At a press conference following the European Central Bank's (ECB) rate decision last week, its President Jean-Claude Trichet said that the ECB is looking to create disincentives for banks who refinance exclusively through the bank.

Trichet said there was a "permanent reflection" on how to address this problem. "This response firmly hints at an ongoing discussion within the Governing Council that might result in a different path of exit than is currently anticipated by the market," wrote Royal Bank of Scotland analysts in a weekly securitization market research report. "We expect further thoughts in this regard over the Dec. 2 meeting, which will also provide further clarity on the 1Q11 liquidity setup."

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