BIS Review 107/2008  3  Secondly, acceptance of a broad range of collateral not only in the marginal lending facility and intraday credit operations, but also in temporary open market operations. As a consequence, sufficiency of collateral has not been a constraint, facilitating access for a broad range of counterparties to central bank money.
Moreover, the collateral framework has allowed counterparties to economise on the use of central government bonds with the central bank, which has been often the only collateral counterparties could still use in repo markets.