SNB Rejects Irish Bonds As Collateral
The Swiss National Bank is not accepting Irish government bonds as collateral for its repo operations.
The Swiss National Bank (SNB) is not accepting Irish government bonds as collateral for its repo operations, The Wall Street Journal reports. Several bonds issued by Ireland have been excluded since December 21.
Along with Irish government bonds with a maturity over one year, securities issued by Anglo-Irish Bank and GE Capital U.K .Funding, both domiciled in Ireland, were also excluded. Securities that fulfil strict requirements related to credit rating and liquidity are accepted as collateral by the Swiss central bank, said a spokesman for SNB.
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