Stats › Intraday en marktmicrostructuur › Collateral haircuts
Two Official Journal texts give different Eurosystem collateral haircuts, and the consolidated version could not be opened
| Haircut line | As first published, 2016 | As replaced later in 2016 |
|---|---|---|
| Category IV, credit quality steps 1 to 2, under one year residual maturity | 6.5 per cent | 7.5 per cent |
| Category IV, credit quality step 3, ten years and over | 37.5 and 44.0 per cent | 31.5 and 38.0 per cent |
| Credit claims, step 3, ten years and over, outstanding amount basis | 65.0 per cent | 63.0 per cent |
The first column is the annex to Guideline (EU) 2016/65 as published in Official Journal L 14 of 21 January 2016. The second is the same annex as replaced by Article 1(6) of Guideline (EU) 2016/2299, Official Journal L 344 of 17 December 2016. Both were read in full. Neither is reconciled here, and no consolidated text could be opened to decide which now applies.
The haircuts a central bank applies to pledged collateral run from a fraction of a per cent to 44 per cent. Two published versions of the schedule disagree with each other, and the consolidated guideline that would settle it was not retrievable.
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