Since the first three-year longer-term refinancing operation (LTRO) was conducted in December 2011 we have approved specific national eligibility criteria and risk control measures for the temporary acceptance in a number of countries of additional credit claims as collateral in Eurosystem credit operations, which should lead to an increase in available collateral.
On the one hand, greater homogeneity in the legal design of measures would reinforce integration by facilitating cross-border lending, and by making reciprocation easier. As things stand now, intermediaries may be subject to different types of BBMs, depending on the Member State(s) where they operate, which significantly complicates cross-border business.