ECB to wait before wielding ABS repo axe

09 Jul 2012

The European Central Bank has given ABS issuers longer than expected to provide loan-level data to the European DataWarehouse, due to come into effect in December, before losing repo eligibility. But the added costs involved will still be onerous for many borrowers, who may turn to covered bonds instead, analysts warned on Monday.

While the timetable for submitting data changed little, the ECB said on Friday that it would not start enforcing the rules until later — securities will be eligible for repo until the end of March 2014.

Borrowers must start submitting RMBS data from December 1, CMBS and SME-backed ...

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