The Bank of Greece has introduced changes to the framework governing how Greek banks use assets as collateral to obtain liquidity from the Eurosystem, under Act 136/23.03.2026, which came into force on March 30, 2026.
The amendments primarily concern technical definitions and operational procedures rather than major policy changes, but they clarify several important aspects of how collateral is managed within the Greek banking system and the broader Eurosystem framework.
Among other things, the act revises definitions related to “additional credit claims” (ACC), asset accounts, cross-border collateral arrangements, and the process by which securities used as collateral are registered and transferred. In practical terms, the changes provide clearer rules on how banks can pledge securities or loan portfolios as collateral in order to access central bank funding.
A key part of the decision clarifies how the Bank of Greece may open and manage accounts used for handling collateral. These accounts will only be opened within approved securities settlement systems, a measure aimed at improving the security of transactions and ensuring proper recording and monitoring of collateral used in central bank financing operations.
The decision also specifies that certain asset categories, such as additional credit claims and fixed-term deposits, will no longer be used as collateral through a specific system known as SAKT, but instead through alternative procedures. This effectively changes the technical process by which some assets are pledged as collateral for borrowing from the Eurosystem.
In addition, the method for calculating the credit limit for intraday liquidity in the TARGET/TARGET-GR payment system has been revised. Under the new framework, a bank’s intraday credit limit will be equal to the total value of the collateral it has provided, provided that this collateral is not already required for monetary policy operations and is not otherwise encumbered. In simple terms, banks must first cover their main obligations to the Eurosystem, and any remaining collateral value can then be used to obtain additional liquidity during the day.
Finally, the act states that the central bank may charge a fee for credit claims and additional credit claims submitted as collateral and will have the authority to determine the level of that fee. Overall, the changes are technical in nature but aim to clarify procedures, improve collateral management, and strengthen the operational framework through which Greek banks access Eurosystem liquidity.
