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ECB’s Loan Level Plan Draws Fire March 05, 2010

-- Daniel O’Leary
The European Central Bank’s plan to introduce loan level data reporting for primary issuance will not address the cause of Europe’s credit market collapse, according to a treasury official at a large U.K. bank. “The problem in Europe was liquidity based, not a question of the credit performance of the deals backing the continent’s securitizations,” he said. “By introducing loan level transparency across all asset classes in Europe, the ECB is attempting to fix a problem that never existed. He said the bank should instead focus on the illiquidity of the markets, which is still stunting primary issuance.
The ...

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