2012年-ECB欧洲央行_Implementation_of_new_collateral_rules_and_reserve_requirements_2页_244kb

Box 2: Implementation of New Collateral Rules and Reserve Requirements

Core Content

The Governing Council of the European Central Bank (ECB) introduced new measures in December 2011 to support bank lending and liquidity in the euro area money market, ensuring effective transmission of monetary policy to the real economy. These measures included:

• Expanding the list of eligible collateral for Eurosystem operations.
• Temporarily reducing the positive minimum reserve ratio from 2% to 1%.

These actions aimed to address potential restrictions in bank access to refinancing operations due to a lack of eligible collateral and to reduce the overall liquidity needs of the banking system.

Main Points

1. Expansion of Eligible Collateral

• The temporary expansion of eligible collateral included two key elements:
  • Reducing the rating threshold for certain asset-backed securities.
  • Accepting a larger proportion of non-securitised loans (credit claims) as collateral.
• National Central Banks (NCBs) were authorized to approve the use of these "Additional Performing Credit Claims" (ACCs) based on eligibility criteria and a risk-control framework.
• The minimum quality threshold was applied to all ACC frameworks to maintain consistency with the Eurosystem's risk control standards.
• Each NCB could set a strictly higher quality threshold if needed.
• A minimum haircut schedule was introduced for individual credit claims (excluding real estate-backed ones), while real estate and pooled credit claims followed equivalent calibration approaches.
• The Governing Council monitors the use and effectiveness of ACC frameworks continuously.

2. Lowering the Reserve Ratio

• The positive minimum reserve ratio was reduced from 2% to 1% starting from the maintenance period on 18 January 2012.
• This change halved the aggregate liquidity requirement for banks, reducing it from around €200 billion to €100 billion.
• The reduction was proportional across euro area countries, as shown in the comparison chart.
• The purpose of this measure was twofold:
  • To reduce banks' liquidity needs, thereby decreasing the demand for collateral to meet reserve requirements.
  • To foster money market activity, as banks are incentivized to lend cash rather than deposit it in fully remunerated reserve accounts.

Key Information

• Eligible Collateral Expansion: The seven NCBs that submitted ACC frameworks included the Central Bank of Ireland, Banco de España, Banque de France, Banca d'Italia, the Central Bank of Cyprus, Oesterreichische Nationalbank, and Banco de Portugal.
• Aggregate Value of ACCs: It is estimated that these NCBs will be able to accept ACCs with a total value of around €200 billion.
• Haircut Schedules: These ensure risk equivalence across different types of credit claims and jurisdictions.
• Risk Control: The Eurosystem maintains high standards of prudence by ensuring consistent risk control across all eligible collateral and reserve requirements.

Conclusion

The measures introduced by the ECB in December 2011 aimed to enhance the transmission of monetary policy by increasing the availability of eligible collateral and reducing the liquidity burden on banks. These actions were designed to support the stability and functionality of the euro area money market while maintaining rigorous risk management practices.