Monetary policy

The Eurosystem credit assessment framework (ECAF)

The Eurosystem credit assessment framework (ECAF)Opens in a new window defines the procedures, rules and techniques which ensure that the Eurosystem requirement of high credit standards for all eligible assets used in its monetary policy operations is met. These rules help the Eurosystem to ensure that the three credit assessment information sources are consistent, accurate and comparable, for both marketable and non-marketable assets. These rules are also used for assessing issuers of marketable assets, debtors of non-marketable that are credit claims and guarantors for individual asset classes.

The credit assessment information sources are the following:

  • External credit assessment institutions (ECAIs).
  • National central banks’ in-house credit assessment systems (ICASs).
  • Counterparties’ internal ratings-based (IRB) systems.