ECB restricts use of unsecured bank bonds as collateral

ECB restricts use of unsecured bank bonds as collateral
 

The European Central Bank will continue to accept unsecured bank bonds as collateral for lending, including some that may be written down if a bank fails, but it is restricting their use and increasing checks, it said on Wednesday.
The move comes in response to new European rules stating that investors in a bank, including holders of bonds that are not backed by collateral, must suffer losses in case of default before public money can be used.
The decision ensures that banks' senior unsecured debt subject to "statutory subordination", where national rules say it should be written... read more

 
5 October 2016 in Business, Views: 42
Source: Reuters
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