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Results of the September 2013 ECB survey on credit terms and conditions in euro-denominated securities financing and OTC derivatives markets (SESFOD)

14 October 2013

The European Central Bank is today publishing a report on the results of the September 2013 qualitative survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets (SESFOD). The survey is conducted four times a year, covering changes in credit terms and conditions over the three-month reference periods ending in February, May, August and November.

The September 2013 survey collected qualitative information on changes over the three-month period ending in August 2013. The results are based on responses from a panel of 29 large banks, comprising 14 euro area banks and 15 banks with head offices outside the euro area.

In contrast to the results of the June 2013 survey, where large banks reported an easing of price terms (such as financing rates/spreads), on balance, for all of the important types of counterparties included in the survey, the responses to the September 2013 survey did not indicate a significant change in price terms over the three-month reference period ending in August 2013. Offered non-price terms (including, for example, the maximum amount of funding, haircuts, cure periods and covenants and triggers), on balance, also remained broadly unchanged for the covered types of counterparties. However, five large banks (17% of all respondents) reported that price and non-price terms, taken together, had eased overall for banks and dealers.

Despite high volatility in credit markets early in the summer, the shares of respondents indicating deteriorated liquidity and market functioning over the past three months were rather negligible for all types of euro-denominated collateral included in the survey. By contrast, around one-fifth of banks reported an improvement in liquidity and market functioning for euro-denominated government bonds and equities.


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