Banks leapfrog the rating agencies
European banks are cutting rating agencies down to size with a new loan data pooling initiative. Dutch bank NIB is leading the initiative. By Nicholas Dunbar
The opaque world of European corporate lending is set to become far more transparent, with the announcement of a default data pooling initiative by a group of European banks. Called the Pan-European Credit Data Consortium (PECDC), the group plans to share data on loss-given default (LGD), exposure at default (EAD) and probability of default (PD) for their commercial loan portfolios.
So far, the only publicly confirmed members of PECDC are its management committee, namely Barclays Capital, Calyon
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