the part of firms most vulnerable to a tightening of credit, 1/9  BIS central bankers' speeches  benefitted the most from the introduction of the ACC framework. The findings clearly show the importance for policy makers to understand the constraints under which lending decisions are being made; although collateral appeared to be sufficient when we launched the 3-year LTROS.
Gertrude Tumpel-Gugerell: Asset price bubbles – how they build up and how to prevent them? Speech by Ms Gertrude Tumpel-Gugerell, Member of the Executive Board of the European Central Bank, at an alumni event of the Faculty of Economics at University of Vienna, Vienna, 3 May 2011.