ECB Launches New Euro Liquidity Facility for Non-Euro Area Central Banks

The European Central Bank is set to launch its new euro liquidity facility in the fourth quarter of this year, allowing non-euro area central banks to access up to €50 billion in loans against high-quality euro-denominated collateral.

The ECB has started 'onboarding' institutions interested in the facility, which will offer loans at the main refinancing operations rate plus a spread. This means that participating central banks can draw from the facility as of Q4 2026 without any prior restrictions.