ECB delays new collateral management system

The European Central Bank has pushed back the launch of a new collateral management system to early 2024, it said on Friday, just weeks after it delayed the start of a new wholesale payment system.

"This decision was taken to mitigate the impact of the rescheduled launch of T2, the Eurosystem's new real-time gross settlement system and central liquidity management model," it said in a statement.

The new system, which manages assets used as collateral in the bank's credit operations, will launch on April 8, 2024 instead of Nov 20, 2023.