Do they know something that they haven't yet told anyone else?
21 September 2011 - ECB publishes an updated version of the General DocumentationThe European Central Bank (ECB) has today published an updated consolidated version of “The implementation of monetary policy in the euro area: General documentation on Eurosystem monetary policy instruments and procedures”.
The version published today mainly includes changes on 3 aspects:
First, the Eurosystem has abolished the eligibility requirement (Sections 220.127.116.11 and 18.104.22.168) that debt instruments issued by credit institutions, other than covered bank bonds, are only eligible if they are admitted to trading on a regulated market. At the same time, the Eurosystem risk control measures for marketable assets (Section 6.4.2) have been amended.
Specifically, the Eurosystem has reduced the limit for the use of unsecured debt instruments issued by a credit institution or by any other entity with which the credit institution has close links. Such assets may only be used as collateral to the extent that the value assigned does not exceed 5% of the total value of collateral submitted (instead of 10%, as previously stipulated).