The European Central Bank has further delayed the launch of its new collateral management system, shifting the deadline from April 2024 to November 2024.
Originally scheduled for introduction this month, the ECB in December last year pushed back the date to April to mitigate the impact of the rescheduled launch of T2, the Eurosystem’s new real-time gross settlement system and central liquidity management model, which itself was postponed by four months on 20 October 2022.
The central bank says the latest delay was taken to give users more time to complete testing of the ECMS functionalities in a stable environment
The new collateral management system (ECMS) will be a unified system for managing assets used as collateral in Eurosystem credit operations. It will replace the existing individual systems of the euro area national central banks.
In a statement, the ECB says: "The additional time will ensure greater system stability and user readiness, as well as facilitate a smooth migration to the new platform. The Eurosystem will continue to support users throughout the testing execution phase to help ensure that sufficient progress is made and that all milestones are reached in time for the new launch date."