TAILIEUCHUNG - THE PERFORMANCE OF CREDIT RATING SYSTEMS IN THE ASSESSMENT OF COLLATERAL USED IN EUROSYSTEM MONETARY POLICY OPERATIONS

Overall, the rapid development in the market for credit risk transfer played a major role altering banks’ functions. Structurally, securitization allowed banks to turn traditionally illiquid claims (overwhelmingly in the form of bank loans) into marketable securities. The development of securitization has therefore allowed banks to off-load part of their credit exposure to other investors thereby lowering regulatory pressures on capital requirements allowing them to raise new funds. The massive development of the private securitization market experienced in recent years coincided with a period of low risk aversion and scant defaults. This resulted in a number of shortcomings. | EUROPEAN CENTRAL BANK EUROSYSTEM OCCASIONAL PAPER SERIES NO 65 I JULY 2007 THE PERFORMANCE OF CREDIT RATING SYSTEMS IN THE ASSESSMENT OF COLLATERAL USED IN EUROSYSTEM MONETARY POLICY OPERATIONS by Francois Coppens Fernando Gonzalez and Gerhard Winkler EUROPEAN CENTRAL BANK EUROSYSTEM In 2007 all ECB publications feature a motif taken from the 20 banknote. OCCASIONAL PAPER SERIES NO 65 I JULY 2007 THE PERFORMANCE OF CREDIT RATING SYSTEMS IN THE ASSESSMENT OF COLLATERAL USED IN EUROSYSTEM MONETARY POLICY OPERATIONS 1 by Francois Coppens 2 Fernando Gonzalez 3 and Gerhard Winkler 4 This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 977356. I This paper contains background material produced by the authors for the Eurosystem Task Force on the Eurosystem Credit Assessment Framework ECAF . The ECAF comprises the techniques and rules that establish the Eurosystem requirement of high credit standards for all eligible collateral in the Single List of collateral for Eurosystem monetary policy operations. One of its key aims is to maintain a minimum level of comparability between the different credit systems that participate in the credit assessment of collateral. The authors would like to thank the members of the ECAF Task Force and of the Working Group on Risk Assessment and an anonymous ECB referee for their helpful comments on earlier drafts of this paper. 2 National Bank of Belgium boulevard de Berlaimont 14 BE-1000 Brussels Belgium. 3 European Central Bank Kaiserstrasse 29 D-60311 Frankfurt am Main Germany. 4 Oesterreichische Nationalbank Otto Wagner Platz 3 A-1090 Vienna Austria. European Central Bank 2007 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Website http Fax 49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Any reproduction publication or .

• Ngân hàng - Tín dụng
• Post Translational
• Nuclear Proteins
• Obstructive
• Non Obstructive Azoosperm
• Gene Mutations
• Associated with Male Infertility
• EPO receptor
• O glycosylation
• Three dimensional structure
• Multifunctional behavior and EPO
• Posttranslational modifications
• BMC Biotechnology
• Deregulated glycolysis
• Saccharomyces cerevisiae
• 6 phosphofructokinase
• Cancer metabolism
• Posttranslational modification
• Protein protein interaction
• Reader proteins
• Binding proteins
• Isothermal titration calorimetric analysis
• BMC Bioinformatics
• N glycosylation
• Protein posttranslational modifications
• Molecular evolutionary analysis
• Beneficial phenotypes
• BMC Pulmonary Medicine
• Chronic obstructive pulmonary disease
• Cigarette smoke extract
• Oxidative stress
• BMC Genomics
• Paper mulberry
• Lysine succinylation
• Cellular metabolism
• Ganoderma lucidum
• Immunomodulatory protein
• Bioactive compounds biosynthesis
• Genome Biology
• Caloric restriction
• Transcriptome analysis
• Calorie restricted rats
• Post translational mechanisms
• Ebook Brain behavior and epigenetics
• Brain behavior and epigenetics
• Posttranslational Histone Modifications
• Neurobiology of Psychosis
• Epigenetic regulation
• Detecting epigenetic mechanisms
• Turkish Journal of Botany
• Tạp chí Thực vật học
• Abiotic stress
• Gene expression
• Small molecules
• Stress combinations
• Arabidopsis thaliana
• Antioxidant enzymes
• Poly(ADP ribose)ylation
• Reactive oxygen species