ABCP got its share of attention last week as Fitch Ratings, Goldman Sachs and Standard & Poor's all held ABCP conferences in New York in what was dubbed "CP Week" by some. The conferences highlighted a variety of issues affecting the sector, but arguably the most salient topic was compliance with the eligible liquidity facility rule that becomes effective Sept. 30.

The rule sets up the classification of eligible liquidity facility and states that qualifying banks will have to carry less regulatory capital than those that do not qualify as eligible liquidity facilities. The rule was published jointly by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the FDIC and the Office of Thrift Supervision to smooth the way for similar requirements in the yet-unfinished Basel II international banking rules.

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