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When determining the value of underlying assets used in reverse transactions, the Eurosystem applies, among others, the following principles:

Marketable assets

The Common Eurosystem Pricing Hub (CEPH), developed and operated by the Eurosystem, provides the Eurosystem with a unique price per asset per business day that is used by all Eurosystem central banks to value eligible marketable assets submitted as collateral in Eurosystem credit operations. To define these unique Eurosystem prices, the CEPH collects market prices and defines the most reliable one on a given business day. In the absence of a reliable market price for a particular marketable asset on the business day preceding the valuation date, the CEPH calculates a theoretical price. The value of a marketable asset is calculated on the basis of this unique Eurosystem price on the business day preceding the valuation date. The CEPH started its marketable assets operations on 24 September 2012.

Non-marketable assets

Non-marketable assets are assigned a value corresponding to the outstanding amount.

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