Press Release: Securities markets: Commission proposes wider scope for Financial Collateral Directive

The European Commission has issued its evaluation report on the Financial Collateral Arrangements Directive (2002/47/EC). The report concludes that the Directive has made the use of financial collateral and the enforcement of collateral obligations simpler and more efficient. Overall, Member States have adequately implemented the Directive. The Commission proposes an extension of the Directive's scope to include certain credit claims that, as of 1 January 2007, will be eligible as collateral for Eurosystem credit operations.