible assets / issuers / debtors / guarantors from EEA or non-EEA G10 countries </p> </td> </tr> <tr> <td rowspan="9">ICAS</td> <td class="padding-left-zero">Deutsche Bundesbank</td> <td>German non-financial corporations</td> </tr> <tr> <td class="padding-left-zero">Bank of Greece</td> <td>Greek non-financial corporations</td> </tr> <tr> <td class="padding-left-zero">Banco de España</td> <td>Spanish non-financial corporations</td> </tr> <tr> <td class="padding-left-zero">Banque de France</td> <td>French non-financial corporations</td> </tr> <tr> <td class="padding-left-zero">Banca d’Italia</td> <td>Italian non-financial corporations</td> </tr> <tr> <td class="padding-left-zero">Oesterreichische Nationalbank</td> <td>Austrian non-financial corporations</td> </tr> <tr> <td class="padding-left-zero">Banco de Portugal</td> <td>Portuguese non-financial corporations</td> </tr> </tbody> </table> </div> </div> <div class="section"> <p>* The Eurosystem has started using the ratings provided by Scope Ratings for the assessment of the credit quality of <a href="/mopo/coll/standards/marketable/html/index.en.html" data-label="Englisch">marketable assets</a> for use as collateral for monetary policy operations as of 16 of December 2024. A gradual implementation is foreseen for <a href="/mopo/coll/standards/nonmarketable/html/index.en.html#:~:text=Three%20types%20of%20non%2Dmarketable,backed%20debt%20instruments%20(RMBDs).&text=The%20debtor%20%2F%20guarantor%20must%20meet%20high%20credit%20standards" data-label="Englisch">non-marketable assets</a>, which is planned to be concluded with the launch of Eurosystem collateral management system (<a href="/paym/target/ecms/html/index.en.html" data-label="Englisch">ECMS</a>). </p> </div> <div class="section"> <h2>Credit quality assessment</h2> <h3>Minimum credit quality requirements</h3> <p><em>Last updated: 10 November 2022</em></p> <p> The Eurosystem considers a probability of default over a one-year horizon of up to 0.10% as equivalent to a credit assessment of credit quality step 2 on the Eurosystem’s harmonised rating scale, subject to regular review. A probability of default of up to 0.40% is equivalent to step 3. Probabilities of default of up to 1.00% and 1.50% correspond to credit quality steps 4 and 5, respectively. </p> <p> All assets accepted by the Eurosystem as eligible collateral must meet the minimum requirement of a credit assessment of credit quality step 3 on the Eurosystem’s harmonised rating scale (Article 82 of <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014O0060-20210101">Guideline ECB/2014/60</a>, as amended). </p> <p>Specific requirements apply to asset-backed securities (ABS) and retail mortgage-backed debt instruments (RMBDs): </p> <ul> <li> ABS must meet the minimum requirement of credit quality step 2 on the Eurosystem’s harmonised rating scale. ABS need to have at least two credit assessments meeting this requirement from any accepted ECAI for the issue (the “second best” rule; Article 82 of <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014O0060-20210101">Guideline ECB/2014/60</a>, as amended). However, ABS with a second-best rating of at least credit quality step 3 are also eligible for use as collateral if they fulfil certain additional requirements (<a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014O0031-20210101">Article 3 of Guideline ECB/2014/31, as amended</a>); </li> <li> RMBDs must have a credit assessment of credit quality step 2 on the Eurosystem’s harmonised rating scale. </li> </ul> <p> It is for the Eurosystem to determine whether an issue, issuer, debtor or guarantor fulfils the Eurosystem’s credit quality requirements on the basis of any information that it may consider relevant for ensuring the adequate risk protection of the Eurosystem. For example, the Eurosystem may reject assets, limit their mobilisation or use as collateral, or apply supplementary haircuts. </p> </div>  <div class="section"> <h3>Eurosystem’s harmonised rating scale</h3> <p> Accepted credit assessment systems can each use their own individual rating scales and grades. The Eurosystem maps these different grades to a harmonised rating scale in order to make the credit ratings comparable across systems and sources. The table below presents the mapping of the accepted external credit assessment institutions (ECAIs), which is subject to regular review in the ECAF performance monitoring process. </p> </div> <div class="table "> <div class="wrapper"> <table> <thead> <tr> <th rowspan="2" colspan="2"> <strong>ECAI credit assessment</strong> </th> <th colspan="5">Credit quality steps</th> </tr> <tr> <th>1</th> <th>2</th> <th>3</th> <th>4</th> <th>5</th> </tr> </thead> <tbody> <tr> <th rowspan="5">Short-term</th> <th>DBRS Morningstar</th> <td> </td> <td>R-1H, R-1M</td> <td>R-1L, R-2H, R-2M, R2-L, R-3</td> <td> </td> <td> </td> </tr> <tr> <th class="padding-left-zero">FitchRatings</th> <td> </td> <td>F1+</td> <td>F1, F2, F3</td> <td> </td> <td> </td> </tr> <tr> <th class="padding-left-zero">Moody’s</th> <td> </td> <td>P-1</td> <td>P-2, P-3</td> <td> </td> <td> </td> </tr> <tr> <th class="padding-left-zero">Standard & Poor’s</th> <td> </td> <td>A-1+, A-1</td> <td>A-2, A-3</td> <td> </td> <td> </td> </tr> <tr> <th class="padding-left-zero">Scope Ratings</th> <td> </td> <td>S-1+, S-1</td> <td>S-2</td> <td> </td> <td> </td> </tr> <tr> <th rowspan="5">Long-term</th> <th>DBRS Morningstar</th> <td>AAA/AAH/AA/AAL</td> <td>AH/A/AL</td> <td>BBBH/BBB/BBBL</td> <td>BBH</td> <td>BB</td> </tr> <tr> <th class="padding-left-zero">FitchRatings</th> <td>AAA/AA+/AA/AA-</td> <td>A+/A/A-</td> <td>BBB+/BBB/BBB-</td> <td>BB+</td> <td>BB</td> </tr> <tr> <th class="padding-left-zero">Moody’s</th> <td>Aaa/Aa1/Aa2/Aa3</td> <td>A1/A2/A3</td> <td>Baa1/Baa2/Baa3</td> <td>Ba1</td> <td>Ba2</td> </tr> <tr> <th class="padding-left-zero">Standard & Poor’s</th> <td>AAA/AA+/AA/AA-</td> <td>A+/A/A-</td> <td>BBB+/BBB/BBB-</td> <td>BB+</td> <td>BB</td> </tr> <tr> <th class="padding-left-zero">Scope Ratings</th> <td>AAA, AA+, AA, AA-</td> <td>A+, A, A-</td> <td>BBB+, BBB, BBB-</td> <td>BB+</td> <td>BB</td> </tr> </tbody> </table> </div> </div> <div class="section"> <h4>Performance monitoring of credit assessment systems</h4> <p> All accepted credit assessment systems are subject to due diligence and a performance monitoring process within the ECAF. </p> <p> All credit assessment systems are required to send the Eurosystem “static pool data”, i.e. a set of data on the universe of the entities (assessed by the credit assessment system) which are eligible for use as collateral in Eurosystem monetary policy operations. Static pool data for credit assessment systems that are mainly used for the credit assessment of non-marketable assets (ICASs and IRBs) are reported to the respective national central bank (NCB) using a template that the NCB sends to the credit assessment system. </p> <p> Further clarification in particular for ICASs and IRBs on the compilation of the static pool: </p> <ul class="-link-icons"> <li><a href="/mopo/pdf/assets/risk/ecaf/ECAF-static-pool-questions-and-answers.pdf">Questions and answers on the compilation of the static pool for performance monitoring in ECAF</a></li> </ul> <h2>ECAIs</h2> <h3>External credit assessment institution source (ECAIs)</h3> <p> External credit assessment institutions (ECAIs) are credit rating agencies whose ratings are considered suitable by the Eurosystem for the specific purpose of its monetary policy operations. They must comply with the general acceptance criteria for ECAIs.</p> <h3>General acceptance criteria for ECAIs</h3> <ul> <li> ECAIs must be registered by the European Securities and Markets Authority. </li> <li> ECAIs must meet operational criteria and provide relevant coverage so that the ECAF is implemented efficiently. In particular, their credit ratings cannot be used unless information about these ratings is available to the Eurosystem. Information is also needed for comparing and assigning, i.e. mapping, the ratings to the Eurosystem’s credit quality steps and for the purposes of the ECAF performance monitoring process. </li> <li>ECAIs must comply with the minimum coverage requirements in terms of rated assets, rated issuers and rated volume diversified across the eligible asset classes and euro area countries. The minimum coverage requirements are defined by the Eurosystem and give guidance in the context of the ECAF-acceptance procedure on the provision of relevant coverage.</li> </ul> <p> Once an ECAF-acceptance procedure has been initiated, the Eurosystem will also consider all additional information relevant for risk protection and the efficient implementation of the ECAF, including the criteria and rules for monitoring performance. It is for the Eurosystem to decide whether to accept a rating agency as an ECAI for the purposes of the ECAF on the basis of the information provided and its own due diligence assessment. ECAIs are subject to the ECAF performance monitoring process. </p> <a href="/mopo/coll/risk/pdf/minimum_coverage_requirements201601.de.pdf" data-label="Englisch">Minimum coverage requirements for ECAIs in the ECAF</a> <a href="/mopo/coll/risk/ecaf/html/ecai-faq.de.html" data-label="Englisch">Q&As on the acceptance of credit rating agencies as external credit assessment institutions under the Eurosystem credit assessment framework</a> <h4>Operational criteria on covered bond programmes rated by ECAIs</h4> <p>ECAIs must comply with specific operational criteria. In relation to covered bonds, with effect from 1 July 2017, ECAIs must publish new issue reports and quarterly surveillance reports for all rated covered bonds in order to meet the high credit standards of the ECAF (Article 59 and Article 120 of <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02014O0060-20210101" title="About › Legal framework › Monetary policy and Operations › Monetary policy instruments">Guideline ECB/2014/60</a>, as amended). For further clarification on these requirements:</p> <a href="/mopo/coll/risk/ecaf/html/covered-bonds-faq.de.html" data-label="Englisch">Q&As on the Eurosystem’s disclosure requirements for covered bond ratings</a> <h2>ICASs</h2> <h3>In-house credit assessment system source (ICASs)</h3> <p> National central banks may decide to develop their own in-house credit assessment system (ICAS). These systems must be validated by the Eurosystem before they can be used for ECAF purposes. Once accepted for ECAF purposes, ICASs are subject to the ECAF performance monitoring process. </p> <p>The Eurosystem currently accepts seven credit assessment systems as ICASs, operated by the following national central banks respectively:</p> <ul> <li>Deutsche Bundesbank;</li><li>Bank of Greece;</li> <li>Banco de España;</li> <li>Banque de France;</li> <li>Banca d’Italia;</li> <li>Oesterreichische Nationalbank;</li> <li>Banco de Portugal.</li> </ul> <h2>S-ICASs </h2> <h3>Statistical in-house credit assessment system source (S-ICASs)</h3> <p>National central banks’ statistical in-house credit assessment systems (S-ICAS) can be accepted as an additional credit assessment source as of 1 January 2026 and subject to their compliance with the <a href="https:/press/govcdec/otherdec/2025/html/ecb.gc250131~d2c6d582b0.en.html">harmonised S-ICAS framework</a> applicable under the general collateral framework. In contrast to ICAS, S-ICAS assess the creditworthiness of non-financial corporations (in particular SMEs) via a quantitative approach. </p> <h2>IRB</h2> <h3>Internal ratings-based system source (IRB)</h3> <p> Banks can use an internal ratings-based (IRB) system to calculate the capital requirements for credit risk if the relevant banking supervisor has authorised the IRB system for this purpose in line with the Capital Requirements Regulation. </p> <p> A Eurosystem counterparty, i.e. a bank, intending to use its authorised IRB system also for ECAF purposes must obtain permission from its home national central bank. </p> <p> Counterparties using an IRB system for ECAF purposes are subject to the ECAF performance monitoring process. </p> </div> <div class="in-this-section" id="pages-in-section-holder"> <h3>Alle Seiten in diesem Abschnitt</h3> <div class="content-box"> </div> </div> </main> </div> <div id="feedback" class="hidden"> <div class="content-box"> <div class="initial"> <div class="title">Gefällt Ihnen diese Seite?</div><a class="button -inverted-color" id="feedback-yes">Ja</a> <a class="button -inverted-color" id="feedback-no">Nein</a></div> <div class="second hidden"> <div class="title">Was gefällt Ihnen nicht?</div><a class="button -inverted-color" id="feedback-broken">Seite funktioniert nicht</a> <a class="button -inverted-color" id="feedback-content">Informationen nicht hilfreich</a> <a class="button -inverted-color" id="feedback-design">Design nicht ansprechend</a> <a class="button -inverted-color" id="feedback-other">Sonstiges</a></div> <div class="final hidden"> <div class="title">Vielen Dank für Ihr Feedback.</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="Sitemap">Sitemap</a></div> <div class="socialLinks"><a class="inline-link" href="/home/socialmedia/html/index.en.html" title="Präsenz der EZB in den sozialen Medien">FOLGEN SIE UNS</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-Newsfeeds"></a></div> </div><div class="ecb-footerBottom"><p><span>© 2025</span> Europäische Zentralbank</p> <div class="ecb-serviceNavigation"> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Nützliche Links</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/careers/vacancies/html/index.en.html">Freie Stellen</a></li> <li><a href="/services/glossary/html/index.en.html">Glossar</a></li> <li><a href="/services/topics/html/index.de.html">Themen</a></li> <li><a href="/services/links/html/index.en.html">Andere Institutionen</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Nutzung unserer Website</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/disclaimer/html/index.en.html">Haftungsausschluss und Urheberrecht</a></li> <li><a href="/services/data-protection/privacy-statements/website/html/index.en.html">Datenschutzerklärung</a></li> <li><a href="/services/languagepolicy/html/index.en.html">Sprachenregelung</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Unternehmensrichtlinien</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/data-protection/html/index.en.html">Datenschutz</a></li> <li><a href="/services/html/accessibility-statement.en.html">Erklärung zur Barrierefreiheit </a></li> <li><a href="/ecb/access_to_documents/html/index.en.html">Zugang zu Dokumenten</a></li> </ul> </div> </div> <div class="ecb-serviceNavigationBox"> <div class="ecb-serviceNavigationBoxTitle">Kontaktmöglichkeiten</div> <div class="ecb-serviceNavigationBoxLinks"> <ul> <li><a href="/services/contacts/html/index.en.html">Kontakt</a></li> <li><a href="/services/contacts/address/html/index.en.html">Anschrift</a></li> <li><a href="/services/contacts/working-hours/html/index.en.html">Bürozeiten</a></li> </ul> </div> </div> </div> </div>  </footer> <style> [data-count]{ position: relative; 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