European liquidity rules draw in unrated covereds

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European liquidity rules draw in unrated covereds

The final text of European liquidity rules allows unrated covered bonds into the asset buffers banks must hold, in a move that demonstrates the European Commission's willingness to rely less on the credit rating agencies. Unrated covered bonds sit alongside various categories of securitization in the European version of the rules, which allow far more assets to be considered liquid than originally envisaged by the Basel Committee.

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