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22 June 2012 - ECB takes further measures to increase collateral availability for counterparties
On 20 June 2012 the Governing Council of the European Central Bank (ECB) decided on additional measures to improve the access of the banking sector to Eurosystem operations in order to further support the provision of credit to households and non-financial corporations.
The Governing Council has reduced the rating threshold and amended the eligibility requirements for certain asset-backed securities (ABSs). It has thus broadened the scope of the measures to increase collateral availability which were introduced on 8 December 2011 and which remain applicable. In addition to the ABSs that are already eligible for use as collateral in Eurosystem operations, the Eurosystem will consider the following ABSs as eligible:
1. Auto loan, leasing and consumer finance ABSs and ABSs backed by commercial mortgages (CMBSs) which have a second-best rating of at least "single A"1 in the Eurosystem's harmonised credit scale, at issuance and at all times subsequently. These ABSs will be subject to a valuation haircut of 16%.
2. Residential mortgage-backed securities (RMBSs), securities backed by loans to small- and medium-sized enterprises (SMEs), auto loan, leasing and consumer finance ABSs and CMBSs which have a second-best rating of at least "triple B"2 in the Eurosystem's harmonised credit scale, at issuance and at all times subsequently. RMBSs, securities backed by loans to SMEs, and auto loan, leasing and consumer finance ABSs would be subject to a valuation haircut of 26%, while CMBSs would be subject to a valuation haircut of 32%.
The risk control framework with higher haircuts applicable to the newly eligible ABS aims at ensuring risk equalisation across asset classes and maintaining the risk profile of the Eurosystem.
The newly eligible ABSs must also satisfy additional requirements which will be specified in the legal act to be adopted Thursday, 28 June 2012. The measures will take effect as soon as the relevant legal act enters into force.
欧洲央行周五宣布,放宽抵押品规定。此举旨在使银行业更易于获得欧洲央行融资。
欧洲央行宣布,降低某些资产支持证券的评级门槛,某些商业抵押贷款、汽车贷款、融资贷款以及消费者贷款的担保规定均在放宽之列。
根据周五发布的欧洲央行新规,信用评级达到BBB(-)的特定证券均能够用作抵押品。而根据此前规定,欧洲央行能够接受的抵押品,其最低评级至少需为A。此举意图在于强化西班牙银行业。
欧洲央行决议一出,德国央行发言人立马表示,对欧洲央行放宽抵押品规定的作法持批评立场。
WSJ上日曾指出,若欧洲央行放宽抵押品规定,恐引发市场对其资产负债表安全性的新一轮担忧。欧洲央行目前的资产负债表总值已超过3万亿欧元(合3.82万亿美元)。 |
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