Eurosystem's credit operations (i.e., liquidity-providing reverse open market operations, marginal lending facility and TARGET2 intraday credit) are conducted only against eligible collateral. There are marketable and non-marketable eligible assets.
Marketable assets comprise debt securities issued by central governments and other public sector authorities as well as international institutions, covered bonds, debt securities issued by non-financial corporations, uncovered bank bonds and asset-backed securities (ABS).
Non-marketable assets are credit claims, fixed-term deposits of credit institutions with the national central bank and non-marketable retail mortgage-backed debt instruments (RMBDs).
The list of Eurosystem's eligible marketable assets is published on the European Central Bank's website.