These are the result of a regular review of the framework, conducted on a biennial basis with the objective of identifying possible improvements and ensuring that the Eurosystem remains adequately protected against financial risks in the face of changes in financial markets and collateral use practices.
The announced refinements are as follows: First, some revisions are being introduced to the haircuts for credit institution debt instruments and asset-backed securities. The first are increased by 5%, across all maturities, while the haircut schedule for ABS is replaced by a unique haircut of 12% for all maturities and coupon types.