ECB has ‘misunderstood CP market’, says agency funding boss

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ECB has ‘misunderstood CP market’, says agency funding boss

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Closeup on bank notes. Shallow depth of field with focus in the center of the ECB characters. | Michael Zwahlen/MichaelJBerlin - stock.adobe.com

The European Central Bank’s purchase programme will do little to aid agencies in raising cash in the commercial paper market, making little difference to rising borrowing costs and expanding programmes, according to Jérôme Margerin, head of short-term funding at ACOSS, one of Europe’s largest non-sovereign CP issuers.

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