Imark
Forumer storico
Se succede, sarà contento Zorba... 
Weber Says ECB Could Accept Lower-Rated Bonds as Collateral
March 09, 2010, 9:08 AM EST
By Jana Randow and Christian Vits
March 9 (Bloomberg) -- European Central Bank council member Axel Weber said the bank could accept government bonds with lower credit ratings as collateral against loans if a higher risk premium were applied.
“It’s not necessarily the only solution to have a level of rating at which we cut off the access to the central bank,” Weber told reporters in Frankfurt today. “We could take higher haircuts for lower ratings; we could have a more continuous collateral framework. I think that’s something that needs to be discussed, but at this juncture there is no problem.”
Greece’s fiscal crisis could be exacerbated at the end of this year when the ECB is due to revert to old collateral rules that were loosened during the global recession. If Moody’s Investors Service cuts its Greek credit rating to the same level as the other major ratings companies, Greek government bonds would no longer be eligible as collateral at the ECB, making it more difficult for the nation to borrow.
The ECB currently accepts bonds rated BBB- by at least one ratings agency as collateral for loans. Under the old rules, due to be reinstated on Jan. 1 next year, A- is the minimum rating required.
Standard & Poor’s and Fitch Ratings cut Greece’s credit grade to BBB+ in December. Moody’s has said it may lower its A2 rating two steps to Baa1 if Greece only partially implements its deficit-cutting plans. That would render Greek bonds ineligible at the ECB.
Weber said Greek government bonds are “still eligible” as collateral at the ECB and he has “no doubt” that Greece’s efforts to cut its budget deficit “will be honored by rating agencies.”
“I assume that we will get consolidation,” he said.
Greek Prime Minister George Papandreou is trying to narrow a budget deficit that at 12.7 percent of gross domestic product is more than four times the European Union’s 3 percent limit. The government last week outlined additional measures to save 4.8 billion euros ($6.6 billion), including higher fuel, tobacco and sales taxes.
Weber Says ECB Could Accept Lower-Rated Bonds as Collateral
March 09, 2010, 9:08 AM EST
By Jana Randow and Christian Vits
March 9 (Bloomberg) -- European Central Bank council member Axel Weber said the bank could accept government bonds with lower credit ratings as collateral against loans if a higher risk premium were applied.
“It’s not necessarily the only solution to have a level of rating at which we cut off the access to the central bank,” Weber told reporters in Frankfurt today. “We could take higher haircuts for lower ratings; we could have a more continuous collateral framework. I think that’s something that needs to be discussed, but at this juncture there is no problem.”
Greece’s fiscal crisis could be exacerbated at the end of this year when the ECB is due to revert to old collateral rules that were loosened during the global recession. If Moody’s Investors Service cuts its Greek credit rating to the same level as the other major ratings companies, Greek government bonds would no longer be eligible as collateral at the ECB, making it more difficult for the nation to borrow.
The ECB currently accepts bonds rated BBB- by at least one ratings agency as collateral for loans. Under the old rules, due to be reinstated on Jan. 1 next year, A- is the minimum rating required.
Standard & Poor’s and Fitch Ratings cut Greece’s credit grade to BBB+ in December. Moody’s has said it may lower its A2 rating two steps to Baa1 if Greece only partially implements its deficit-cutting plans. That would render Greek bonds ineligible at the ECB.
Weber said Greek government bonds are “still eligible” as collateral at the ECB and he has “no doubt” that Greece’s efforts to cut its budget deficit “will be honored by rating agencies.”
“I assume that we will get consolidation,” he said.
Greek Prime Minister George Papandreou is trying to narrow a budget deficit that at 12.7 percent of gross domestic product is more than four times the European Union’s 3 percent limit. The government last week outlined additional measures to save 4.8 billion euros ($6.6 billion), including higher fuel, tobacco and sales taxes.
......un pensierino per portare a casa i gain ...è difficile evitarlo...anche perchè nel mio caso ho quasi azzerato i 25 k di perdita nel forex...vedremo... se salgono già sopra 80 le Banco popolare XS0304963373 che ho in carico a 73....penso che le sgancierò ....
