Europe’s top two central banks will today make a joint push to revive asset-backed securities , which were vilified for their role in the financial crash, in a bid to kick-start lending to the region’s credit-starved companies.
In a draft paper seen by the Financial Times, the Bank of England and the European Central Bank call for the easing of “unduly punitive” rules that make it less attractive to buy these packages of loans.
The paper, which is due to be published today, is part of a campaign led by the ECB to distinguish high-quality European debt that has been packaged up or “securitised” from more risky US loans.
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