Eurosystem credit assessment framework

The Eurosystem Credit Assessment Framework comprises harmonised rules and procedures which ensure that the Eurosystem requirement of high credit standards for all eligible assets used in its monetary policy operations is met. These rules ensure for the Eurosystem that the four credit assessment sources are consistent, accurate and comparable, both for marketable and non-marketable assets. These rules are also used for the assessment of the issuers of marketable assets and debtors of non-marketable assets that are credit claims as well as guarantors for the individual asset types.

The following assessment groups are the credit assessment information sources:

a)      External Credit Assessment Institutions (ECAI),
b)      Internal Rating Based (IRB) systems of the counterparties,
c)      In-house Credit Assessment System (ICAS) of the NCBs,
d)      Rating Tools (ECAF RT); providers are listed on the ECB's website

Requirements of high credit standards are defined in Decision of the Národná banka Slovenska of December 16, 2008 on conducting of monetary policy operations after Slovakia's entrance into euro area, which are in line with the harmonized Eurosystem Credit Assessment Framework.

The structure of the rating grade of the credit risk assessment is defined on the ECB's website