ECB finalizes enhanced Eurosystem Repo Facility for Central Banks (EUREP) operational features

The European Central Bank's Governing Council has finalized the operational features and onboarding framework for its enhanced Eurosystem Repo Facility for Central Banks (EUREP). This facility, operated by five national central banks, will allow non-euro area central banks and monetary authorities to access euro liquidity via loans secured against high-quality euro-denominated collateral. Transactions will be priced at the ECB's main refinancing operations rate plus a spread, with maturities from one day to one week and a maximum line size of €50 billion per central bank. The facility is expected to become operational in Q4 2026.