At the end of January 2026, the European Central Bank (ECB) published a series of amendments to its monetary policy guidelines for the implementation of monetary policy. The amendments primarily affect the General Documentation, the Temporary Framework, the Valuation Haircuts Framework, and the Collateral Management Guideline. Most of the changes will come into effect on
ECB
ECB introduces fast track for SRT approval from 1 January 2026
The European Central Bank (ECB) plans to introduce a simplified review process (“fast track”) for securitisations with significant risk transfer (SRT) from January 2026. The fast track process applies only to standardised securitisations. These transactions must meet specific criteria. Inter alia, the securitised pool must include only performing loans and may consist of leveraged loans
ECB publishes Opinion on COM Proposals for Securitisations – differentiated assessment of Commission proposals
On 11 November, the European Central Bank published its assessment of the European Commission’s legislative proposals to revive the securitisation markets. Both the Council of the European Union and the European Parliament had asked the ECB for its opinion, and the publication had been expected since the beginning of October. Against the backdrop of the
ECB completes onboarding of Scope’s ratings
European credit rating markets reached a landmark on 16 December when the European Central Bank (ECB) completed its onboarding of Scope’s ratings in the Eurosystem credit assessment framework (ECAF). Scope-rated debt instruments are now eligible as collateral in ECB monetary policy operations. This is the first time the Eurosystem has used the risk assessments of
Tailwind for securitisations from the EU
Securitisation is receiving a tailwind from EU institutions. After the French and German finance ministries (see TSI kompakt article from 13 September 2023) and Christine Lagarde as president of the ECB publicly pointed out the importance of securitisation as a financial instrument in the context of the Capital Markets Union, the call for more securitisation