The rules governing the eligibility of collateral and its terms of use are an integral part of how central banks provide liquidity to the financial system on a day-to-day
basis. While it tends to attract little public attention in normal times, the role of central bank collateral policies came to the fore as the global financial crisis
unfolded. Experience gained from recent episodes of market stress, along with other ongoing changes in financial markets and the broader financial system has prompted central banks to re-examine their collateral policies.