The European Central Bank (ECB) made changes to the language in its guidelines on monetary policy instruments and procedures last week.

"This further tightening in ECB repo collateral rules announced earlier this week is consistent with the central bank’s gradual exit from the extraordinary liquidity support provided to banks via their securitization activity, and is in keeping with other more restrictive ABS rules announced since last year," Royal Bank of Scotland (RBS) said last week.

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