– Credit terms have eased for the majority of counterparty types over the past three months.
– Credit terms for funding that is collateralised by euro-denominated securities have become less stringent for most collateral types since the December 2013 survey.
– By contrast, credit terms for non-centrally cleared OTC derivatives, on balance, either tightened or remained basically unchanged.
– Year on year, price terms have eased for most counterparty types: 43% of respondents say conditions have eased for banks and dealers; 30% of respondents say conditions have eased for hedge funds; non-price terms have also eased for many types of counterparty; and credit terms for secured funding were also reported to have eased.
The main finding of the March 2014 qualitative survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets (SESFOD) is that there has been a widespread easing in securities financing terms.
More information via press release: https://www.ecb.europa.eu/press/pr/date/2014/html/pr140417.en.html
