16 May 2025
The Governing Council of the European Central Bank (ECB) has confirmed that the new Eurosystem Collateral Management System (ECMS) will go live on 16 June 2025. This follows a positive assessment conducted by the Market Infrastructure Board of the ECB.
The national central banks of the euro area and their counterparties stand ready for the launch of the ECMS following extensive testing of the system in a stable environment. After migration is completed over the weekend, ECMS operations are expected to start on Monday, 16 June at 07:00 CET.
The ECMS is a unified system that will harmonise collateral management for Eurosystem credit operations, replacing the systems currently used by the 20 euro area national central banks. The ECMS will facilitate the smooth flow of cash, securities and collateral across Europe, enhancing the liquidity management features of TARGET Services.