2008–2012
Euro crisis collateral widening (2008–2012)
During the financial and sovereign debt crises, the ECB repeatedly widened the pool of collateral banks could pledge — accepting lower-rated securities and more asset types — to keep euro-area banks liquid.
Then
Banks gained access to emergency funding, but the ECB took on riskier assets on its balance sheet.
Now
The crisis-era flexibility became the baseline the 2026 revisions now refine and, in places, tighten — moving to second-best ratings and revising haircuts.
Why this matters now
The September 2026 amendments reverse part of that crisis-era expansion, tightening eligibility while keeping enough collateral available.