ECB Details EUREP Repo Facility for Central Banks

• The ECB's Governing Council made its decision on EUREP on 24 July 2026.
• EUREP was first announced on 14 February.
• The facility is operated by five national central banks.
• Drawing under EUREP is expected to start in Q4 2026.
• The Eurosystem has started the onboarding process of non-euro area central banks.

What is EUREP?

The European Central Bank's Governing Council took its decision on EUREP on 24 July 2026. The facility was first announced on 14 February.

ECB Details EUREP Repo Facility for Central Banks

How the facility works

EUREP provides standing access to loans against high-quality euro-denominated collateral for eligible non-euro area central banks. The facility is designed to support smooth transmission of monetary policy and reinforce the international role of the euro, according to the ECB. It is operated by five national central banks.

Pricing, risk controls and eligibility

Pricing under EUREP is set at the MRO rate plus a spread determined by the Governing Council. The ECB states that appropriate risk mitigants are in place for the facility. There are no ex ante restrictions on how funds drawn under EUREP may be used. Central banks linked to money laundering, terrorist financing or sanctions concerns are excluded from eligibility.

Timeline and reporting

Drawing under the facility is expected to start in Q4 2026. The ECB reports on the facility on a weekly basis. The Eurosystem has started the onboarding process of non-euro area central banks.