Credit institutions resident in Italy intending to operate with Banca d'Italia as Eurosystem monetary policy counterparties are required to enter into agreements governing access to monetary policy operations and the provision of eligible assets as collateral (Monetary policy agreements; only in Italian). The procedures for the mobilization of collateral are governed by the 'Contratto per la partecipazione alla piattaforma Eurosystem Collateral Management System (ECMS)' (only in Italian).
As of 30 March 2026, the European Central Bank Guidelines ECB/2026/1, ECB/2026/2, ECB/2026/3 and ECB/2026/4 have entered into force. These Guidelines introduce amendments to the framework governing Eurosystem monetary policy operations and to the collateral framework and have been implemented within Banca d'Italia contractual and operational framework.
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