Buttligione, Luigi, Philip R. Lane, Lucrezia Reichlin and Vincent Reinhart (2014), “Deleveraging? What Deleveraging,” Geneva Report on the World Economy. Coeure, Benoit (2016), “Assessing the Implications of Negative Interest Rates,” Speech, Yale Financial Crisis Forum, 28 July. Constancio, Vitor (2016a), “The Challenge of Low Interest rates for Monetary Policy,” Speech, The Macroeconomics Symposium: Utrecht School of Economics, 15 June.
The term collateral refers to an asset that the financial institution temporarily deposits with the ECB in exchange for the loan it receives. If the institution pays back its loan, the asset is returned. Indeed, all loans  4  BIS Review 141/2009  that financial institutions receive from the ECB are fully collateralised and, hence, take the form of secured lending.