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-Austrian central bank not to accept Irish, Greek, Portuguese bank bonds.

Global Banking News-April 5, 2012--Austrian central bank not to accept Irish, Greek, Portuguese bank bonds(C)2012 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 05 April 2012

The Austrian central bank (OeNB) will not be accepting bank bonds backed by Ireland, Greece and Portugal, in accordance with a new European Central Bank policy to help central banks protect their balance sheets, Dow Jones has reported, citing a source close to the Austrian central bank.

The move by Austria comes after Germany's Bundesbank became the first central bank to announce it would no longer be accepting bank bonds backed by the three countries, the report said.

Last month the ECB allowed the 17 national central banks in the eurosystem to reject collateral bank bonds backed by governments that have received a bailout from the European Union and International Monetary Fund (IMF), or whose credit rating falls below ECB standards. Ireland, Greece and Portugal are all receiving bailouts from the EU and the IMF, the report added.

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Publication:Global Banking News (GBN)
Date:Apr 5, 2012
Words:188
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