ECB stiffens collateral rules

01/10/2013 | Bloomberg

The European Central Bank is responding to issues in France and Spain by ramping up control of how collateral from private lenders is accepted by national central banks. "We take these incidents very, very seriously," ECB President Mario Draghi said. "We've decided to create a data-quality compliance network and an ECB unit that are responsible for, first monitoring the data quality, by performing regular checks and reports and prompting improvements in national-central-bank processes and procedures, internal controls as well."

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