News Headline Summary

ECB has cut Greek ELA ceiling for T-bills to EUR 3bln from EUR 7bln according to Die Welt

- ECB will accept fewer t-bills and more alternative securities and collateral according to these reports.
- Expands list of Greek collateral eligible for ELA.

Analysis details (20:14)

- This effect will be overcompensated by accepting other securities with worse credit ratings.

- Follows reports that the ECB are to broaden collateral for Greek banks.
- There had been speculation that the ECB will broaden collateral rules for Greek banks in order for them to be able to raise enough cash to buy EUR 5bln at the offering tomorrow.

12 Nov 2012 - 20:09 - Fixed Income Economic Commentary - Source: Die Welt

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