In view of the above, the decision of the European Central Bank on 22 June 2016 to reinstate the waiver of the minimum credit rating requirements for Greek marketable debt instruments, which entered into force on 29 June 2016, allows Greek banks to obtain funding from the ECB at a lower cost.
On average, around 30 banks report data each day out of a pool of 52 MMSR reporting banks, which ensures that there is sufficient underlying data to calculate a reliable rate.7 MMSR data show that even on days with reduced activity on account of major holidays, including the year-end period, volumes remain sufficiently high and concentration sufficiently low to calculate an unbiased rate.8 It will therefore not be necessary for the calculation methodology to be enriched with historical data, or to rely on other market segments or even expert judgement.