This is another very important part of our crisis package @ecb of March 18, which will facilitate the access of banks to our liquidity operations by temporarily easing collateral standards, thereby supporting bank lending to the economy. 1/5
5 important measures: (1) Expanding the use of credit claims as collateral through ACC (additional credit claim) frameworks: accepting government-guaranteed loans as collateral, facilitating acceptance procedures for ACC frameworks & reducing reporting requirements. 2/5
(2) Lowering the minimum size for accepting credit claims. (3) Raising the concentration limit on unsecured bank bonds within the collateral pool. (4) Granting a waiver to accept Greek government bonds as collateral. 3/5
(5) Increasing the Eurosystem's risk tolerance in credit operations through a general reduction of collateral haircuts.
All of these measures are temporary and linked to the duration of the #PEPP. 4/5
All of these measures are temporary and linked to the duration of the #PEPP. 4/5
We will assess additional measures to avoid procyclical effects from rating downgrades on collateral availability, while ensuring collateral adequacy. 5/5
