ECB repo facility 'may hinder securitisation market recovery'

The European Central Bank's (ECB's) repo facility is being tapped by Spanish and Dutch banks, but analysts have warned that it might be hindering, rather than helping, the recovery of the public asset-backed securities (ABS) markets.

With the structured finance markets still effectively closed, many banks in Europe are structuring new ABS issues and retaining them - then using them as collateral to carry out repos with the ECB, rather than placing them in the market at prevailing rates.

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