The role of loans and the ICAS BE in the Eurosystem’s collateral framework in 2025

Rationale This article analyses how the share of non-marketable assets (basically bank loans) pledged as collateral in the Eurosystem’s monetary policy credit operations has changed over the last 12 months, homing in on the actual and potential contribution of the Banco de España’s in-house credit a...

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Detalhes bibliográficos
Autores: Gavilá, Sergio, Morales, Lola, Vivó, Rafael
Formato: artículo
Fecha de publicación:2025
País:España
Recursos:Banco de España
Repositorio:Repositorio Institucional del Banco de España
OAI Identifier:oai:repositorio.bde.es:123456789/40286
Acesso em linha:https://repositorio.bde.es/handle/123456789/40286
Access Level:acceso abierto
Palavra-chave:Préstamos
Empresas
Calificación crediticia
Política monetaria
E44
E52
E58
G21
G28
Monetary policy
Collateral
Loans
ICAS BE
Non-financial corporations
Credit rating
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oai_identifier_str oai:repositorio.bde.es:123456789/40286
network_acronym_str ES
network_name_str España
repository_id_str
spelling The role of loans and the ICAS BE in the Eurosystem’s collateral framework in 2025Gavilá, SergioMorales, LolaVivó, RafaelPréstamosEmpresasCalificación crediticiaPolítica monetariaE44E52E58G21G28Monetary policyCollateralLoansICAS BENon-financial corporationsCredit ratingRationale This article analyses how the share of non-marketable assets (basically bank loans) pledged as collateral in the Eurosystem’s monetary policy credit operations has changed over the last 12 months, homing in on the actual and potential contribution of the Banco de España’s in-house credit assessment system (ICAS BE). Takeaways •In the last 12 months the share of non-marketable assets in the collateral pledged by Spanish counterparties in Eurosystem financing operations has held steady, after growing for several years in the wake of the COVID-19 crisis. The proportion of non-marketable assets accounted for by loans to firms assessed using the ICAS BE has continued to grow for the third consecutive year, albeit more moderately. •Counterparties continue to have ample scope to increase the volume of ICAS BE-rated loans pledged, especially in the case of loans to small and medium-sized enterprises (SMEs). •Credit ratings assigned by the ICAS BE to Spanish firms have remained largely unchanged from last year, as higher financing costs have been offset by a slight improvement in the other areas assessed, particularly liquidity.Banco de EspañaMadrid : Banco de España, 20252025info:eu-repo/semantics/articleapplication/pdfhttps://repositorio.bde.es/handle/123456789/40286reponame:Repositorio Institucional del Banco de Españainstname:Banco de EspañaInglésEconomic Bulletin / Banco de España, 2025/Q3, 02Versión en español 123456789/40285info:eu-repo/semantics/openAccessoai:repositorio.bde.es:123456789/402862026-06-20T12:44:27Z
dc.title.none.fl_str_mv The role of loans and the ICAS BE in the Eurosystem’s collateral framework in 2025
title The role of loans and the ICAS BE in the Eurosystem’s collateral framework in 2025
spellingShingle The role of loans and the ICAS BE in the Eurosystem’s collateral framework in 2025
Gavilá, Sergio
Préstamos
Empresas
Calificación crediticia
Política monetaria
E44
E52
E58
G21
G28
Monetary policy
Collateral
Loans
ICAS BE
Non-financial corporations
Credit rating
title_short The role of loans and the ICAS BE in the Eurosystem’s collateral framework in 2025
title_full The role of loans and the ICAS BE in the Eurosystem’s collateral framework in 2025
title_fullStr The role of loans and the ICAS BE in the Eurosystem’s collateral framework in 2025
title_full_unstemmed The role of loans and the ICAS BE in the Eurosystem’s collateral framework in 2025
title_sort The role of loans and the ICAS BE in the Eurosystem’s collateral framework in 2025
dc.creator.none.fl_str_mv Gavilá, Sergio
Morales, Lola
Vivó, Rafael
author Gavilá, Sergio
author_facet Gavilá, Sergio
Morales, Lola
Vivó, Rafael
author_role author
author2 Morales, Lola
Vivó, Rafael
author2_role author
author
dc.subject.none.fl_str_mv Préstamos
Empresas
Calificación crediticia
Política monetaria
E44
E52
E58
G21
G28
Monetary policy
Collateral
Loans
ICAS BE
Non-financial corporations
Credit rating
topic Préstamos
Empresas
Calificación crediticia
Política monetaria
E44
E52
E58
G21
G28
Monetary policy
Collateral
Loans
ICAS BE
Non-financial corporations
Credit rating
description Rationale This article analyses how the share of non-marketable assets (basically bank loans) pledged as collateral in the Eurosystem’s monetary policy credit operations has changed over the last 12 months, homing in on the actual and potential contribution of the Banco de España’s in-house credit assessment system (ICAS BE). Takeaways •In the last 12 months the share of non-marketable assets in the collateral pledged by Spanish counterparties in Eurosystem financing operations has held steady, after growing for several years in the wake of the COVID-19 crisis. The proportion of non-marketable assets accounted for by loans to firms assessed using the ICAS BE has continued to grow for the third consecutive year, albeit more moderately. •Counterparties continue to have ample scope to increase the volume of ICAS BE-rated loans pledged, especially in the case of loans to small and medium-sized enterprises (SMEs). •Credit ratings assigned by the ICAS BE to Spanish firms have remained largely unchanged from last year, as higher financing costs have been offset by a slight improvement in the other areas assessed, particularly liquidity.
publishDate 2025
dc.date.none.fl_str_mv 2025
dc.type.none.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://repositorio.bde.es/handle/123456789/40286
url https://repositorio.bde.es/handle/123456789/40286
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Economic Bulletin / Banco de España, 2025/Q3, 02
Versión en español 123456789/40285
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Banco de España
Madrid : Banco de España, 2025
publisher.none.fl_str_mv Banco de España
Madrid : Banco de España, 2025
dc.source.none.fl_str_mv reponame:Repositorio Institucional del Banco de España
instname:Banco de España
instname_str Banco de España
reponame_str Repositorio Institucional del Banco de España
collection Repositorio Institucional del Banco de España
repository.name.fl_str_mv
repository.mail.fl_str_mv
_version_ 1869409240949456896
score 15,812429

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