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Article: Litterbin of last resort; Bank liquidity.(The ECB's dodgy assets)
- Article from:
- The Economist (US)
- Article date:
- June 14, 2008
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Copyright informationCOPYRIGHT 2008 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AFP/Getty Images
The assets being dumped on the ECB do not look very recyclable
OH DEAR, it was not meant to be like this. The European Central Bank (ECB), widely praised for providing banks with ample liquidity during the credit crunch, now has a problem: how to encourage banks to place freshly created asset-backed securities (ABS) with investors, rather than dumping them, like so much radioactive waste, in its vaults.
The ECB accepts a wide range of assets, including those such as ABS for which there is temporarily very little trading, as collateral in its refinancing operations. Provided the tranche of securities is the most senior, and rated A- or above, the ...
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......Germany The European Central Bank is continuing to monitor the controversy surrounding Bank of Italy Governor Antoni Fazio...at a press conference at the ECB's headquarters in the German financial capital, said the bank was looking into Fazio's conduct...investigation. An Italian central ...
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