--- title: Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates) description: Routine ECB compendium of non-rate decisions covering June and July 2026. The full read is on Helious, with the Treasury and equity market reaction. source: Helious canonical: "https://helious.io/news/00c73e3f9ec6098965d997b95d0c3f44/decisions-taken-by-the-governing-council-of-the-ecb-in" --- ECB 24 Jul 2026, 13:00 UTC # Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates) ## SPEECH DIGEST NEUTRAL high confidence · 12.7k characters read Routine ECB compendium of non-rate decisions covering June and July 2026. The substantive content is collateral framework plumbing: permanent integration of non-financial corporate credit claim portfolios into the general collateral framework, the final step in phasing out the temporary ACC regime, plus a haircut reclassification for NFC financial subsidiaries and extension of climate factors to NFC credit claims. Also the operational go-live parameters for the enhanced EUREP facility for non-euro area central banks. Nothing here touches the rate path. **What’s new: **Nothing material for rates. The genuinely new details are operational: the eligibility criteria and risk control framework for permanent NFC credit claim collateral with technical implementation flagged for November 2027 at the earliest, a new dedicated issuer group category putting NFC financial subsidiaries in haircut category III from November 2026, extension of the climate factor to NFC credit claims, and confirmation that five Eurosystem NCBs will act as EUREP providers under Guideline ECB/2026/17. The ACC phase-out itself was announced in November 2024 and the EUREP decision in February 2026, so only the parameters are new. ### KEY FINDINGS - The Governing Council set eligibility criteria and a risk control framework to permanently integrate portfolios of NFC credit claims into the general collateral framework, marking the final step in phasing out the temporary ACC framework and a return to a single euro area collateral list. Technical implementation is planned for November 2027 at the earliest. Removes the tail risk of a cliff-edge loss of ACC collateral for banks in jurisdictions that leaned on it, but the long lead time means no near-term impact on repo or bank funding spreads. - Financial subsidiaries of NFC issuer groups get a dedicated issuer group category and are allocated to haircut category III, matching parent treatment, and become eligible debtors for credit claims. Effective November 2026 once the legal framework is amended. A modest easing of haircut treatment for a specific slice of collateral, marginally supportive of eligible NFC-linked paper. - Operational parameters for the enhanced EUREP facility approved, with Guideline ECB/2026/17 adopted and five Eurosystem NCBs confirmed as providers onboarding foreign central banks. Standing euro liquidity backstop for non-euro area central banks reduces the odds of offshore euro funding squeezes spilling into EUR basis. - Climate factors extended from marketable NFC assets to NFC credit claims, building on the marketable asset factor effective 15 June 2026. Incremental haircut differentiation by transition risk: a slow drag on collateral value for high-emission borrowers, not a market event. - Macroprudential statement says financial stability risks have remained elevated amid prolonged geopolitical tensions, with national authorities urged to maintain current banking system resilience and macroprudential policy to stay agile. No new buffer requirements signalled, so no capital-driven pressure on euro area bank equity from this document. ### FROM THE DOCUMENT This decision marks the return to a single list of eligible collateral applied across the whole euro area. Technical implementation is currently planned for November 2027 at the earliest. These changes ensure that the financial subsidiaries belonging to the NFC issuer group are subject to the same haircut treatment as their parent undertaking. As part of this approval, the Governing Council also confirmed the onboarding of foreign central banks by five Eurosystem national central banks acting on behalf of the Eurosystem as EUREP providers. Taking into account the fact that, since the previous statement in July 2025, risks to euro area financial stability have remained elevated in an environment of prolonged geopolitical tensions and uncertainty, the statement highlights the need for national authorities to maintain the current resilience of the banking system and for macroprudential policy to remain agile and adapt to changing conditions as needed. On 24 June 2026 the ECB published its Convergence Report assessing the progress made towards euro adoption in the Czech Republic, Hungary, Poland, Romania and Sweden, following its adoption by the General Council of the ECB. Prepared in accordance with Article 140 of the Treaty on the Functioning of the European Union, the ECB Convergence Report has been published alongside the one prepared by the European Commission and a related press release. On 18 June 2026 the Governing Council approved the publication of the 2025 Bank Treasurer Survey Report. This survey was conducted between 14 and 29 October 2025 with responses from 184 banks, accounting altogether for approximately 72% of total banking assets and central bank reserves in the euro area. [ Read the full ECB Governing Council decisions at the source →](https://www.ecb.europa.eu//press/govcdec/otherdec/2026/html/ecb.gc260724~eebbc30622.en.html) Copy link [Follow this live on the Helious desk →](https://helious.io/)