However, the absolute amounts and the share started to decline sharply thereafter, due to subdued issuance volumes, increased risk aversion and concerns about the counterparty risk. In addition to the decrease in issuance, downgrades of banks have rendered a large part of this collateral non-eligible for Eurosystem operations. As a result, guaranteed unsecured bank bonds now dominate non-guaranteed bank bonds.
1/1  BIS central bankers' speeches