Recital 55

(55) To facilitate access to clearing by non-financial entities that do not hold sufficient amounts of highly liquid assets, in particular energy companies under conditions to be specified by ESMA, and to ensure that a CCP takes those conditions into account when calculating its overall exposure to a bank that is also a clearing member, public bank guarantees and commercial bank guarantees should be considered eligible collateral. When specifying the conditions under which those guarantees may be accepted as collateral, ESMA should allow the CCP to decide the level of collateralisation of those guarantees based on its risk assessment, including the possibility for those guarantees to be uncollateralised, subject to appropriate concentration limits, credit quality requirements and stringent wrong-way risk requirements. In addition, given their low credit risk profile, it should be specified that public guarantees are also eligible as collateral. Finally, a CCP should, when revising the level of the haircuts it applies to the assets it accepts as collateral, take into account any potential procyclical effects of such revisions.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-16 · Text as adopted (Official Journal); later amendments are not incorporated in this text.