7 Tensions in the secured markets manifested themselves in increased haircuts across collateral types. Recent empirical evidence suggests that most of the increase occurred on private sector securities, while haircuts on government bonds, which constitute the bulk of assets used as collateral in repo transactions, increased only modestly.
2  BIS Review 72/2007  The market for microcredit and initiatives in the Netherlands The prospect for the microcredit industry in general is strong. The market is growing rapidly and supply can hardly keep up with demand. It is estimated that only 4 percent of global demand for microfinance services is being met.