In addition, the increase in the average duration of the ECB refinancing operations implies that collateral may remain on average locked-in for longer periods. Thus, while a significant degree of overcollateralisation remains, it was regarded appropriate to temporarily expand the collateral set in order to further facilitate the access to euro liquidity of solvent banks.
Following the collapse of Lehman Brothers, the ECB further strengthened cooperation with other central banks in order to facilitate the access of euro area banks to liquidity in USD and Swiss Francs.