How ECB repo changes will affect new securitisations

Funding games

Doug Long, Principia

Special measures introduced via the European Central Bank’s repo facility and the Bank of England’s Discount Window Facility were responsible for the vast majority of new issuance in asset-backed and residential mortgage-backed securities in 2010. As of April 2010, banks had secured €730 billion in ECB loans by pledging ABS as collateral, according to central bank data.

These programmes still have a multi-faceted role to play in the continued recovery and return of a functioning European

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