ECMS

The Eurosystem Collateral Management System (ECMS) is a unified system for managing assets used as collateral in Eurosystem credit operations.

With its launch on 16 June 2025, it replaced the 20 existing national systems that had, until then, been used to manage assets used as collateral for Eurosystem credit operations.

As of Bulgaria’s accession to the Eurosystem on 1 January 2026, 21 national central banks use the ECMS.

Together with the other TARGET Services that the Eurosystem offers, the ECMS ensures that cash, securities and collateral flow freely across Europe (see the TARGET-Banco de España webpage).

The ECMS will be accessible through the Eurosystem single market infrastructure gateway, along with the other TARGET Services.

This change to a more up-to-date, unified and centralised structure is in line with other Eurosystem initiatives aimed at developing common platforms and systems that work across the euro area to further consolidate and simplify the provision of market infrastructure services.