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October 15, 2008

ECB Now to Accept Seashells, String and Small Rocks

The ECB is really opening up in terms of collateral it accepts for loans:

The Eurosystem will lower the credit threshold for marketable and non-marketable assets from A- to BBB-, with the exception of asset-backed securities (ABS), and impose a haircut add-on of 5% on all assets rated BBB-.

via Alea

Seashells, strings and small rocks are next, obviously. I'm sure this will go well.

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