ECB expands EUREP’s coverage and flexibility to strengthen international euro liquidity support

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This year, ECB enhanced EUREP for central banks outside the euro area, providing them with a euro liquidity backstop secured by high-quality euro-denominated collateral. Under the updated framework, standing access is in principle available to all central banks, with a limit of up to €50 billion per institution. Individual operations have maturities ranging from one day to one week and can be extended. Central banks that complete the access process can draw on the facility from the fourth quarter of 2026. Philip R. Lane said that EUREP mainly supports euro-denominated bond markets, while swap lines complement liquidity support through local banks’ credit channels.