Economy

Ghost Dog

(16,881 posts)

69. ECB loosens lending rules to ease funding stress

Fri Jun 22, 2012, 11:46 AM

Jun 2012

(Reuters) - The European Central Bank is to start accepting a wider range of collateral in its lending operations and assets of a lower quality, it said on Friday, its second such move in six months to neutralise growing funding pressures on struggling banks...

...The changes, which will be worth over 100 billion euros and come into force in the coming weeks, cover a range of assets.

The ECB said it will start accepting residential and commercial mortgage-backed securities, securities backed by loans to small and medium-sized firms, car loans and leasing and consumer finance ABS, rated as low as BBB-...

... The move is the latest in a string of changes to ECB lending rules since the start of the crisis and the second loosening of its standards in just over six months to combat intensifying funding pressures on struggling euro zone banks.

/... http://uk.reuters.com/article/2012/06/22/uk-ecb-collateral-idUKBRE85L0R020120622

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