Credit institutions resident in Italy intending to operate with Banca d'Italia as Eurosystem monetary policy counterparties are required to comply with the technical and operational provisions set out in the 'Guida operativa alle operazioni di politica monetaria dell'Eurosistema' (Guida OPM; only in Italian). The operational procedures governing the mobilization of collateral are regulated in the 'Guida per gli operatori relativa alla piattaforma ECMS' (Guida ECMS; (only in Italian) and, with regard to bank loans, in the 'Guida Prestiti' and 'Guida Portafogli' (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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