On 13 August 2025, there was published in the Official Journal of the European Union European Central Bank Decision (EU) 2025/1734 on safeguards in relation to access by central counterparties (CCPs) to the Eurosystem’s dedicated overnight credit facility under TARGET. The ECB Decisions was adopted on 31 July 2025 where eligible CCPs (those established in the Euro area and meet criteria under ECB Guideline (EU) 2022/912) can now access the CCP credit facility automatically, through a rollover of intraday credit without prior ECB Governing Council approval. CCPs must continue to comply with requirements of financial soundness and liquidity risk management where the ECB Governing Council may impose prudential measures if CCPs breach safeguards.
The ECB Decision becomes applicable from 6 October 2025, aligning with amendments to the ECB Guideline.