EU confusion over cash collateral rules

Collateral confusion

Olofsson Thomas
Thomas Olofsson, Riksgälden

First, the bad news: European countries may be misreporting or ignoring billions of euros of debt associated with their derivatives trades. Now, the good news: it’s not really debt.

According to Eurostat, the standard-setter for national statistics in the European Union, cash collateral posted to debt offices and other sovereign entities against derivatives counterparty exposures has to be reported as a loan and included in each country’s debt statistics.

Some countries, such as Belgium and the

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